Word: errett
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Dates: during 1930-1939
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...American Airlines) stocky, purposeful Sigmund Janas was assistant to American's President C. R. Smith. Earlier he had learned the tricks of financing as Deputy Superintendent of Banks in California, the tricks of airline operation as president's assistant for Western Air Express. Close friend of Motorman Errett Lobban Cord (American's chief stockholder) he had also learned how to combine the tricks of operation and banking, take over ah airline (as Cord had American) and make it tick...
...proceeds bought up some 80 aeronautical properties, including 9,100 miles of airlines. These were presently lumped into American Airways. As might have been expected, the conglomeration had an operating loss of $3,400,000 in 1930. Successive losses brought continued shake-ups in management until 1932, when Plunger Errett Lobban Cord got control after a spectacular proxy battle...
American's stock, with 290,000 outstanding shares (biggest single owner, Errett Cord: 20,000 shares), is considerably smaller than the average issue admitted to the Big Board. And American, having been listed on the Curb only three years, has neither the profit record nor the "seasoning" that has traditionally been required for Stock Exchange listing. But the exchange was glad to list American as the largest unit of a growing industry. American is glad to have the more active market on the Big Board, for it may be obliged to issue more shares to improve its current weak...
...prevent a recurrence of the situation that brought about the 1934 Black inquiry, when the Errett Cord interests half-cornered the airmail subsidy of $16.500.000, holding 13 of 26 contracts through mergers and consolidations, the Act forbids mergers, interlocked directorates and subleasing of carrier contracts without consent of the authority...
...firm is dominated now by a younger group, of whom 38-year-old Gerald Loeb is prominent in the Manhattan office and Gordon B. Crary in the Los Angeles office. Between them these two brokers manage to see a good deal of colorful onetime Motor-maker Errett Lobban Cord, who lives in Beverly Hills...