Word: cording
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Dates: during 1930-1939
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...full-page newspaper advertisements Mr. Cord shouted that his accusations of extravagance, speculation, mismanagement, "illegal payments to officers.'' loss of 838,000,000 by the Avco management had gone unanswered. He denied Avco's charge that he had tried to force his Stinson planes upon the company; denied placing "spies" in Avco ranks; admitted losing money on his Century Air Lines (bought by Avco), pleaded that it was a five-month-old venture without benefit of airmail. He flayed the directorate for "railroading" important deals, told stockholders that "if we had not stopped the directors from making the [North American...
Every airmail contractor in the U. S. shuddered last week as the fight for control of Aviation Corp. became more & more rowdy (TIME. Nov. 21). Whether the operators sided with the management or with Motormaker Errett Lobban Cord, 30% stockholder who was trying to unseat it, the industry was painfully aware of one fact: That the missiles hurled by each side would be picked up by opponents of airmail subsidies, carefully saved until the next Congress convenes, then flung at all air transport...
Avco hired Publicists Edward L. Bernays and Bruno & Blythe to combat the Cord propagandists, P. P. Willis & Co. of Chicago, Doremus & Co. of Manhattan. But their replies were less heated. President La Motte Turck Cohu repeated his familiar objections to Mr. Cord. Avco was cannily waiting, hoping that the Cord faction would talk itself into trouble...
...said the Governor, was best qualified to judge the merits of the controversy. It included Lessing Julius Rosenwald, potent vice board chairman of Sears, Roebuck & Co., William Benson Mayo, onetime chief of Ford aircraft construction. President Howard Coonley of Boston's Walworth Co. (valves), three airline organizers. Promptly Mr. Cord piped up: "Ex-Governor Trumbull was one of the principals in the ... sale of Colonial Airways to the Aviation Corp. . . . His principal associate in this deal, John F. O'Ryan, is an officer and director of the Aviation Corp. and a member of the opposition committee. His new 'Independent.' committee...
Then two of the breaks awaited by Avco occurred in quick succession. E. F. Hutton & Co., Cord supporters, published a booklet in which President Cohu's name appeared above an Avco balance sheet showing $20,000,000 losses since 1929. Mr. Cohu, who has been president for only six months, started a $1,000,000 libel suit. Also, Avco got and published a letter from President William Green of the A. F. of L. Excerpts: "We are thoroughly convinced that Mr. Cord is hostile to union labor. ... If [he] secures control . . . it will be the purpose...