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Show "V V T" t j r,rK 'I , iir.yyilYfT.H f the Street Lip ;hk1 Down Halt alt? e Meetings May Bring Strikeless Contract Kennecott-Employe- Robert H Woody Tribune Business Editor It's all over but the cheering. And unless theres some shouting about as yet unresolved local issues, Kennecott and its unions will take t wage was a measure of hourly earnings based on overtime and shift dif ferentials. And that wage is a reasonable assumption, all agree, with the over time being churned out now. But it does not reflect the basic hourly up a new three- - wage! Wages By year contract July - the first time there been a strike-fre- has $24 e two decades. Details of last week's settlements, reached after a month of bargaining in Phoenix, will not be released until remaining local issues are resolved. But, in general, they hold pretty much to the status quo. Present wages and benefits remain in place. And so does Cost of Living Allowance (COLA) provisions. held sacred" by the unions. Employee Force Down Uncertain, however, is the circumstance of 5,000 employees or executives laid off by Kennecott in the past two years. Employee force at the Utah Copper Division, Kenne-cott'- s principal property, has fallen by 2,000 to 5,000. The best guess for Utah's employment question is that, except for filling of the 200 or so jobs opened by retirements or quitings during the year, there will be little 'likelihood of a for a long time to come. The company is making do with the present numbers. Where additional man- - hours are needed, it is turning to overtime instead of call backs. The economic rationale is obvious. If the need for more manhours is temporary, it makes no sense to have call backs then have to pay wages and benefits when the work load is off. Overtime is the k least costly route. Valuable Pool As such, laid-of- f Kennecott workers, many highly trained, are a valuable pool for other industries as signs of recovery surge through the national and local economy. No question he or she might not be able to command the same pay and benefits as enjoyed at Kennecott. Kennecott was the leader in the copper industry on all counts, a position readily recognized by the unions, and occasionally resented by the other copper companies. How good will that pay? Certainly no average, says local copper workers, of reports coming out of the Phoenix agreements. More likely, the average is $12.50 to $13 an hour with benefits bringing the total to about $20 an hour. of Animosity want people in the valley thinking I'm getting $16 an hour." says James Frandsen, a Kennecott clerical worker, who gets $13 an hour. "You get a lot of animosity." United Steelworkers district vice president and public relations director Cass Alvin, who reported the $16 an hour wage, told The Tribune that 'A Lot "1 don't WANTED Party to become warehouse distributor lor machine. ot tire treatment manufacturer Prefer party with past tire salesservice or trucking experience. Will, give exclusive on exclusive item. $10,000.00 territory minimum investment required, excellent protit potential available. Reply to Marcy ManufacBox turing, phone taining limited operations at its East Berkeley pit Asarco. Inc and its unions join for openers April 29 in San Francisco. Will the Kennecott agreement set the tone for others9 One long-terindustry observer was skeptical. They'll probably go Per Hour 4247, Missoula, 59806 MT April 23, 1983 Section B Page 12 DeLoreans Plant in Logan wages, there are benefits. The benefits are relating to sick pay, holidays, health and welfare, supplementary unemployment pay and so on. Then on top of that, you've got to count the statusocial security and tory costs workmen's compensation. And that comes out at a total upward cf $24 an hour, according to industry sources. And no matter how you cut it, that's what counts on the bottom line. The stage for s and its unions breathtaking early settlement was set more than a year ago with a meeting in Phop-nichaired by Kennecotts Judd R. Cool, senior vice president of human resources and public affairs, and Robert J. Petris, western director for the steelworkers, and head of the joint unions bargaining team. Faces Closure Week-Lon- g ANGELES (UPI) - John charged with financing a $24 million cocaine deal, failed Friday to have his $5 million bail reduced, but a judge changed the complicated terms to allow the automaker to raise additional cash. At the same time, a bank official said that because of a cash shortage. DeLorean s Logan (Utah) Manufacturing Co. Division plant would have to close for a week. However, Gordon Hine, vice president of marketing for the plant, told The Salt Lake Tribune by telephone that no schedule had been ordered for closing the plant, the nation's major manufacturer of ski slope grooming equipment. The plant, which employs more than 200 Utahns, has a large backlog of orders, including one for delivery of 50 military vehicles, he said. U S. District Court Judge Robert Takasugi, in denying a motion to rc duce DeLorean's bail to $2 million, ruled that only half the $5 million already posted must be secured with real property. The decision allows DeLorean to cover $2.5 million of the bail with his San Diego County estate and frees his New Jersey farm from being tied up as collateral LOS Ken-neco- x Strike Free Saturday, to the wire " thing. Worker costs On lop of in negotiation call-bac- are one are another 1 (Tribune 83 The premise of early talks was to bring about a Strike Free '83." Other copper companies have had no such meetings. They are often wont to assert their diversity of op- erations circumstance and independence of action. The moment of truth is nearing, however. Phelps Dodge Corp., the nation's second largest producer and first in Arizona, and its unions have yet to schedule talks. Magm Copper Co another Arizona firm, and its unions have been talking. Those, however, are in suspension. Anaconda and its unions are talking at Butte, where the once giant copper firm is main , Defense attorney Howard Weitz-masaid a second mortgage may be n taken out on the farm to raise cash for DeLorean, who claims to be on the brink of financial ruin" because of the high bond and adverse publicity since his arrest last Octohpr on drug charges. U S. Attorney James Walsh Jr. derided Weitzmans claim that the automaker, who appeared in court Friday unaccompanied by his wife. Cristina, was on the brink of ruin. It's not a bad position to be in." he said of DeLoreans financial status. Youd have to stand in line to get to that brink. Thered be standing room only along that chasm." The bank loan officer testified that the automaker has received $545,500 since January under terms of a loan agreement with DeLoreans Logan Manufacturing Co. - o ter Consolidated results include earnings of the Missouri Pacific Corp and the Western Pacific Railroad Co. acquired Dec 22. Pro forma earnings, which assumes merger had been effective at beginning of 1982, were $98 5 million, or 80 cents a share. Compares Earnings Consolidated rail earnings for the quarter were $37.7 million on revenues of $941.5 million, compared to $64 million on revenues of $1 01 bil. merchandise and coal improved in the first quarter, other major traffic categories remain either flat or down from last year's levels." Total revenue ton miles were off 8 percent. Consolidates Earnings Champlin Petroleum Co. had consolidated earnings of $12 1 million on revenues of $1 14 billion, compared with earnings of $17.7 million on revenues of $1.01 billion in the first quarter a year ago. "A $10 million increase in Cham- - ywy. lyyy -.- y Gainsborough Piece Sells for $217,620 - A Thomas LONDON (AP) Gainsborough painting discovered m New Zealand was auctioned at Christie's Friday for $217,620. The portrait of Mr. and Mrs. William Carter of Bulmer, Essex, was sold anonymously by a descendant of the Carters' who lives in New Zea land. The buyer was the Leger Gallery of London. plins' exploration and production income, from $87.1 million to $97.2 million in 1983 s quarter, partially offset continuing pressure on the company's refinery results, lower gas transmission earnings largely because of the mild winter in the St. Louis area, and higher interest expense. Mr. Evans said he was encouraged by signs of recovery in March and April He noted rail traffic for several consumer commodities is starting to move upward. operating r,yry y.- '" fiv,yr' y Market Climbs to High, 4No Clouds on Horizon By Steven P Rosenfeld Associated Press Wrilei NEW YORK The Dow Jones industrials average reached new heights Friday, closing in on the 1,200 barrier, in a rally buoyed by an improved outlook for growth of corporate profits without rekindling in- In Brief The Market New York Stock Exchange April 22, 1983 VOLUME flation "Right now. the horizon is virtualcloud." said Monte Gor don, director of research at the investment firm Dreyfus Corp. The Dow Jones industrials, off 3 20 points Thursday, rose 8 03 points to 1,196.30, surpassing the previous high of 1,191.47 that had been set The stock market s Wednesday indicator finished the week with a gain of 24 96 points and has now soared 419.38 points, or by 54 percent, in the course of the ly without a best-know- eight-mont- h rally Cash Coming In "Some cash seems to be coming in regardless of how high it goes," said Eldon Grimm, an analyst at Birr, Wilson & Co. Inv. Reversing an early setback, eight stocks rose in price for every seven that fell on the New York Stock Exchange. rebound in profit automobile industry helped spur buying. Earlier this week. General Motors said earnings soared five-foland Chrysler said Thursday its profit was a record for any quarter. For the second stiaight day. Chrysler topped the active list as of the 4pm EST close of the NYSE, up A d in the 1"k at 2 5 7 k Union Pacific Reports Consolidated Earnings Special to The Tribune NEW YORK Union Pacific Corp. reported first quarter earnings of $62.5 million, or 51 cents a share, compared with $48 million, or 50 cents a share the year-agquar- nry r On Recovery Track Close behind was American Motors. up 34 at 8, in trading that included a block of 771,500 shares changing hands at 7?i a share. GM rose 1 to 65v and Ford climbed 24 to 477k The earnings reports reaffirm that the economy is on a recovery track," said Gordon. He said the slow recovery now in progress decreased the likelihood of a resurgence in higher interest rates or a inflation rekindling of double-digi- t that would block sustained economic growth. The Labor Department reported Friday that consumer prices rose 0 1 percent in Maych and that inflation rose at an annual rate of 0 4 percent over the first three months of the year, the smallest quarterly gain since 1965. It also said inflation-adjusted earnings rose 0 9 percent March. in Bond Markets Rally after the close of the NYSE, the Federal Reserve Board reported a $3.1 billion decline in the basic money supply, triggering a late rally in the bond markets The federal funds rate, the interest on overnight And N.Y.S.E. Index S &P Comp. Dow Jones 150.20 160.42037 92. loans between banks and a peg tor interest rates, fell many short-terto 8G percent from 8 percent. The bonds rose nearly price of long-ter$5 for each $1,000 in face value. But while automotive stocks rallied, technology issues, a key to earlier phases of the rally, staged a re- treat. Texas which points Thursday after reporting a 74 percent decline in earnings, fell another 3G to 145G. Digital Equipment fell 1 4 to 120 i. Motorola was off 45s at 105' 2 and Teledvne slid 1 to 141. IBM I p But International Business Machines was up 2G at 1 7 plunged Instruments, 11 4 1 1 1 Among the big gainers was Pogo Producing, up 4 at 237. after saying it would review a proposed offer bv Northwest Industries and Sedco to acquire 6 25 million of its shares at $25 a share, if and when it is made." BankAmeriea slipped G to 231 in trading that included a block of 1.245.700 shares changing hands at 23 G a share. Big Board Falls Big Board volump fell to 92.27 million shares from 106.17 million on Thursday Nationwide turnover in NYSE-liste- issues, d including trades in those stocks on regional exchanges and in the market, totaled 107 76 million shares. Standard & Poor's index of 400 industrials rose .53 to 179 70. and S&P's composite index k was up 37 to 160 42. The NYSE's composite index rose 20 to 92 15. At the American Stock Exchange, the market value index was up 3.48 to a record 4 16 93 The NASDAQ composite index for the market closed al 288.55, up 1.71. lion. Union Pacific chairman James Evans said "Although some rail traffic, such as autos, grain, general rc Last day. Select from literally hundreds of our COUNTRY m 104 exclusive sport coats and save. IS BACK ON THE AIR or Whetoer your qins to checks, plaids tac-t- herringbones or more Simply to the indispensable hopsaok blner we have a sport noat to fi! your style. Include one m yOt.r spring and summer plans You bid a v,i d select, on of hundreds of g lodivp' in a range of color sand 'abacs And ear own experienced tailors wili no all toe necessary alterations to make a sportcoat 'hat's fittinqly yoi ;rs or MOUNTAINEER SPORTS QUITS THE SKI BUSINESS FOR THE SEASON... II ROSSIGNOL,' SAVE 60 C ON & YAMAHA SKIS ON KOLPACK, LANGE SAVE 60 & NORDICA BOOTS SAVE 70ONALLHEAD , 1! Reg OPEN TODAY 00 tfo OQ 119.90-129.9- 0 juMHGninagQB. 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