тАвтАв,;!.тАв:..┬╗┬л Press-Republican тАв┬г'h'тАвтАв 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 тАв 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 тАФ 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 тАв 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 тАФ 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 тАФ 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 тАФ 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 тАФ 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- тАФ 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 тАФ The International Paper Co. Ticonderoga Mill has been awarded the Safety and Health Project Excellence Awards for its * ┬л 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 тАФ 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 тАФ 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. тАФ 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 тАв 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 тАв 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. ^ тАв 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 тАФ People in 1 тАв:T mw & to;f; % ON m ÂMÊ 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 тАвGREEN 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-fashionтВм "vîctorian. 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┬г; 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┬гy, like a Janu cola will get dowi ground and kill s said. "The best prote