Word: avco
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Dates: during 1930-1939
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...having whipped together a quick fortune out of Moon, Auburn and Cord automobiles, Errett Lobban Cord set out to head the "largest air passenger and express unit, in the world."* He laid siege to Avco which, as a stockholder, he thought was being mismanaged. He felt it was worrying too much about its bulging portfolio of stocks, too little about its basic business of flying planes. He thought there was too much Wall Street atmosphere about the company, too little airport smell...
...Cord bought the little-known Martz Airlines, operating direct between New York and Buffalo. This adds a valuable New York channel to the Transamer-ican Airlines (Buffalo-Chicago) which he lately bought. Both systems will be offered to Avco at cost...
Reported and denied: That Cord is negotiating for purchase of Northwest Airways, a potent airmail system which flies from Chicago as far northwest as Duluth, Bismarck, N. Dak.. Winnipeg. Avco already owns 22½% of Northwest stock. A like amount is said to be owned by Transcontinental & Western Air, the remaining 55% by Minneapolis bankers...
...Avco's statement for the third quarter: $309,000 loss, compared to $188,000 loss for the same period last year. Loss for the nine months: $2,875,000, compared to $917,000 last year...
...Other Avco news of the week...