Word: atco
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Dates: during 1940-1949
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...Trust Co., they helped elect three new directors (one of them bristle-maned ex-Champ Gene Tunney), asked a few questions, went their ways. Question none of them thought to ask was one that has been kicked around in the flying business like a sandlot soccer ball : what is ATCO going to do about simplifying its corporate structure...
...holding company that remained a holding company was ATCO. At that time it was called Cord Corp. and its head, hardboiled, dynamic Errett Lobban Cord, was fast becoming the least regimented syndicateer in the flying game. But in 1937 Motorman Cord sold out his Cord Corp. holdings. About a quarter of them went to his broad-shouldered, boom-voiced No. 1 man, Lucius Bass Manning, already a large stockholder. The rest went to a syndicate headed by British Bankers J. Henry Schroder & Co., and to young, up-&-coming Public Utilitarian Victor Emanuel's investment house, Emanuel & Co. (in which...
Today, having got rid of some of its financial oddments like Checker Cab, ATCO owns majority control of New York Shipbuilding Co., the largest single interest (28.5%) in sick Auburn Automobile Co. It also spreads through the flying business like the branches of a banyan tree. This is because of its working (29.7%) control of Aviation Corp., which in turn owns outright a third-layer subsidiary, Aviation Manufacturing Co. AMCO owns Stinson (military and commercial planes), Lycoming (engines) and 60% stock control of Vultee (military planes). Furthermore, its parent Aviation Corp. owns potential working control of American Airlines, through...
Aviation Corp. also holds 135,194 shares (9-57%) of globe-girdling Pan American Airways. And one of ATCO's chief stockholders-Manhattan Bankers Lehman Bros.-has a partner, Robert Lehman, on Pan Am's board. What makes this interesting to flying men is that Lehman Bros, owns the largest single interest (38.7%) in American Export (steamship) Lines, which controls American Export Airlines. And American Export Airlines is currently after a CAA authorization to compete with Pan Am on the Atlantic...
...complex controls of this dynamite-loaded machine is round-faced, 42-year-old Victor Emanuel. president of both ATCO and Aviation Corp. at around $50,000 a year. A flier in the U. S. Naval Air Service until 1918, Cornell-man Emanuel took over his father's utility business, made it into National Electric Power Co. in 1923, spread it farther & wider through the Middle West, sold out to Insull in 1926. In 1929 he returned to the power business by buying into the Byllesby system's Standard Power & Light. An associate in this foray was famed International...