More laissez-faire in the air
It is indeed rare for a father to give his blessings to three suitors in quest of his daughter's hand. But last week the Civil Aeronautics Board granted tentative approval for either Pan American or gutsy little Texas International Airlines to acquire Miami-based National Airlines.
Equally surprising, the CAB also gave Eastern Air Lines permission to buy up to 25% of National's stock, although the board has not made a decision on Eastern's takeover proposal.
The CAB has thus cleared the way for Pan Am and Texas International, each holding close to 25% of National's shares, to fight fairly...