$26,000,000 for Later

United Aircraft Corp. this week announced the biggest aviation stock offering in ten years: 265,669 shares of convertible preferred stock at $100 a share, to be offered to United's 35,000 shareholders.

Paradoxically, United will use the proceeds (about $26,000,000) not for expansion but to pull in its horns. As it was when it set aside a $4,000,000 reserve (TIME, Nov. 17), it is thinking of the day when the war will be over. With a backlog of $500,000,000 and less than $25,000,000 in capital, United is financing its roaring business out of sales. But when those Gov ernment checks stop arriving, it will have to have more capital. There will be conversion and development expenses. And United may want to buy the $40,000,000 worth of plants the Government has been building for its use.

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