Word: jumbos
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Dates: during 1970-1970
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Among other depressed industries, airlines had their worst year ever because of soaring operating costs, meager traffic growth and huge outlays for jumbo jets. A sensitive indicator of the U.S. economy, airline traffic goes into a dive whenever business in general weakens. This year companies reduced business travel, presidents moved back to the tourist-class cabin, and families postponed faraway vacation trips. The nation's twelve major airlines expect to lose as much as $125 million before taxes in 1970; Trans World Airlines alone will show a deficit of up to $65 million. The industry predicts even bigger losses...
...fierce competition for supremacy in the market for giant jets, even the largest players have taken jumbo losses. Boeing Co. suffered severely when engines for its 747s were delivered late. Pan Am has had to scrub some 747 flights because of persistent bugs in the engines. Financially shaky Lockheed has sunk hundreds of millions into developing its TriStar jumbo jet, which is scheduled to make its first flight this week. Lockheed has 178 orders for the TriStar, far fewer than it needs to break even...
Tuppeny is most known for his energetic recruiting. He has courted most of the nation's top high school runners in past years, first as Jumbo Elliot's assistant at Villanova and now as Penn's head man. His efforts have rewarded him well, and this year he has a freshman named Dennis Fikes, a true phenomenon. Getting the talent is the heart of his coaching, and then with his guidance, the boys do the rest...
...value. Under the Federal Aviation Act of 1958, Washington may offer such insurance when private firms are unwilling to sell it at reasonable rates. The companies had declined to provide more than partial coverage for the costly 747s. The Federal Government therefore agreed to make up the difference for jumbo jets on international flights, starting last July 31. Washington's insurance fund is so new that premiums had brought in only $160,000 by last week. The rest will probably have to be made up by congressional appropriation...
Test of Ingenuity. The insurance tangle threatened to upset future financing arrangements for jumbo jets because the consortiums that finance many naturally insist on full coverage as a condition of their loans. Pan Am's 747 was owned by First National City Bank of New York, but mainly financed by a group of other banks pending an offer of guaranteed loan certificates to the public later this month. After the explosion, the offer was withdrawn until new arrangements can be devised...