Word: panagra
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Dates: during 1940-1949
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...Panagra started about 1928, when Pan Am was first nosing into South America. On the east coast Pan Am had no U.S. competition. But in the west Pan Am ran smack into Grace, which has toted Chilean nitrates, Colombian coffee, Peruvian copper and Panama hats in its green, white & black funneled ships for decades, considers that part of South America a state of Grace. Grace was thinking about an airline to complement its shipping business. So Pan Am and Grace made a deal-each anted up $500,000, agreed to own and operate Panagra, 50-50. Panagra started flying...
...both companies Panagra proved a smart investment. It throve despite jungles and mountains, and (until the Good Neighbor policy began hitting in high) a surplus of foreign competition. Business doubled in 1940, doubled again in 1941. Today Panagra owns 14 sleek Douglas transports, has over $7,500,000 in assets...
...Panagra had two big troubles: 1) of eight directors, four are elected by Pan Am, four by Grace. (Until three years ago they could not even agree on election of a president or chairman.) 2) It is a dead-end airline, and Pan Am would like to keep it that way. It begins & ends in South America (see map p. 50), connects with the lush U.S. market only through Pan Am. Today, ten weekly Panagra flights in & out of Cristobal bottleneck into six Pan Am flights direct to or from Miami. But if a Panagra passenger has plenty of time...
Last December W. R. Grace & Co. got good & mad. The four Panagra directors named by Pan Am refused to let Panagra petition for a route north from Panama. So Grace went ahead on its own hook, filed an application-complaint with CAB. The application: a terminal for Panagra in New Orleans, Tampa or Miami. The complaint: "connecting service [by Pan Am] has become increasingly inadequate. . . . [The new route] would forever free the Panagra service from dependence on a connecting carrier . .. whose interests can never be expected to be exclusively service to the Panagra route." Pan Am says it has fulfilled...
Meanwhile, ever-increasing U.S. Latin-American trade relations are booming air travel. To fly this business, both Pan Am and Panagra last year boosted operations on most of their lines. In some places service is de luxe. Northwest out of Panama, for example, Pan Am runs fast DC-3s 14 times weekly (see map p. 80, where line thickness indicates flight frequency...