Word: curtiss
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While men great in steel fought with stock proxies in Ohio, men great in air fought with stock proxies in Delaware. At Wilmington, representatives of United Aircraft & Transport Corp. tried and failed to wrest ownership of National Air Transport Inc. from the Curtiss-Keys interests. But where the Ohio battle ended conclusively, the Delaware affair was but a prelude to battle, the result a lull in hostilities but not in hostility...
...directors, dominated by able Clement Melville Keys, Rentschler & his colleagues made an offer to exchange one share of United for three and one-half of NAT stock. This offer was quickly, flatly rejected (TIME, April 14). To the Curtiss-Keys group, active as such in aviation since 1920, United Aircraft seemed a shade Napoleonic.* While denying any desire to command the industry, Curtiss-Keys, with 13 companies, backed by Banc-america Blair Corp., was recognized as the No. I group of U. S. aviation; United Aircraft as the contender...
Rebuffed, United canvassed individual NAT stockholders for their proxies to support its exchange offer. Bitterness was intensified when United obtained the holdings of certain of the NAT personnel. Quick to retaliate, Curtiss-Keys launched a counter-offensive for proxies...
...represented in the meeting. NAT countered with the statement that its board had but recently amended the by-laws to reduce the quorum to one-third of the voting stock, which they held. Over the violent protest of United's delegates, the meeting proceeded and a strong Curtiss-Keys directorate was reinstalled with minor changes...
Immediate plum of this great air fight: a Government airmail contract which United, having operated its group at a profit during the past hectic year (TIME, March 31), feels justified in trying to acquire, but which Curtiss-Keys, having been efficient managers, might ultimately retrieve...