Business & Finance: Help for American
To American Airlines last week went a fast tax write-off certificate for a big new expansion program. American plans to spend $47 million for 25 Douglas DC-7s (bigger and faster than DC-6s), hopes to start flying them on its routes late next year. The DC-7s, said American, will be the last piston-engine transports it will buy. After them, the airline hopes to get into the jet age (see below).
The tax certificate is in line with the Defense Production Administration's program to add 600 new planes to U.S. airlines by 1954. Thus, in case of war, the U.S. will have extra planes available for the armed services.
American's new authorization brings its total Government-blessed expansion to $80 million. Other big airline write-offs under the program: $74 million for Eastern (30 Lockheed Super Constellations and 60 Martin 4-0-4s), $62 million for T.W.A. (mostly for 40 Martin 4-0-4s). To date, DPA has okayed a total of $264 million in fast tax write-offs for 267 planes.
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