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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Jul 28, 1987
Page
4
New York stocks closed with gains as the Dow rose to 2,493.94 and the broader market showed more advancers than decliners. Analysts cited steady bond markets and currency strength as the day’s main drivers amid overall listless trading.
The Treasury again cancels its short term security auction as Congress fails to raise the debt limit. House leaders expect committee and full House approval of an emergency bill to fund the government for about a week. Without new borrowing, the Treasury could default by week’s end. The auction would have offered 13.2 billion dollars in three and six month bills.
Ralph P. Davidson is poised to succeed Roger L. Stevens as chairman of the John F. Kennedy Center for the Performing Arts next July. Davidson, 59, retiring Time Inc. executive, will become president and CEO on February 1 and take the chair on July 1 after Stevens retires.
UNC Inc., an Annapolis based aerospace and defense firm, reported second quarter 1987 revenues of 182.7 million, up 34 percent from 136.8 million in 1986. Operating income rose 12 percent to 8.8 million, while continuing earnings reached 2.7 million or 0.17 per share, vs 2.3 million in 1986.
UAW President Owen Bieber and GM vice president Alfred Warren opened negotiations covering 350,000 GM employees. Protestors gathered outside GM headquarters as workers from several states marched and chanted slogans while job security topped the agenda amid competition from Japan. Negotiations follow Ford talks set to begin Tuesday.
T. Allan McArtor was sworn in as FAA chief and pledged steps to cut delays and boost safety. He aims to improve the agency's image amid rising public concern over airline service while insisting immediate progress must be shown.
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