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Show The SaltLake Tribune Page B-4 BUSINESS @ CONSUMER CORNER/B-5 @ UTAH BRIEFS/B.5 @ BUSINESS GLANCE/B-6 DILBERT/B-8 @ TRADEWINDS/B.8 FAST TRACK Ambitious Nebraskateen already on way up Sears career ladder/B-5 WEDNESDAY, SEPTEMBER9, 1998 Greenspan Speech Sends Market Into Frenzy Indicators Do’ Industrials NYSE Fed chairmansignals possible interest-rate cut; 508.59 +22.28 BY BRUCE MEYE THE ASSOCIATED PRE SS NEW YORK — The Dowindustrials x The Bloomberg Utah Index measures the stock performance major publicly | of the state's held companies. | USS. stocks surged Tuesday, sending the DowJones industrial averageto its biggest point gain ever, after Federal Reserve Chairman Alan Greenspan signaled the possibility of a reductionin ee economy slows Survey: Employers Want | the record of 9,337.97 set less than two months ago on July 17. Tuesday's rise eclipsed the Dow's rec- 9,700 afterits record plunge. 9,100 7959.57 ord 337-point bounce on Oct. 28, a day The technology-heavy Nasdaq com- surged 5 percent higher, rising 380.53 to 8,020.78, a record one-day point gain that nearly wiped out last week's losses. The buying frenzy followed a speech Friday evening by Alan Greenspan in which the Federal Reserve chairman signaled that the central bank maycut in terest rates to offset the drag from economic turmoil gripping Asia and Russia. ‘Part of me says the forcesof light and Human resource managers throughout Utah say employers garding whether their employees can bring weaponsto work, according to a surveysponsored by the UtahSociety for Human Resource Management state council The surveyof 280 members of Utah Society of Human Resource Management-affiliated chapters also found most businesses have or are likely to adopt policies precluding employees from bringing weapons to work. inflationary pressures were too strong in this country to fuel new demand with a The main reasonsidentified for such policies are employee safety, preventing workplace violence and general workplace safety concerns, according to the survey. ting closer to home, threatening to engulf Latin America and Canada, Greenspan said the Fed is growing more worried about the impact.on the U.S. should be going up. But the other economy. investment strategist at Gruntal & Co. The leap back above 8,000 came just a week after a steep selloff, including a 512-plunge last Monday, that pushed the Dowbelow this year’s starting point, Some analysts saw dangerin the Dow's dizzying climb. Bill Meehan, chief market analyst for Cantor Fitzgerald, warned that Tues- 7,400, But even day’s rebound could be a “bear market The survey, conducted from June through August, showed 60 percent of businesses represented in the society have policies against employees bringing weapons to work. And 67 percent of businesses that do not have a policyplan to adopt one, the surveyfound. Thesurveyalso showed that employers overwhelmingly — 81 percent of those questioned — want to be able to set their own policies regarding weaponsin the workplace rather than having themdictated legislatively. Nearly 75 percent of the employers surveyed haveat least 100 workers. Marmon/ Keystone Expands Marmon/ Keystone Corp. of Butler, Pa., is expandingits Salt Lake City facility. Thedistributor of carbon, stainless, aluminum and nickel alloy tubular and bar products has broken ground for a 55,000-square-foot expansion. The $3 million project will extend an existing warehouse. It alsowill include construction of a second warehouse, a sawbuilding andan office. The companysaid additional space is needed to accommodate its 1997 acquisition of Pipe & Tube Inc, of Salt LakeCity. That company, along with the exist- ing Marmon/Keystonefacility, will be consolidated into the newcomplex. The acquired firm’s two Utah branches have been renamed Mar- mon/Keystone Pipe & Tube and Marmon/Keystone Valve & Fittings. A third location, Marmon/Keystone Silver State, will remain in Elko, Nev. Small-Business Index Down A small-business index designed to gauge the business environment for small companies declined in August The index, compiled by Zions Bank, registered 96.6 last month, compared with 97,6 in July. It monitors a dozen factors such as the unemployment Tate, the cost of borrowing money and the cost of leasing space. A higher index is associated with more favorable business conditions for Utah small companies. Zions Bank uses 100 for the calendar year 1997as its base year. The bank attributes the downward movein the index to a decline in the unemployment rate to 3.3 percent in August from 3.6 percent in July. The rate has been as low as 2.8 percent earlier this year. Utah's small tusinesses struggle to recruit and retain employees when the unemploymentrate is low, said Jeff Thredgold, an economic consultant to Zions. well-used, in additionto considering usual criteria such as pay, child-care bene- concerns and the actual help offered to workers, “A lot of companies are instituting programs,” said Betty Purkey, work-life manager at Dallas-based Texas Instruments. ‘Just doing that doesn't make a wholelot of difference.” A landmark studypublished this summerbythe nonprofit Families and Work Institute found that nearly 40 percent of human resource representatives said their company didn’t make a “real and ongoing” effort to tell employees of theinstitute found At the same time, research has revealed thata flexible work environment — allowing employees the autonomy to balance their home and work lives — leads to greater productivity and em- on flexible work arrangements to em- their boss will be madortheir careerwill phasize how to make themsucceed, won a spot on the prestigious list. The magazine does not rank the Top 100, but lists 10 companiesas exceptionallyprogressive. They were Citicorp/Ci- be hurt if they do so, Often, their worries are well-founded; even progressive companies have closed-minded managers. “You can haveall these programs, but if employees don’t feel safe, nobody will this is a Band-Aid approach or a public- relations effort.” 1998 tibank; Glaxo WellcomeInc.; IBM; Johnson & Johnson; Eli Lilly; MBNA America; Merck & Co.; NationsBank: SASInstitute and Xerox. step forward and use them,” said Joan The changes in the magazine's annual list come as growing attention is being list Crockett, senior vice president of human resources at Northbrook,Ill.-based Allstate Insurance, also named to this year's To tell managers that Allstate is seri- Knight-Ridder Tribune the worst has beenseen.It builds confidence again and gets themto put cash into the market and watchit disappear.” vorites General Electric, up 6 to 81%, and McDonald's, up 6 5/16 to 64 7/16, Likewise, among leading Nasdaq tech- Predictably, financial and technology nology names, Dell Computer rose 5 shares played prominently in Tuesday's rally after being punished repeatedly for 3/16 to 59 15/16, Intel rose 3 21/32 to their heavy exposureto foreign markets, 81 29/32, and Microsoft rose 5 11/32 to American Express rose 6% to 80 and 101 31/32. Questar Faces New Charge of Friends of Working Moms Underpayment The 10 exceptionally progressive companies from Working Mother magazine's list of the 100 best companies for working mothers: BY GEORGESTORH & Citicorp/Citibank & Glaxo Wellcome a IBM & Johnson & Johnson & Eli Lily & MBNA America & Merck & Co. BLOOMBERG NEWS WASHINGTON — The U.S. Justice Department is studying allegations that dozensof natural-gas and pipeline companies, including Salt Lake City-based Questar Corp., fraudulently understated the value of gas extracted from feder- al lands. Theallegations are contained in a set of 77 lawsuits filed by Jack J. Grynberg, a natural-gas producerwith a history of suing others in the industry. The Justice Department asked at least & NationsBank someof the companies, including Ques- tar and PG&E Corp., San Francisco, respondto the charges,officials for those companiessaid. Although manyofthe chargesare not new — they werecontained in a related lawsuit filed in 1996 in Washington, D.C. — the Justice Department's potentialinvolvementadds a new wrinkle. Under federal law, whistle-blowers ous about being family-friendly, the companygives all new managers three daysof training on how to foster a supportive work environment. Allstate managers’ merit raises are also partly based on employee surveys charging fraud against the government may sue on behalf of the United States and share in any recovery. The Justice Department can take overa caseifit believes the charges have merit. thatsincelast year have included a question on whether managers promote a family-friendly atmosphere. At DuPont Co., the chemical giant based in W Del., re So far, that has not happened in the gas case. According to a Questar regulatoryfiling, the departmentis asking for moreij ion from the i and has not madea decision about join- evaluated on whether they support work-life goals, and some departmental managers must take a mandatory course ‘on using flexibility as a business tool. ing the lawsuits. A Justice Department spokeswoman did not have any comment based in Nutley, N.J., holds decisionmakers accountable for helping women prive the U.S. governmentofroyalties. Drugmaker Hoffmann-La Roche, Grynberg’s original complaint listed 10 methods he said companiesuseto de- advance by identifying talent. It then goes onestep further, holding the executives accountable for ensuring that the derstate the value of gas by measuring samples taken from locations where the women progress. Executives must report fuelis likely to have a low heating con- quarterly on their efforts. “Programsare interesting, but what works is holding people accountable,” said Stephen Grossman, vice president of humanresources. “You get what you measure.” Some companies, Grynberg said, un- tent, or by measuringonly lighter-weight ydrocarbons such as methane. “It is just unthinkable that the entire gas industry is engaged in this vast conspiracy,” Questar General Counsel Gary G. Sackettsaid. Come Sept. 20, You Can’t Just Dial 801 Anymore When Calling Utahns Outside the Wasatch Front Beginning will have to dial the new 435 area code to reach numbers outside Weber, Morgan, Callers must use 435 area code outside of Weber, Morgan, Davis, Salt Lake and Utah counties BYSTEVEN OBERBECK THE SALT LAKE TRIBUNE 1-435. Its time has finally come. On Sept. 20, Utahns will no longer have the option of using the 801 area code when making long-distance calls to areas outside of Weber, Morgan, Davis, Salt Lake and Utah counties. Callers will have to use the 435 area code or they will get a prompttelling them to hang up and try again. “About 30 percent of the telephone numbers in Utah will be affected by the area code change,” says Michael Frand- sen, spokesman for US WEST. “Most are in the rural areas ofthe state.” Utah was divided into two area codes early last year after US WEST expressed concern it was about to run out of telephone numbers for the 801 area code. “About 30 percent of the telephone numbers in Utah will be affected by the area code change. Most are in the rural areas of the state.” M IBM rose 6% to 125% as two of the Dow's biggest gainers, along with fan fa- available work-family programs. Computer-chip maker Texas Instruments, which is also revising a seminar burn.“Youhaveto look hard at whether A Further, only 44 percent of companies hold supervisors accountable for sensitivity to employees’ work-family needs, ployee loyalty. Yet building a truly flexible or familyfriendly work environment usually means changing corporate culture, which has traditionally focused on rewardingface time rather than productivity. Even if programsfor job-sharing exist, for example, workers are often reluctant to sign up because they worry that fits and flexibility. “We're digging little more deeplyto try and get at the culture, and how they're addressing these issues,” said the magazine's deputy editor, Deborah Wil- M trap” for investors if they “believe that Working Mother magazinescrutinizes companyculture in compiling annual list of most progressive employers paid to the gaps between the widespread corporate rhetoric given to work-family oF SOURCE: News reports Truly Family-Friendly Firms Go Beyond Rhetoric to Action soon begin taking a class on making decisions based not only on business needs, but on workers’ needs. The effort is part of a growingrealization by corporate America that to be family-friendly, a company can’t just set up programs on paper and wait for employeesto sign up. Reflecting this growing shift, Working Mother magazine has changed the wayit compiles its annual list — published Tuesday in its October issue — of the best 100 companies for working moms, For thefirst time, the magazine has considered whether companies give work-life training to managers and whether managers’ pay is linked to their effectiveness in dealing with suchissues. The magazine also gavecloser scrutiny to whether work-family programs are Dec. 31, 1997 J cutin the central bank’s lending rates. But with the trouble abroad nowhit- reason have returned and the market BY MAGGIE JACKSON THE OCIATED PRI Managers at Texas Instruments will July 17, 1998) 337.97 All-time high marked a shift in Fed thinking. Until now, Fed officials had maintained that To Set Own Weapon Rules should be allowed to set policies re- a} posite index soared 6 percent, jumping a record 94.34 points to 1,660.86, as Wall Street joined a global rally that began overseas on Mondaywhile U.S. markets remained closed for Labor Day. Greenspan's speech Friday night The Dow Jones industrial average 7,908.25, and as lowas The Dow soared more than 380 points Tuesday, the biggest single-day point gain in its history. with its sizable bounce, the Dowis still about 1,300 points, or 14 percent, below gained a record 380 points on Tuesday, vaulting back into positive territory for the year, amid hopes the Federal Reserve will protect the economy from a spreading financial crisis abroad Utah’s Top Performers * A Mighty Rally Dow’s 380-pointgain is biggest one-day bounce liferation of fax Davis,Salt Lake and Utah counties. Those calling numbers inside the area will still use the old standbyprefix 801. modems and cellular phones is exhausting the supply of available 801 numbers, Mecham says. The PSC originally planned for the 435 area code to become mandatory earlier, but the grace period was extended while federal regulators took another look at the state's area code plan. Michael Frandsen Spokesman for US WEST TAS Since then, callers have had a grace period with those in the five not county area ableto use either 801 or 435. The grace period ends Sept 20. The Public Service Commission had no choice but to treate the new area code, says PSC Commissioner Stephen Me- cham. An increasing population and the pro- And in March, the PSC extended the grace period six months after Tel Ameria, a provider of both in- and out-of-state long distance service, requested addi tional time to get ready for the new code. Since in-state telephonecalls using the 801 or 435 area code would be billed by US WEST,Tel America wanted to make certain it got credited whenever its customers are making the calls. Mecham says Utah should not have to consider additional area codes for at least nine years. l San Juan ‘The Salt Lake Tribune |