Word: atco
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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...
While Lou Manning, largest single stockholder and vice chairman of the ATCO board ($30,000 and up a year), was rusticating in California, fast-moving Emanuel got a line on the 320,000 shares of ATCO owned by the London Schroder interests. These he placed with two friendly interests: Lehman Bros, and General American Transportation Corp., which was fat with funds from building and leasing railroad rolling stock and seeking new markets in aviation...
Today Victor Emanuel is busy with "the Aviation Corp. situation," no longer rides to hounds, likes to talk of the Wordsworthiana collection with which he endowed Cornell. He does not like to talk of his plans for simplifying ATCO (or AVCO), on which CAA has long been casting a critical eye. "But," says he, "I think simplification is the only answer...