Word: panagra
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Dates: during 1940-1949
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National said it was negotiating to sell 346,000 of its shares to W. R. Grace & Co. (joint owner with Pan American Airways Corp. of South America's Panagra). Of the total, President Joseph Peter Grace Jr. had already agreed to buy 174,000 National shares. Joe Grace, who has headed the shipping company since 1946, thought it should branch out even more in the air-travel field. National also was dickering for Pan Am to buy 346,000 shares on its own hook, and agree to interchange some routes and equipment with National. Neither company would have control...
Official discoverer of the new comet was Professor John Paraskevopoulos of Harvard's observatory near Bloemfontein, South Africa, who reported his find on Nov. 7. Other southern hemisphere astronomers spotted it about the same time, as did at least one nonscientific night owl. Captain Frank McGann of Panagra saw the comet from his Clipper as he flew over the Caribbean on Nov. 4, and reported it to his base in Miami...
...three weeks, President Thomas Braniff expects to start flying his new routes from Houston, Tex. to Lima, Peru; eventually he will fly to Rio de Janeiro and Buenos Aires. The routes cut straight across the juicy domains once monopolized by Pan American Airways and Pan American-Grace (Panagra flies the West Coast, Pan Am the East). Both lines opposed Braniff's entry on the ground that the territory could not support a third U.S. flag line. But President Truman, taking the matter out of CAB's hands, gave Braniff the routes...
...month ago, Pan Am and Panagra carried their fight to Congress. They pointed out that Braniff had asked for airmail subsidies of $3,000,000 a year, 22 times what it had originally estimated it would need. Last week they made a last-ditch effort to get CAB to hold new hearings...
...their arguments, CAB gave its answer: no. New hearings, said the Board, would "cast a dark shadow across the certificate already lawfully issued and in full force and effect." Moreover, it was reasonable that a line flying a new route should get a bigger subsidy; both Pan Am and Panagra had so benefited when they started...