Word: corded
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...47th floor of Manhattan's Chanin Building and the top floor of St. Louis' Rialto Building, two migrations were in progress last week with a common destination: Chicago. Famed and farflung Aviation Corp. and its operating subsidiary. American Airways, were on their way to the Kingdom of Cord, and the hardbitten little man who would henceforth rule them undisputed could grin more satisfiedly than ever at the 14 years that have passed since he was selling Moon autos in an agency on lower Michigan Avenue...
...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...
...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. Last week, when it became known that the Cord...
...Cord . . . and his associated interests now have effective control. . . . Under these circumstances Messrs. La Motte T. Cohû, George R. Hann, W. A. Harriman, Charles L. Lawrance, Robert Lehman, Lindley C. Morton and Matthew S. Sloan and myself believe it would serve no useful purpose for us to continue as directors of the corporation, and I am accordingly resigning as president...
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...