In Manhattan newspapers one morning last week burst a story romantic, unconfirmed, yet weighted with authoritative detail: potent Pan American Airways, Inc. was negotiating with Great Britain's Imperial Airways, Ltd. to form a three-day transatlantic air service via Bermuda and the Azores.

To the staff of Pan American it was pure news. To youthful President Juan Terry Trippe it was a headache. He did not want his plan known so soon. Closeted in his office on the 42nd floor of the Chanin Building, President Trippe reluctantly admitted...

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