Business & Finance: On the Operating Table

National Airlines, Inc., which had almost gone broke fighting a pilots' strike, last week appeared before CAB to fight a move to dismember it. CAB thought its routes should be split up among other carriers. As the hearings got underway in Washington, National surprised CAB by proposing something like a dismemberment plan of its own.

National said it was negotiating to sell 346,000 of its shares to W. R. Grace & Co. (joint owner with Pan American Airways Corp. of South America's Panagra). Of the total, President Joseph Peter Grace Jr. had already agreed to buy 174,000 National shares. Joe Grace, who...

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