Merger with National nearer
Pan American World Airways took another step last week toward achieving its long cherished dream of acquiring U.S. domestic routes to tie in with its far-flung foreign network. It disclosed that after a stock-buying spree early last week, it now owns 4,398,500 shares, or 51.4%, of National Airlines, thus beating out two rivals for majority interest in the line. Texas International, a small, aggressive carrier that, like Pan Am, has received preliminary approval to merge with National from the Civil Aeronautics Board, holds about 25% of the stock. Eastern Air Lines has also been trying to...