Word: jumbo
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Just one year ago last week, a Pan American Boeing 747 lifted off from New York's Kennedy Airport to begin the first scheduled jumbo-jet service. The flight was six hours late because of an overheating engine. Since that unpromising beginning, the 747 has accumulated a remarkable record for a new aircraft. It has carried 7,000,000 passengers an average of 2,100 miles each, more than five times the number of passenger-miles flown by the Boeing 707 in its first twelve months of service. The statistics would have been the same...
Going on Welfare. To forestall collapse, two giant corporations went on public welfare. At the Pentagon's urging, Congress last month voted a $200 million "contingency" payment to Lockheed Aircraft to help cover $758 million of unexpected costs in producing the Air Force's C-5A jumbo jet. The $200 million was only the first installment in a financial rescue that could well cost the taxpayers at least three times as much. Without such aid, said Deputy Defense Secretary David Packard, Lockheed faced bankruptcy, and other defense subcontractors could go under in its wake. Last week, however, Lockheed...
...Senate goes through with its threat to cut off funds for Boeing's SST development program, a project that still employs 4,800 workers. The company has already sold one plant, closed another, auctioned off surplus equipment and furniture, consolidated assembly lines, cut its 747 jumbo-jet production from 7½ a month to 5. ∙ The Boeing cuts have given Seattle unemployment a rather unique texture: a large pool of highly skilled technicians, many of whom have never been out of work before, and for whom prospects elsewhere are hardly encouraging. Cal Lowe, 45, a former flight test...
Among other depressed industries, airlines had their worst year ever because of soaring operating costs, meager traffic growth and huge outlays for jumbo jets. A sensitive indicator of the U.S. economy, airline traffic goes into a dive whenever business in general weakens. This year companies reduced business travel, presidents moved back to the tourist-class cabin, and families postponed faraway vacation trips. The nation's twelve major airlines expect to lose as much as $125 million before taxes in 1970; Trans World Airlines alone will show a deficit of up to $65 million. The industry predicts even bigger losses...
...fierce competition for supremacy in the market for giant jets, even the largest players have taken jumbo losses. Boeing Co. suffered severely when engines for its 747s were delivered late. Pan Am has had to scrub some 747 flights because of persistent bugs in the engines. Financially shaky Lockheed has sunk hundreds of millions into developing its TriStar jumbo jet, which is scheduled to make its first flight this week. Lockheed has 178 orders for the TriStar, far fewer than it needs to break even...