Pennsylvania Central Airlines, which makes money, wanted to expand into New England. Money-losing Northeast Air lines wanted to fly into the black.
Last week P.C.A. President C. Bedell Munro announced a merger of the two lines. It has been agreed on by the board of directors of each company, has yet to be approved by the stockholders and the Civil Aeronautics Board. Stockholders of ailing Northeast ($77,000 in the red last year) will receive half a share in P.C.A. for each share in Northeast.
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