Communications: Money at Work

Since he moved from Los Angeles to Las Vegas two years ago, Billionaire Recluse Howard Hughes has bought up huge chunks of southern Nevada. Beginning with the Desert Inn, where he and Wife Jean Peters live in seclusion, Hughes has purchased a string of casinos, a flying service and more than 30,000 acres of land on which he envisions building a supersonic jet airport to serve the entire West Coast. Last week Hughes turned his attention eastward. Through his Hughes Tool Co., he offered to buy 2,000,000 shares of American Broadcasting Companies,...