Word: smithing
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Dates: during 1950-1959
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Touch & Go. At war's end Smith returned to American, convinced that the great strides made during the war in air transport would bring on the air age and a huge new air-travel market. Just as he had worked with Douglas on the DC-3, he encouraged the firm to build the four-motored, long-range DC-6s, boldly ordered a fleet of 125 DC-6s and shortrange, two-engined Consolidated Vultee CV-240s. As usual, he showed himself a master at timing and bargaining. So eager was Consolidated (now Convair) for orders to relieve its postwar slump...
...million in preferred stock issues and $40 million in debentures, by far the biggest airline financing till then. Since the unprecedented move came at a time when airline finances were weakening, it was touch and go whether the underwriters would not back out at the last minute. Said Smith to an associate, when he sat down to sign the deal: "Boy, if we hadn't got to work on time this morning, we wouldn't have any deal...
...year or two, it looked as if he had speculated wrongly about the future of air travel, had dangerously overexpanded. A subsidiary, American Overseas, had started transatlantic flights and lost money with almost every planeload. Domestic air travel did not expand nearly so fast as Smith expected. In the first three postwar years, American piled up losses of $6.7 million...
...financing provided the money to ride out the postwar ups and downs. When the travel boom did arrive, American was in better shape than any other line to meet it. Like any good gambler, Smith decided to cut his losses on American Overseas by selling it to Pan American for $10.7 million. In 1949 American broke through the dark clouds with net earnings of more than $7,000,000. Thus encouraged, C.R. took a squint into the future and decided to expand again. He placed the first order for 25 of Douglas' big, fast DC-7s, which...
Whisky for Daughter. While leading the field with bold financing and new equipment, American also built up a reputation for service, based on C.R.'s deep belief that passengers must be handled with care. One Smith innovation: "Admirals' Clubs" at major airports to give 30,000 steady American customers (who joined by invitation) the chance to relax or drink while waiting for flights...