Salomon’s earnings plunged 66%in the second quarter...

Salomon’s earnings plunged 66%in the second quarter to $40 million. The New York-based company, parent of the Salomon Bros. investment firm, blamed “unprecedented conditions that are unlikely to be repeated.” It noted that fixed-income markets declined as both investors and issuers had to adapt to rising interest rates. Earnings for Salomon Commercial Finance were down 20% and earnings from Philipp Bros. commodity operations were down 50%, the company said.