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MIXED MARKET RESTS ON THURSDAY'S GAIN

MIXED MARKET RESTS ON THURSDAY'S GAIN

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The stock market drifted through a mixed session Friday, making little further progress after Thursday's strong gain.

The Dow Jones average of 30 industrials closed at 3,016.32, unchanged from Thursday but up 35.65 points for the week.Big Board volume totaled an estimated 187.29 million shares at 4 p.m. EDT, against 199.22 million at the same point Thursday.

Analysts said investors seemed leery of chasing after stocks following the 37.56-point rise of the Dow Jones industrial average Thursday to its first close above the 3,000 mark in more than a month.

Traders took the expected news of sharply lower earnings at International Business Machines in stride.

IBM stock, which has lately been trading at close to its lowest levels since the early 1980s, rose 2 to 100 1/2 in active trading.

More upbeat quarterly results from some of the nation's other blue-chip companies have drawn a warm reception from investors in recent days.

American Telephone & Telegraph, also among the volume leaders, rose to 39 7/8 on top of a 1 5/8 gain Thursday, when the company reported higher second-quarter earnings and said it expected a continued strong performance in the second half of the year.

Elsewhere, Enquirer-Star Group traded at 13 7/8 after an initial public offering at 14, in which News Corp. sold about 80 percent of its Enquirer-Star holdings.\

Triad

Chris D. Hilton Construction Co. of Winston-Salem has been tabbed to build the new Stokes County Social Services Building in Danbury. The 22,3000-square-foot building has a construction cost estimated at $1.58 million. It was designed by Fred Butner, Architects of Winston-Salem. Construction is to start immediately, with completion slated for May 1992.

State

Jefferson-Pilot Data Services Inc., a Charlotte-based provider of data processing services to broadcasters, will relocate its Charlotte office to Memphis before the end of this year. General Manager Doug Rother said this will permit a combining of similar functions and increase efficiency.\

Nation

A former U.S. attorney general has declined the post of deputy rehabilitator of Mutual Benefit Life Insurance Co.

Nicholas Katzenbach cited professional conflicts as the reason for his decision to decline the job.

New Jersey insurance department officials had said Tuesday, when the state seized Mutual Benefit, that Katzenbach would be the deputy rehabilitator.

``We're disappointed; he's disappointed. We're looking at other candidates,' said Insurance Commissioner Samuel Fortunato.

Katzenbach is a New Jersey resident. He was attorney general during the administration of Lyndon Johnson.

Steelcase, the world's largest office furniture manufacturer, said Friday that it will streamline manufacturing operations in a move that may lead to management layoffs and job changes.

The move is effective Sept. 1, said Rob Pew, president of Steelcase Operations.

``Steelcase is not in trouble and this is just part of an evolutionary process that's been going on for the last couple of years,' Pew said. ``There is no organization out there that isn't making changes, and there will be some eliminations and some employees displaced.'

Facing slow sales, Steelcase in June announced it may lay off up to 1,000 employees by Aug. 19. The notice followed a companywide wage freeze, a voluntary layoff request and cuts in top management pay.

Forke Brothers, The Auctioneers, has been hired to sell some remaning assets of now defunct Eastern Airlines.

Eastern Airlines, one of the oldest and most troubled airlines in the country, ceased operations in January after spending nearly two years under bankruptcy court supervision. It had its headquarters in Miami.

Martin R. Shugrue Jr., trustee for the airline, has been authorized by the U.S. Bankruptcy Court to retain Forke Brothers to hold auctions over a two-week period from Sept. 4-13 in Atlanta, Miami and San Francisco, Forke Brothers said.

Eastern officials estimate that more than 4,000 pieces of equipment, mainly for the airline's ground-support operations, will be offered at the auctions.

Earnings

High Point-based LADD Furniture on Friday reported net earnings of $383,000, or two cents per share, for the three months ended June 29. Although down sharply from the year-earlier second-quarter earnings of $3.5 million, or 18 cents per share, these results represent an improvement over the company's 1991 first quarter net loss of $1. million, or five cents per share. Second-quarter net sales totaled $113.8 million, down from $136. million in the year-earlier period, but up 2.7 percent from 1991's first quarter level of $110.8 million. LADD Chairman and Chief Executive Officer Don A. Hunziker attributed the reduced sales and earnings to continuing recessionary conditions in the U.S. furniture industry.

Omni Capital Group, Salisbury-based holding company for three savings and loans in the southern Piedmont, said it had net income of $5.57 million or $2.22 per share for the fiscal year ending June 30. This was up 16.4 percent over the previous year.

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