1. finance
2. bank

••,;!.•:..»«
Press-Republican
•£'h'••
Business
D2 Sunday, May 18, 1997
Press-Republican;
Herman squirmin' over how to
tion. Additional fees may be charged such as for "
follow the same investment
worst, and that's how panic sets in."
; I looked in on my old friend
advice he's handing me? Even
"So what are the odds that the banks get religion exceeding a credit line, making a payment late, .->
Herman Geltenfelter, America's
the word 'portfolio' scares me to
and again start paying me 10 percent on my CDs?" obtaining a cash advance, making an ATM transNo. 1 groaner and complainer,
action or if a check is returned. V equals variable
death.
Herman asked.
\&ho always has one hand on the
rate.
"Do I park my few bucks in
"About as good as Tiger Woods blowing a 20panic button when it comes to
insured CDs that now pay zilch?" stroke lead at a golf tournament," I responded.
managing his money.
Carried balances
Herm continued. "I'm too old to
"And the odds of the Dow hitting 8,000 or 10,000,
'. Herm had a slew of newspaPulaski Bank & Trust 7.99%V $35 25/billing
. ridenut the ups and downs of
so I can still get in on the action?"
pers spread across his kitchen
-Little Roek (800) 980-2265
the market like younger people
"About the same as Greenspan knowing where
table. All the headlines blared
ROBERT HEADY
can over the next 10 or 20 years.
rates will be by Labor Day. Not even his hairdress- Oak Brook Bank 8.45%V $85 25/billing
warnings about how the Federal
Illinois (800) 536-3000
If I roll the dice on stocks, I can't er knows for sure."
Reserve may raise interest rates
ON BANKING
Huntington Natl Bank 8.50%V $50 25/billing
afford to take a hit if the market
"In other words, there's no guarantee of anyagain, while the stock market
•
Columbus, Ohio (800) 480-2265
ever plunges. You don't have to
thing?"
continues to hit new highs,
be Isaac Newton to know that
"You got that one right, Herm," I said, as he fold- Wachovia Bank 8.50%V $88 20/billing
f "You've got to be a magician to
New Castle, Del. (800) 842-3262
what goes up eventually comes down. Yet, if I stick ed his newspapers and began snaking his head.
ijnderstand all this stuff," he said. "What the heck
Federal Savings Bank 9.35%V $33 25/billing
does it mean to me? I don't know if it's too early or with bank CDs, that'll maybe get me carfare to the
Latest rate trend: Virtually no movement on
too late to get into the market, and up till now I've place where I want to retire. And even if savings
CD yields, but a slight downtick in mortgage rates. Rogers, Ark. (800) 374-5600
Simmons First Natl Bank 9.90%V $35 25/billing
tjeen terrified of investing a dime unless my money rates rise, so will the payments on all my loans."
Here are the best credit card deals nationally as
Pine Bluff, Ark. (800) 636-5151
is federally insured. Meanwhile, the banks keep
I cautioned my friend to stop having palpitations of May 13,1997, for customers who pay off their
Metropolitan National Bank 9.96%V $25 25/transclobbering me with 1 percent and 4 percent rates
over every little economic tidbit of the hour:
monthly balances as well as those who don't. The
action
pn my checking and savings. I feel like a trapped
"Otherwise, Herm old boy, you'll wind up in a
rates compare with a national average credit card
Little Rock (800) 883-2511
rat."
straitjacket. Do what the smart guys do. Look for a rate of 17.03 percent. Rates are for conventional
Arkansas Federal 10.25%V $35 20/posting
long-term pattern, a trend. You won't find it in how credit cards, not premium cards, and information
, "Calm down, old buddy," I said. "Get a grip on
the experts on Wall Street overreact to the latest
applies to purchases only. Cash advances frequent- Bon Wier, Texas (800) 477-3348
yourself. You're getting red in the face. Things
Central Carolina Bank-Georgia 11.009&V $29
economic signal — those guys always assume the
ly are charged interest from the date of transacaren't as bad as you think. Just follow the major
25/billing
indicators, because they'll tell you which way the
Columbus (800) 672-2539
"ftind is blowing on the economy and the markets.
Then make your move."
AFBA Industrial Bank 11.00%V $35 25/transacts
tion
"It's not easy," Herm said, wearing a dismayed
took, "One day everybody's saying Alan Greenspan
Colorado Springs (800) 776-2265
" "
FIXED RATES
30-YEAR
is going to raise rates, which would shove my
Amalgamated Bank 11.25%V $37 25/billing
mortgage payment upward. Then the next day the
Chicago (800) 723-0303
Bankname
Rate Points
government says retail sales are down and prices
First Union 11.40%V $39 25/billing
AbsoiuteFinancial Services
aren't rising, so the pressure is off. Who am I sup8.125
Charlotte (800) 377-3404
posed to believe?"
AmTrust 12.25%V $18 25/billing
AdirondackBank
8.375
.
Compiled May 15,1997
"Look, pal," I said. "People are spending less, the
Boca Raton, Florida (888) 268-7878
AdirondackFunding
8.125
30-year bond is under 7 percent and there's no
Bank of Boston 12.25%V $18 25/billing
ADJUSTABLE RATES
30-YEAR
war. Those are all signs there's no inflation.
AI.BANK
Massachusetts (800) 226-7866
8.125
! Start
Max.
Greenspan has the economy in pretty good balGreat Western Bank 12.25%V $18 25/billing
Champlain
National
8.125
rate
rate
Phone
Points
Bank name
ance, so there's less likelihood today of a rate
Chatsworth, Calif. (800) 492-7587
EvergreenBank
rise."
8.125
Ohio Savings Bank 12.25%V $18 25/billing
"And if tomorrow some new indicator says the
Cleveland (800) 987-6446
12.25
Absolute Financial Services
834-1590
6.25
Fleet Mortgage
8.375
economy is heating up?" asked Herman.
Marine
Midland
891-2323
6.125
12.125
AdirondackBank
Non-carried balances
"Then chances are Greenspan might raise
rates," I explained.
M&TMortgageCorp.
AFBA
Industrial
Bank 11.40%V $ 0 25/transac8.15
562-0055
5.375
11.375
Adirondack Funding
"You've got to be kidding. This on-again, offtion
again schizoid stuff is driving me nuts," said
563-1816
5.375
ALBANK
11.375
Colorado Springs (800) 776-2265
Herm, getting more frustrated by the minute.
Oak Brook Bank 12.40%V $ 0 25/billing
FIXED
RATES
15-YEAR
Champlain National
562-1776
6.375 _
| 12.375
"Greenspan needs a Berlitz crash course in the
Illinois (800) 536-3000
art of plain talk. Because of him, one day the Dow
Bank name
Rate
Points
EvergreenBank
563-9034 , 5.5
.U-5
Pullman Bank & Trust Co. 12.50%V $ 0 25/billing
soars, the next day it drops like a rock. Are those
guys on Wall Street just a bunch of knee-jerk panChicago (800) 785-5626
Fleet Mortgage
800-583-4264
5.5
11.5
Absolute Financial Services
7.875
ic freaks or what?"
USAA
Credit Card Bank 12.50%V $ 0 25/billing
AdirondackBank
Marine Midland
• 272-2183
6.5
.12.5
"You said it, I didn't."
Las Vegas (800) 922-9092
AdirondackFunding
"And another thing: How can corporations keep
7.625
M&TMortgageCorp.
Metropolitan Svgs Bk Cleveland 13.90% $ 0
562-5500 , 5.125
11.125
reporting record profits while prices stay about
ALBANK
7.75
25/billing
the same?" wondered Herm.
Champlain
National
Mayfield
Hts, Ohio (800) 837-6058
7.875
. "Ever hear about downsizing employees and
Ohio
Savings
Bank 14.40%V $ 0 25/billing
their benefits?" I asked. "Or why more companies
EvergreenBank
7.75
These rate reports, supplied voluntarily by lenders, are meant to be an
are buying back their stock to keep earnings-perCleveland
(800)
987-6446
aid to consumers and not the sole basis for pickinga loan. Lendersoffer
Fleet Mortgage
7,875
share figures healthy? This is America, Herman.
a variety of loan packages and services, m any which are not listed here.
Amalgamated Bank 14.50%V $ 0 25/billing
It's ingenuity at work."
MarineMidland
. 7,625
Lenders maintain the right to change their loan rates, points and terms
Chicago (800) 723-0303
"Way over my head," shrugged Herman. "Just
at any time. Rates listed as N.A. were not available by deadline.
M&TMqrtgage Corp.
8.1
SOURCE: Bank Rate Monitor, North Palm
tell me one thing. Since 10 percent yields on safe
Lenders not listed here chose not to participate. Unless otherwise
Beach, Fla. 33408.
noted, the yearly cap On all adjustable rate mortgages is 2 percent.
bank CDs have gone sayonara, what do I do? Take
(http://www.bankrate.com)
4, flyer with the stock market by investing with a
P-RGraphic/John Lamoureux
CREDIT-CARD TIP: Get a card offer with an
broker who I know darn well .doesn't personally
enticing short-term teaser rate? Consider that it
may take some time to transfer your balance.
Q;
J
MORTGAGE
RATES
SPOTLIGHT ON BUSINESS
Senio^vice president
Medical Emergency Response to forest reclamation. The rain
Team and its Human Elements of date is the following day,
BUFFALO — H a r r i s S; Topel Safety Program.
Thursday, May 22.
has joined New York Care Plus
The company estimates that
The awards are given by IP to
Insurance Co; Inc. and its divi- its individual mills.
upward of 100 students and
sions, Blue Cross and Blue Shield
Employees at the mill, con- teachers will participate.
of Western New York, Blue Shield cerned about the level of emerThe day will begin at 9:30 a.m.
of Northeastern New York and gency response, formed the first at the Lewis mine with a presenthe Upstate Medicare Part B volunteer team of its kind to pro- tation by a professional forester.
Claim Processing Division, as vide emergency services to the He will explain the importance of
senior vice president of opera- facility.
and the methods for reclaiming
tional support services and chief
Team members attend emer- forest land used for mining.
financial officer.
gency medical response certificaAt 10 a.m, the students and a
In his new position, Topel will tion training and monthly NYCO nursery contractor will
lead the insurer's Corporate refreshers.
plant several thousand 14-inch
Finance, Claims Processing and
With volunteer participation indigenous trees over acreage
Customer Service departments.
from hourly employees, the team designated for reclamation this
has developed a spirit of coopera- year.
tion throughout the mill and has
Following the planting project,
Special credit
achieved a success rate that led at noon NYCO will host a cookout
ALBANY — Fleet Bank has the mill's Hazmat (Hazardous for students, bus drivers, chaperset up a special bridge loan/line of Materials) team to redesign its ones and the press at the NYCO
credit approval process to assist program to model MERT. The plant in Willsboro.
Cjommunity housing groups that security crew, trained in CPR and
Buses and cars may enter the
have been caught in a cash ambulance operations (the mill plant grounds through the drivesqueeze due to the delay in the has a state certified ambulance), way marked "Plant 2." The cookpassage of a state budget.
continues to be a strategic part of out should be ended by 2 p.m.
Community housing organiza- MERT. The team is large enough During lunch, there will be a
tions would have normally that coverage is ensured 24 hours model of the new Lewis mine and
received quarterly payments due a day.
a speaker to explain its design
to them as of May 1. Vouchers for
MERT has saved the lives of and operation.
these payments, however, are not employees with life-threatening
being processed by the state medical conditions, including carInternet Open House
Comptroller's Office since there is diac arrest.
no budget authorizing the payLAKE PLACID — The Lake
ments.
Placid/Essex County Visitors
NYCO
tour
To facilitate bridge loans or
Bureau will host an Internet
extended lines of credit, Fleet has
WILLSBORO
—
NYCO Open House on Tuesday, May 20,
obtained a list of all NPCs and Minerals will host a field trip for Wednesday,
May
21
and
RPCs in New York and given it to the fourth grades of the Willsboro Thursday, May 22, from 10 a.m. to
Fleet's small business underwrit- and Lewis schools on Wednesday, 1 p.m each day in the Bureau
ing group in Buffalo. Applications May 21, to introduce the students Lobby.
received from groups on the list
will be given special expedited
handling by the underwriters.
SOLUTIONS TO PUZZLES
Meanwhile, NPCs and RPCs
have been advised that they can
apply for these bridge loans by
either
calling
1-800-CALLFLEET, or by going to any Fleet
Bank branch.
Retirement announced
MALONE- — The Citizens
National Bank of Malone has
announced the retirement of
Linda Johnson.
She will celebrate her 23rd year
with the bank and will work her
last day on Friday, May 30.
Johnson began her career in
banking on May 20, 1974, at the
Main Office in Malone.
The bank has also announced
the promotion of Valerie Gokey
to the position of consumer-loan
officer at their 6 Elm St. office.
She will be responsible for providing direct loan services to
walk-in customers and developing new business for the bank.
IP awards
TICONDEROGA
—
The
International
Paper
Co.
Ticonderoga Mill has been
awarded the Safety and Health
Project Excellence Awards for its
*
«
Lakeplacid.com is the bureau's
website linked to the world. The
Internet is increasingly important for business, and the sessions will provide the knowledge
to help make it work for you.
For further information, contact
the bureau offices at 523-2445.
Article authored
PLATTSBURGH — James J.
Coffey, Esq.,
and Dana D.
Peck,
Esq.
h a v e
co-authored
an
article
entitled,
"Personal
Liability
of
Corporate
Offcers Under
CERCLA:
T w e n t y
Q u e s t i o n s James Coffey
and Answers."
The article will be published in
a fall issue of the New York State
Bar Journal. The article examines situations in which corporate
officers and directors may be held
personally liable for environmental violations committed by their
corporations.
Pepsi donation
KEESEVILLE — The Great
Adirondack Outdoor Rendezvous,
a camping and outdoor show
scheduled for June 6, 7, and 8,
has been given a boost by the
Pepsi Cola Bottling Plant in
Keeseville.
Pepsi has agreed to sponsor the
entertainment portion of the program to be held on the Lake
Placid horseshow grounds.
Sherry
Osborn
of
the
Adirondack Mountain Club is the
program chairman
of the
Rendezvous and has arranged for
. a broad spectrum of entertainment and programs for the farriily-directed weekend, including
Adirondack folk singers and story
tellers, clowns and magic, environmentalists, and organized
hikes and activities.
The Rendezvous has additional
major sponsorship from NET
Bank and Stewart's Stores.
Those with equipment displays
include EMS, Blue Line Sports,
the Don Jones Orvis Store,
High P e a k s Cyclery, and
Mountain Run. Informational
and educational displays and
booths will be staffed by the ADK,
the DEC, the APA, the
Adirondaok 46ers, and others .
Pancake breakfasts will be provided on both Saturday and
Sunday mornings by the Kiwanis
Club of Lake Placid and a chicken
barbecue will be offered Saturday
evening by the Rotary Club of
Lake Placid. In addition, a full
food court will be available for
snacks and lunch.
Weekend camping reservations
can be made by calling the Lake
Placid/Essex County Visitors
Bureau at 1-800-44PLACID. ; *.
Banking service
BOSTON, Mass. — Fleet
Bank, New England's leading
small-business
lender,
has
expanded its electronic-banking
services by launching Fleet PC
Banking for Business, a program
tailored to meet the needs igf
small businesses with $10 millidn
or less in revenues.
Fleet PC Banking for Business
offers customers a convenient
method to access, move and manage their finances,
"Our new PC banking program
will enable small businesses to
make payments and get advanqes
from commercial loans and credit
lines, and to integrate their1
account information with other
financial accounting software,"
said Robert B. Hedges, Jr., senior
vice president of the Direct
Financial Services Group at
Fleet.
Through Fleet PC Banking for
Business, small businesses are
able to perform a wide range, of
banking activities on-line, includ :
ing automatic account reconcilia:-'
tion, review of all bank-account
information and transfer of funds
Please see SPOTLIGHT Page D3 •
Exchange Rates
Around the world
Canadian Dollar
Solution to puzzle No. 249:
In the wake of a strong bracing
cold front sweeping down from
the Canadian Arctic, the first
deceptive kiss of winter suddenly
whitens the high wilderness with
a graceful two-toned delicacy.
Cryptogram, Page C-2
Puzzle, Page C-3
3
2
1
This
weeks weeks week week
ago
ago ago
^TOMUI
. Canadian Dollar = .6925 U.S. Dollar
. U.S. Dollar = 1.2575 Canadian Dollar
Answer:
PRESSURE
FILLED
on far
By JOE
S
PLATTSBURGH Wood brothers are ba<
Wood's Floor Covei
garage on Route 22 ii
Kenneth C. Wood in 1
Over the years, it g
Courtland S. Wood, no
eventually took over.
"Our father was
Country to get into tl
now we serve the
Canton to Ticonderoj
Courtland Wood, said
Ronald Wood, who i
as The Singing Santa
10 years ago.
But now he is bacli
about 75 years of expi
er.
"My coming back w
to concentrate on th<
ness while I'll be taki
ness," Ron said.
Ron isn't the only s
regularly sings the i
local sporting event
Advic
• LECKEY from Page D:
N.M.; $71 million; CI
and Class B with dec
minimum; up 33.55 ]
QUESTIC
Q. What am I doin
reports, news article;
seems I keep doing v
recently bought Schc
advice of a magazine
frightening decline. ^
• SPOTLIGHT from Pai
between Fleet accou:
accounts with oth
institutions.
The program will
customers with th
make payroll direct
assign various secu
els, enabling empk
employees differei
access and usage to
mation.
Chamber reque
Adirondack
Cryptogram
VELVET
UPKEEP BRANDY
MYSELF
SUBURB
TRIPLE
Holding a hose on a fire can
become —
People in
1 •:T
mw
&
to;f; % ON
m ^AM^E
It
Note:, The, exchange rates for Canadian
Dollar/U.S.'Doilar were provided Thursday by
Key Bank.
Foreign
Currency
Value
U.S. $
Australia (Dollar} . . .7774
Belgium (Franc). . .Q8373
Brazil (CruzeiroX
.9337
Britain (Pound). . . .1.6427
Denmark (Krone). . . .1548
Finland (Markka)
,1951
France (Franc)
1749
Germany (Mark) . . . .5891
Greece (Drachma) . J3Q3688
Ireland (Punt)
J.5344
Israel (Shekel). . . . .2942
Italy (LiraX - . . .0005976
Japan (Yen)
008624
Mexico (PesoX . . . .1267
Netherland (GuilderX . .5241
Norway (Krone)
1,418
Poland (Zloty)
3176
South Africa (Rand). - .2231
Spain (PesetaX . . t.006992
Sweden (KronaX - _ .1320
Switzerland (Franc) .' .,6995
These, rates apply to trading.,among banks in amounts of $1 million and more, as
quoted Wednesday by Bankers Trust Co., Telerate Systems Inc. ahd other sources.
Retail transactions provide fewer units of foreign^currehcy per! dollar,
s
n.g, Not quoted
'.
P-R Qraphic/J.D. Umoureux
. PLATTSBURGH
Plattsburgh-Norl
Chamber of Coi
officially requested
Department of Ei
Conservation com
more community-in
in Plattsburgh bef
its recommendation
diation of PCBs in
Bay.
- In a letter to DEC
Diffei
•GREEN from Page C
She also concedes
fhis fussing gets to
simply wait it out i
frate on cool-seasoi
There is always c
clehing style to con
taste runs toward 1
sjder what's called
clehing.
* "People are retur
sive gardening," Iv
a very old-fashion€
"v^ictorian. Raised b
with this style. Int
ihg involves planti
of the same plant i
plants. This style j.
soil and bushes ou
own weed control,
whole new slant oi
4\)r more inform
successful buying
the Extension can
561-7450 in Platts
7403 in Malone ar
Westport.
. IF, vegetable garc
your cup of tea, th
beauty of a flower
more appeal.
Flowers come in
the^ annuals, thost
be planted every j
nia£; and perennii
are planted once i
year after year, so
a n | larger and m<
than the year bef<
fiut there are pi
take no matter wl
choise.
"The ifnpredicta
weather in the ea
yealr can cadse ga
perjennials," said 1
Manor, owner of S
FloWer Farm on I
west of Malone.
It's important to
gardening invest)
"In winters whe
as touch snow an
aw£y, like a Janu
cola will get dowi
ground and kill s
said.
"The best prote