AVIATION: New Money & New Blood

Western Air Lines, Inc. has had trouble keeping its financial altitude. It picked up during the war, made money. But it lost again this year with a leaden deficit of $267,037 in the first nine months, despite a third-quarter profit. Moreover, like many another U.S. airline, Western was overloaded with expansion plans. Even after canceling half its orders for new planes, Western had current liabilities of $6.5 million and current assets of only $2.6 million.

Last week, Western's president and largest stockholder (45.7%), William A. Coulter, decided that the best way to...

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