AVIATION: $26,000,000 for Later

United Aircraft Corp. this week announced the biggest aviation stock offering in ten years: 265,669 shares of convertible preferred stock at $100 a share, to be offered to United's 35,000 shareholders.

Paradoxically, United will use the proceeds (about $26,000,000) not for expansion but to pull in its horns. As it was when it set aside a $4,000,000 reserve (TIME, Nov. 17), it is thinking of the day when the war will be over. With a backlog of $500,000,000 and less than $25,000,000 in capital, United is financing its roaring business out of sales. But when those Gov ernment checks stop...

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