Business: A.A. Overseas

American Airlines had something more than a paper dream for a postwar international air service. Subject to CAB approval, A.A. last week became the majority owner (51.5% stock control) of a going overseas air line, American Export Airlines Inc.

Thus A.A. soared ahead of its ambitious U.S. rivals. With Amex it gets a war-established overseas service (to Foynes, Ireland for Navy Air Transport) and “grandfather rights” on applications for transatlantic routes to Lisbon and the Mediterranean. The deal enabled American Export Lines Inc. to dispose of its control of Amex—which it had to do, under the CAB ruling that ocean carriers are not permitted to operate air routes. But Export Steamship will retain 24% of the airline stock, will probably act as the airline’s agents abroad.