Word: americans
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Dates: during 1950-1959
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...year or two, it looked as if he had speculated wrongly about the future of air travel, had dangerously overexpanded. A subsidiary, American Overseas, had started transatlantic flights and lost money with almost every planeload. Domestic air travel did not expand nearly so fast as Smith expected. In the first three postwar years, American piled up losses of $6.7 million...
...financing provided the money to ride out the postwar ups and downs. When the travel boom did arrive, American was in better shape than any other line to meet it. Like any good gambler, Smith decided to cut his losses on American Overseas by selling it to Pan American for $10.7 million. In 1949 American broke through the dark clouds with net earnings of more than $7,000,000. Thus encouraged, C.R. took a squint into the future and decided to expand again. He placed the first order for 25 of Douglas' big, fast DC-7s, which...
Whisky for Daughter. While leading the field with bold financing and new equipment, American also built up a reputation for service, based on C.R.'s deep belief that passengers must be handled with care. One Smith innovation: "Admirals' Clubs" at major airports to give 30,000 steady American customers (who joined by invitation) the chance to relax or drink while waiting for flights...
When the jet planes were ready for production, C. R. Smith decided that for once American did not have to be first, though it could not afford to be last. He held off ordering until Pan American had placed the first firm orders for the Boeing 707 and the Douglas DC-8, and United Air Lines had picked the DC-8. He shrewdly figured this would increase his bargaining power-as it did. To land American's order, Boeing agreed to enlarge the 707 fuselage, sell the planes for $500,000 less apiece than...
Topflight Staff. No sooner had American signed its jet contracts than it began planning for the long and involved transition from props. Though Smith personally keeps tabs on every major problem, he is surrounded by topflight staffers: Among them...