Word: avco
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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...
...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...
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...