Business: First Papers for Taca

For three years, a mustachioed, one-eyed New Zealander named Lowell Yerex, freight-flyer extraordinary in Latin America, has tried to take out U.S. naturalization papers for his growing brood of airlines. Last week he made his third major try* on the Canadian side of Niagara Falls, ex-Barnstormer Yerex signed an agreement with his longtime friend, ex-Barnstormer Jack Frye, president of Transcontinental & Western Air. T.W.A. will buy a $1,350,000 piece in the top Yerex holding company, Inter-American Airways.

The Deal. Inter-American (whose name is to change back to Taca) is a complicated organism that includes, besides four little Tacas flying in six Central...