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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Jun 02, 1998
Page
5
The daily stock and mutual fund listings return to the Herald-Journal on AQ page after a two week suspension. Teachers report reliance on the listings to monitor investments while readers are urged to continue using the Herald-Journal and Sunday Herald American for updates.
M&T Bank Corp becomes the new name for M T’s parent, moving from the American Stock Exchange to the New York Stock Exchange under ticker MTB. The Buffalo based bank, post merger with OnBank in April, operates 256 branches across New York and Pennsylvania.
Niagara Mohawk hikes junk bond sale to 3.45 billion to back a major buyout. The utility plans a near record debut in the high yield market, aiming to mobilize funds for the transaction and strengthen balance sheet amid market volatility.
Niagara Mohawk Power Corp plans a 3.45 billion junk-bond sale to fund a buyout of 27 costly independent power producer contracts. The move restates 1997 Q4 earnings, postpones the June 23 annual meeting to June 29, and may align with issuing 27.9 million Nas shares, with bonds rated BB by S P and Moody’s.
A public accounting firm told the State Mid-State Raceway Inc. will survive the season after reviewing the first five months of 1998. The letter, favorable to the track and due to license continuation, was sent Friday. The state Racing and Wagering Board confirmed the positive assessment while noting past losses and recent cash injections from property sales and loans.
Greyhound Lines Inc introduces its No Zone bus wrapped in vivid graphics to spotlight blind spots for drivers during International Highway Transportation Safety Week. The initiative runs through Friday as Greyhound joins the Share the Road with Commercial Vehicles Coalition with partners including ABA ATA DOT UPS and others.
Syracuse officials study financing the $30 million Avenue of the Arts renovation without a bank guarantee. Marine Midland's insistence on pledging city credit may be dropped as interest spreads tighten, with a private development team to receive a $3.4 million design and management fee.
Pears New jots Janitronics Inc in Albany named William B Seeenie regional manager for the Central New York area. The company offers building and cleaning services to offices schools and health facilities in Greater Central New York. Sweenie previously worked as building manager for Partnership Properties and as regional manager for Pinkerton's in Syracuse.
Northwestern Mutual life insurance in Central New York totals over 4.5 billion. Konrad Associates Inc reports 1997 figures: life premium over 3.5 million, disability premium over 342 thousand, first 7.4 million. Konrad serves 35,379 clients with 74 exclusive agency reps in personal, estate, retirement, small business and benefits planning. O'Brien & Gere Manufacturing announced promotions: Joseph A Brown to general manager, Jon C Pezzi to production control manager, David J Freeman to senior project engineer, John F Anderson to plant manager. News tips to Susan Ayal c/o Herald- Journal. Company Matters runs Tue–Fri.
Crucible Specialty Metals will receive an 8.2 million dollar tax refund to settle a seven year dispute with Geddes the Solvay school district and Onondaga County. The town will drop its property assessment from 73 million to 20 million cutting annual taxes and refunding 3.7 million to the company. The deal shifts tax burdens among the district the county and the town and aims to keep Crucible competitive in Central New York.
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