Airlines: With Reason

When Trans World Airlines starts touting Pan American World Airways, its nose-to-nose U.S. rival for the lucrative transatlantic traffic, there must be a good reason. Last week there was: in President Johnson's moves to cut the U.S. balance of payments deficit, TWA saw a way to cut in on the 60% of the transatlantic business now held by foreign airlines even if that meant sharing the rewards with Pan Am.

TWA began a novel fly-U.S.-airlines campaign. Full-page newspaper advertisements featured a sketch of a gold bar, under which the boldface copy read: "There are only two ways to keep...