Endnotes
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
CONTINENTAL
Continental Airlines reached agreements on about $330 million in pay and other reductions with unions for pilots, attendants, mechanics and dispatchers, helping the company achieve a $500 million annual cost-cut target. The accords will be implemented bythe end of March if approved by union members, the Houston-based carrier said in a statement today. It didn’t provide details of the agreements. Continental since November already had arranged $169 million in concessions from nonunion employees and executives.
MARKETS
Stocks skidded yesterday as investors, concerned about rising prices and the threat of inflation, took profits. Volatility in pharmaceutical stocks and an analyst downgrade of Dow Jones industrial GM also pressured the market. Fresh worries about inflation arose after the Commerce Department’s latest reading on consumer income and spending. Personal income fell less than expected in January, but spending was flat and core consumer prices rose 0.3% – the fastest rate in more than three years.
