Bank One will opena temporary office
NEWTON FALLS -- Bank One will open a temporary office Friday in a trailer outside its Canal Street branch which was damaged by fire Oct. 11.
"This is not a makeshift operation," said Ardis Fleck, Newton Falls banking center manager. "This is a full-service, fully computerized banking center where customers can transact business as usual."
No customer information or valuables were lost in the fire, but smoke and water damage resulting from the fire will require several months of repair work, the bank said.
Stoneridge expectsearnings to increase
HOWLAND -- Stoneridge said it expects earnings in the fourth quarter to be between 16 cents and 18 cents a share. That would be slightly higher than the current First Call consensus earnings estimate of 15 cents a share and much higher than last year's fourth-quarter earnings of 1 cent a share.
Cloyd J. Abruzzo, president and chief executive officer, said the company released its earnings estimate Wednesday because it was unable to during a conference call with analysts last month. Uncertainties in the North American truck market prevented it from making a good estimate at that time, he said.
The Howland-based company makes electrical and electronic components for vehicles but nearly all of its employees are outside the area.
Greenspan prescribesan interest-rate cut
WASHINGTON -- After the Federal Reserve tried boosting the wheezing economy with an interest-rate cut for the first time this year, private economists offered mixed opinions on whether more may be needed.
Federal Reserve Chairman Alan Greenspan and his colleagues prescribed a half-percentage point reduction to the federal funds rate Wednesday. That pushed the funds rate, the interest that banks charge each other on overnight loans, to a 41-year low of 1.25 percent.
In response, some commercial banks lowered their prime lending rate -- a benchmark for many consumer loans -- by a similar half-point to 4.25 percent, the lowest rate since 1959.
DaimlerChrysler issuesrecalls for '96-'98 vans
WASHINGTON -- DaimlerChrysler AG's Chrysler Group announced a recall Wednesday of about half a million 1996-1998 models of Dodge Caravan and Grand Caravan, Plymouth Voyager and Grand Voyager and Chrysler Town & amp; Country. The recall will close a 20-month government investigation into a problem with the clockspring, which provides power to some parts in the steering wheel.
From Vindicator staff and wire reports