To Wilmington, Del., one day last week, went a handful of the 10,000-odd stockholders of Aviation and Transportation Corp. Gathered in its boardroom in the Corporation Guarantee & Trust Co., they helped elect three new directors (one of them bristle-maned ex-Champ Gene Tunney), asked a few questions, went their ways. Question none of them thought to ask was one that has been kicked around in the flying business like a sandlot soccer ball : what is ATCO going to do about simplifying its corporate structure?

For holding-company complications, the aviation business was getting...

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