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Aviation Becomes Big Business
Charles Lindbergh's historic 1927 transatlantic flight and a stock market boom spurred investor interest in aviation. An intense period of industry-wide mergers and consolidation followed.
Four large aviation holding companies soon arose. William Boeing and Frederick Rentschler of Pratt & Whitney formed the first and the largest, United Aircraft and Transport Corporation. Clement Keys formed North American Aviation and the Curtiss-Wright Corporation. Aerial photography pioneer Sherman Fairchild, Averill Harriman, and Robert Lehman created The Aviation Corporation (AVCO).
While these consolidations promised greater efficiency, airlines remained unprofitable without government help. |