Salomon Inc.’s earnings dropped 72% to $142...

Salomon Inc.’s earnings dropped 72% to $142 million for 1987. For the fourth quarter, the company lost $74 million on a net basis and $152 million before tax, after special items. The New York-based financial services company said its fourth-quarter performance reflected the most hostile overall environment for financial markets in history, a pretax loss of $79 million from participation in the British Petroleum underwriting, a $38-million charge resulting from the firm’s restructuring and termination of interest in the New York City Coliseum site project.