New Braunfels Herald Zeitung, December 29, 1987, Page 3

Publication: New Braunfels Herald Zeitung December 29, 1987

New Braunfels Herald Zeitung (Newspaper) - December 29, 1987, New Braunfels, Texas Cross 5/ordSocial Security taxes, benefits increase ACROSS 1 Bunker 5 Go hungry 9 Resin 14 Impetuous 15 Consumer 16 Anoint 17 Toward 18 Ibsen bornan 19 Old tongue 20 Sparse 22 Survivors of the semis 24 Trios 26 Noted Canadian doctor 27 Grouch 29 Fattened 30 Conveyance 33 Calamitous 3 7 City of itaiia 18 Roman judge 19 Commuter RRs 40 Hills 4 I Thug s gal 42    da* agenda 44 BPOf member 4 5 Equality 46 Team 47 Laughs 49 Puckered 53 Unanseer.it ie 57 Rnubarb 58 Abandon 59 Poster 61 Speech part 62 Byways 63 Unused 64 Cipher 65 Opening 66 oft peeved 67 Fencing art DOWN 1 Reliance 2 Dude resort 3    is Born 4 Message 5 Amusement 6    now today 7 comic sad and tunny 8 Permeates 9 Hailed 10 ^aih'ng 11 Caresses 12 Landed 13 Camera part 21 To the point 23 Stouts 25 incubated 28 Harris cnar acier PREVIOUS PUZZLE SOLVED T W I J] ■ s[ c’ uT Mi ■ A S SET A* I ' D .El ■ n' °; s Y I s‘ P[ I*k'e' [p j L j F A s u' r‘ e' HJ d‘e‘s e*d‘ S ■ g[ e' T S] I * EST rV T E L ( [l si [e' T H ( 0 SWM I r' [e[ a' H E I S.T.E P ip a' ' I ’n' V |o[r‘a' P ON [d| A Y E V fs W I *m‘ A P T I (I ■ It' ‘e S [? A V^s O P O [v[ E 'r' mr i' G [it H I 'a' 'n' [c i g' ‘a R E T P A R 'a ■ ii ’t' E R *E a ■ |u[t‘a EV A *s I I * L ‘e *c ' T 0 r‘a*l' SA G *E [s I F *s ’ I E ■ I' APE o'b E ‘s I Is *E ‘E *S I IO *L *E*S WASHINGTON AP Srxial Security payroll deductions go up this week as do benefit checks in a little New Year's gift from the government The increase will boost the tax rate to 7 51 percent from 7 15 percent It means employees will pay an extra $36 to Sexual Security from each $10,000 thee earn A worker who paid $2,000 in payroll taxes on $27,972 in wages in 1987 will have to pay $2,100 in payroll taxes on the same amount of earnings in 1988 a 5 percent increase Employers must pay the same Happy New Year " Social Security Commissioner Dorcas R Hardy said jokingly about the impending tax increase in a recent interview The bite is even steeper for the self- employed. who will pay 13 02 percent next year up from a 12 3 percent rate in 1987 The self-employed pay the combined employ ee-employer tax rate Tunus a 2 percent credit that will hsappt rn after 1989 W’orkei 3 also will pay the tax on income up to $45,000, the cutoff in 1987 was $43,800 While the 126 million workers covered by the program will have to dig a little deeper in 1988. the system's 38 million beneficiaries will find a 4 2 percent cost-of-living increase in their monthly checks this week The pay roll tax w as I percent on in come up to $3,000 when Social becurl tv started in 1937 It sta\ed that wav until 1950 and has risen every few years since then The tax pays for not only Social Security retirement benefits, but survivors and disability coverage as well as most of Medicare It was 3.625 percent on income up to $4,800 in 1963. and 4 2 percent on $6,600 in 1966 when Medicare was added. The wage base the amount subject to the tax — also has gone up every year since 1971 After staying at 7,51 percent through 1989 the rate will climb to 7 65 percent in 1990 Congress voted in 1977 during an earlier pension crisis to raise the tax to 7 65 percent in 1990 Originally, no tax increase was scheduled for 1988 but the lawmakers changed that in 1983 when they bailed the system out of a recurrent fiscal crisis Social Security's trust funds have experienced robust growth since then The old age and disability pro grams now have $67 billion in reserve and Hardy says they will grow by 138 billion in 1988 But in a program that pays out well over $200 billion a year in benefits that is still a cushion of only a few months Social Security s long range plan is to build up a $12 trillion reserve by 2020 the equivalent then of more than five years benefits and then draw it dow n to help pay for the baby boomers retirement years The trust funds will be depleted by the middle of the 21st century 31 32 As,an maid Be* Rte *abi 36 L.»**iong 37 Source ot SO Bend •nformatio'- St Composition 40 y IMO 52 Receiver 42 Mama »• 53 Troubles 43 f 1/11» 54 Orderly 45 Pastiest 55 Vemen city 4' Aa.Ni 56 Sr»e Fr 46 tr orr-bone 60 Came first Dollar falls against yen, pushing interest rates up, Dow Jones a verage down 4- 9 1 I 12 f 13 16 19 / 32 4 -........ My I wn nm 1 wn Au iii . mvA, I -fr* — Stocks r SO .... SI , t, 2 i r .......... 1 ........I 64 iM! In. L s \ I oft) SI « lo1* imMjBnd ' re Arbor *4 % 21 j 21 I ref I 4 ‘ JA » t rn a1 j? $4 N. 53 ■ * Lmoeo I * Ani SOK SB kl I niTel 24', I f8* Al 29 » 3 4 SB Re* i if -*e0 n Ii* 14 4 14 « Ai Mart » 24 4 25 4 25 Lor* Tee as r W est at ► (9 4 4* 4 lf lei, Vt jai •a . m 14 S. \m»i»|> VrtlNoUtli » ZentdiF 14 t NEW YORK AP The dollar fell slightly against the yen today amid reports of intervention by japan's central bank but showed signs of stabilizing after record plunges that chilled a 1 week-old stock market rub ty The dollar s nosedive Monday .gainst Japanese and major Western European currency pushed interest rates up and '.tx* Dow Jones aerage of in industrial stocks down 56 70 points to I 942 97 biggest drop since Dec 3 Currency traders ignored a state ment by the Reagan administration which said further declines in the dollar would be counterproduc live In Tokyo today the dollar closed at 123 SO yen slightly lower than Mon day s close of 123 55 yen but up from its opening of 123 8 yen The Bank of Japan would not of finally comment on its involvement in the currency market but it wa?-vatd to have hough! a small amount of dollars according to Japanese t anking source-- speaking on cond! turn of anonymity In light trading Monday the dollar sank to 40 year ;«‘w* against the yen West tier man mark ''wi» franc and iHitch guilder ami five to six year lows against the British pound d rench (ram and Italian lira The dollar slumped about I 7 per cent against the mark and yen drop ping to 12 7 \en ami I 398 marx-- by ate afternoon rn New york from ‘.26 9 yen late last Knda\ and I marks late Thursday The y leld <*r. the Treasury s key year bond jumped to 8 98 percent tty .ate Monday atterr***! from s 92 per cent Thursdav the last day of trading tieforet hrtstnr.as That helped dampen a rally in >n* ks that had -a-en the Dow tack on nearly 2H points or 11 percent in the prrv tous three week* overall the dollar has taller oni\ at*>ut 4 percent sirxe its 1986 peak sn real terms after adjusting for inflation according to a Manufacturers Hanover Trust Co index that measures the dollar against the currencies of the United States 18 largest trade partners Many traders are convinced the leading industrialized nations have not taken the steps necessary to stabilize currency rates There is a growing conviction among traders that the Group of Seven industrial democracies- merely papered over fundamental disagreements on policy last week when the group said the dollar had fallen far enough Traders believe the Inned states has not cut its federal budget deficit enough and Japan and West tier man\ have not stimulated their economies enough to support the dollar The other Group of Seven members are Britain. France Italy and ( anada The standoff has left the Federal Reserve trapped It needs to keep c redit loose enough to stave off a recession hut has to tighten credit enough to seep t S interest rates at trac live to foreign capital The Fed > in trouble if it does nothing or if it does something said Charles R Taylor an analyst for Prudential Bache securities Inc in Washington I wouidn t want to be in Chairman Man Greenspan s sflcie- \ cheaper dollar helps trim the* s trade deficit by making American made goods more com petitiveiy priced But it also threatens to push up inflation at home amt depress foreign economies that depend on exports to the I S Monday s decline came despite lobar purchases by several major foreign central banks --aid Elizabeth Monaghan a vice president at Mer nil Lynch Capital Market* Right now the White House and the Fed are really just concerned that the dollar doesn t go into a free fail she said Group tp begin training for income tax counselors New Braunfels American Association of Retired Persons Tax Aide Group will begin training counselors Jan ll for the 1988 program Free help for preparing income-tax returns is given to senior citizens low income and handicapped persons A total of 24 hours training will be given at Dittiinger Memorial Library 373 Magazine Six four hour sessions will be given at I pm on Mondays Wednesdays and Fridays for the two weeks starting Jan ll Yale Kalmans Robert Miller Tom Schaffer Yvonne Smith and Frank Streightoff will be instructors Those persons completing the course will join the more than 25 (JOU counselors in the nation wide program of the AAP.P in cooperation with the Internal Revenue Service Persons wanting to participate should telephone Kalmans at 625 1004 Miller at 629-0571 or Streightoff at 629-6320 Last year, the program helped more than 2 million individuals in the United States The Tax Reform Act of 1986 substantially increased the personal exemptions and standard deductions It also reduced two-earner family, long-term capital gains medical, tax interest and miscellaneous deductions Making out a return for a child who can be claimed as a dependent on a parent s return has also been vastly complicated While some persons who filed tax returns for 1986 income need not file for 1987 it is anticipated that those seeking help will not be substantially reduced because of the uncertainly about the income tax law Teen-ager named to panel, faces lawsuit for rally debts i i’«* 1 OI Mr iUAtr gluily *< hr! rut In J\mt •k *u .rf! ti Iii pie* ;KrpuU ► rdVkHf ► IX!Mill a. •. x> x'p i.TK I orpt ‘»nj >v nam -irtl^kt I -arf Mill* ! ,m Motor* .nM.Hr t «,>B*iru ti i . aatvr Af lit \tip* I,ult sui t tUiiburtn Holyday* p n Holly Farm * Houktlnd IHM lntlfaprr * Johnwn K mart» ktoarr * vjt.TN Cp I.it tun I nil I .mrMa Intl I we* lait)) * M< orp Ma VU* n May I»st Merit nam Mobil Monsanto Motorola Navtstar Nynrv PacTel» Penney JI' * Ptkrip* Dud Philip Pet Polaroid * Priment a * Prueti. amt) Pubs NwMv Sabine sFeSouPat sear* Hurt) sherw mW in Smgrr Co -HIU the rn Co SwnlAirl SWM Heil k Sun! ump TNP Eat Tandy Templinid t rennet*) vJTexaco TexAmHnch Tex F ast n O .IL 19 4 to IV I TI S, Ti "* ll • 44 6 44 44k M . 4* 4 » 6 40 44 . 44 44 , 4m . 48 , 48' 8 42 *» it 6 ti* 8 41 4 i. 41 *8 i 4 » VA A .0 8 25*. 24 . A 8 » 25k y, | Mi 3 Ak I l«s 115*4 116* 4.' , 42 k 42 k ©** A-* IK 24 , 24 j 24 . 72 •» ti TI Si SI I a 7lk *913 11 * 17 • I * 18-4 Al 4 18 8 24: • 24 k 24 . 2 *v> f s ai 8! • 8k 20-* A A si ‘* 'N' I a ■ , Wa .ii** -18 k KL* 81 S WI* 40 Ar 40 4 4. 4 k 4 6 (ii * ti *« (Ok A* 25 * A 44 ■* 43*. 43k 4S 44 j 45 13‘» 12k 13*. 24* 24 * 24 « 24 s. 23 , 24 K5 *4 MS 85 * 18k 17k 17k 13** 13*. 13k 47‘j 47*« 47*8 OS. 33k 33k 25 24k 25 45 k 45 k 4 . . 22 i 22k 22k 13N 13*i 13k 33*i 32k 32k 52*4 52 k 52k 18k 18 18 33-, 33*« 33k - 47k 47k UN A Ak J7k 37k 37k 3S 3k 3>« 21*8 Ilk 21k Market mixed in early trading today M W \()Kk SP    I"hr    sit*, k market wa* mixed in early trading today \t id a rn the I Hie J one* average ol su industrial* wa* down 2 2 pointe at I *4* no Inturn*- un tike Big Hoard came to 16 7 million share* U»*rrs outpaced gainers among New y of k Nim k Ex* hutlge listed issues by more than 2 ti) I with 724 lower .at higher and »>2unchanged The rainy performance indicated that trie market wa* stabilizing after Munday s fwftv elide which analv *t* blamed on new weakness in the dollar higher interest rate* on ti** t**nd market ami light holiday trading F cen so the I S currency con tinned edging lower in Tokyo anti Europe sending stt* k* sharply lower in London Dx midday Xt lo a rn ttie SN SF * composite index of all its listed common stocks was down 0 23 at 137 27 \t the American Stock Exchange the market v aloe index sh**! at 256 53, down I ll Home sales decline 'ales o! percent WASHINGTON AP existing homes fell 4 November the biggest drop in five months a* Hie collapse m stuck prices in October apparently dampened home buytng enthusiasm a real estate trade group said Mon day I he National Association of Realtors said its monthly survey Sound that existing single family homes were sold at a seasonally ad justed annual rate of J 41 million units last month after increases of 3 » j»ef« ent in (letot>er and I 2 percent in september It wa* the biggest monthly dei line in *aie* since a 7 J percent drop in June The prue of existing homes deciin cd as well dropping $»*»> to a nation a ie average of $84 Jo* in November I hat price was still 4 7 percent higher than a y ear agt) Vnaiysis blamed the setback in sales on t*>th higher mortgage rates ami jitters over the record drop in stock prices on Get 19 The Federal Home U>an Mortgage tori) said that to year fixed rate mortgage* averaged lu 69 percent .ast week up from lo 55 percent on Nov 27 John Tuc allo chief economist of tilt* assoc.ut ion said he expected fur 'tier decline* in home *ule> in the months ahead AUSTIN AP A teen-ager facing legal problems because of debts run up by a Texas anti drug crusade he heads was appointed Monday to the White House Conference For a Drug Free America Bobby Heard 19 of Round Rock is one of the youngest people to receive a presidential appointment A founder of the Texas Just Nay No Foundation he was named in a lawsuit filed last December Heard s legal problems stem from several thousands dollars in Jebts incurred when he was organized and conducted a national Just Say No campaign rally in Austin in september 1986 The anti drug campaign s national spokeswoman is first lady Nancy Reagan Heard a sophomore at the I niver shy of Texas at Austin has said the situation is a nightmare All I was trying to do wa* help little Kids say no to drug* he told the Austin American Statesman last summer ( alls by The Associated Press to Heard in Austin were not answered this morning Zeta Angelich owner of Z 111 Pro ducttons sued th** national Just Say No Foundation last December and named Heard in the lawsuit because he is the group s agent Angelich said Heard hired her to organize the anti drug rally but she said he has failed to pay her $7 (Mkt for her work Hubert Gill of Austin Angelich s attorney said Monday he will ask for a court date in the case because Heard has failed to make full pay ment There have been some pay ments to her so we have just let it drag along But there are still pay ments due ' he said Angelich is owed an estimated $3 <juu to $4 uuu Gill said Austin attorney Rusty Busby is seeking more than $2.5uu ne claims Heard owes Joyce Isaacs who handled public relations for the anti drug rally We demanded payment on it back rn May ” Busby said He kept pro mising to pay but never did ” Heard also is a member of the Statewide .Advisory Council of the Texas Commission on Alcohol and Drug Abuse ^TAX DEFERRED INTEREST up to 9.00% Fire at missile plant kills four BRIGHAM TITN Utah AP Fire broke out today at a Morton Thiokol Inc building where work on a stage of the MX missile is done and four workers were killed company officials said Rocky Raab spokesman for the company said th** fire broke out at 6 2U a rn at the plant 25 miles west of Brigham City The blaze erupted during remov a1 of casting equipment from a loaded first stage motor fie said Raab said four workers were killed and one in jured. and the building was destroyed The fire was put out shortly after ward said Tom Russell, vice presi dent of corprorate development and strategic planning at company head quarters in Chicago it s not something that s threaten mg the entire facility,’ he said Russell said the fire was rn a strategic area” three to four miles west ol the plant administration building The company * Wasatch Opera lions were on a limited staffing holt day work schedule so there were very few people in that area at the time of the fire,’ Russell said A spokeswoman at Brigham City Community Hospital said a man was taken there from Morton Thiokol and later flown to the University of Utah s Intermountain Burn Center in Salt l-ake City Morton Thiokol. which manufactures the space shuttle booster also produces rocket engines at its Wasatch Operations Nuclear warheads for the MX dubbed the Peacekeeper by the Reagan ad ministration are produced elsewhere Tin* Air Force announced in July it had dec ided to withhold IO percent of monthly contract payments lo Mor ton Thiokol Inc Bi* I ore you buy another Certificate of iJeposit disc-over the advantages of a Tax Deterred .Annuity ALSO MAKES AGREAT IKA KOK A KRUK INK! IKMATlON RAC RKT CALI TEXAS EQUITY RESOURCES HENRY F. GOEKEN 7400 BIAN* O KU SUIT* III • SAN ANTONIO TX 78216-4*61 (512)346 OSM Hwrald-Zritung /    Sunday tno nu nj}, I ut*day, Ii tdnt 'tiny. Thur*tlay and f ndm ‘' '• ’ * *’• - ’ I A * I, HriiunttU Hr 7.* if u ny, ?0? I undo St ar P it ' 11*2* Si * Hrnunttlt. Itnu 7MIS1 MIM St cit mi ('Im,* //.--fay* paul bt, St u Bryant, i< ll* ra d 7*iluny at St u Hraunt, I*. T*xa» UA VU) KHAM rn Editor anti Publisher M I WM I ASA I KH .4 eft ny 3/un«iyiny Editor Uh HORAH I AW Rf V ( h Off ut Stand y. r VI SOI HITI ER R» tail Ad , rt\*\ng S/ inatjt r CHER YI lh. VAI I Clat sifted Manager ( AROI A S ERY ( • rculd t ton St a nay* r MAGGIE LOM BAR Uo ( om position Foreman ars El HH Prt isroom Fort man Ca***# r d t ti vt ry in Comal, (ikaiialuf* Hay*. Hlanco and Ktndall eau nftts thr.i month* fill IS. *u month* Sl'ffti, out yr ar SSL Stator ( itut n* [htcounl learner dtltvtry only tis montht, flew, on. mar. $2? IKJ Matt tit Ii'try out* ult Comal County. I* Ttjrm thr*» month*, SIM (Kl, *u month* SSI io,, year, SSO Mail outttd* T* xu* ill month*. Stt, <m* ytar, S?0 lf you hail not received your neutpafHr by SSO pm Tu**day throuqh friday, or by ? SO aw Sunday, call (HS HU* or tiSM HHH) by 7pm and ll am rtsft* ctn* ly Ro* (ma* ter St nd addr,** chanst* to PO Oruutr S11SIM \« u Hruunft I* Texas IMS! 13th et iO»tl««#8t U8'«8I**I ■MOV 9.22% Que>tufts st is ta#, * ,*ll»4*8l ‘"-•■ft Cf,U, . , • O' Orpovl ii MC S M OM •• (Hmm** IX 2* ti 8.55% iaswrea irac-ai im. urn, I a• tree • Mo«u ,** Ital* 8.00% lf.#.- NI*. •*    A*.    «    ,•»    O    *►    4    JI* ^ im* Aaa 81 OCN Mali'ame* Wan 9.75% 8 lava* aa A 'ala* Car* Boa* • •federal regulation* require a substantial interest penalty for early withdraw) STOCKS BONDS-MUTUAL FUNDS INSURANCE ANNUNITItS Stan Cunningham 1000 N. Walnut Sutta F New Braunfals. Tx. 71130 129-0095 SS Edward D. Jones & Co. ;

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Publication: New Braunfels Herald Zeitung

Location: New Braunfels, Texas

Issue Date: December 29, 1987

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