Aviation: Trippe's Big Bid

Since the early 1940s, Juan Terry Trippe, 63, go-getting president of Pan American World Airways, has preached the gospel of the "chosen instrument"—the idea that U.S. airlines can profitably compete against subsidized foreign airlines only if Washington designates a single U.S. airline to operate overseas. Naturally he assumed that the chosen instrument would be built upon Pan Am. And since administrations in Washington have never followed his advice, Juan Trippe last week set out on his own to realize this ambition.

After much private negotiating, Pan Am and Trans World Airlines...

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