AVIATION: Dust and Passengers

In Atlanta last week was completed one of the biggest airline underwritings ever handled by a single investment banker. Courts & Co., bossed by smart, wise Richard Winns Courts Jr., hung the "sold out" sign on 60,000 shares of Delta Air Corp. common, priced at $9.50 a share. To Courts & Co. this meant $75,000 commissions (plus $3,000 legal fees). To D.A.C. it meant $495,000 with which to bolster working capital, reduce debts, look ahead.

Delta started in June 1929, when gruff, farm-minded Collett Everman Woolman deserted his profitable crop-dusting business (done with...

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