Camden Courier-Post – February 1, 1933
Planes Using Central Airport May Be Taken Over by Eastern Air Transport
Sale of Ludington Air Lines, operating between New York and Washington with a landing field here at Central Airport, appeared certain yesterday with Eastern Air Transport as the prospective purchaser.
James M. Eaton, president of the Ludington lines, announced at Washington yesterday that an offer for purchase of the lines has been made by the E.A.T., but that negotiations had not been completed and “no further official statement can be made at this time.
His announcement followed a report yesterday by Dow, Jones & Company, of New York, that it is understood negotiations had been completed for acquisition of the lines, and that the purchase price was approximately $250,000.
C. Townsend Ludington and Nicholas Ludington, who founded the company, could not be located last night at their homes in Ardmore Pa., to learn the possible sale would in any way involve Central Airport, which is owned by the Central Airport, Inc., a separate concern from Ludington Air Lines. It was stated at the home of both that they were in New York.
A news report from New York which also preceded the Eaton statement asserted that a merger of the North American Aviation Company, owners of Eastern Air Transport, and the General Aviation Corporation, was to be announced within a few days, and that the merged companies planned to purchase the Ludington Air Lines. In accepting a job with Ludington Air Lines it was my responsibility to protect the private investment of Ludington stockholders,” Eaton said. “There were two ways of doing this. One was to obtain a mail contract from the present administration; the other to get the company on an efficient basis and to continue operation on the basis of getting mail from the incoming administration. “However, if, due to improved conditions, an offer of purchase or merging presented itself, then that offered a third way of protecting the stockholders.”
The Ludington Air Lines started operations in September, 1930. The main offices were moved from Philadelphia to Washington last September.