The Cincinnati Enquirer from Cincinnati, Ohio • Page 13

EDITOR: JACK THE CINCINNATI ENQUIRER TUESDAY, AUGUST 1 8, 1 992 B-5 Ml Amex stocksB-6 Mutual fundsB-8 NASDAQ selectB-7 NYSE stocksB-6 SEAMONDS, 768-8477 BOS Retirees pay more for health care Portfolio Retiree medical costs have become a dominant theme in the problems of a number of financially troubled companies. LTV for example, which has been operating in bankruptcy, will switch many employees and retirees to a less costly benefits program. The change is a key part of the large steelmaker's plan to reorganize. Last month, money-losing truckmaker Navistar International Corp. asked a federal court for permission to slash medical benefits for 40,000 retirees and dependents.

The company said that would cut health-care costs by $90 million, or about 71. 3450 3400 3350 3300 a250z HBE 32ooLlil LTJmLJLJLJE 6 7 10 11 12 13 14 17 10 11 12 13 14 retiree benefits, 47 said they had either raised retiree contributions in the last two years or plan to by 1993. Forty percent have increased cost-sharing provisions in the past two years, or intend to by 1993, the survey said. At the same time, some employers are making it more difficult to join a plan. Twenty-one percent said they have tightened eligibility requirements for retiree health programs or plan to within the next year, the survey said.

The survey also said the number of employers requiring retirees younger than 65 to pay the entire premium for individual coverage rose in 1991 from 19 to 23. employee-benefits consulting firm in Princeton, NJ. Enrollment in company retirement plans is growing quickly as the population ages. The number of people 65 and older represents 12.7 of the population and will rise to 16 by 2020, Census Bureau data show. As a result, many companies are shifting more of the cost for health coverage to retirees.

Nineteen percent of employers made retirees 65 and older pay the full premium in 1991, up from 16 the year earlier. While 12 of employers surveyed by Foster Higgins said they had improved Insurance costs up 9.3 in '91 THE ASSOCIATED PRESS NEW YORK A growing number of U.S. companies are reducing medical benefits for retired workers and making them pay a bigger share of the spiraling cost, according to a survey released Monday. The average cost of retiree medical plans for U.S. companies rose 9.3 in 1991 to $2,486 a retiree, said the survey of 1,380 employers by Foster Higgins, an Aug.

Dow Jones 30 Industrials Daily highs, with closet at arrow tip Cincinnati Stock Exchange volume 2,151,700 Giving a modern pyramid its skin Local firm helps build Vegas hotel Stocks mixed in light trading Stock prices finished mixed Monday in light summer trading as market participants took a cautious view ahead of the Republican convention. The Dow Jones average of 30 industrial stocks fell 4.05 points to 3,324.89. But advancing issues outnumbered declining ones about 9 to 7 on the New York Stock Exchange. Volume on the floor of the Big Board was a low 152.75 million shares as of 4 p.m., down from 166.17 million in the previous BY MIKE BOYER The Cincinnati Enquirer If the ancient Egyptians were still around, they'd be envious. It took them decades to build expands board their pyramids, but Las Vegas resort operator Circus Circus En terprises expects it to take only 18 months to assemble its $325 million glass-and-metal version called Luxor south of the Las Vegas strip.

Procter Gamble Co. Monday said it increased its board of directors from 18 to 19 members and elected Donald Beall, chairman of Rockwell International to its new directorship. He has been Rockwell's chairman and chief executive officer since 1988. The unusual project is getting a big assist from Cincinnati-based Waltek, which designs and fabricates exterior wall systems for Beall 3 3J nor T-bill rates fall Interest rates on short-term Treasury securities fell in Monday's auction. The Treasury Department sold $11.6 billion in three-month bills at an average discount rate of 3.10, down from 3.13 last week.

Another $11.6 billion was sold in six-month bills at an average discount rate of 3.18, down from 3.19 last week. An architectural model of the Luxor, south of the Las Vegas strip. The lowdown on Luxor A look at at Luxor, the Egyptian-themed hotel casino where Cincinnati-based Waltek Is acting as subcontractor providing the external glass wall cladding. Design: A 30-story bronze glass pyramid named after the ancient Egyptian city of Luxor. Architect is VekJon Simpson of Green Valley, Nev.

Owner: Circus Circus Enterprises which owns seven casinos on the Las Vegas strip including the Excalibur and Circus Circus. Cost: $325 million, all to be paid through Circus Circus' internal cash flow. Features: Inclined elevators that travel up the slope of the pyramid, a series of fantasy adventures incorporating movie technology and exotic scenery such as a full-size replica of King Tut's tomb. Details: Three entertainment levels, seven restaurants, 2,500 guest rooms and a 1 arena. high-rise buildings.

The company has a contract worth several million dollars to provide the exterior metal-and-glass skin for the 30-story Egyptian-themed hotelcasino. The Luxor is one of the largest metal-and-glass building projects ever attempted, and it's one of the largest projects for Waltek, which specializes in that type of construction. Working with building architects and general contractors, Waltek fabricates custom exterior wall systems whether glass, stone or metal for high-rise buildings. "We are one of the four or five companies in the country doing these type of custom cladding systems," Dennis J. McGonegle, Waltek's vice president of sales and marketing, said.

Keith G. Smith, Waltek president, said that while a number of companies provide standard wall systems, few have the specialized engineering skills to develop the custom treatments sought by many architects. Smith, a former branch manager for Pittsburgh Plate Glass started Waltek 11 years ago. In the Cincinnati area, for example, Waltek's projects have included the 312 Walnut building, the Cincinnati Commerce Center and smaller projects such as the Building Technologies structure in Mason and Lake Forest Plaza in Blue Ash. Waltek started as a regional subcontractor doing work for local contractors and architects.

The company, which employs 165 at its headquarters near Fairfield, has satellite offices in ESSIQ Alexander zjjr- Armco appoints 2 A turnaround specialist and a long-time Armco Steel Co. executive have been named vice presidents of the Middletown, Ohio-based steelmaker. Mark G. Essig, The Cincinnati EnquirerTony Jones 34, formerly vice president and chief financial officer at Washington Steel was named vice president for employee relations and assistant to the president. David F.

Alexander, 52, formerly Kenneth Kasee of Lockland works on a framing system for exterior wall cladding at Waltek's plant in Forest Park. assistant to the president for employee relations, was named vice president for design engineering. sells stock the project. Initially, all Waltek knew was that it was a 30-story building, called Project X. "When we got the blue prints, we unrolled them, and I said, 'My gosh, it's a McGonegle said.

Waltek's specialized engineering capabilities have helped it weather the slowdown in the commercial real estate market. Although the privately held company doesn't disclose revenues, sales are expected to be 25 ahead of last year, McGonegle said. tion shop in Forest Park are already cutting and assembling the specially designed aluminum extrusions which will hold the plastic-laminated glass covering the pyramid. The 10-foot by 7-foot aluminium frames will be shipped to Henderson where the glass will be installed and the panels attached to the building's frame. Waltek first learned of the Luxor project in February wjien it was approached by Perini Building a Framingham, general contractor that was one of a handful of bidders on guests from the registration desk to elevators.

Waltek is to begin delivering the first of about 8,000 glass-and-aluminum panels to the hotel site by early November, and the entire exterior totaling about 13 acres of glass is to be completed July. "We're on a very aggressive schedule," McGonegle said. Workers in Waltek's fabrica Nashville, Raleigh, N.C. and now Henderson, where final assembly for the Luxor project will be handled. The timetable for the project is particularly tight.

Ground was broken for the hotelcasino in April, and it is scheduled to be open in October, 1993, complete with a "River Nile" waterway to float Cincinnati Gas Electric Co. Monday said it sold 800,000 shares of cumulative preferred 73s series stock at $100 a share to Morean Stanley Co. The proceeds will be used to refund cumulative preferred stock outstanding. Compiled by Mike Boyer from staff and wire reports Cons let their fingers do the thieving Local ad executives start their own firm Protect calling card with tips Don't share your credit card number with others. Guard it like you would your other credit cards.

Don't give your credit card number to people claiming to be telephone security. Report lost or stolen cards. Call your long distance carrier directly if you suspect phone fraud. THE ASSOCIATED PRESS Tips from the nation's three major long-distance carriers on avoiding telephone credit card fraud: Memorize your calling card number. Be aware of people loitering around pay phones.

Stand directly in front of the phone to key in your credit card number and punch it In fast. UjJ 45 said that for every call made overseas, or its competing carriers must split the cost with the telephone company in the other country whether the U.S. firms can collect their money or not. As with bank credit cards, telephone-card customers face limited liability when their card is used by thieves. A consumer or business has to pay only the first $50 in fraudulent calls.

The most popular time to use stolen credit card numbers or gain illegal access to a phone system is during a three-day weekend. No one at the company catches the calls until Tuesday morning. That's what happened at the Christian Broadcast Network in 1987. During a long weekend, someone using a pay phone in Brooklyn charged $40,000 in calls to Pakistan to CBN's telephone system. CBN contested the bill with and never paid the charges.

Seifert Backley Phone-card fraud costs billions THE ASSOCIATED PRESS WILLIAMSBURG, Va. Jess Behringer took the steps suggested to keep from being a victim of phone fraud. Behringer memorized his phone-card number. He used it only if he could quickly punch it into the phone. He wouldn't give it to an operator.

But someone pirated Behrin-ger's number when he was at a pay phone at Grand Central Station in New York and used it to make thousands of dollars in calls to several foreign countries. "You try as hard as I do to realize this goes on; when it does, you feel like you've been violated," Behringer, director of Williamsburg Shops at Colonial Williamsburg, said. Telephone fraud is becoming a agency's accounts, Backley said. BY PATRICIA GALLAGHER The Cincinnati Enquirer Two prominent Cincinnati advertising executives are establishing a new ad agency six weeks after leaving the local office of advertising shop Fahlgren Martin. Vince Backley will serve as chief executive officer of Backley Seifert Advertising, and Tim Sei-fert will be president.

The firm does not have any clients. The agency will have a "singular focus" on advertising, Backley said. It will not offer public relations, direct marketing or other services, he said. "We will focus on creating and placing advertising that builds brand equity and drives brand growth," he said. The firm will target some of the same type of clients as Fahlgren Martin but will not try to steal that to $3 billion a year, Snyder said.

Those who obtain card numbers illegally often sell cheap long-distance calls, especially to recent immigrants, Snyder said. Other likely customers are drug dealers, who want to make calls that can't be traced to them. "Some of the people selling calls on the street are making hundreds of thousands of dollars a year," Snyder said. Andrew Myers, a spokesman for billion dollar, black market industry as more thieves let their fingers do the walking to what's known as a "five-finger discount." "A lot of companies are not aware of the fact that there is such a huge criminal element out there trying to steal calls," Jim Snyder, a special counsel and investigator for MCI, said. Estimates of the cost to businesses and the phone companies from fraud range from $1.2 billion Backley and beuert left rahl-gren Martin, Cincinnati's second largest ad agency, after a dispute about growth strategies.

i Backley had been with Fahlgren Martin for more than 22 years, serving as vice chairman since 1984. Seifert spent 15 years there and had been managing director for the Midwest since 1986. Backley Seifert will operate at 419 Plum St. downtown..