Daily News from New York, New York on May 20, 1981 · 191
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Daily News from New York, New York · 191

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New York, New York
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Wednesday, May 20, 1981
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191
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rn JV 8 8" I ' si re s Harry Helmsley didn't expect to lose 91 million a month on bis luxurious new Helmsley Palace hotel on Madison at 51st in the first three months of 1981. But he did. He also lost $1 million a month on his new Harley on 42d St between Second and Third. New York's No. 1 real estate mogul with $5 billion In property, Helmsley can afford to be philosophical about dropping a quick $8 million in the This la the Hntt In an occasional aeries that wit focus on various sectors of the city's changing and vulnerable economy. hotel business. "When It's good, it's very, very good; but when It's bad, It's terrible," he chuckled. But he also fired the Palace's manager In April. The Big Apple's hotel business has indeed been terrible, just as five new luxury inns with 4,352 rooms are opening. It is the first burst of construction since the 196445 World's Fair. Because the $800 million industry with 25,000 employes played a key role in New York City's recovery from economic collapse in 1975-76, its weak ness in 198041 underscores how fragile the city's economy remains: Occupancy sank to 78.4 in 1980 from a 30-year high of 81.4 in 1979. And the first quarter of 1981 was the worst in four yerfrs, down 5.6 points from 1980, according to the accounting firm of Pannel Kerr Forster. Loew's Corp. recently sold the Warwick and Drake hotels on the belief, that business would drop 10 in 1981. One expert estimates that as few as 40 of the rooms available were actually filled at the three biggest new hotels the Palace, the Harley and Donald Trump's Grand Hyatt in the first ouarter of 1981. Top rates at the new Vista International at the World Trade Center were slashed by $30. The new Parker-Meridien offered "introductory rates" $16 off prices posted before it opened. And Helmsley cut rates by $30 at the Palace and $28 at the Harley. The origins of all the new hotels can be traced to the city's collapse in 1975-76 the trough of a disastrous decade that cost it 825,533 people, 447,000 jobs, and 20,162 hotel rooms. - ' J f ; mf mm e. -v .... The shakeont finished off scores of hotels, but also set the stage for a big bounceback If demand picked op. In May 1976, Trump closed a 40-year deal to rebuild the old Commodore into the new $109 million Grand Hyatt, paying the city rent and a share of the profits Instead of property taxes. The same year, the city got a big boost from the Bicentennial "Op-Sail" ' and the Democratic National Convention, and occupancy improved from a dismal 64.2 in 1975 to 72.2 where It hung, like a question mark, la 1977. At that point, city officials offered temporary property tax breaks for new construction to shore np the city's long-term tax base, perhaps planting the aeeds of the current surplus by producing more new rooms than market forces would have. HELMSLEY WON a $6.2 million tax .break for the Palace in 1977, and $4 million off the taxes on the Harley in 1978. The Parker-Meridien got a $4.9 million break. Meanwhile, things were looking up for hotels. The "I Love New York" TV ad campaign was drawing domestic tourists. And cheap dollars were pulling foreign tourists and investors. Occupancy rose to 78.8 in 1978. In 1979, it reached a 30-year high of 81.4. Industry loss due to crippling put at$14B r 0 STAGGERING ARE today's costs of arthri tisthe nation's No. 1 cripplng disease that finally U.S. industry is taking the lead in developing innovative programs to help reduce the costs of disability through better use of medical and rehabilitative services. Hailed as the first joint effort by industry, rehabilitation services and an academic medical center to deal with a health problem of profound Impact on employers and employes, the pioneering program involves the creation of staffs of vocational counselors to work with-individual industries. The goals are: Medical screening to I 111 1 "'-" """" 1 detect and monitor arthritis in workers; referral to proper health professionals in a company's community; extensive concentration on education of both employer and employe that "something can be done about arthritis if treatment is begun early." The average person waits more than four years from the beginning of arthritis symptoms before seeking proper medical assistance, says the Arthritis Foundation, and that, stresses Dr. Kenneth Mitchell, associate director of the University of North Carolina School of Medicine, "may be too late for employ- CYLVIA ment rehabilitation of the person concerned.' MORE THAN 31 million Americans are affected by arthritis, a disease which takes about 100 forms. The horrendous costs: 27 . million working days lost in 1980 alone, representing nearly $5 billion in wages lost to employes. More than $1 billion in annual disability payments, or about 15 of all Social Security Disability Insurance Payments to workers. $450 million a year in Veterans Administration payments to veterans whose major disability is arthritis or rheumatic disease. $1.4 billion in lost homemaker services a year. $5 billion a year spent on medical care, including nearly $1 billion annually for quack remedies and unproved drugs and devices. All this, plus about $1 billion in lost federal, state and local income taxes, adds up to an annual price tag of $14 billion and that sum is rising relentlessly day after day, year after year. Industry always has recognized the deeply adverse economic impact of arthritis, particularly in absenteeism, productivity and disability payments; it has been impossible to miss. But doing something about it on the simple premise that the cost of arthritis can be controlled and that it is worth spending money "to have happier people working more efficiently and costing their companies less," as Mitchell puts it that's new! FIRST OF THE Industrial Rheumatology Rehabilitation centers has been set up in Greensboro, N.C., under the sponsorship of Burlington Industries Inc., the world's largest textile manufacturer. Since this disease is the leading cause of industrial absenteeism and second only to heart disease as a cause of disability payments, "our company would rather focus on rehabilitation than on disability," notes Burlington's medical director, Dr. Donald Hayes. Burlington's fight against arthritis began in 1974, but now, reports the Arthritis Foundation, other companies include: General Motors, which is establishing broad educational programs to reach more than 14,000 of its employes as well as workshops for plant physicians and nurses; Johns-Manville Corp.; Western Electric, and Samsonite. Organizations involved now include Wisconsin Claims Council, Sentry Insurance and Wausau Insurance Companies. A "plus" is the realization by employers that employes tend to hide their handicap, for fear of being fired. Often the only need is a minor change in the employe's work environment: a new chair, a desk of the correct height, shop tools placed at more convenient levels. But the "bottom line" here is that effective detection and efforts to help can cost pennies while disabled employes can cost a company millions of extra dollars in higher taxes and insurance premiums. The trade-off is so lopsided it can't even by labeled a trade-off. 1X1 Field Enterprise Inc. SELECTED STOCKS I May 19, 1981 NEW YORK STOCK EXCHANGE Stk Dlv. 'SoUl tost Ch f IS' Aet AlcanAI aW2 40 Alcoa 180 AmrdM 1.10 Ann Airlines ABrand 6 20 AmBdc 160 AmCan 2 80 A Cyan 1.60 AtiKwr i :a A Express A Home 1 Am Motors AmT&T 5.40 A M r Armco Arm Wl All Rrh AvcoCP 854 38' 4 '4 90 Si- v 71 14' V. 3V 1 10! 421 627 31 Ml 1213 l"l 417 77 '4 349 30'. '4 $24 401. '4 795 33 4 622 16 2564 451'4 1 24 1.64 885 778 2344 302 544 04 4k 4 57'. 24H '4 193 17 4k 563 43'. Vi 1272 47' ?. 936 28"J 343 3J4 4k 4392 4 H 50 'I 26'4 10 37V Hi ivv 714 20' 1.4 46 I 44 17' Ml l tt-m V UJ700 25' V, 407 17' 4 1362 sr1 ' 46 '.-. 408 534- Avon Prod BaHVMt . Bnkam Bank NY Bankir I PO 2 20 1 20 Si Real Fd 1.40 Becton D i Bell Howl .8 BendlxCP 1 BethStt 1.60 Biackt.0 .74 Boelne 1.40 puruvn Stk. Dlv. ritPt 151ft nbs 2 40 90 1 46 152 Brunswk ponKrK urllnd Jurrgn dnPac :a,BITsr .elanes .hamDl ChaseM 3 10 .nmNY 3.84 hsPnd 1.52 hockFII .30 .nrvsier ciTicorp .mesiv lty Inv luett P .ocacw 1.48 1.60 1.60 4.32 2 194 351 4933 411 oioate 1.12 loi oas 2. omBE I. ComSat tonoco Con Ed ControlD 90 fornGI 232 2 30 k .90 232 urtlttWr 1 Solas last Ch'g 31 Bitr, 3)4 19s M 546 53"4 68 37H '-. 703 69' V, 439 59H H 13 63'. 154 25 M 1986 48"ll'. 69 55'i 2' !i3 34 26 "j 49'4 2'- 964 28'. 4 3 3't 2316 34' 'A 830 14' j J4 142 35 194 43H 319 55't H 3093 S3 ' 424 iTt " 73 7811' 115 74 2' 205 66 H 446 50' 4 44 39 V 234 tf"t , 1023 30J 1 4 75- 'A 129 ini m 831 15 644 4t- Itk. Dlv. Eastern Air Es Kodak 3a EiPaso 1.48 Esmark 1.84 Exxon Cp 6 Peircndl 80 edNtMt .64 FedDSt 1.90 Flrstne .30b FordMt 1.20 ForMck 2.24 ntFds 2.30 n tnftrm 1 jnoj 1S T re I .50O .a Pac 1.20 ietv Oil i iiliette 1.90 Inch 1 54 ioodvr 1.30 :r?.fWAip .ryhnd 1.20 .rumn 1.40 .ultOH 2.50 iulfAWj. .75 HeuOlln 182 Hmstke 1.60 Honeywell J Inco Ltd .72 IBM Co 3.44 In Karv ,30h IntPapr 2.40 WIT4T 2.60 IrvinaS 1.64 ItekCp .15b IU Intl I 10 JohnMv 1.92 ionajont M tolas last Ch't 1290 10' 'A 1805 75H Vi 414 22'i '. 40 JMi vt 42JI 64'. ! J$; a 38 '4 'A 11? V. 820 23'. V. 72 384 774 1520 213 305 64 V. 333 33' 422 1 20 3' ' s 74 25 503 28 V. 4 x24a 65' !'. 437 186 26' '. 236 17' '. & 49'. 4k 152 5'. 87 191 ' 57 254 ' 2043 33 426 1 74 131 JCH K322 41? H 945 W' I 1286 221 4k 5280 56 V 420 li 203 45H US !- 4 S0'4 tfe 18) J8'4 H ! 17' 180 JO'- t 1340 Ik-tt-e 4 Stk. M. tall last Ch'g Kennctt 1.40 k785 57V. 4k KMart .96 1150 21 ' LaneBr 1.10 25 17i Lehm 2.48b 111 14H LevltlFur 1 197 34 ' Litton I 1.40 408 72 1 Lockheed 2090 38' LoewCp 1.20 97 89" ' Lon9lLt 1.86 700 141 LTV Corp $80 23'i Macv 1.75 W SiVt MadF 3.40b 46 21 ' ManHn 2.72 1904 34'il'i MrkWi "llfci MarVId 1.05 142 19'i Mays JW 53 4V4 McDnD 1.04 96 35' ? AAerck 2.60 944 93s 144 MlnMnVf 3 1304 561 AAobilCorp 4 1848 59'j ' .sassfflr B7,a MoroJP 3.10 1112 M -2 A mss if NtlGyp 1.50 (yp 1.50 to 2 20 N'agMO 1.64 K326. NorfkW 2.60 NwStAin .10 116J Nwst n 242 NertonS 1.08 g17 SfiCp ?'.?S 22 OwoCP 1.20 - 352 'Owenld 15 27t PalneWO .44 ,n Pan Am Air 1394 S3- 25 Vt 45'4 1 11" 43' 2 Penney 1 .84 Pennzol 2.20 P9PSIC0 1.46 Pfizer 1.60 Philip Mor 2- PhiiPet 2.20 Itk. Dlv. Salot lait Ch'( 1822 34'4 ' 501 39k ' 1539 341 j 647 48' 1 1292 5214 IV. 1662 391 ' 880 27 283 49? 4 254 1 75 Ik 544 993A Vi 484 25' 76 30'. V. 310 42 V. 2882 44"l 4 96 34H 4k 394 414 4k 1057 37 1' 107 3"7 160 5? 4k 263 87i 1 352 37V 4k -v. 498 19V. 1743 19' Vk Polaroid 1 ProctGI 3.80 PSE8.G 2.44 Ravthn 2.40 RCACp 1.80 Repu Steel 2 Revlon 1.84 Reynlds 2.40 ReynMt 2.40 Rockwll 1.40 Royl Dutch IfRelfs- fit San Fat nd 3 cherng 1.68 :ot caper i rs l JO aSfH.' lytp .ijd Tncp act! 1.62 2.. StdOHCal 2 StauHer 1.32 sien orua i Stevn 1.20a Syntex f.40 Teleorttmo tennco 1 ' texatautt 1 4 5651 Zl-1 I 'A .904 11' V. 2&4 IT' 579 J5 ' 1094 394 V us at it 422 2344 V. 1585 21'- 303 17'A 193 584 764 I4W 95 41' 144. 1544 V. 414- X'M ' Hi fl4k rwco 2 0 5 41' Stk. Dlv. Texas Inst 2 Textron 1.80 Trnsam 1.28 Trans W CP TriCon 1.89b UAL Inc OnCarb 3.20 UriOMCal .90 Un Pac 1.40 Uniroyl Inc U Brand .20b Soles lost Ch'g 130110'. 343 34 957 22"i- 992 25'3- 122 21 "a 928 27'- 724 54'. 4k 1951 33' V 832 584 V 431 81 V 63 Ulk V Ik 4k '. - 'i Itk. Dlv. US Air .06b US Gyp 2.40 U S Steel 2 UtdTch 2.40 WarnerC .48 WarnLa 1.32 WUnlon 1.40 WesthE 1.80 Woolwh 1.80 Xerox Cp 3 Zenith R .60 talas last Ch'o 696 23V '. X68 344k 4 1399 32 'i 902 5844 1132 50'j 4k 923 231k 4k 231 23' Vk 1023 314k 4k 545 24V 1083 574 V 772 191. AMERICAN EXCHANGE A Israel .03e Asamera .40 frl V.5 Champ Hm Pay Mines B8c-pS8 Fronter .20 72 71 48 28 578 44 2il X50 1 1444 28' 59k 24k 27 234 GenovDr .05 15 5 v 7?ir4k V.CO Holda 225 14k Resorttntl A 379 25' Vi Roblntech 11 644 Scurry Rain 1500 50 ' Sotltron Dev 104 I01 4k TraLux .05b 30 Unlmax Cp I 444 " 'in IOO-lK-dlvW1 OIVIDENOS: Are annual unless otherwise identified; (a) phjs extra; (b) paid so tar this year, no regular rate; (c) payment on accumulated dividends; (d) paid last year, no reaular rate; (e) cash p us stock paid in N76; (( cash plus stock paid in W7; jo) annual rate plus stock dividend; (h) paid this year-latest divt- JtT'iaU' !l s,ock Bd 74; (W per cent in stock paid in 1977; (q) m bankruptcy-receivership or reorganiza-VSi W cH,d'Stribution; x) ex-dividend; (wi) when issued; (wtt warrants; (z) all sales infull.

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