Aviation: One Flag Abroad

The economically troubled U.S. aviation industry is more and more of the view that one can live more cheaply than two. The latest merger being talked about is global in its ambition: to merge Pan American World Airways and its only U.S. rival on the North Atlantic routes, Trans World Airlines. Inc.

Pan Am and TWA are still short of final agreement, but find an almost irresistible appeal in studies showing that a merger could save them up to $75 million a year in operating costs. For TWA, which ran up losses of...

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