With the financial support provided by air mail contracts from the U.S. government, four large aviation holding companies soon arose.
With the financial support provided by air mail contracts from the U.S. government, 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 still remained unprofitable without government help.