The Philadelphia Inquirer from Philadelphia, Pennsylvania · Page 19

T Saturday, Nov. 28. 1981 Philadelphia Inquirer 7-B Of U.S. budget cutbacks and the future of day care It's one of those little ironies of life. Because the federal deficit is too high, the Reagan administration is cutting funds for state and city-sponsored day-care centers for the children of the working poor. One of the reasons for this cutback is to help reduce the federal budget deficit. To encourage businesses to fund . day-care services for their employees' children, the new tax law makes that funding tax-deductible. But that offer will cost the government .revenue and will cause the budget deficit to rise. (Budget balancers may comfort themselves with the thought that more public programs will be cut than private programs started.) From a philosophical point of view, these changes sound like part of the President's grand design. He is shifting day-care services out of the public sector and into the private sector, Jane Bryant Quinn where he thinks they may be performed more efficiently. But there's a hitch. The children getting kicked out of the publicly funded day-care centers are not the same children likely to be helped by employer-sponsored services. Public centers - generally help women earning minimum "wages who might be working only part time, women who might otherwise stay home, mind their children and go on welfare. Day care is one of the community-support services that makes it possible for them to leave home and find productive work. Yet under the 1982 budget, government-assisted day care might be cut by 20 percent to 40 percent, depending on the state. Families helped by employer-funded programs, on the other hand, are not apt to be near-welfare cases. They are the typical new American working parents, members of the middle class. ' Effectively, these twin day-care initiatives shift tax money out of daycare centers for the children of the working poor and into centers for children of the middle classes. Not that middle-class parents can't use. the help. They most certainly can especially divorced and widowed parents, for whom day care is a special burden. But is it philosophically right, and budgetarily sound, to expand the tax-supported help available to middle-earners while cutting out the working poor? The administration is assuming that not many employers will actually set up tax-deductible day-care programs, so the revenue loss to the government won't be so great. In that regard, the administration may be right. The day-care provision, as originally introduced by Sen. Howard Met-zenbaum (D., Ohio), provided companies with a tax credit for day-care assistance, instead of the tax deduc-' tion that has always been available. A tax credit is worth more than a deduction in hard cash, and might have attracted a lot of corporate interest. As finally passed, the expense remains a tax deduction, but with this difference: Companies no longer have to include the cost of a worker's day-care assistance in his taxable wages. Starting Jan. 1, day care becomes a nontaxable employee benefit, just like employer-paid health insurance. Even before this law was passed, a handful of companies, hospitals and colleges already operated on-premis-es nurseries, or paid something toward the cost of outside child care for their employees." The question now is whether the administration's modest new tax incentive will encourage many more companies to start programs of their own. : Howard Hasbargen, a consultant in the Minneapolis office of Hewitt Associates, is optimistic about the spread of day-care coverage in certain fields, especially hospitals, retail stores and banks, which employ large numbers of women. "But some companies will need a push from the employees," he said. Committees of interested parents could do a lot fo get these programs moving. . , " Under the rules, a company may establish an on-site day-care center, pay the cost of care in an outside, center, or reimburse employees directly for day-care costs. The children must be tax-dependents under age 15. But the company's program may also cover day-care costs for a disabled spouse or other dependent. There are certain limits to payments to fathers for disabled spbuses, which could leave a covered employee with additional costs that he has to meet out of his own pocket. But in that case, he could use the child-care credit, available on his personal tax return, and perhaps wipe out his daycare expenses entirely. , New York Stock Exchange ISSUeS Continued from preceding page 12-Month P E Salts Net Mi Low Oiv. Y Ratio -100'$ High. Low Last Cho, 12 71 It 10 13 30 S4 24Vi 23 4 13' 24 II 19 a II 25 14 44 24 "i 29 57 37"4Transco 1.M 43' l Trust pf3.i7 4 Tranicn 0 5HTrmOri I TARIty 20Tranwy lJOb 35Travln IU ll'tTriCon 2.71c li TriCn ptlSO 2TriSoln 9' Trialnd .40 12 TriaPc ) 7 Trier .4lr 8i.Tnco I .16 14 Trmty .SO 12TuciEP 1.72 lS'iTwinOi 1.10 21'iTycoLab 1.40 10'ITvcol wi 15 TvHrCo 35 23 Tymslir 3.1 f 7.4 1.7 30 41 ) 17 2 7.9 t i 4.0 i 202 13. 172 13. 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V Ratio 100's Hi Low Last Cho. 36 17' 35 21 41 35 45 40 10't 50 2S'4 20 24 14 29 li' 35 11 17 ' 34' 21 69 45 34 II' 32 20 I 6' 20 14' 22 II''. USSnc 11.25 USSM 2 USTobc 140 UnTcdi 2.40 UTdi pt3J7 UTch pH55 UniTd 1.61 Unitrd s.25 Univar - .41 UmvFd .96 UnLeaf 1i2 Upiohn 2 USLIFE .10 USLF 042.25 UiHelnc .96 UtaPL 120 UtPL POM 33 6 200 3?' l 4.7 21352 30' 4311 1441)49 S.6 t 149 43 7.2 217 S3 3M 21 103 22' 4 26 9 331 21 15' 2 22' 3.7 10 253 54 3.4 S 257 23 9.4 IS 24 II 14 li 11 7 x263 19 14. 5 20'. 11 7.4 7 .914 10 9 6.2 I 4.4 6 32 32' 29 29' "4 41 49 1 42 42 S3 S3l 21 21 1 22 22- 26 26 331 33 ISU 15' 22 22' 53"i 54 22' 23- 2311 23'i- 7 7 19 19 20 20 Vi v-v-v - 43' 26 43' 20". 14 ' 22 14' 29 17 34' 22' IS' 6 33 13'. 3 3' 10 I 33 22 13Vl 9' 62 57"! 59 501 5K , SS 451 53 42 54 44' II I 20 11' 56 39 VFCP 140 Valero 32 Valeyln .40 VanDrn II) Varco .0I Vahan 32 Van .40 Veeco .20 Vnwll Veitie 1.21a Viacm s .25 VaEPw 1.50 VaEP dWU VaEP pri.60 VaEP 09.75 VaEP o(l0 VaE PIJ7.72 VaEP nf7M VaEP PI7.45 Vomado Vukhtc .92 VutenM 120 5.7 7 1.2 7 3J ( 6J 7 .411 1.7 S.I 1.314 174 12 11 29 1.0 II 64 II 7 343 14. 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V Ratio 100' High Low Last Cho. 31 2' WenMk I 17 9 I 36 34' 36' 36' 23WKF 1.92 67 5 41 21 21 24 II' 1 WdFM 140 9J I 12 24 24' 24 19 12 Wendy p. 21 1.910 S41 IS 14 15 37 1l'WesKo .60 1.6 12 3So37 36 37 VI 35 21 WPenP pHJO 14. 1W31' 31 31 26 1lWtPtP si. tO 14 S 24 21 20 21 V 13 9'WstctT 0,92 31 II II 11 11 5WnAirL - 221 7' 7 7- 30 IS WAir pf 2 11. 41 19 19 19 32' If WCNA t.24 1.012 237 24 24 24 V. 55 H'iwPacI I 2 51 51 51 34 l9WUnion 1.40 4.1 12 1 297 034 13V. 34".!' 70 4S'lWnUn pM.40 4.3 19u73 70 73 3 II". SI WnUn pM.90 S.I 5uM II 14 4 I 1 WUn dc41.ll 14. 43 I I I 19 15". WUT1 ptlS4 14. 3 II 17 10 34 23 WestgEI I JO 6.9 5 1145 24 25 26 Vl 30 V.7 WsrK 11.20 5.2 S73 23 22 23 40-24Weverhr 1J0 4J IS 59 30' 30 30 53 32 Wevr pflM 7.1 64 39 31 39 52 36 Wevr pr4J0 II. 24 42 42 42 45 37 WhedF 1.60 17 t 41 43 43 43- 56 3iWhe4F PM.I2 M. 11 40V 40 40 65 H'lWhelF pi 2 U X 44 43V 442 40 l7WnelPil I 3 2S"t 2IV1 2)'- VI 43 31 WhPrt pf I IS. 120 40 40 40 1 40 30 WhPit pi 5 IS. 150 33 33 13 1' 30' l7'.WIrtpl liO 13 I 341 25 25 25 31 23 White 130 Si $ 74 27i 27 27 VI 3914 31 WhrtC pK3 f.2 1 32 32 32 50 2l'4 Whittak 1.60 43 f 721 37' 36' 37l 17 fViWkkes Jto 74 IS I9S 10' 10 IO'i I 4WieNdl .44 7340 1 6 4 i - VI 49 22'.Wam 1.20 43 I 664 21 27 27 VI 17 7 WMirO J2I 1231 75 10 9 10 37V. 26'WmD 111 7.1 I 12 30 30 30'- Vt I 2".Wmnboc 222529 4 3V 4 V 7 4VWmterJ 30 10.11 3 4 4 4- V 29". 19 WisEP 1M 9J 7 63 27 27 27- V 72 60' WisE HI 90 11 1240 64 65 46 - V 23 19". W11G ptlSS 11 I 20 20 20 21' 15WiscPL IN 10. 7 24 20 20 20-VI 20' 14WiscPS 1.96 10. 7 24 19 19 19 VI 13". 23VWrtco 130 7.2 t 33 25 24 25 V 24 llWotvW t.46 17 I 51 17 16 16- 25 14V Womet 33 16 12 34 20 20 20 42V4 21 WoodPt .40 li II 4 27 26 27 27 17 Wolwiti IJ0 10. IS 369 17 17 17- 31 24 Wotw pfl20 II S 25 24 25 10"! 3 WortdAr 14 5 5 5 43". 29 Wrigty 1.44c 4.1 9 17 35 35 35 II 4Wurltir 24 5 5 S 15 7WvleLb .40 4J12 14 10 10 10 - 17 6Wyly SI 170 f f 20 13 Wyms 30 11 I 10 If 19 19 -X-Y-Z- 17 37 Xeru 22 12 XTRA 33 19ZteCp 40 22 Zaoatc 31 19Zayre 21' lO'.ZenithR 29 20"4 Zero s 35 17Zumlnd 7i S 179S 40 4.427 II 15 5 J 4 2 21 1.2 f 569 33 1.4 7 30 29 1110 466 11'4 10 13 7 20' 4.4 1 45 27 Copyright by The Associated Press 1911. 39 40 VI 14 14 VI 21 21 32 33 21 29'.l 10 10 28". 28".- 27 27- New York bonds TRANSACTIONS FOR FRIDAY: $19,410,000 A A AMFlOsIS 11.7 IS ARA 4s96 cv 45 1 AetnLI 8"i07 117 63'3'a AlaBn I6.95S99 163 101 AlaP 3' 1184 4.08 76l AlaP 9S2000 14i 61' AlaP 8' isCl 14.7 51 ' AlaP I"is03 143 60 l'i AlaP 8".s03 14.9 SS AlaP 9i.sM 15.6 62-2 AlaP 107 153 57VI-2 AlaP !87 113 74 '.. AlaP 9'.07 14.9 67 AlaP 9' ;0I 15.2 424-1 AlaP 1210 15.2 13 ' AlaP 151.10 14.0 95'- AlaP 1711 14.9 103 -I Alskln 1299 1S.9 N AM 1099 15.4 493V AlldC 7'i96 119 61 2 AMAX 8s86 9.75 82 - AAirt 4.92 10.2 4IVi- AAirl 10'sSI 115 I7V. AAirt 51.98 cv 56 4 ABrnd S'92 lOi 54 - ABmd B85 9.51 15 AmMot 6S88 cv SIV. ". ASmel 488 8.41 54"!l'. AmStr 9'90 11.7 I4ii V ASug 5.3)93 9.79 54 ATT2.sl2 184 96 ATT 3'.sM 197 II- ATT4l85 5.33 12 1 ATT 4s85r 5.40 II ATT 2U6 3.65 71 ATT2'U7 4.29 67 -I ATT 3'is90 6.15 61 ATT3''890r 6.45 40 ATTIX.00 114 70il ATT 7s01 111 57- 14 ATT7''!S03 112 51 ATT I.80SO5 116 69 ATT7s82 7.7199 17-3211 ATT Bs07 13.0 66'! ATT 1090 11.9 87 ATT 13V.91 13.3 100 AMP8sl5 10.0 84-1 Anhr9s05 cv 121 3 Anhr 6s92 9.91 60'- ' Anhr 9.9s86 11.0 90 AppP 10'iM 11.4 92 Arcols82 1.07 99 3.32-1-32 Arco Isl3 8.88 94' . ' Arcols84 1.77 91 AriiP 1000 14.2 75 2 AriiP 12' .09 14.4 14 Armr5s84 5iS 90 AshO II. 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TranF 9' .I7 Hi IO'iI TrGPL 190 113 72 1 Trinit 10s06 cv ll'-l TucEP I' iOI 111 51 TCFox I0'.98 IS.4 66 -u-u- 59 40' 63' 1 64 l04'-3' 60- 65' 59- 60 7 7SVi- Vi II 67VIVi 40'! 61 -1 7IVi- Vi 104- vt 46 44 16 -I 96 63 - 91- 71 2 51 64- 94 52 1' 71 1 50 45 40 44 57 70 1 88' - UNCI2S9I 11.9 UBk 7.35S0I 143 UCarb I' lOS 112 UCarb I0s06 cv UnCc7'47 153 UnEI 10'iOS 143 UnEI 1591 ISJ 100' Vi UOHC 691 11.4 SI 1 Uniryl S' i96 cv UnAL Ss91 cv Unial 41.92 cv UBmd 5'94 cv UBrnd 9191 15.f UGsP 189 110 UGsP 9ViM 10.7 UGsP 10'I9 lit ll1 USAir 105 cv 10 USHolOs87 112 USStl 496 11.2 USSH 501 cv UnTcc 4'92 t.72 UT(40 9sM 16 1 UnVaBk 797 117 54' 1 USLIF 9' 115 10.9 17 USLIF 1290 143 14- UtaP 10' .11 10.7 9SV UtaP 9'0I 143 65 UtaP 10'. 09 143 70 -v-v- Vder 16". 01 163 99 Vi VamlOS cv 112 -I VcNBn 116 11.4 78'-1' w-w- 76 4114 57 -1 46 55' WarlJ 541 cv WaHJ 9"j 14.2 WeanSWtJn cv WAk-L $93 cv WCNA 1097 143 WElec 7'96 123 WPt lOsOl 16.1 WPI 15106 16.9 WUC5V.97 CV WUTI 8.45196 119 WUTI 7.9s97 143 WUTI I0S86 110 WsK 1491 143 WstgE 19$ 117 Wevh IsIS 9.23 Wevh 7.95106 13.0 Wtcke S"i94 cv WKke 9199 cv Wtcke I' .M 9.90 Wms 10' .13 10.9 VisC 417004 11.4 WiscTI Isll 114 Witco 4V93 cv Wodw 796 114 Wcolwts99 14.1 64 1 51' Vi 47. 70 Vi 73' 60 1 62 19 S92 61 54 1 !3'2 100 2 61 - 16 61 6 42 70 I3V42". 94 35 54 2 73' SS 61 -x-x- XeroxCr ISV.41 14.7 104 Xerox 4195 cv 60 Xerox L2sl2 165 94 25-12 -z-z- lavn 594 cv 77 - Zenrlh 105 cv 71 Zum 594 cv 94 - VI FOREIGN BONOS AuiHa 197 110 48 11 Eurln 114 433 90' Vi turtn 192 I1J II Eurkl I'.U 11.2 79 OiloJ.97 14.7 59113 SltHm I'i92 112 67 SwedlVl7 113 72"4-5 m :" - Ik V '- ); ? . . ; i O - " I pvkXsL .'TOW Associatfld Pms """ 1 wwiHMinwiinRniiinnnnnwwiw niwipi. ipv kdy . mmmmvmwmmwm iiiii-mh mwiih 111,11111 1 I i 1 ,' Ann Knapp, 2Vi years pld, of Acton, Mass., watches caboose of electric train The traditional 'Black Friday' packs the stores with shoppers SHOPPERS, from 4-B comes to the holidays, people just forget." Joyce Kuh'n and her son, Chris, 6, hunkered down on the floor near the eagle at Wanamakers. It was 45 minutes away from the next Christmas show in the big department store. But they Wanted to get a good spot, she said. "It seems to be more crowded than last; year," Mrs. Kuhn said. "My mother used to .bring me. Now that he's old enough, I wanted him to see it." By showtime, the parents and children were wall-to-well in the main aisle, and onlookers lined the store's upper balconies. A couple of blocks away, at Lloyd & Haig shoes, 1415 Chestnut St., it was a different scene. Salesmen Irv and Sam were relaxing. ' No customers were on hand. Business is fine, said Irv. Yes it's quiet now. "But we have our regular customers. They don't buy for the holidays. They buy when they need shoes." Though they didn't have any fig ures to rely on, large retailers and shopping-center marketers said crowds seemed traditionally large. "The traffic level looks very satisfactory and we're encouraged," said William Timmons, a Strawbridge & Clothier vice president. "The situation? Hysteria," said Grace McFeeley, marketing director at the Cherry Hill Mall. "It's wonderful. They're all here. "How do you tell if it's more crowded or less crowded? I don't suppose you could get another car in the parking lot. The line to see Santa Claus, that's one thing you can measure against last year. That you can judge, and I think it's longer than ever." Tradition was broken at Moores-town Mall, where stores opened at 9 a.m., an hour earlier than normal for Black Friday. It didn't work, said Belle Stephens, marketing director. "Things started out very slowly this morning," she said. "But it's really picked up. We have parking for over 6,000 cars, and almost all the spots are taken." Although Black Friday looked good, she said, the current recession can't be ignored. Many retailers have tried more and deeper discounting this season than previously, a strategy that may be partly responsible for the crowds yesterday, she said. "I hink what's happening is that people are buying at sale times," Stephens said. "We're all looking for a bargain now, looking to save $2 or $3 here and there. I think things are going to be tight. But none of the merchants are crying yet." One more thing. If the day is the year's biggest for retailers, why is it called. Black Friday? Because it is a day retailers make profits black ink, said Grace McFeeley of Cherry Hill Mall. "I think it came from the media," said William Timmons of Straw-bridge & Clothier. . "It's the employees, we're the ones who call it Black Friday," said Belle Stephens of Moorestown Mall. "We work extra hard. It's a long hard day for the employees." Defense boom not enough to pull Boeing out of slump, analysts say Associated Press SEATTLE Weapons and military-aircraft contracts are increasing at the Boeing Co., but analysts warn that the boom in defense work won't offset the slump in commercial jet sales. "Military sales will be a very meaningful part of Boeing's business, but I doubt if it will ever be more than 20 percent," Hans Pickert, an analyst with E.F. Hutton in New York, said Wednesday. Commercial jet sales constitute Boeing's cash crop, and sales in 1982 were expected to drop about 14 percent, T.A. Wilson, president of the aerospace giant, said earlier this week. Projects like the Air Launched Cruise Missile are "nice to have," said Wolfgang Demisch of Morgan Stanley & Co., the New York investment banking house, but a contract of a few billion dollars stretched over 10 years "isn't of a size to have more than a moderate impact on an entity that is the size of Boeing. This is a big company." Boeing's sales revenues in 1980 totaled $9.52 billion, with pretax-profits at a record $1 billion. Sales this year have been about equal to last year's pace, but profits for the third quarter, of 1981 took their first dive in five years. "It seems unlikely that 1982 earnings will return to the level of 1980," added John MacKenzie, an analyst with Foster & Marshall Inc. in Seattle. Even if airliner sales pick up, Boeing is in the midst of two new aircraft programs the 757 and 767 and startup costs will take a big bite out of profits, MacKenzie said. Military sales accounted for about $1.9 billion a year to Boeing for the last three years, based on the products delivered each year, said spokesman Jim Grafton. The figure for 1981 might be a little higher, he said. Even if military sales and orders did increase, the impact on the profits would not be great, said Pickert. Once production is in full swing, "you make about 4Vj percent after taxes," he said. That's lower than the profit margin on mature programs like the 747 and 727, but higher than margins for programs just getting under way. However, MacKenzie noted that military business is good "because it hires a lot of people." Boeing's major military contracts include: A $318 million congressional s appropriation for 705 Air Launched Cruise Missiles through fiscal year 1981 and $90 million for development. The first missile was rolled out Tuesday from a new Kent, Wash., facility, where Boeing expects to produce between 3,000 and 4,000 missiles over at .least seven years. The work force on the project was expected to be about 1,500. Congress capitulated to pressure from President Reagan and approved a sale of five AW ACS (airborne warning and control system) planes to Saudi Arabia for delivery in 1985. The U.S. Defense Department has ordered , 34 AWACS planes, and delivery has been scheduled to begin in March 1982. The total value of the hardware side of the contract is $3.9 billion. About 1,500 people work on AWACS, and Boeing planned to add 400 more next year. The Boeing Military Aircraft Co. is developing the electronic "offensive avionics system" for the B-1B bombers in addition to providing the controls and displays for the defensive and tail-warning .systems. Boeing expected to have 2,400 workers on the B-1B program at its peak at the end of 1982. The company's share of business on the aircraft was expected to be about $2 billion.