Allied-Signal said its net income rose 22%...

Allied-Signal said its net income rose 22% in the second quarter from a year earlier, partly due to strong performances from Signal businesses in the company’s operating segments. “These record earnings were achieved despite a $62-million reduction in net income from our oil and gas investment, compared to last year’s second quarter, due to the sharp decline in oil prices, combined with the sale of 50% of Union Texas Petroleum on June 30, 1985,” Allied-Signal Chairman Edward L. Hennessy Jr. said.