When Continental Airlines set off a round of deep discounts on Aug. 1, rival carriers hoped the price cutting would end by autumn. But last week Trans World Airlines launched the fiercest fare war in more than two years by slashing its lowest rates on round-trip fall tickets. A typical reduction would cut the cheapest Chicago-San Francisco fare from $323 to $198. The heavily restricted discounts apply to tickets purchased by Sept. 1 for U.S. flights from Sept. 9 to Dec. 15. Other airlines quickly matched the cut-rate fares. Eastern, struggling to return to the air despite a long strike by...
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