national
Battalion/Page 9
February 25, 1982
ledia expert optimistic about publishing future
Sales of textbooks up despite budget cuts
il
United Press International
iW YORK — Textbook
ishers may be worrying
lessly about, the impact on
' , business of the Reagan
Snistration’s cuts in student
nd other funds for educa-
media analyst J. Kendrick
Hie, Jr. says.
[Noble, of Paine Webber
i litchell Hutchins, Inc., recently
completed a detailed survey of
the textbook business as part of
the comprehensive Book Indus
try Trends study that sells for an
impressive $995 a copy.
His conclusions are more
optimistic than the consensus of
publishers’ forecasts he has
seen. Noble said he is perhaps
the only Wall Street analyst who
makes a specialty of the textbook
[alaries greater,
t workers make
ss big purchases
business where he worked until
about 15 years ago.
His conclusions pointout that
federal outlays for education
other than direct student aid
actually have hurt textbook sales
in the past because much of the
federal funding hay gone into
audio-visual materials and com
puter software which must be
regarded as competition for tex
tbooks.
Noble said actual textbook
sales were up 6 percent in the
last school year, about in line
with his forecasts, whereas pub
lishers’ forecasted gains of 3 per
cent to 6 percent. In the current
year he is lorecasting a 10 per
cent gain and the publishers’
consensus is about 6 percent.
Among other conclusions.
Noble found:
— The proportion of female
college students is up sharply,
and the females tend to rely
more on textbooks and buy
more books than male students.
— The median age of college
students has risen to 22 and the
average age to 26; and the older
students are, the more willing
they are to buy and read tex
tbooks instead of depending on
lecture notes and comparing
ideas with other students.
•— Full-time students buy
more books than part-time stu
dents, which is hardly sur
prising.
— Students taking profes
sional and vocational courses are
better textbook customers than
liberal arts students who prefer
library research and lecture
notes. This factor is so impor
tant, Noble said, that he predicts
professional and textbook sales
will grow about 21.4 percent a
year for the next five years.
Contrary to the intent of Con
gress, the large flow of federal
funds from 1966 on did not aug
ment state and local funds for
textbooks,
them.
it merely replaced
ON CAMPUS INTERVIEWS
MARCH 12
In Los Angeles,
Jnited Press International
[nilies with full-time salar-
torkers earned more but
buy less last year — a sign
fiscal hard times further
Led in a drop in orders for
items like cars and re-
rators.
the median earnings of
families rose to $442 a
[during the fourth quarter
B8l, the Labor Depart-
Js Bureau of Statistics re-
|d Tuesday. It represented
roercent rise over the same
Id for 1980, but a 2.6 per-
irop when adjusted for in-
i.
the same time, the Com-
I Department reported the
pf orders for so-called “big
I” durable goods — large
prues, cars and household
— dropped another 1.5
jnt in January.
Lis continued a downward
that has been going on
oto by SumualjPjuly at an average of a 2.2
H|n! drop a month.
Analysts have blamed severe
ips by forastnijiry weather as well as reces-
another madBor the sputtering economic
ttisl ICS.
,Cle of the things the admi-
Htion tried last year to help
B)me of those suffering with
Ises in inct
m
“All Savers” certificates — may
be dumped.
Treasury Secretary Donald
Regan told Congress the admi
nistration has tentatively de
cided not to try to extend the
certificate beyond December be
cause the deposit account is still
not well understood and is not
helping savings and loans as was
intended.
There was a positive econo
mic note Tuesday when the na
tion’s largest commercial banks
lowered their prime rates to 16.5
percent from 17 percent in re
sponse to a sudden downturn in
the cost of their money, but
analysts said the road to lower
interest rates is likely to be rocky.
Citibank, ranked second jh
size, led the way to the 16.5 per
cent prime and was followed by
all of the largest banks, includ
ing Bank of America and Chase
Manhattan, Nos. 1 and 3, re-
spectively.
The cut in the prime came less
than a week after the banks
adopted the higher rate.
Paul Volcker, chairman of the
Federal Reserve Board, said the
Reagan administration must cut
spending to reduce budget de
ficits or interest rates will rise
again and block the economic
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Scotland
COLLEGE OF AGRICULTURE
DEPARTMENT OF AGRICULTURAL EDUCATION
MAY 15-29
Course offered in Agricultural Education
Contact: Dr. Gary Briers 845-2951
COLLEGE OF ENGINEERING
MAY 13-31
Study Tour (Non-Credit)
Contact: Dean Leroy Fletcher
845-7270
England
COLLEGE OF BUSINESS ADMINISTRATION
DEPARTMENT OF MANAGEMENT
JULY 13-AUGUST 13
Courses up to 6 credit hours
Contact: Dean William Mobley 845-4713
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DEPARTMENT OF EDUCATIONAL CURRICULUM & INSTRUCTION
MAY 24-JUNE 28
Graduate/undergraduate level courses
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COLLEGE OF
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COLLEGE OF ARCHITECTURE
MAY 17-JUNE 18
Selection of courses open to all
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Contact: Dean Daniel MacGilvray 845-1285
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DEPARTMENT OF EDUCATION PSYCHOLOGY
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