Word: airmail
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Died. Paul Henderson, 67, Kansas-born non-flying "father of airmail service," who, as second Assistant Postmaster General (1922-25), organized the first coast-to-coast airmail run, pioneered in the development of light signals to make night flying possible, retired to work as an official of National Air Transport, Inc.; of a stroke; in Washington...
...sent eight airmail letters to friends in China asking for the facts in the case...
...last week the industry's Big Four-American, United, Eastern and T.W.A.-found an embarrassment in their riches. The Civil Aeronautics Board announced that it will reduce their airmail pay from an average 63? a ton-mile to 45?, will order them to refund some $5,000,000 on airmail overpayments dating back to 1947. The airlines were doing so well they raised not a single squawk. With the new 45? rate which CAB proposes as the actual cost-plus-reasonable-profit of carrying the mail, the Big Four will reach a historic milestone: for the first time...
...fighters, the engine proved itself so conclusively that the Navy almost entirely abandoned liquid-cooled engines, and the Army also bustled to get Wasp-powered planes. Bill Boeing, quick to grasp what the Wasp would do to commercial air transport costs, grabbed the first Chicago-San Francisco airmail contract by underbidding everybody else by nearly half. To everybody's amazement, he made money doing it, and gave commercial flying a tremendous boost. Explained Boeing: "We would rather carry more mail than a radiator and water for cooling...
Then high-flying Fred Rentschler got an order to land. Senator (now Justice) Hugo Black, investigating supposed overpayments in Government airmail contracts, compared the value of Rentschler's original investment in Pratt & Whitney (nothing but his know-how and a few shares bought at 20? each) to the market value of his holdings in United Aircraft in 1933. Black concluded that Rentschler had a paper profit of $21 million on a $253 investment. Rentschler said that he had, indeed, made a lot of money, and patiently explained that this was because Pratt & Whitney had grown big by making good...