AIR TRANSPORT
American Airlines Needs Fare Hike to Cover Additional Jet Purchases
New York—American Airlines wants to buy 40 additional jets to provide an almost all-turbine service by 1961, but will need a 15% fare increase to handle the financing, according to C. R. Smith, president. Fifteen more long-range and 25 medium jetliners would cost $200 million with related ground equipment, Smith said, and the program will depend on annual earnings of $25 million.
By Glenn Garrison6 min