Airline drops simplified faresAmerican Airlines Chairman...


January 07, 1993

Airline drops simplified fares

American Airlines Chairman Robert Crandall said yesterday that the air carrier has abandoned its highly publicized efforts to introduce a simplified fare structure because it was a money-losing venture.

Speaking to the Professional Convention Management Association, Mr. Crandall said the "value pricing" plan introduced last spring cost American between $200 million and $300 million.

Mutual funds barely beat market

Mutual funds squeaked ahead of the stock market in the final quarter of 1992 and for the full year, but the single-digit returns they provided investors were unusually small, an authoritative survey said.

The 1,003 general equity funds tracked by Lipper Analytical Services Inc. were up 8.9 percent for the year. Virtually all that gain came in the final quarter, when they advanced 9.04 percent.

Biospherics wins Navy contract

Biospherics, a Beltsville biotechnology company, was awarded a $16 million contract from the Navy Public Works Commission to sample and analyze drinking water and the discharge from sewage-treatment plants. The company said yesterday that it opened a regional office in Hampton, Va., to handle the business.

RMC now is Ryland Mortgage

RMC Mortgage Corp., formerly VISTA Mortgage, has changed its name to Ryland Mortgage Co. The company, a unit of the Ryland Group Inc., made the change effective Jan. 1.

Ryland Mortgage has 30 retail and loan branches and six wholesale offices in 13 states. Ryland Group is one of the nation's largest homebuilding and mortgage-finance companies.

Mozer guilty plea expected today

Paul Mozer, a central figure in the Salomon Brothers Inc. Treasury bond scandal, is expected to plead guilty today to two criminal charges of making false statements, an individual familiar with the case said.

A penalty for the plea agreement had not been finalized by yesterday afternoon, according to the individual, who declined to provide further details. Mr. Mozer is scheduled to appear for arraignment in Manhattan federal court today.

Diamond cartel's sales off 13%

De Beers, the South African diamond cartel, was clobbered in 1992 by the global recession and a severe wave of poaching in Angola. De Beers said yesterday that sales of rough diamonds by its London-based Central Selling Organization fell by 13 percent for the year, to $3.42 billion.

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