Word: cording
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Dates: during 1930-1939
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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...
...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...
...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...