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A prospectus , in finance , is a disclosure document that describes a financial security for potential buyers. It commonly provides investors with material information about mutual funds , stocks , bonds and other investments, such as a description of the company's business, financial statements , biographies of officers and directors, detailed information about their compensation, any litigation that is taking place, a list of material properties and any other material information. In the context of an individual securities offering , such as an initial public offering , a prospectus is distributed by underwriters or other financial firms to potential investors. Today, prospectuses are most widely distributed through websites such as EDGAR and its equivalents in other countries.

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126-574: Pan American World Airways , originally founded as Pan American Airways and more commonly known as Pan Am , was an airline that was the principal and largest international air carrier and unofficial overseas flag carrier of the United States for much of the 20th century. It was the first airline to fly worldwide and pioneered numerous innovations of the modern airline industry, such as jumbo jets and computerized reservation systems . Until its dissolution on December 4, 1991, Pan Am "epitomized

252-473: A Comet 4, and Pan Am followed on 26 October with a Boeing 707 service between New York and Paris. The next big boost for the airlines would come in the 1970s, when the Boeing 747 , McDonnell Douglas DC-10 , and Lockheed L-1011 inaugurated widebody ("jumbo jet") service, which is still the standard in international travel. The Tupolev Tu-144 and its Western counterpart, Concorde , made supersonic travel

378-598: A Pan Am Clipper flight to New York in 1942, passengers were served a drink today known as Irish coffee by Chef Joe Sheridan. The growing importance of air transport in the post-war era meant that Pan Am would no longer enjoy the official patronage it had been afforded in pre-war days to prevent the emergence of any meaningful competition, both at home and abroad. Although Pan Am continued to use its political influence to lobby for protection of its position as America's primary international airline, it encountered increasing competition – first from American Export Airlines across

504-510: A connection to Northwest's DC-7C totaled 24 hours and 13 minutes from San Francisco, but Pan Am was not allowed to fly that route.) The Stratocruisers' double-deck fuselage with sleeping berths and a lower-deck lounge helped it compete with its rival. "Super Stratocruisers" with more fuel appeared on Pan Am's transatlantic routes in November 1954, making nonstop eastward and one-stop westward schedules more reliable. In June 1947, Pan Am started

630-700: A connection to the United States, which the Air Corps viewed as a precursor to a possible German aerial threat to the canal. In the spring of 1927, the United States Post Office requested bids on a contract to deliver mail from Key West, Florida to Havana , Cuba before 19 October 1927. Arnold and Spaatz drew up the prospectus for Pan American after they learned that SCADTA hired a company in Delaware to obtain air mail contracts from

756-430: A crusade to create an air network that would link America to the world, and he achieved this goal through his airline, Pan Am , with a fleet of flying boats that linked Los Angeles to Shanghai and Boston to London . Pan Am and Northwest Airways (which began flights to Canada in the 1920s) were the only U.S. airlines to go international before the 1940s. With the introduction of the Boeing 247 and Douglas DC-3 in

882-449: A downturn in the nation's economy occurred. New start-ups entered during the downturn, during which time they found aircraft and funding, contracted hangar and maintenance services, trained new employees, and recruited laid-off staff from other airlines. Major airlines dominated their routes through aggressive pricing and additional capacity offerings, often swamping new start-ups. In the place of high barriers to entry imposed by regulation,

1008-505: A flight from Miami to Buenos Aires took 71 hours and 15 minutes in a Pan Am DC-3 , but the following summer, DC-4s flew Idlewild to Buenos Aires in 38 hours and 30 minutes. In January 1958, Pan Am's DC-7Bs flew New York to Buenos Aires in 25 hours and 20 minutes, while the National –Pan Am–Panagra DC-7B via Panama and Lima took 22 hours and 45 minutes. Convair 240s replaced DC-3s and other pre-war types on Pan Am's shorter flights in

1134-575: A gift from the taxpayers. (Passenger carriers operating scheduled service received approximately $ 4 billion, subject to tax.) In addition, the ATSB approved loan guarantees to six airlines totaling approximately $ 1.6 billion. Data from the U.S. Treasury Department show that the government recouped the $ 1.6 billion and a profit of $ 339 million from the fees, interest and purchase of discounted airline stock associated with loan guarantees. The three largest major carriers and Southwest Airlines control 70% of

1260-481: A large fleet of Boeing 747s, expecting that air travel would continue to increase. It did not, as the introduction of many wide-bodies by Pan Am and its competitors coincided with an economic slowdown. Reduced air travel after the 1973 oil crisis made the overcapacity problem worse. Pan Am was vulnerable, with its high overheads as a result of a large decentralized infrastructure. High fuel prices and its many older, less fuel-efficient narrow-bodied airplanes increased

1386-461: A major international carrier. In 1933, Aéropostale went bankrupt , was nationalized and merged into Air France . Although Germany lacked colonies, it also began expanding its services globally. In 1931, the airship Graf Zeppelin began offering regular scheduled passenger service between Germany and South America, usually every two weeks, which continued until 1937. In 1936, the airship Hindenburg entered passenger service and successfully crossed

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1512-598: A maximum altitude of 10,000 ft (3,000 m). The airline's West Berlin operation consistently accounted for more than half of the city's entire commercial air traffic during that period. For years, more passengers boarded Pan Am flights at Berlin Tempelhof than at any other airport. Pan Am operated a Berlin crew base of mainly German flight attendants and American pilots to staff its IGS flights. The German National flight attendants were later taken over by Lufthansa when it acquired Pan Am's Berlin route authorities. Over

1638-611: A newly created Air Transportation Stabilization Board (ATSB). The applications to DOT for reimbursements were subjected to rigorous multi-year reviews not only by DOT program personnel but also by the Government Accountability Office and the DOT Inspector General. Ultimately, the federal government provided $ 4.6 billion in one-time, subject-to-income-tax cash payments to 427 U.S. air carriers, with no provision for repayment, essentially

1764-578: A number of ailing or defunct airlines in Central and South America and negotiated with postal officials to win most of the government's airmail contracts to the region. In September 1929 Trippe toured Latin America with Charles Lindbergh to negotiate landing rights in a number of countries, including Barranquilla on SCADTA's home turf of Colombia, as well as Maracaibo and Caracas in Venezuela . By

1890-771: A plane in Sydney, while the Australian carrier, Qantas , paid only $ 178 to land a jet in Los Angeles. The ad also contended that the United States Postal Service was paying foreign airlines five times as much to carry US mail in comparison to Pan Am. Finally, the ad questioned why the Export-Import Bank of the United States loaned money to Japan, France, and Saudi Arabia at 6% interest while Pan Am paid 12%. Airline An airline

2016-552: A proving flight across the English Channel , despite a lack of support from the British government. Flown by Lt. H Shaw in an Airco DH.9 between RAF Hendon and Paris – Le Bourget Airport , the flight took 2 hours and 30 minutes at £21 per passenger. On August 25, 1919, the company used DH.16s to pioneer a regular service from Hounslow Heath Aerodrome to Paris's Le Bourget , the first regular international service in

2142-547: A reality. Concorde first flew in 1969 and operated through 2003. In 1972, Airbus began producing Europe's most commercially successful line of airliners to date. The added efficiencies for these aircraft were often not in speed, but in passenger capacity, payload, and range. Airbus also features modern electronic cockpits that were common across their aircraft to enable pilots to fly multiple models with minimal cross-training. The 1978 U.S. airline industry deregulation lowered federally controlled barriers for new airlines just as

2268-583: A regulated market. In the United Kingdom, the only regulated market is London Stock Exchange full list. The Alternative Investment Market (AIM) does not constitute a regulated market, nor does the Professional Securities Market ("PSM") for issues of debt securities. There are numerous exceptions to the requirement to publish a prospectus, although an exempt company may still be required to publish listing particulars where it

2394-574: A result of an agreement among the United States, the United Kingdom, France, and the Soviet Union at the end of World War II which prohibited Germany from having its own airlines and restricted the provision of commercial air services from and to Berlin to air transport providers headquartered in these four countries. Rising Cold War tensions between the Soviet Union and the three Western powers resulted in unilateral Soviet withdrawal from

2520-500: A result of the terrorist attacks. This resulted in the first government bailout of the 21st century. Between 2000 and 2005 US airlines lost $ 30 billion with wage cuts of over $ 15 billion and 100,000 employees laid off. In recognition of the essential national economic role of a healthy aviation system, Congress authorized partial compensation of up to $ 5 billion in cash subject to review by the U.S. Department of Transportation and up to $ 10 billion in loan guarantees subject to review by

2646-467: A serious competitive threat to the legacy carriers. However, of these, ATA and Skybus have since ceased operations. Increasingly since 1978, US airlines have been reincorporated and spun off by newly created and internally led management companies, and thus becoming nothing more than operating units and subsidiaries with limited financially decisive control. Among some of these holding companies and parent companies which are relatively well known, are

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2772-480: A service from San Francisco to Honolulu and on to Hong Kong and Auckland following steamship routes. After negotiating traffic rights in 1934 to land at Pearl Harbor , Midway Island , Wake Island , Guam , and Manila , Pan Am shipped $ 500,000 worth of aeronautical equipment and construction crews westward in March 1935 using the S.S. North Haven , a 15,000-ton merchant ship chartered to provision each island that

2898-448: A small airline established in 1926 by John K. Montgomery and Richard B. Bevier as a seaplane service from Key West to Havana. A third company, Atlantic, Gulf, and Caribbean Airways, was established on October 11, 1927, by New York City investment banker Richard Hoyt to bid for the contract. The Postal Service awarded Pan American Airways the US mail delivery contract to Cuba, at the end of

3024-503: A viable payload in both directions. Pan Am was a Boeing 747 launch customer, placing a $ 525 million (equivalent to $ 3.77 billion in 2023) order for 25 in April 1966. On January 15, 1970 First Lady Pat Nixon christened Pan Am Boeing 747 Clipper Young America at Washington Dulles and during the next few days, Pan Am flew 747s to major airports in the United States where the public could tour them. Pan Am's inaugural 747 service on

3150-646: A year or so in 1975–76, Pan Am finally completed the round-the-world trip, New York to New York. In January 1950, Pan American Airways Corporation officially became Pan American World Airways, Inc. (The airline had begun calling itself Pan American World Airways in 1943.) In September 1950 Pan Am completed the $ 17.45 million (equivalent to $ 175.32 million in 2023) purchase of American Overseas Airlines from American Airlines . That month Pan Am ordered 45 Douglas DC-6Bs . The first, Clipper Liberty Bell (N6518C), inaugurated Pan Am's all- tourist class Rainbow service between New York and London on May 1, 1952, to complement

3276-488: Is a company that provides air transport services for traveling passengers or freight . Airlines use aircraft to supply these services and may form partnerships or alliances with other airlines for codeshare agreements , in which they both offer and operate the same flight. Generally, airline companies are recognized with an air operating certificate or license issued by a governmental aviation body. Airlines may be scheduled or charter operators. The first airline

3402-729: Is seeking admission of its shares to the full list or an admission document where it is seeking admission of its shares to AIM. The prospectus must be approved by the competent authority in the United Kingdom, which is currently the Financial Conduct Authority (FCA) in its capacity as the United Kingdom Listing Authority. If the purpose of the prospectus is to induce people to engage in an investment activity, it will also need to be issued or approved by an 'authorised person' or it will constitute an unlawful financial promotion under section 21 of

3528-523: The Yankee Clipper , piloted by Harold E. Gray , made the first-ever trans-Atlantic passenger flight. The first leg of the flight, Baltimore to Horta , took 17 hours and 32 minutes and covered 2,400 miles (3,900 km; 2,100 nmi). The second leg from Horta to Pan Am's newly built airport in Lisbon took 7 hours and 7 minutes and covered 1,200 miles (1,900 km). The Boeing 314 also enabled

3654-647: The Dixie Clipper piloted by R.O.D. Sullivan. The Eastbound trip departed every Wednesday at Noon and arrived at Marseilles on Friday at 3 pm GCT with return service leaving Marseilles on Sunday at 8 am and arriving at Port Washington on Tuesday at 7 am. The Northern transatlantic route to Britain was inaugurated for Air Mail service on June 24, 1939, by the Yankee Clipper piloted by Harold Gray flying via Shediac (New Brunswick), Botwood (Newfoundland), and Foynes (Ireland) to Southampton . Passenger service

3780-635: The Atlantic to Europe, and subsequently from others including TWA to Europe, Braniff to South America, United to Hawaii and Northwest Orient to East Asia, as well as five potential rivals to Mexico. This changed situation resulted from the new post-war approach the Civil Aeronautics Board (CAB) took toward the promotion of competition between major US carriers on key domestic and international scheduled routes compared with pre-war US aviation policy. American Overseas Airlines (AOA)

3906-748: The Boeing 707 and Boeing 747 . Pan Am's modern fleet allowed it to fly larger numbers of passengers, at a longer range, and with fewer stops than rivals. Its primary hub and flagship terminal was the Worldport at John F. Kennedy International Airport in New York City . During its peak between the late 1950s and early 1970s, Pan Am was known for its advanced fleet, highly trained staff, and amenities. In 1970, it flew 11 million passengers to 86 countries, with destinations in every continent except Antarctica. In an era dominated by flag carriers that were wholly or majority-owned by governments, Pan Am became

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4032-550: The Caribbean and South America. Pan Am also acquired a few Curtiss C-46s for a freight network that eventually extended to Buenos Aires. In January 1946, Pan Am had no transpacific flights beyond Hawaii, but they soon resumed with DC-4s. In January 1958, the California to Tokyo flight was a daily Stratocruiser that took 31 hours 45 minutes from San Francisco or 32 hours 15 minutes from Los Angeles. (A flight to Seattle and

4158-571: The Farman F.60 Goliath plane flew scheduled services from Toussus-le-Noble to Kenley , near Croydon , England. Another early French airline was the Compagnie des Messageries Aériennes , established in 1919 by Louis-Charles Breguet , offering a mail and freight service between Le Bourget Airport , Paris and Lesquin Airport , Lille . The first German airline to use heavier than air aircraft

4284-654: The Ford Motor Company bought out the Stout Aircraft Company and began construction of the all-metal Ford Trimotor , which became the first successful American airliner. With a 12-passenger capacity, the Trimotor made passenger service potentially profitable. Air service was seen as a supplement to rail service in the American transportation network. At the same time, Juan Trippe began

4410-819: The InterContinental Hotel chain and had a financial interest in the Falcon Jet Corporation, which held marketing rights to the Dassault Falcon 20 business jet in North America. The airline was involved in creating a missile-tracking range in the South Atlantic and operating a nuclear-engine testing laboratory in Nevada . In addition, Pan Am participated in several notable humanitarian flights. At its height Pan Am

4536-700: The Tupolev Tu-104 . Deregulation of the European Union airspace in the early 1990s has had substantial effect on the structure of the industry there. The shift towards 'budget' airlines on shorter routes has been significant. Airlines such as EasyJet and Ryanair have often grown at the expense of the traditional national airlines. There has also been a trend for these national airlines themselves to be privatized such as has occurred for Aer Lingus and British Airways . Other national airlines, including Italy's Alitalia , suffered – particularly with

4662-652: The UAL Corporation , along with the AMR Corporation , among a long list of airline holding companies sometime recognized worldwide. Less recognized are the private-equity firms which often seize managerial, financial, and board of directors control of distressed airline companies by temporarily investing large sums of capital in air carriers, to rescheme an airlines assets into a profitable organization or liquidating an air carrier of their profitable and worthwhile routes and business operations. Thus

4788-587: The US government . Also competing for the contract, Juan Trippe formed the Aviation Corporation of the Americas (ACA) on June 2, 1927, with $ 250,000 (equivalent to $ 3.53 million in 2023) in startup capital and the backing of powerful and politically connected financiers including Cornelius Vanderbilt Whitney and W. Averell Harriman . Their operation had the all-important landing rights for Havana , having acquired American International Airways,

4914-776: The United States Army Air Service . Private operators were the first to fly the mail but due to numerous accidents the US Army was tasked with mail delivery. During the Army's involvement they proved to be too unreliable and lost their air mail duties. By the mid-1920s, the Postal Service had developed its own air mail network, based on a transcontinental backbone between New York City and San Francisco . To supplement this service, they offered twelve contracts for spur routes to independent bidders. Some of

5040-605: The Vietnam War . These flights carried American service personnel for R&R leaves in Hong Kong, Tokyo, and other Asian cities. In August 1953 PAA scheduled passenger flights to 106 airports; in May 1968 to 122 airports; in November 1978 to 65 airports (plus a few freight-only airports); in November 1985 to 98 airports; in November 1991 to 46 airports (plus 14 more with only "Pan Am Express" prop flights). Pan Am had invested in

5166-589: The Yucatan Peninsula to connect with Pan Am's Caribbean route network. Pan Am's holding company , the Aviation Corporation of the Americas, was one of the most sought after stocks on the New York Curb Exchange in 1929, and flurries of speculation surrounded each of its new route awards. In April 1929 Trippe and his associates reached an agreement with United Aircraft and Transport Corporation (UATC) to segregate Pan Am operations to

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5292-735: The quadripartite Allied Control Commission in 1948, culminating in the division of Germany the following year. These events, together with Soviet insistence on a very narrow interpretation of the post-war agreement on the Western powers' access rights to Berlin, meant that until the end of the Cold War air transport in West Berlin continued to be confined to the carriers of the remaining Allied Control Commission powers, with aircraft required to fly across hostile East German territory through three 20 mi (32 km) wide air corridors at

5418-564: The 1930s, the U.S. airline industry was generally profitable, even during the Great Depression . This trend continued until the beginning of World War II . World War II, like World War I, brought new life to the airline industry. Many airlines in the Allied countries were flush from lease contracts to the military, and foresaw a future explosive demand for civil air transport, for both passengers and cargo. They were eager to invest in

5544-463: The 1930s, under the leadership of American entrepreneur Juan Trippe , the airline purchased a fleet of flying boats and focused its route network on Central and South America, gradually adding transatlantic and transpacific destinations. By the mid-20th century, Pan Am enjoyed a near monopoly on international routes. It led the aircraft industry into the Jet Age by acquiring new jetliners such as

5670-624: The 1980s, Pan Am gradually sold off its assets before declaring bankruptcy in 1991. By the time it ceased operations, the airline's trademark was the second most recognized worldwide, and its loss was felt among travelers and many Americans as signifying the end of the golden age of air travel. Its brand, iconography, and contributions to the industry remain well known in the 21st century. The airline's name and imagery were purchased in 1998 by railroad holding company Guilford Transportation Industries, which changed its name to Pan Am Systems and adopted Pan Am's logo. Pan American Airways, Incorporated (PAA)

5796-609: The Atlantic 36 times before crashing at Lakehurst, New Jersey, on 6 May 1937. In 1938, a weekly air service from Berlin to Kabul , Afghanistan , started operating. From February 1934 until World War II began in 1939, Deutsche Lufthansa operated an airmail service from Stuttgart , Germany via Spain , the Canary Islands and West Africa to Natal in Brazil . This was the first time an airline flew across an ocean. By

5922-776: The Caribbean. In 1964, Pan Am began a helicopter shuttle between New York's John F. Kennedy , LaGuardia, and Newark airports and Lower Manhattan , operated by New York Airways . Aside from the DC-8, the Boeing 707 and 747, the Pan Am jet fleet included Boeing 720Bs and 727s (the first aircraft to sport Pan Am rather than Pan American – titles). The airline later had Boeing 737s and 747SPs (which could fly nonstop from New York to Tokyo), Lockheed L-1011 Tristars , McDonnell-Douglas DC-10s , and Airbus A300s and A310s . Pan Am owned

6048-481: The DC-8. The combined order value was $ 269 million. Pan Am's first scheduled jet flight was from New York Idlewild to Paris Le Bourget , stopping at Gander to refuel, on October 26, 1958. The Boeing 707-121 Clipper America N711PA carried 111 passengers. 320 "Intercontinental" series Boeing 707s delivered in 1959–60, and the Douglas DC-8 in March 1960, enabled non-stop transatlantic crossings with

6174-662: The Manila route, while PA 1 shifted to Tokyo and Shanghai. All Pan Am round-the-world flights included at least one change of plane until Boeing 707s took over in 1960. PA 1 became daily in 1962–63, making different en-route stops on different days of the week; in January 1963, it left San Francisco at 09:00 daily and was scheduled into New York 56 hours and 10 minutes later. Los Angeles replaced San Francisco in 1968; when Boeing 747s finished replacing 707s in 1971, all stops except Tehran and Karachi were served daily in each direction. For

6300-764: The North Atlantic began. Pan Am Clipper III , a Sikorsky S-42 , landed at Botwood in the Bay of Exploits in Newfoundland from Port Washington, via Shediac, New Brunswick . The next day Pan Am Clipper III left Botwood for Foynes in County Limerick , Ireland. The same day, a Short Empire C-Class flying boat, the Caledonia , left Foynes for Botwood, and landed July 6, 1937, reaching Montreal on July 8 and New York on July 9. Trippe decided to start

6426-734: The Pacific route: in China, passengers could connect to domestic flights on the Pan Am-operated China National Aviation Corporation (CNAC) network, co-owned with the Chinese government . Pan Am flew to Singapore for the first time in 1941, starting a semi-monthly service that reduced San Francisco–Singapore travel times from 25 days to six days. Six large, long-range Boeing 314 flying boats were delivered to Pan Am in early 1939. On March 30, 1939,

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6552-603: The Pan Am China Clipper route, from San Francisco, leading to Manila, Hong Kong, Shanghai. On August 6, 1937, Juan Trippe accepted United States aviation's highest annual prize, the Collier Trophy , on behalf of PAA from President Franklin D. Roosevelt for the company's "establishment of the transpacific airline and the successful execution of extended overwater navigation and the regular operations thereof." Pan Am also used Boeing 314 flying boats for

6678-545: The SEC, meaning it appears to comply on its face with the various rules governing disclosure unless the sale of securities is exempt from registration. If a company has been filing Form 10-K with the SEC for a certain period of time, has a market capitalization above a certain threshold, and takes certain procedural steps, it is permitted to offer securities using a simplified prospectus that incorporates information by reference to its SEC filings . In certain situations, such as when

6804-493: The U.S. passenger market. Although Philippine Airlines (PAL) was officially founded on February 26, 1941, its license to operate as an airliner was derived from merged Philippine Aerial Taxi Company (PATCO) established by mining magnate Emmanuel N. Bachrach on 3 December 1930, making it Asia's oldest scheduled carrier still in operation. Commercial air service commenced three weeks later from Manila to Baguio , making it Asia's first airline route. Bachrach's death in 1937 paved

6930-554: The United States and Europe. Pan Am reached an agreement with both countries to offer service from Norfolk, Virginia , to Europe via Bermuda and the Azores using the S-42s. A joint service from Port Washington, New York , to Bermuda began in June 1937, with Pan Am using Sikorskys and Imperial Airways using the C class flying boat RMA Cavalier . On July 5, 1937, survey flights across

7056-447: The United States until its closure in 2008. Following World War I , the United States found itself swamped with aviators. Many decided to take their war-surplus aircraft on barnstorming campaigns, performing aerobatic maneuvers to woo crowds. In 1918, the United States Postal Service won the financial backing of Congress to begin experimenting with air mail service, initially using Curtiss Jenny aircraft that had been procured by

7182-437: The United States. The government further helped Pan Am by insulating it from its US competitors, seeing the airline as the "chosen instrument" for US-based international air routes. The airline expanded internationally, benefiting from a virtual monopoly on foreign routes. Trippe and his associates planned to extend Pan Am's network through all of Central and South America. During the late 1920s and early 1930s, Pan Am purchased

7308-423: The West Coast of the United States to London and Paris, with a fuel stop in Canada or Greenland. The introduction of the faster Bristol Britannia turboprop by British Overseas Airways Corporation (BOAC) between New York and London on December 19, 1957, ended Pan Am's competitive leadership there. In January 1958 Pan Am scheduled 47 flights a week east from Idlewild to Europe, Africa, the Middle East and beyond;

7434-419: The aircraft undetected and distributed rag mags in the passenger accommodation as a publicity stunt. Pan Am carried 11 million passengers over 20 billion miles (3.2 × 10 km; 1.7 × 10 nmi) in 1970, the year it introduced widebodied airline travel. Pan Am was one of the first three airlines to sign options for the Aérospatiale-BAC Concorde , but like other airlines that took out options – with

7560-450: The airline offered first-class seats on such flights, and the style of flight crews became more formal. Instead of being leather-jacketed, silk-scarved airmail pilots, the crews of the "Clippers" wore naval-style uniforms and adopted a set procession when boarding the aircraft. In 1940 Pan Am and TWA both received and began using the Boeing 307 Stratoliner , the first pressurized airliner to enter service. The Boeing 307's airline service

7686-544: The airline's operating costs. Federal route awards to other airlines, such as the Transpacific Route Case , further reduced the number of passengers Pan Am carried and its profit margins. On September 23, 1974, a group of Pan Am employees published an advertisement in The New York Times to register their disagreement over federal policies that they felt were harming the financial viability of their employer. The ad cited discrepancies in airport landing fees, such as Pan Am paying $ 4,200 (equivalent to $ 20,194 in 2023) to land

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7812-451: The all- first President Stratocruiser service. From June 1954, DC-6Bs began replacing DC-4s on Pan Am's internal German routes. Pan Am introduced the Douglas DC-7C "Seven Seas" on transatlantic routes in summer 1956. In January 1958 the DC-7C nonstop took 10 hours and 45 minutes from Idlewild to London, enabling Pan Am to hold its own against TWA's Super Constellations and Starliners . In 1957, Pan Am started DC-7C flights direct from

7938-432: The assistance of the underwriter acting as issue manager (also called a bookrunning manager or " bookrunner "). Publication of information in relation to the issue of securities in the United Kingdom is governed by the Prospectus Rules, which implement the European law Prospectus Directive. A prospectus must be published where certain types of securities either are offered to the public or are requested for admission on

8064-418: The average domestic ticket price has dropped by 40%. So has airline employee pay. By incurring massive losses, the airlines of the USA now rely upon a scourge of cyclical Chapter 11 bankruptcy proceedings to continue doing business. America West Airlines (which has since merged with US Airways) remained a significant survivor from this new entrant era, as dozens, even hundreds, have gone under. In many ways,

8190-468: The bidding process, but Pan American lacked any aircraft to perform the job and did not have landing rights in Cuba. Just days before the 19 October deadline, the three companies decided to form a partnership. ACA chartered a Fairchild FC-2 floatplane from a small Dominican Republic carrier, West Indian Aerial Express, allowing Pan Am to operate the first flight to Havana on 19 October 1927. The three companies formally merged on June 23, 1928. Richard Hoyt

8316-499: The biggest winner in the deregulated environment was the air passenger. Although not exclusively attributable to deregulation, indeed the U.S. witnessed an explosive growth in demand for air travel. Many millions who had never or rarely flown before became regular fliers, even joining frequent flyer loyalty programs and receiving free flights and other benefits from their flying. New services and higher frequencies meant that business fliers could fly to another city, do business, and return

8442-406: The carriers that won these routes would, through time and mergers, evolve into Pan Am , Delta Air Lines , Braniff Airways , American Airlines , United Airlines (originally a division of Boeing ), Trans World Airlines , Northwest Airlines , and Eastern Air Lines . Service during the early 1920s was sporadic: most airlines at the time were focused on carrying bags of mail . In 1925, however,

8568-452: The clippers would stop at on their 4- to 5-day flight. Pan Am ran its first survey flight to Honolulu in April 1935 with a Sikorsky S-42 flying boat. Construction crews, including Bill Mullahey who would later oversee Pan Am's Pacific operations, cleared coral from lagoons, constructed hotels, and installed the radio navigation equipment necessary for the clippers to island hop from Pearl City Seaplane Base , Hawaii , to Asia. The airline won

8694-407: The contract for a San Francisco– Canton mail route later that year and operated its first commercial flight carrying mail and express (no passengers) in a Martin M-130 from Alameda to Manila amid media fanfare on November 22, 1935. The five-leg, 8,000-mile (13,000 km) flight arrived in Manila on November 29 and returned to San Francisco on December 6, cutting the time between the two cities by

8820-429: The country's flagship carrier to this day, on 17 May 1933. Germany's Deutsche Lufthansa was created in 1926 by merger of two airlines, one of them Junkers Luftverkehr . Lufthansa, due to the Junkers heritage and unlike most other airlines at the time, became a major investor in airlines outside of Europe, providing capital to Varig and Avianca. German airliners built by Junkers , Dornier , and Fokker were among

8946-467: The domestic industry operates over 10,000 daily departures nationwide. Toward the end of the century, a new style of low cost airline emerged, offering a no-frills product at a lower price. Southwest Airlines , JetBlue , AirTran Airways , Skybus Airlines and other low-cost carriers began to represent a serious challenge to the so-called "legacy airlines", as did their low-cost counterparts in many other countries. Their commercial viability represented

9072-615: The eight-passenger S-38, began flying for Pan Am in 1931. Carrying the nicknames American Clipper , Southern Clipper , and Caribbean Clipper , they were the first of the series of 28 Clipper s that symbolized Pan Am between 1931 and 1946. During this time, Pan Am operated Clipper services to Latin America from the International Pan American Airport at Dinner Key in Miami, Florida . In 1937 Pan Am turned to Britain and France to begin seaplane service between

9198-506: The end of the 1930s Aeroflot had become the world's largest airline, employing more than 4,000 pilots and 60,000 other service personnel and operating around 3,000 aircraft (of which 75% were considered obsolete by its own standards). During the Soviet era Aeroflot was synonymous with Russian civil aviation, as it was the only air carrier. It became the first airline in the world to operate sustained regular jet services on 15 September 1956 with

9324-416: The end of the year, Pan Am offered flights along the west coast of South America to Peru. Following government favors for the denial of mail contracts to their competition, a forced merger was created with New York, Rio, and Buenos Aires Line , giving a seaplane route along the east coast of South America to Buenos Aires , Argentina, and westbound to Santiago , Chile. Its Brazilian subsidiary NYRBA do Brasil

9450-481: The evening of January 21, 1970, was delayed for several hours by engine failure affecting the scheduled Clipper Young America . Clipper Victor was substituted for the flight from New York John F. Kennedy to London Heathrow ( Clipper Victor was destroyed seven years later in the Tenerife air disaster , in a collision with a KLM 747-200). While on the tarmac at Heathrow, two students from Aston University boarded

9576-438: The exception of BOAC and Air France – it did not purchase the supersonic jet . Pan Am was the first US airline to sign for the Boeing 2707 , the American supersonic transport (SST) project, with 15 delivery positions reserved; these aircraft never saw service after Congress voted against additional funding in 1971. Pan Am commissioned IBM to build PANAMAC, a large computer that booked airline and hotel reservations, which

9702-479: The fastest scheduled steamship by over two weeks. (Both the United States and the Philippine Islands issued special stamps for the two flights.) The first passenger flight left Alameda on October 21, 1936. The fare from San Francisco to Manila or Hong Kong in 1937 was US$ 950 one way (equivalent to $ 20,135 in 2023) and US$ 1,710 (equivalent to $ 36,242 in 2023) round trip. This later became known as

9828-521: The first circumnavigation of the globe by a commercial airliner. Another first occurred in January 1943, when Franklin D. Roosevelt became the first US president to fly abroad, in the Dixie Clipper . During this period Star Trek creator Gene Roddenberry was a Clipper pilot; he was aboard the Clipper Eclipse when it crashed in Syria on June 19, 1947. While waiting at Foynes, Ireland, for

9954-618: The first flagships of the Jet Age in the West, while the Eastern bloc had Tupolev Tu-104 and Tupolev Tu-124 in the fleets of state-owned carriers such as Czechoslovak ČSA , Soviet Aeroflot and East-German Interflug . The Vickers Viscount and Lockheed L-188 Electra inaugurated turboprop transport. On 4 October 1958, British Overseas Airways Corporation started transatlantic flights between London Heathrow and New York Idlewild with

10080-695: The first scheduled round-the-world airline flight. In September, the weekly DC-4 was scheduled to leave San Francisco at 22:00 Thursday as Flight 1, stopping at Honolulu, Midway , Wake , Guam, Manila, Bangkok , and arriving in Calcutta on Monday at 12:45, where it met Flight 2, a Constellation that had left New York at 23:30 Friday. The DC-4 returned to San Francisco as Flight 2; the Constellation left Calcutta at 13:30 Tuesday, stopped at Karachi , Istanbul , London, Shannon , Gander , and arrived LaGuardia Thursday at 14:55. A few months later, PA 3 took over

10206-487: The following August there were 65. Pan Am considered purchasing the world's first jetliner , the British De Havilland Comet , but instead waited to become Boeing 707 launch customer in 1955 with an order for 20. It also purchased 25 Douglas DC-8 , which could seat six across. The 707 was originally to be 144 inches (3.66 m) wide with five-abreast seating but Boeing widened their design to match

10332-513: The last 50 years of the airline industry have varied from reasonably profitable, to devastatingly depressed. As the first major market to deregulate the industry in 1978, U.S. airlines have experienced more turbulence than almost any other country or region. In fact, no U.S. legacy carrier survived bankruptcy-free. Among the outspoken critics of deregulation, former CEO of American Airlines, Robert Crandall has publicly stated: "Chapter 11 bankruptcy protection filing shows airline industry deregulation

10458-531: The late 1960s and early 1970s, Pan Am advertised under the slogan, the "World's Most Experienced Airline". It carried 6.7 million passengers in 1966, and by 1968, its 150 jets flew to 86 countries on every continent except for Antarctica over a scheduled route network of 81,410 unduplicated miles (131,000 km). During that period, the airline was profitable, and its cash reserves totaled $ 1 billion (equivalent to $ 6.69 billion in 2023). Most routes were between New York, Europe, and South America, and between Miami and

10584-446: The luxury and glamour of intercontinental travel", and it remains a cultural icon of the 20th century, identified by its blue globe logo ("The Blue Meatball"), the use of the word " Clipper " in its aircraft names and call signs , and the white uniform caps of its pilots. Founded in 1927 by two U.S. Army Air Corps majors, Pan Am began as a scheduled airmail and passenger service flying between Key West , Florida, and Havana , Cuba. In

10710-405: The major airlines implemented an equally high barrier called loss leader pricing. In this strategy an already established and dominant airline stomps out its competition by lowering airfares on specific routes, below the cost of operating on it, choking out any chance a start-up airline may have. The industry side effect is an overall drop in revenue and service quality. Since deregulation in 1978

10836-547: The merger of Instone Air Line Company , British Marine Air Navigation , Daimler Airway and Handley Page Transport , to allow British airlines to compete with stiff competition from French and German airlines that were enjoying heavy government subsidies. The airline was a pioneer in surveying and opening up air routes across the world to serve far-flung parts of the British Empire and to enhance trade and integration. The first new airliner ordered by Imperial Airways,

10962-513: The merger. PAL restarted service on 15 March 1941, with a single Beech Model 18 NPC-54 aircraft, which started its daily services between Manila (from Nielson Field ) and Baguio , later to expand with larger aircraft such as the DC-3 and Vickers Viscount. Cathay Pacific was one of the first airlines to be launched among the other Asian countries in 1946 along with Asiana Airlines , which later joined in 1988. The license to operate as an airliner

11088-462: The mid-1980s. Since the 1980s, there has been a trend of major airline mergers and the formation of airline alliances. The largest alliances are Star Alliance , SkyTeam and Oneworld . Airline alliances coordinate their passenger service programs (such as lounges and frequent-flyer programs ), offer special interline tickets and often engage in extensive codesharing (sometimes systemwide). DELAG , Deutsche Luftschiffahrts-Aktiengesellschaft I

11214-540: The most advanced in the world at the time. In 1926, Alan Cobham surveyed a flight route from the UK to Cape Town , South Africa , following this up with another proving flight to Melbourne , Australia . Other routes to British India and the Far East were also charted and demonstrated at this time. Regular services to Cairo and Basra began in 1927 and were extended to Karachi in 1929. The London- Australia service

11340-657: The newly emerging flagships of air travel such as the Boeing Stratocruiser , Lockheed Constellation , and Douglas DC-6 . Most of these new aircraft were based on American bombers such as the B-29 , which had spearheaded research into new technologies such as pressurization . Most offered increased efficiency from both added speed and greater payload. In the 1950s, the De Havilland Comet , Boeing 707 , Douglas DC-8 , and Sud Aviation Caravelle became

11466-506: The offering is not required to be registered with the SEC, a prospectus is instead referred to as an " offering memorandum " or " offering circular ", but there are numerous industry standard terms and methods on how to write prospectus. In the case of municipal securities offerings, which are generally exempt from most of the federal securities laws, municipal issuers typically prepare an analogous form of disclosure document known as an "official statement." Prospectuses are generally prepared with

11592-495: The outside columns of the terminal below by 32 sets of steel posts and cables. The terminal was designed to allow passengers to board and disembark via stairs without getting wet by parking the nose of the aircraft under the overhang. The introduction of the jetbridge made this feature obsolete. Pan Am built a gilded training building in the style of Edward Durell Stone designed by Steward-Skinner Architects in Miami. At its peak in

11718-411: The passenger cabins were often spacious with luxurious interiors – over speed and efficiency. The relatively basic navigational capabilities of pilots at the time also meant that delays due to the weather were commonplace. By the early 1920s, small airlines were struggling to compete, and there was a movement towards increased rationalization and consolidation. In 1924, Imperial Airways was formed from

11844-644: The rapid increase of oil prices in early 2008. Finnair , the largest airline of Finland , had no fatal or hull-loss accidents since 1963, and is recognized for its safety. Tony Jannus conducted the United States' first scheduled commercial airline flight on January 1, 1914, for the St. Petersburg-Tampa Airboat Line . The 23-minute flight traveled between St. Petersburg, Florida and Tampa, Florida , passing some 50 feet (15 m) above Tampa Bay in Jannus' Benoist XIV wood and muslin biplane flying boat. His passenger

11970-644: The regional market of Asian airline industry India was also one of the first countries to embrace civil aviation. One of the first Asian airline companies was Air India , which was founded as Tata Airlines in 1932, a division of Tata Sons Ltd. (now Tata Group ). The airline was founded by India's leading industrialist, JRD Tata . On 15 October 1932, J. R. D. Tata himself flew a single engined De Havilland Puss Moth carrying air mail (postal mail of Imperial Airways ) from Karachi to Bombay via Ahmedabad . The aircraft continued to Madras via Bellary piloted by Royal Air Force pilot Nevill Vintcent . Tata Airlines

12096-399: The same day, from almost any point in the country. Air travel's advantages put long-distance intercity railroad travel and bus lines under pressure, with most of the latter having withered away, whilst the former is still protected under nationalization through the continuing existence of Amtrak . By the 1980s, almost half of the total flying in the world took place in the U.S., and today

12222-497: The south of the Mexico – United States border , in exchange for UATC taking a large shareholder stake (UATC was the parent company of what are now Boeing , Pratt & Whitney , and United Airlines ). The Aviation Corporation of the Americas changed its name to Pan American Airways Corporation in 1931. Pan Am started its South American routes with Consolidated Commodore and Sikorsky S-38 flying boats . The S-40 , larger than

12348-422: The start of scheduled weekly contract Foreign Air Mail (F.A.M. 18) service and later passenger flights from New York (Port Washington, L.I.) to both France and Britain. The Southern route to France was inaugurated for airmail on May 20, 1939, by the Yankee Clipper piloted by Arthur E. LaPorte flying via Horta, Azores, and Lisbon, Portugal to Marseilles. Passenger service over the route was added on June 28, 1939, by

12474-534: The unofficial national carrier of the United States. It was a founding member of the International Air Transport Association (IATA), the global airline industry association. Beginning in the mid-1970s, Pan Am began facing a series of challenges both internal and external, along with rising competition from the deregulation of the airline industry in 1978. After several attempts at financial restructuring and rebranding throughout

12600-568: The way for its eventual merger with Philippine Airlines in March 1941 and made it Asia's oldest airline. It is also the oldest airline in Asia still operating under its current name. Bachrach's majority share in PATCO was bought by beer magnate Andres R. Soriano in 1939 upon the advice of General Douglas MacArthur and later merged with newly formed Philippine Airlines with PAL as the surviving entity. Soriano has controlling interest in both airlines before

12726-495: The winter on October 5 while transatlantic service to Lisbon via the Azores continued into 1941. During World War II, Pan Am flew over 90 million mi (140 million km) worldwide in support of military operations. The "Clippers" – the name hearkened back to the 19th-century fast-sailing clippers – were the only American passenger aircraft of the time capable of intercontinental travel. To compete with ocean liners,

12852-424: The world. Established by aviator Albert Plesman , it was immediately awarded a "Royal" predicate from Queen Wilhelmina . Its first flight was from Croydon Airport , London to Amsterdam , using a leased Aircraft Transport and Travel DH-16 , and carrying two British journalists and a number of newspapers. In 1921, KLM started scheduled services. In Finland , the charter establishing Aero O/Y (now Finnair )

12978-540: The world. The airline soon gained a reputation for reliability, despite problems with bad weather, and began to attract European competition. In November 1919, it won the first British civil airmail contract. Six Royal Air Force Airco DH.9A aircraft were lent to the company, to operate the airmail service between Hawkinge and Cologne . In 1920, they were returned to the Royal Air Force. Other British competitors were quick to follow – Handley Page Transport

13104-578: The years other local flight attendant bases outside the US included London for intra-Europe and transatlantic flying, Warsaw, Istanbul and Belgrade for intra-Europe flights, a Tel Aviv base solely staffing the daily Tel Aviv-Paris-Tel Aviv service, a Nairobi base solely staffing the Nairobi-Frankfurt-Nairobi service as well as Delhi and Bombay bases for India-Frankfurt flights. Pan Am also operated Rest and Recreation (R&R) flights during

13230-403: Was Aircraft Transport and Travel , formed by George Holt Thomas in 1916; via a series of takeovers and mergers, this company is an ancestor of modern-day British Airways . Using a fleet of former military Airco DH.4 A biplanes that had been modified to carry two passengers in the fuselage , it operated relief flights between Folkestone and Ghent , Belgium. On July 15, 1919, the company flew

13356-585: Was Deutsche Luft-Reederei established in 1917 which started operating in February 1919. In its first year, the D.L.R. operated regularly scheduled flights on routes with a combined length of nearly 1000 miles. By 1921 the D.L.R. network was more than 3000 km (1865 miles) long, and included destinations in the Netherlands, Scandinavia and the Baltic Republics. Another important German airline

13482-455: Was Junkers Luftverkehr , which began operations in 1921. It was a division of the aircraft manufacturer Junkers , which became a separate company in 1924. It operated joint-venture airlines in Austria, Denmark, Estonia, Finland, Hungary, Latvia, Norway, Poland, Sweden and Switzerland. The Dutch airline KLM made its first flight in 1920, and is the oldest continuously operating airline in

13608-525: Was a former mayor of St. Petersburg, who paid $ 400 for the privilege of sitting on a wooden bench in the open cockpit. The Airboat line operated for about four months, carrying more than 1,200 passengers who paid $ 5 each. Chalk's International Airlines began service between Miami and Bimini in the Bahamas in February 1919. Based in Ft. Lauderdale , Chalk's claimed to be the oldest continuously operating airline in

13734-645: Was a mistake." Congress passed the Air Transportation Safety and System Stabilization Act (P.L. 107–42) in response to a severe liquidity crisis facing the already-troubled airline industry in the aftermath of the September 11 attacks . Through the ATSB Congress sought to provide cash infusions to carriers for both the cost of the four-day federal shutdown of the airlines and the incremental losses incurred through December 31, 2001, as

13860-513: Was added on the Northern route on July 8, 1939, by the Yankee Clipper . Eastbound flights left on Saturday at 7:30 am and arrived at Southampton on Sunday at 1 pm GCT. Westbound service departed Southampton on Wednesday at Noon and arrived at Port Washington on Thursday at 3 pm. After the outbreak of World War II in Europe on September 1, 1939, the terminus became Foynes until the service ceased for

13986-561: Was also one of the world's first major airlines which began its operations without any support from the Government. Prospectus (finance) In a securities offering in the United States, a prospectus is required to be filed with the Securities and Exchange Commission (SEC) as part of a registration statement . The issuer may not use the prospectus to finalize sales until the registration statement has been declared effective by

14112-418: Was established in 1919 and used the company's converted wartime Type O/400 bombers with a capacity for 12 passengers, to run a London - Paris passenger service. The first French airline was Société des lignes Latécoère , later known as Aéropostale, which started its first service in late 1918 to Spain. The Société Générale des Transports Aériens was created in late 1919, by the Farman brothers and

14238-662: Was founded as a shell company on March 14, 1927, by United States Army Air Corps officers Henry "Hap" Arnold , Carl Spaatz and John Jouett out of concern for the growing influence of the German-owned Colombian air carrier SCADTA , in Central America . Operating in Colombia since 1920, SCADTA lobbied hard for landing rights in the Panama Canal Zone , ostensibly to survey air routes for

14364-450: Was granted by the federal government body after reviewing the necessity at the national assembly. The Hanjin occupies the largest ownership of Korean Air as well as few low-budget airlines as of now. Korean Air is one of the four founders of SkyTeam , which was established in 2000. Asiana Airlines joined Star Alliance in 2003. Korean Air and Asiana Airlines comprise one of the largest combined airline miles and number of passenger served at

14490-481: Was inaugurated in 1932 with the Handley Page HP 42 airliners. Further services were opened up to Calcutta , Rangoon , Singapore , Brisbane and Hong Kong passengers departed London on 14 March 1936 following the establishment of a branch from Penang to Hong Kong. France began an air mail service to Morocco in 1919 that was bought out in 1927, renamed Aéropostale , and injected with capital to become

14616-587: Was installed in 1964. It also held large amounts of information about cities, countries, airports, aircraft, hotels, and restaurants. The computer occupied the fourth floor of the Pan Am Building , which was the largest commercial office building in the world for some time. The airline also built Worldport , a terminal building at John F. Kennedy Airport in New York. It was distinguished by its elliptical, four-acre (16,000 m) roof, suspended far from

14742-613: Was later renamed as Panair do Brasil . Pan Am also partnered with the Grace Shipping Company in 1929 to form Pan American-Grace Airways , better known as Panagra, to gain a foothold to destinations in South America. In the same year, Pan Am acquired a controlling stake in Mexicana de Aviación and took over Mexicana's Ford Trimotor route between Brownsville, Texas and Mexico City , extending this service to

14868-458: Was named as president of the new Aviation Corporation of the Americas, but Trippe and his partners held 40% of the equity and Whitney was made president. Trippe became operational head of Pan American Airways, the new company's principal operating subsidiary. The US government approved the original Pan Am's mail delivery contract with little objection, out of fears that SCADTA would have no competition in bidding for routes between Latin America and

14994-486: Was short-lived, as all were commandeered for military service when the United States entered World War II. During World War II most Clippers were pressed into military service. A new Pan Am subsidiary pioneered an air military-supply route across the Atlantic from Brazil to West Africa. The onward flight to Sudan and Egypt tracked an existing British civil air route. In January 1942, the Pacific Clipper completed

15120-554: Was signed in the city of Helsinki on 12 September 1923. Junkers F.13 D-335 became the first aircraft of the company, when Aero took delivery of it on 14 March 1924. The first flight was between Helsinki and Tallinn , capital of Estonia , and it took place on 20 March 1924, one week later. In the Soviet Union , the Chief Administration of the Civil Air Fleet was established in 1921. One of its first acts

15246-620: Was the Handley Page W8f City of Washington , delivered on 3 November 1924. In the first year of operation the company carried 11,395 passengers and 212,380 letters. In April 1925, the film The Lost World became the first film to be screened for passengers on a scheduled airliner flight when it was shown on the London-Paris route. Two French airlines also merged to form Air Union on 1 January 1923. This later merged with four other French airlines to become Air France ,

15372-592: Was the world's first airline . It was founded on November 16, 1909, with government assistance, and operated airships manufactured by The Zeppelin Corporation . Its headquarters were in Frankfurt . The first fixed-wing scheduled airline was started on January 1, 1914. The flight was piloted by Tony Jannus and flew from St. Petersburg, Florida , to Tampa, Florida , operated by the St. Petersburg–Tampa Airboat Line . The earliest fixed wing airline in Europe

15498-577: Was the German airship company DELAG , founded on November 16, 1909. The four oldest non-airship airlines that still exist are the Netherlands' KLM (1919), Colombia's Avianca (1919), Australia's Qantas (1920) and the Russian Aeroflot (1923). Airline ownership has seen a shift from mostly personal ownership until the 1930s to government-ownership of major airlines from the 1940s to 1980s and back to large-scale privatization following

15624-828: Was the first airline to begin regular landplane flights across the Atlantic on October 24, 1945. In January 1946, Pan Am scheduled seven DC-4s a week east from LaGuardia Airport , five to London ( Hurn Airport ) and two to Lisbon. The time to Hurn was 17 hours and 40 minutes, including stops, or 20 hours and 45 minutes to Lisbon. A Boeing 314 flying boat flew LaGuardia to Lisbon once every two weeks in 29 hours and 30 minutes; flying boat flights ended shortly thereafter. TWA's transatlantic challenge—the impending introduction of its faster, pressurized Lockheed Constellations —resulted in Pan Am ordering its own Constellation fleet at $ 750,000 (equivalent to $ 10.07 million in 2023) apiece. Pan Am began transatlantic Constellation flights on January 14, 1946, beating TWA by three weeks. In January 1946,

15750-404: Was to help found Deutsch-Russische Luftverkehrs A.G. (Deruluft), a German-Russian joint venture to provide air transport from Russia to the West. Domestic air service began around the same time, when Dobrolyot started operations on 15 July 1923 between Moscow and Nizhni Novgorod. Since 1932 all operations had been carried under the name Aeroflot . Early European airlines tended to favor comfort –

15876-614: Was well regarded for its modern fleet, innovative cabin design and experienced crews: cabin staff were multilingual and usually college graduates, hired from around the world, frequently with nursing training. Pan Am's onboard service and cuisine, inspired by Maxim's de Paris , were delivered "with a personal flair that has rarely been equaled." From 1950 until 1990 Pan Am operated a comprehensive network of high-frequency, short-haul scheduled services between West Germany and West Berlin , first with Douglas DC-4s , then with DC-6Bs (from 1954) and Boeing 727s (from 1966). This had come about as

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