Word: avco
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Dates: during 1930-1939
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...office on the 47th floor of Manhattan's Chanin Building to a broad-framed young man with a grin and a pipe. It was not surprising that the name of the president-elect, La Motte Turck Cohu, should be better known in Wall Street than in airway operations. Avco, which has yet to show black ink on a profit & loss statement, is of prime concern to the bankers who underwrote its $40,000,000 financing and who own a large part of its shares...
...President Coburn had tied the sprawling transport line of the corporation into the closely knit system which is now American Airways Inc. He abandoned some unprofitable lines and added new routes until it was possible to fly from Montreal to Los Angeles via American Airways. Before he took office Avco had more than 80 subsidiaries (including schools, charter services, factories, sales companies). Before he left there were less than 20. His economies reduced a net operating loss of $2,464,000 for the first nine months of 1930, to $628,000 for the same period last year...
Hardworking, conscientious President Coburn had his critics in the directorate. Some said he erred in his manufacturing policy. When, last year, youthful Sherman Mills Fairchild retrieved his Kreider-Reisner Aircraft Co. Inc. and aerial camera companies from Avco, the corporation retained the Fairchild airplane factory at Farmingdale, L. I. and proceeded to build a new single-engine mail-&-passenger plane called the Pilgrim. This manufacturing operation, said Mr. Coburn's critics, was extravagant. The plane, they said, is already obsolete. Others found fault with the president's insistence on burdening himself with detailed responsibility (by which he threatened...
...Avco's working personnel, who had developed a deep affection for their president, his departure was a shock. He had just returned from Arizona with a victory over Errett Lobban Cord's Century Pacific Air Lines Ltd. Arizona's Corporation Commission had refused Century a certificate of convenience & necessity to carry intrastate passengers on a route paralleling American Airways. Three days after his return President Coburn summoned all office employes into the maple-paneled board room, gripped the back of a chair, bade them goodby. Said he at the end, "I've had such a good...
Southern Line. Fortnight ago the route from Atlanta to Los Angeles was opened by Southern Air Fast Express, operating company formed by American Airways (of Aviation Corp.), joint bidder with Southwest Air Fast Express for the mail contract (TIME, Oct. 6). President Coburn and Vice Chairman Grosvenor of Avco made the inaugural trip. Passengers leave either terminus at early morning, may stop overnight at Fort Worth or Dallas (about 16 hr.) and reach the opposite end next evening. (Fare, $147.15). Service will be completed between New York and Atlanta about Dec. 1 when Eastern Air Transport, mail operators, begin carrying...