Texas Air Corp., parent of Continental and...

Texas Air Corp., parent of Continental and Eastern airlines, said it was withholding payment of preferred stock dividends because its subsidiaries were not meeting earnings objectives. The dividends, which Texas Air said would amount to about $5.2 million, affect 6.5% depository preferred stock, 12% depository preferred stock, 6.75% cumulative convertible junior preferred stock and 15% $20 cumulative preferred stock. Depending on the stock, dividends would have been payable between Dec. 31 and Jan. 31.