Word: teterboro
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Airports. The Port of New York Authority bought New Jersey's 500-acre, ten-hangar Teterboro Air Terminal. This closed the last escape hatch for airlines that objected to the Authority's landing fees at Idlewild and hoped to take off on transatlantic flights from Teterboro (TIME, July 12). Price: $3,115,000. Teterboro's owner, Frederick L. Wehran, got the property...
...Guardia of such foreign lines as Peruvian International Airways, Scandinavian Airlines system, K.L.M. (Royal Dutch Airlines), Linea Aeropostal Venezolana, Air France and Sabena (Belgian Airlines), in effect forcing them to accept its invitation to move to Idlewild. Domestic airlines which had their eyes on New Jersey's Teterboro Air Terminal (20 minutes from Manhattan) found that the Authority had got there first with a good...
...gallon tanks, packed in a few charts, radio spares, a can of dope (i.e., glue) for repairing the wing fabric, one good suit and a white shirt apiece. Early in August, they kissed their wives goodbye, promised to be back in a month or so, and took off from Teterboro...
...Hard Way. Wehran, a Marine pilot in World War I, then a barnstormer and a booking agent for Alaska bush flyers, got acquainted with Teterboro the hard way. He crashed there in 1924. In 1941, when he cast a speculative eye at it, the gone-to-weed field did not look much better to him. But Wehran thought it had possibilities. He scraped up the $100,000 down payment and bought the field for $500,000. Then he persuaded Standard Oil Co. (NJ.) to finance the remainder on a ten-year mortgage and lend him $500,000 more...
Before long, Teterboro will have a new $1,000,000 freight terminal building, with refrigerated warehouses, maintenance shops for all types of planes and bunkrooms for pilots. Last year, Wehran made his first profit. This year, he expects to net $150,000. As a recipe for success, he could truthfully quip: "It's easy. Just go into partnership with Standard...