Pan Am cut the price of a round-trip ticket between New York and London to $298 and trimmed its prices on other European fares in an effort to boost winter traffic across the Atlantic. A spokeswoman said the fares represent savings of 25 percent to 35 percent over the airline's typical coach fares.

Alex. Brown Inc. of Baltimore is expected to lay off at least 30 investment bankers, researchers and traders. The layoffs, about 2 percent of the firm's work force, would be the first Alex. Brown has made in response to the recent slowdown in the securities industry.

The Treasury early next year will recommend ways to end the double taxation imposed on corporate dividends, but a department official said the outlook for change in the short term seems marginal. At issue is a U.S. policy that taxes both corporate profits and shareholders' dividends.

Cineplex Odeon accepted in principle a four-year agreement with its banking syndicates that the movie theater company hopes will further its restructuring. Under the deal, Cineplex will be relieved of provisions requiring compulsory asset sales and will be able to defer principal debt repayments until July 1992.

A Delaware judge awarded 20,000 former Shell Oil Co. stockholders an additional $2 per share for 15 million shares they relinquished in a merger deal five years ago. The judge said Shell had failed to fully disclose oil and gas reserves of more than $1 billion during the merger with Royal Dutch.

John B. Taylor, a member of the president's Council of Economic Advisers, apparently isn't interested in joining the Federal Reserve Board, despite speculation in the media. In an interview with the Dow Jones News Service, Taylor said, "I plan to return to Stanford or to academia after I'm finished with this job."