BUSINESS MEMO

Union Electric's quarter common stock dividend is up. The company's board of directors announced last week that the dividend, payable Dec. 30, to stockholders of record Dec. 8, will be 59.5 cents a share, up from 58 cents.

"The increase reflects the current economic environment and compares favorably with dividend growth at other similar high quality electric utilities," said W. E. Cornelius, chairman and executive officers. During the past five years, total returns to Union Electric stockholders, including stock price appreciation and dividend payments, has been more than 21 percent a year."

The board also declared regular quarterly dividends on all classes of preferred stock, payable Feb. 15, 1994, to stock holders of record Jan. 20.

UE provides energy to 1.2 million customers in a 24,500 square mile territory covering much of eastern Missouri and a portion of Illinois.

Boatmen's Bancshares, Inc. reported that third quarter net earnings per share increased 23 percent, to 80 cents, or $77.9 million in net income from 65 cents or $62 million in net income, excluding securities gains of 11 cents a share or $10.8 million in the third quarter of 1992 associated with the acquisition of Sunwest Financial Services Inc.

Including these securities gains, reported third-quarter 1992 earnings per share were 75 dents or $72.8 million in net income, Prior periods have been adjusted for the two-for-one stock split distributed on Oct. 1, 1993.

"Third quarter results reflect a continuation of this year's record performance, with revenue growth and improved asset quality responsible for accelerating earnings momentum," said Andrew B. Craig III, chairman, president and chief executive officer. "These results are in line with expectations and validate our 11 percent dividend increase and two-for-one stock split in the quarter."

Nine months earnings rose 27 percent, to $2.30 per share or $224.4 million, from $1.83 per share or $174 million during the prior year, before the Sunwest securities gains. Including these securities gains, reported earnings per share were $1.96 and net income was $187.3 million a year ago.

Boatmen's, headquartered in St. Louis, operates banks in Cape Girardeau and Jackson.

CHICAGO Fruit of the Loom Inc. of Chicago is acquiring Salem Sportswear Corp. for about $136.4 million.

The acquisition will give Chicago-based Fruit a foothold in the hot market for sportswear bearing professional team logos. Salem, based in Hudson, N.H., designs and markets sports apparel under licenses granted by Major League Baseball, the National Football League and the National Hockey League.

Salem had sales of $119.8 million and net income of $3.7 million for the fiscal year ending Aug. 31, 1992. Salem employed 1,100 people at the end of fiscal 1992.

Under the agreement a Fruit subsidiary called FTL Acquisition Corp. will pay stockholders $12.75 cash per share.

Fruit of the Loom is the leading producer of men's and boys' underwear and T-shirts.

Mercantile Bancorporation Inc. reported net income of $30.2 million for the third quarter of 1993, a 25.7 percent increase over earnings of $24 million in the third quarter of 1992. Per share income for the quarter was $1.28, a 21.9 increase over the $1.05 per share earned during the same period in 1992.

For the first nine months of 1993, net income was $85.5 million, 22.7 percent more than the $69.6 million earned during the same period in 1992. Year-to-date per share net income rose 16.6 percent, to $3.67 from the $3.13 in 1992.

"Mercantile's consistent performance has been driven by a strong net interest rate margin, combined with non-interest income growth, asset quality improvements and a decreasing overhead ratio," said Thomas H. Jacobson, Mercantile's chairman and chief executive officer.

Mercantile, headquartered in St. Louis owns 39 banks in Kansas, Illinois and Missouri, including Cape Girardeau.

WASHINGTON America's 45 million Social Security recipients will get a 2.6 percent cost-of-living increase next year, reflecting an inflation rate kept low by a lackluster economy.

It will be the second smallest increase since 1975 when Congress first ordered annual adjustments to keep up with inflation, the Social Security Administration announced Friday. The increase was just 1.3 percent in 1987.

NEW YORK Apple Computer Inc. chairman John Sculley, who turned the easy-to-use Macintosh from a novelty into a marketing wonder of the 1980s, resigned after 10 years at the forefront of the computer revolution.

Scully's departure, announced Friday, had been expected since he was replaced as chief executive in June, and he leaves on a down note. For Apple, 1993 has brought weak profits, a major restructuring and profound questions about its future.

DECATUR, Ill. Archer Daniels Midland Co. Friday reported a 56 percent decrease in quarterly net earnings, a drop the company attributed to Midwest flooding and change in tax laws.

ADM reported net earnings $69 million or 21 cents per share for the quarter ending Sept. 30. During the same period in 1992, ADM's earnings were $158 million or 47 cents per share.

The Decatur-based grain processor did not report on its sales.

CHICAGO Illinois' unemployment rate unexpectedly jumped to 8.5 percent in September.

As Illinois' rate spiked up nearly a percentage point - from 7.6 percent in August - the national rate remained static at 6.7 percent, the government reported.

Among the nation's most industrial states, Illinois reported the highest rate other than California, which has 9.4 percent unemployment.