Word: piedmonte
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...Piedmont, Calif...
...college presidents, James E. Walter of Congregational Piedmont College in Demorest, Ga. is probably the most tenacious. Since he first accepted a $500-a-month gift from an educational foundation started by antiSemitic, anti-Negro onetime Judge George Armstrong of Fort Worth, Texas (TIME, March 12, 1951, et seq.), students and facultymen have demanded again & again that he resign. Last week, as the academic year closed, President Walter was in the same old cauldron again...
...twelve years, Piedmont's founder and president, Thomas H. (for Henry) Davis, 32, has stretched a $14,000 investment in a plane agency into an airline with twelve DC-3s and 2,230 miles of routes reaching from Wilmington, N.C. to Cincinnati. Although Davis' airline is technically a "feeder" (i.e., a supplier for trunk-line routes), 47% of its passengers ride only Piedmont. President Davis runs his line so efficiently that he needed only 24% in airmail pay per $1 of gross revenue to break even last year, while other feeders require as much as 46? for Southwest...
...paying for his lessons. By 16 he had got his private pilot's license, and by the time he graduated from the University of Arizona (he went there for his asthma), he had qualified as a commercial pilot and a flight instructor. He sold Piper Cubs, then formed Piedmont Aviation Inc. to combine plane sales, maintenance, flying instruction and charter service. When World War II broke, he began training Air Force flying instructors and ferry pilots. By war's end Davis had piled up $60,000 in profits and was ready to start his feeder line...
...bank loan, Davis bought ten more DC-3s. He made a profit ($65,528) in his first full year, then ran up a $62,137 loss in 1949 has been in the black ever since. Last year his profits were up 77%, to $144,562. Piedmont has carried 515,695 passengers a total of 115.8 million miles without an injury, and its stock has risen from $1 to $3.50. Moreover, asthma no longer troubles...