Word: avco
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Dates: during 1930-1939
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...world." Unable to get mail contracts, even when he dramatically offered to accept 30? a mile (half the rate then paid), Cord had feinted by selling out to Aviation Corp., huge holding company for American Airways of which, after a bitter proxy fight, he soon captured control. With Avco's American Airways he got 28% of the mail. Now he was an insider instead of an outsider. The mail contract business being essentially political in nature, Mr. Cord naturally took steps to entrench himself with the coming administration. How far he went...
...Canadian gold fields, news photographers to disaster scenes. Like nearly everything else in aviation Fairchild had its slump. As a subsidiary of Aviation Corp. it lost $2,100,000 in 1929, $870,000 in 1930. Next year Sherman Mills Fairchild, its shrewd young president, pulled his company out of Avco, began quietly to build it up again by producing "flivver" planes. His losses last year were only $52.000. Last week Fairchild popped smartly back into the news with an announcement that it had contracted to build the world's fastest commercial amphibion. The Fairchild amphibion was designed...
...last December he and his group had bought enough Avco stock to remove La Motte T. Cohû from the company's presidency (TIME, Dec. 19). A compromise board of 16 directors, still bankerish, was formed. Richard Farnsworth Hoyt, Hayden, Stone partner and board chairman of Curtiss-Wright, an athletic, motorboat-racing man cut much like Motormaker Cord though more refined, was put in temporarily as president. Mr. Cord & associates continued to buy Avco shares. Bankers Robert Lehman and William Averell Harriman, after their hot and losing proxy fight with Cord last autumn, had no heart to fight longer...
Soon after getting his first real grip on the company in November, Motormaker Cord reduced operating expenses $600,000 a year, chiefly by consolidating American Airways' overhauling points and by cutting executives' salaries to a $15,000 maximum. He began liquidating Avco-owned securities, thus realizing $5,000,000 which he husbanded in cash and Government bonds. Consolidating the offices in Chicago is also to save money...
...complete the job of putting Avco on a paying basis, Mr. Cord last week chose a board of nine, himself included. Two were Cord executives: Vice President Lucius B. Manning of Cord Corp.; Major Lester Draper ("Bing") Seymour, a small, genial disciplinarian who flew with the A. E. F. and who has been president of American Airways since December. Two were Cord lawyers: stocky General Counsel Raymond S. Pruitt; Lyndol L. Young, who grew up with Cord in Los Angeles, hunted squirrels with him on the site of the Ambassador Hotel, graduated from the University of Southern California...