MEMO

Total construction activity continues to rise in Missouri, reported the F.W. Dodge Division of McGraw-Hill, an authority on the construction market.

Total construction for December 1993 was $409,297,000, up about 38 percent from the $297,276,000 figure of December 1992. Overall construction for the year was reported at $5.1 billion, up from the $4.4 billion of 1992.

Nonresidential construction in the state, which includes commercial, manufacturing, and other buildings not designed for shelter was reported at $1.94 billion for the year, 37 percent above the $1.4 billion for 1992. Residential construction in the state was at $2.3 billion for the year, a 14 percent increase over the $2 billion for 1992.

Nonbuilding construction, which includes streets, highways, bridges, river and harbor developments, airports and other projects, was reported at $799,804,000, down about 14 percent from the 1992 figure of $925,154,000.

The Small Business Development Center will conduct business counseling sessions in three areas this month.

The counselor, Gil Degenhardt, will be available Feb. 23, from 10 a.m. to 3 p.m. at the Cape Girardeau Chamber of Commerce office. The counseling sessions (about one hour) are free. Call 335-3312 for appointment.

He will conduct sessions at the Sikeston Chamber of Commerce Feb. 22 from 9 a.m. to noon. Appointments are available by calling 471-2498. He will hold sessions at the Southeast Missouri Regional Planning office in Perryville Feb. 24 from 10 a.m. to 7 p.m. Appointments are available by calling 547-8357.

The Small Business Development Center represents a "Partnership for Economic Development" between Southeast Missouri State University, the U.S. Small Business Administration, local financial institutions, area utility companies and Southeast Missouri municipalities. The goal of the center is to stimulate diversity and growth in small-business by assisting new and existing businesses to become more productive and more profitable.

Businesses in some Southeast Missouri counties are eligible to apply for Economy Injury Disaster Loans from the U.S. Small Business Administration.

These loans are available to eligible small businesses as a result of the severe storms and flooding in Missouri Nov. 13-19.

The low-cost loans are intended to assist businesses in meeting necessary obligations while recovering from tahe effects of the storms and flooding.

Businesses in Cape Girardeau, Bollinger, Butler, Iron, Perry, New Madrid, Reynolds, Scott, Stoddard and Ste. Genevieve counties have until Sept. 1 to file an application. Additional information and applications are available by calling 1-800-366-6303.

Procter & Gamble reported a 13 percent increase in profit for its fiscal second quarter.

The Cincinnati consumer-products company, which has a facility north of Cape Girardeau that employs about 1,300 people, posted net income of $653 million, or 92 cents a share, for the period ending Dec. 31. That was up from $576 million, or 81 cents a share, during the same period a year ago.

Sales were $7.79 billion during the quarter, down about 6 percent from the $7.4 billion during the same prod a year ago. Earnings got a boost from a cost-cutting program announced last July under which P&G is cutting 13,000 jobs and shutting down 30 plants.

Mercantile Bancorporation Inc. of St. Louis has announced the completion of its merger with United Postal Bancorp Inc.

United Postal Bancorp is the holding company for United Postal Savings Association, a state-chartered savings-and-loan with approximately $1.3 billion in assets and 22 offices in St. Louis and St. Louis, St. Charles and Jefferson counties.

According to the merger agreement, United Postal shareholders will receive .6154 shares of Mercantile common stock for each United Postal share. The total value of the stock exchange is approximately $180 million.

Mercantile Bancorporation Inc., owns 42 banks in Missouri -- including one in Cape Girardeau -- Southern Illinois, Eastern Kansas, and Northern Iowa.

The Great American Craft and Flea Market will be held in Paducah, Ky., Feb. 18-20. The event will be at Jamestown Plaza, 3200 Irvin Cobb Drive. Additional information is available by calling (502)-443-8550.

ST. LOUIS -- Anheuser-Busch reported a 3.2 percent increase in fourth-quarter earnings Tuesday, wrapping up the company's 17th straight year of increased sales.

The St. Louis-based brewing giant said its earnings were driven by beer sales, which rose 4.8 percent to 21.3 million barrels in the fourth quarter. The company reported net income of $166.8 million, or 62 cents a share, on sales of $3.3 billion for the quarter ending Dec. 31, up from earnings of $161.6 million, or 58 cents a share, on sales of $3.1 billion a year ago.

For the year, earnings were $594.5 million, down 35.2 percent from $917.5 million in 1992. Earnings per share for 1993 were $2.17 per share, down from $3.20 per share the year earlier.

Sales for the year were $13.2 billion, up from $13.1 billion in 1992.

The company noted that certain special charges in 1992 and 1993, distorted comparisons of full-year financial results. Without the special charges, the company said, earnings for the year were $980.6 million, down 1.4 percent from $994.2 million in 1992. Earnings per share were $3.55, up from $3.46 cents per share a year earlier.

BOSTON -- Montgomery Ward has agreed to acquire Lechmere Inc., a New England-based department store chain, for an undisclosed amount, the companies announced.

Lechmere, privately owned by its senior managers and the investment group Berkshire Partners, had record 1993 sales of $800 million. The 24-store chain will continue to operate as a separate retail entity under the Lechmere name.

Founded in 1946, Lechmere employs about 5,000 people, with stores in Massachusetts, New Hampshire, Rhode Island, Connecticut and New York.

The deal is expected to close in early March.

Chicago-based Montgomery Ward Holding Co. operates about 360 department stores in 40 states and had 1993 revenues of about $6 billion.