Word: largest
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Dates: during 1970-1979
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With a fleet of 55 modern planes, modest debt and a depressed stock price, Miami-based National Airlines, the U.S.'s eleventh largest carrier, has long been ripe for takeover. Even so, the industry was startled in July when it became known that Houston's scrappy little Texas International Airlines had quietly bought more than 9% of National's stock; later it won Civil Aeronautics Board permission to pick up as much as 25%. As one Wall Street analyst put it, Texas International was a "sardine chasing a shark." Last week the swivel chairs in airline board rooms were spinning...
There has not been a comparable airline merger since 1961, when United acquired Capitol. If Pan Am's bid for National succeeds, it will become the second largest U.S. line in terms of revenue (about $2.5 billion a year), trailing only United ($3 billion). Pan Am would get the domestic routes it has long sought, ones that neatly dovetail with its international runs. National's routes, mainly in the East and along the country's southern rim, would feed Pan Am's foreign hops from New York, San Francisco and Miami. In turn, National could draw...
...area Jaycees see as the organization's dominant rural conservatism. Massachusetts Jaycees officials have voted to battle the no-women order with a lawsuit, even though a 1974 ruling by a federal appeals court upheld the group's right to ban women. Leaders of the all-male Louisville chapter, largest in the organization (735 members), have called for admission of females. So, less surprisingly, has the Chicago chapter (234 men, 136 women), which withdrew from the national organization in protest. Complains Chapter President Joan Petranovich, a secretary: "The Jaycees are hypocritical. Here is a group trying to help people that...
...temporary rooftop chimney from the Vatican's Sistine Chapel at 6:24 p.m. on Saturday, it looked white?the traditional color to signal that the secret conclave within had elected a Pope. But could it be true? Not likely?not on the opening day of the largest, most complex gathering of Cardinal electors in the long pageant of papal elections. Sure enough, with dusk beginning to enfold the splendid statues and pillars of the Bernini colonnade, the smoke turned blacker, then gray. Exasperated, the Vatican Radio announcer said, "There is still uncertainty about the color of the smoke." The crowd...
...private service). The 1976 Tax Reform Act excluded from an employee's taxable income both employer contributions to a group legal plan and the value of legal services. Under the terms of the act, the Internal Revenue Ser vice this spring gave a green light to the largest venture yet: a United Auto Workers group legal plan that will eventually cover 150,000 Chrysler employees and retirees...