Word: avco
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Dates: during 1930-1939
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Seven months ago William Averell Har- riman. then board chairman of potent Aviation Corp.. was persuaded to invite Motormaker Errett Lobban Cord into the directorate of Avco. Mr. Cord had been a painful nuisance to Avco and other ''pioneer'' operators with his low-fare Century Air Lines, his rambunctious efforts in Washington to get mail contracts. Avco took over Century, gave Mr. Cord 5% of the Corporation's stock. There were expressions of esteem on both sides. But the industry, aware of Mr. Cord as a shrewd, aggressive operator, accustomed to running things...
Last week came the explosion, with a loud bang. Mr. Cord, who had increased his ownership of Avco stock to 30% was now openly clamoring for control of the company. He charged the present management with the loss of $38,000,000 in three years through "extravagance, waste, speculation, shrinkage of properties, cancellation of officers' debts.'' For whatever economies the company effected since April, he claimed full credit. He accused the "reigning clique" of transacting all important business in "secret meetings" unknown to him, the biggest single stockholder: of plotting to perpetuate its own regime for another...
...holds a 12% interest in P. A. A. It was organized in 1929 by the late Carl Ben Eielson, father of aviation in Alaska. While it enjoyed a romantic, lusty existence in a land where the airplane is an immeasurable boon, Alaskan Airways never made money. Prime reasons were Avco's lack of facility for remote control of operations; and Alaskan Airways' unprofitable mail contracts. These are not true airmail contracts but "star routes"* won from the dogsled contractors by underbidding. The contractor is required only to carry the mail, receives no extra compensation for flying...
From Mr. Cord Avco also took over a labor problem. Last winter he reduced pilots' wages, came into conflict with the Airline Pilots Association, affiliated with the A. F. of L. (TIME, Feb. 22). The 23 pilots of Century Air Lines quit (they charged a "lock-out") and service was interrupted until a "strikebreaking" crew was trained. By the sale to Avco a complete operating personnel of 350 is thrown out of work. Last week, in his apartment in the tower of Manhattan's swank Waldorf-Astoria, Mr. Cord intimated that the pilots (about 50 including Century Pacific's) would...
Other administrative changes in Avco have followed the election of La Motte Turck Cohu to the presidency. He was also made president of American Airways. And to succeed Vice President Hainer Hinshaw of American Airways was elected Col. Edward Vernon Rickenbacker. Also made a vice president was Avco's able little publicist, Silliman Evans...