Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, June 17, 1995 TAG: 9506190010
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
The good news for airlines - higher fares and packed airplanes - could turn into a summer headache for travelers.
The major carriers are making money again by offering fewer cheap seats and designating more space for higher-fare-paying business travelers. The cheapest tickets have gone up 13 percent since April, preliminary figures from American Express' June air fare survey show.
The increase is too high to be the result of normal seasonal increases in vacation fares; it signals a tighter supply of discounted tickets, said Bob Harrell, head of American Express' air fare management unit.
Of East Coast carriers, Continental and USAir have suspended their contest that slashed fares last summer. Continental has virtually dropped its ``Lite'' service.
- Associated Press
Ferguson, Andrews sells Bristol office
Ferguson, Andrews & Associates, a Roanoke-based securities brokerage, on Friday confirmed that it has sold its Bristol office to J.C. Bradford & Co. of Nashville, Tenn. James C. Bradford Jr., head of the brokerage firm that bears his father's name, said last week that he had "a done deal" to buy the Bristol office. He had planned to merge with the entire firm last month, but that transaction was canceled May 30.
All employees of the Bristol office will work for J.C. Bradford, effective immediately, Ferguson, Andrews said.
"We will focus our efforts and resources on the Roanoke and Lynchburg offices," said J. Gray Ferguson, chairman of Ferguson, Andrews. Ferguson, Andrews previously closed offices in Northern Virginia, Charlottesville and Richmond.
- Staff report
Freight-car buying expected to slow
Large additions of freight cars and locomotives to the nation's railroads during the first three months of 1995 reflect last year's strong economy, but more shouldn't be expected as the economy slows, the Association of American Railroads said.
Railroads and others put 17,648 new and rebuilt freight cars into service during the first quarter, a 53.4 percent jump from the year-earlier quarter and more than in any other quarter since 1980, the AAR said. The backlog of new cars on order was 48,194, up 26.3 percent.
The number of locomotives added by major railroads was up 240, or 55.8 percent, from 154 last year. The freight-car fleet of major railroads stood at 1,189,906 on April 1 and the locomotive fleet at 19,395.
- Staff report
Bankruptcies
Four bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Three of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.
John Richard Songer and Tamara Lynn Songer of Roanoke filed for liquidation, listing assets of $114,071 and liabilities of $156,465. John Songer's business is carpeting, tiling and remodeling.
David H. Bromm of Roanoke filed for a wage-earner plan for repayment of debts, estimating both assets and liabilities at more than $100,000. He is involved in real estate rental, sales and construction.
Dennis Michael Nave and Brenda Diana Nave of Bandy asked for liquidation, with assets of $33,515 and liabilities of $30,904. They own Nave Signs.
Barry Martin Lester and Crystal Jean Lester of Abingdon sought liquidation. Barry Lester trades as Clymer Feed. They listed assets of $106,244 and liabilities of $144,945.
- Staff report
Briefly ...
Central Fidelity Banks Inc. of Richmond has acquired the Virginia branches and deposits of Household Bank, a federal savings bank. The transaction includes about $450 million in deposits held by more than 50,000 accounts and 14 Northern Virginia offices in Arlington, Alexandria, Prince William and Fairfax. The price was not disclosed, but Central Fidelity said it paid Household a market premium on all deposits acquired.
The Fidelity group of mutual funds has acquired a 6.35 percent stake in financially troubled USAir Group Inc. Fidelity funds and managed accounts hold a total of 3.89 million USAir common shares, according to a filing this week with the Securities and Exchange Commission. USAir common stock closed Thursday on the New York Stock Exchange at $11.621/2 a share, up $1.
by CNB