Word: sst
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...David C. Hazen: "We've seen nothing we haven't seen before." Publisher Piel was not discouraged. He sticks with his original postulate that "there is, right now, flying down some hallway or out of some movie-house balcony in Brooklyn, the aircraft that will make the SST 30 years obsolete." But Piel's seven-year-old daughter Nelle remained unconvinced. Said she: "I think it's silly. It's just for advertising...
...crashes on others, notably the Electra. As the Defense Department's biggest single contractor five years running, Lockheed has seen its profits increase to more than $51 million (on sales of over $2 billion) last year v. $37,200,000 in 1962. Though disappointed over losing the SST competition to Boeing, the company expects continuing defense demands, diversification into such areas as oceanography, will keep it healthy...
Quite simply, the Administration wants more tangible support from the most voluble champions of the SST. This week chiefs of the plane's U.S. customers-eleven airlines and one leasing company-will meet with Federal Aviation Agency brass to hear a plan for their direct participation in the prototype financing. The FAA wants them to chip in $1,000,000 for each of the 58 planes they have on order, over and above the $100,000-a-plane deposits they have already made. Later, foreign airlines, which have signed up for 56 SSTs, may be asked to join...
Beyond their relatively small deposits, the only monetary stake the airlines have had in the SST until now has been an agreement to help the Government recoup its investment by paying royalties once their planes are delivered. To be sure, the "progress payments" will not account for much of the two prototypes' estimated $5 billion cost, 90% of which will be paid by the Government. But the airlines' show of confidence could have some clout with an ornery Congress that includes liberal Democrats who fear the poverty program will suffer from the SST...
Currently living on a month-to-month basis, the SST must get some $250 million in new funds if construction is to begin this summer. And rather than see their delivery dates postponed well beyond 1974, the airlines are likely to come through with the cash. As it is, the Administration ploy is no great surprise. New Transportation Secretary Alan S. Boyd, whose department will take over the SST, was not exactly speaking sotto voce last month when he told Senators at his confirmation hearings that "I would like to see private enterprise put up as much money...