Airlines: Room for All

Last September, Seattle's Boeing Co., having spent $16 million to design a giant jet military transport, lost the $2 billion Pentagon contract to the Lockheed Aircraft Corp. and its C-5A. Despite the staggering blow, Boeing's President William Allen managed to sound philosophical. "When you lose," he said, "you look for other opportunities."

Allen did not have to look far. Already in the market for a jumbo passenger jet was an old friend with whom Boeing had clone a lot of mutually profitable business in the past. Pan American Chairman Juan Trippe has been buying Boeing products for...

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