To step up mass air traffic, the international airlines last week agreed to cut prices in economy-class fares for flights to many parts of the world. Members of the International Air Transport Association sliced off 16% on mid-Atlantic runs, e.g., South America to southern Europe, 6% to 10% on flights from Europe to Asia. The cuts, which will go into effect May 1 and Oct. 1. were designed in part to avert price wars between I.A.T.A. members in areas where they were being undercut by other airlines. In some cases, propeller ticket prices were cut more than jet-flight fares....
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