Word: avco
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...last week none of these was so pleased as stocky, razor-brained Victor Emmanuel, 42, president of Aviation Corp. which owns 71% of Vultee common stock. The many subsidiaries of Emmanuel's AVCO already make aircraft engines and propellers; it has big investment in New York Shipbuilding, American Airlines, Pan American Airways; soon AVCO will control Consolidated as well. So that little
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...
...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...
...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...