Aviation: Lower Fares

A far-reaching cut in airline passenger fares was announced jointly this week by giant amphibious Pan American Airways and its scrappy, up-&-coming offshoot, Pan American-Grace Airways. The cuts average 10%, affect all flights between the U.S. and Latin America, will save 500,000-odd Pan Am-Panagra customers $1,250,000 yearly. Sample cuts: Miami to Buenos Aires $550 to $495; Miami-Lima $354 to $320; Miami-Bogota $213 to $183. The new rates will become effective whenever the airlines get CAB approval (probably two months).

Unlike most price-cutters, Pan Am and Panagra did not reduce rates to get more business—they already have more traffic than...

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