Word: stockly
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Dates: during 1950-1959
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...pilots. It is industrywide. Last week even the stewardesses at little Lake Central Airlines (2,281 route miles in the Midwest) were striking for higher pay. (But this time the pilots, who had helped organize the stewardesses, walked through their picket line and kept flying; the pilots also own stock in the line.) Pan American World Airways also faces union trouble. Its A.L.P.A. pilots want up to $45,000 a year jet pay, have already forced a slowdown in jet schedules to Europe because they refuse to fly without a jet-age contract. To fill in. Pan Am has drafted...
...labor fog last week was National Airlines, whose routes stretch along the Atlantic Coast to Florida. On Dec. 10 National will inaugurate the first domestic jet airliner service with daily flights on the rich New York-Miami run. Using 600-m.p.h. Boeing 707s under a complicated lease-stock deal with Pan American, which already flies jets across the Atlantic, National will make the 1,100-mile run in 2 hr. 15 min. To make sure that it can fly jets, National signed contracts with its pilots, flight engineers and mechanics running into...
National is paying well to be the first domestic jet operator. Plans call for three 707s under lease around the first of the year, each one costing an estimated $216,000 per month to operate and maintain. To sweeten the kitty. National has also agreed to a stock exchange that, if CAB approves, will eventually give Pan Am a big voice in its affairs. In a $16 million swap, the two lines will exchange 400,000 shares of stock, and Pan Am will get a two-year option to buy another 250,000 shares of National stock...
...National and President George T. Baker, who owns 17% of the line's stock, the deal is almost a must. Competing with Eastern Air Lines along most of its route, National has been hitting bumpier and bumpier weather, is operating a load factor of 52% v. a break-even point of 54%. In the twelve months ended Sept. 30, the line lost $748,944; the year before it had a net profit of $2,484,369. National's main hope is new equipment to attract more passengers; it has orders for three Douglas DC-8 pure jets, another...
Weinberg is less well known as an expert on the stock market. Last May he advised one and all to buy; last week he said that the market was too high: "Some stocks are selling at 50 and 60 times earnings. You just can't do that.'' Weinberg's reputation extends far beyond Wall Street. He has served as a director of so many companies (General Electric, General Foods, Continental Can, Ford, B. F. Goodrich) that he thumbs through a notebook to see on which of 35 boards he still serves. Weinberg has a third field...