Word: cab
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Dates: during 1960-1969
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Losses for All. Hughes was in a strong position in bidding for Northeast-primarily because Northeast itself was in such a weak one. Five years ago, accepting Northeast's contention that it could never make money as just a regional New England carrier, the CAB authorized the line to fly the busy New York-Miami route. The CAB's reasoning: with the profits from the Miami run, Northeast could offset its New England losses...
...National blamed their new losses on the competition from Northeast. Northeast Chairman David Stretch, 53, who is also president of Atlas Corp. (which owns 56% of Northeast's stock), blamed his losses on financing problems. By granting Northeast only a five-year certificate on the Miami route, the CAB frightened the bankers, who would only give Northeast five-year loans (v. the normal seven-to ten-year loans) to buy new equipment it needed. The result: an inordinate part of Northeast's earnings had to be earmarked for debt service and repayment...
...keep the line from losing $5,200,000 in the first seven months of 1961. Meantime, the cost of maintaining the jets had become an unbearable burden. Six weeks ago, Hughes once again came to the rescue, guaranteed to pay Northeast's fuel bills. But when the CAB ominously wondered out loud whether he might be gaining control of the line illegally, Hughes abruptly withdrew his support...
Shift in Seats. Unless the CAB disapproves Continental's new rates. Continental jets will shift from their current seating pattern of 44 first-class and 76 coach seats to 28 first-class, 42 coach and 75 economy. American Airlines and TWA have already asked the CAB for permission to match Continental's economy fares on competitive routes; United is expected to do so soon...
...sometimes, thin and overdrawn, the poor child would come home from work in the whee hours of the morning with a wicked case of "the mean reds." For this condition, a sort of moral hangover, there was only one cure. She would take a cab to Tiffany's jewelry store and lay her head against the elegant little show windows. That ice felt so good...