Business: Pan American: Carrier in Crisis

Running a huge corporation is not pure, unmitigated joy.—Najeeb Halaby

FOR "Jeeb" Halaby, now finishing his second year as chief executive of Pan American World Airways, the going has been anything but great. Losses are climbing steadily: $26 million in 1969, $48 million in 1970 and $39.5 million in this year's first half alone. Pan Am's archcompetitor, TWA, has lately been overtaking "the world's most experienced airline" in monthly passenger miles on the North Atlantic run. Talks with TWA about a possible merger, which Halaby once saw as the best route out of rough...

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