More flights to Cleveland
Continental Airlines said yesterday that, beginning Feb. 16, it would expand its Continental Lite service between Cleveland and Baltimore-Washington International Airport to eight daily flights from seven.
The Houston-based carrier's announcement came as part of a broader plan that expands a number of routes elsewhere.
Credit chief Alan Fell leaving
Alan T. Fell, Maryland's first and only commissioner of consumer credit, said yesterday that he will resign at the end of the year.
Mr. Fell, 54, was commissioner of small loans from 1970 to 1974, when the General Assembly created the Office of Consumer Credit. In 1987, after the state's savings and loan crisis, Mr. Fell was given responsibility for all of the state's financial examiners, an office that now has about 50 employees and a $3 million annual budget. He said he plans to become a consultant for businesses.
Three airlines reduce fares
Major airlines cut fares yesterday by 30 percent to 45 percent on 12 of the least popular travel days surrounding Thanksgiving, Christmas and New Year's.
Delta Air Lines started the sale with the usual restrictions of a 14-day advance purchase and a Nov. 10 deadline to buy tickets. USAir went further, waiving those restrictions.
Continental Airlines said it would match USAir's actions. The sale applies to tickets bought for flights on Nov. 17, 21, 24 or 25; Dec. 15, 19, 20, 28 or 29; or Jan. 4, 5 or 6.
Buyback, split for McDonnell
McDonnell Douglas Corp., flush with cash, announced yesterday that it would repurchase 18 million shares, split its stock 3-for-1 and increase its dividend 71 percent, news that drove the stock up 12 percent, to a record close.
Analysts said the action reflected the slowdown in new military aircraft programs, which reduced the company's investment requirements and made the cash available. McDonnell Douglas shares closed at $141 yesterday, up $15.625.
USF&G; to redeem shares
USF&G; Corp. yesterday said it will redeem about 1.4 million shares, or 50 percent, of its outstanding Series C cumulative preferred stock, for $53.50 a share, plus accrued dividends of 39 cents.
In September, the company called 950,000 shares of Series C, which pay 10 percent a year and were issued in 1991 when the company was in financial distress. Each share may be converted to 4.158 shares of common stock before the Nov. 28 redemption date. As of yesterday, a preferred share would be worth $57.17 in common stock.