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Show Page 20—THE HERALD. Provo, Utah, Sunday, January 13, 1980 Commerce: ODDS CHART OddsEffective January 13th. 1980 adstor 1Swre 13 Store Pre of Yeasts Volue Pres UnemploymentUpSlightly Job Market Stable WASHINGTON (UPI) — Unemploymentedged up earlier this week he now expected unemploymentto ment reported Friday last month to 97.9 million outof thetotal U.S. civilian workforce cf 104 million. That leaves 6.1 million December to mark the 17th consecutive month of stability in the U.S. job market. the Labor Depart- Despite a growing number of layoffs in the increase to more than 6.5 percent by this summer. Total employment moved up by 300,000 persons automobile industry last month's jobless rate was persons out of work. just a notch above November's 5.8 percentlevel It wasalso identical with the December, 1978 rate which meant that as the U.S workforce expanded over the year the numberof personsfinding jobs rose The ratio of persons holding jobsto the total U.S. population returned to its record high of 59.4 percent, first reached last July, the Labor Departmentsaid Over the past 12 months, 2.1 million persons found work, with increases for both whites and blacks about proportionate to their share of the population The steady performanceof the job markethaslessened the possibility of a stimulative tax cut this year. If uremployment had risen sharply, pressure would have mounted on President Carter and Congress to prime the economyin orderto softea the at the same pace. The percentageof jobless Americans has moved in the narrow bandof5.7 percent to 5.9 percent for the past 17 months. “I think what this month's data show is that the employment situation has been just remarkably stable" Janet Norwood, Commissioner of Labor Statistics, said in an interview. “It shows clearly that for the ae 17 months there hasn't been any real change’ she added “People are buying and manufacturers are producing.’ she said. “That is entirely consistent with continuing slow and moderate growth of the economy."’ ean ian hana 1 HUNDREDS OF WINNERS YOU CAN BE Uh ae ctle Labor Secretary Ray Marshall told reporters slightly to 5.9 percent of the American workforce in impactofthe layoffs. Most governmentanalystssayit is hard to justify a tax reduction now rticularly in light of raging inflation and the aedausterity,promised by the ad- 15.016 121 eT MUL 4t DUS a aes (Adults Only} Sate, WHOLE FRYERS ministration. The Labor Department also reported that ELEY CT manufacturing hours advanced by 0.2 te 40.3 hours and factory overtime edged up 0.1 to 3.3 hours. Despite administration forecasts of a recession, the economy grew during all four quarters of 1979, according to preliminary governmentstatistics. However, analysts both inside and out of government are predicting a recession during at least the first half of this year with a sharp rise in unem- zane! sss 1a7w! 118! 4 gai) 4058! 6 MI4w! 26330! 2 sees are =! . ae! 2 1M? Cee PRIDE DEA cuca The Labor Department said average hourly earn- ings rose 4 cents last month to $6.38, which was 47 cents above a year earlier. Average weekly earnings were $229.04, up $3.34 from November and $15.69 over the year. ployment. »———— qin NAVEL ORANGES Union Pacific, Missouri Pacific R.R. Plan Merger NEW YORK — James H. Evans, chairman ot Union Pacific Corporation, and Downing B. Jenks, chairman of Missouri Pacific Corporation, announced their respective boardsof directors have approved an agreementin principle under which the two corporations would merge. Upon consummation of the merger, each share of the common stock of Missouri Pacific Corporation will be converted into 0.55 of a share of common stock of Union Pacific Corporation and 0.275 of a share of a new convertible preferred stock of Union Pacific. The new pesierred stock will be convertible into common stock on share-for-share basis and carry a cumulative sonual dividend of $7.25. As of December31, 1979, Missouri Pacific Corporation had approximately 15,760,000 shares of common stock issued and outstanding. Evans and Jenks said that the transaction is sub- ject to the execution of a definitive merger agreement, approval by the shareholders of companies and the receipt of a favorable tax ruling. The mergeris also subject to approval by the Interstate Commerce Commission. Evans, in commenting on the combination of the two ‘companies, said that the merger will add significantly to Union Pacific’s existing businesses. “The move will firmly position the two railroads for the future and create a strong centralcore to the nation’s rail system. It will also, in our opinion, make a constructive contribution towards meeting the nation’s energy needs by providing moreefficient longhaul single line coal transportation over the combined systems, as well as offering efficiencies arising out of coordinated operations.” reaffirmed that Union Pacific Corporation will continue,asit has since its formationin 1969,its commitment to developing its energy and natural resource businesses. “While the merger essentially involves rail operations, s will contribute to our energy and natural Tesoure esses through the addition of Missouri Pacific's's natural gas pipelines and gas exploration OSBURN, Idaho (UPI) — One of the silver-rich and production activities.” Jenks said-that ‘‘Missouri Pacific’s strong Coeur d'Alene Mining District's oldest patented cae maysoon be producing, possibly in just a few southwestern rail system with its important chemical, coal and grain hauls will benefit from "though no formal announcementis suiicipated, linkage with the Union Pacific’s service area” and added that “the merger will provide our ata clamome mining activity has been at a claim owned by the St. Elmo Silver Co. southof shareholders with further diversification into the energy and natural resource businesses.” Sty CIty FRESH CALIFORNIA SWEET AND UIC! : LBS. 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