AVIATION: Papa Won't Pay

Like a woman wistfully leafing through Harper's Bazaar, American Airlines, Inc. leafed through planemakers' blueprints. It saw more shiny new planes than it could afford. But it ordered them anyway—$96,000,000 worth, to be delivered before the end of 1948. American's total assets were then $46,000,000.

The bill went to the investing public fortnight ago in the form of American's new issues of $80,000,000 in 3½% preferred stock (at $102 a share) and 3% bonds. All airlines anxiously watched the issue. They too need money to pay for planes they have ordered (some $700,000,000 worth). Would the investing public pick up...

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