United cancels Boeing ordersUAL Corp.'s United Airlines is...

BUSINESS DIGEST

February 12, 1993

United cancels Boeing orders

UAL Corp.'s United Airlines is in the final stages of negotiating to cancel nearly all its remaining orders for Boeing Co. aircraft through 1995, aviation industry sources said yesterday.

Negotiations between senior executives of Boeing and its largest domestic customer have reached the final stages, and both companies have declined to comment until the matter is resolved. But the sources, who said they had been briefed about United's plans, said the airline would cancel most of the firm orders for 86 aircraft it has through the end of 1995.

Atlanfed purchase nixed

Atlanfed Bancorp Inc. of Baltimore and Timonium-based Capital Bankshares Inc. have agreed to cancel Atlanfed's planned acquisition of Capital. Atlanfed was to pay $13.50 a share, or $3.8 million, for Capital.

Food Lion profits plummet

Food Lion cut its quarterly stock dividends by more than 20 percent yesterday and said its profits dropped 55 percent in the latest quarter, partly because of a report on ABC News "PrimeTime Live." The show said the grocery chain sold outdated meats and other products.

For the three months that ended Jan. 2, Food Lion earned $27.25 million, or 6 cents per share, on sales of $2.27 billion.

In the same period a year earlier, the company earned $60.76 million, or 13 cents per share, on sales of $2.02 billion.

New owner to reopen organ firm

Twenty-five craftsmen from the former M.P. Moller Inc. pipe organ company in Hagerstown are planning to start work next week in the same Hagerstown factory that fell silent in April.

Paul Stuck, a Chicago businessman, said Wednesday that his King of Instruments Inc. will set up shop in the red-brick factory that was home to Moller for more than a century. Moller closed its doors in April after 117 years in business.

Temporary steel tariffs set

Britain is selling steel rail in the United States at below fair market value, the Commerce Department said yesterday. The decision, which affects imports of new steel rail estimated at $16.2 million, establishes temporary tariffs that will increase the price of the product by nearly 70 percent. The tariffs are intended to compensate for unfair pricing.

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