Word: cabs
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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...
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...
Died. John Daniel Hertz, 82, Austrian immigrant newsboy who became a transportation tycoon by founding the Yellow Cab Co. in Chicago in 1915 and the Hertz Drive-Ur-Self in 1924, later retired to the race track (one possession: Count Fleet), but left off retirement to parlay more fortunes as a partner of Manhattan's Lehman Brothers, and devote his millions to creating an engineering scholarship fund; of a stroke; in Los Angeles...
...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...