Board rejects rail-line request
The U.S. Surface Transportation Board has rejected the request by the owners of the former RG Steel property south of Warren to acquire the former CSX rail line that runs from Niles to Newton Falls past the mill.
BDM Warren Steel Holdings said it wanted to acquire the line so the former RG property would be more conducive to re-use by whatever entity might purchase the former mill site.
In an Aug. 30 decision, the board said the offer given by BDM was filed late, did not include proof that 10 percent of the proposed purchase price has been placed in escrow, did not contain proof that there is a continued need for rail service and lacked “basic contact information” for BDM.
Still open is the possibility that the Trumbull County MetroParks will be granted access to the line to construct the final phase of the Western Reserve Greenway hike and bike trail.
Ribbon-cutting set for Levin Furniture
Levin Furniture will have a ribbon-cutting ceremony to unveil its new 42,000-square-foot store at 1340 N. Hermitage Road at 9 a.m. Sept. 22.
Guests can register for door prizes and enjoy music and refreshments to celebrate the grand opening.
Levin Furniture executives and city officials will attend.
The new store will employ 22 associates.
The showroom in Hermitage will carry name brands including Flexsteel and La-Z-Boy.
Levin Furniture acquired three Goldsteins Furniture stores in the Youngstown market in May.
The Boardman showroom opened last month, and the Niles showroom is slated to open in late October.
Guests at any of the three opening events will have the chance to register to win a $5,000 Levin Furniture shopping spree.
Job openings, quitting hit all-time highs
U.S. employers advertised the most jobs on record in July, and the number of workers quitting their jobs also hit a new all-time high.
Americans are increasingly taking advantage of a tight labor market to find new, often higher-paying jobs. That could help push up wages broadly across the economy.
The Labor Department said Tuesday that the number of job openings rose 1.7 percent to 6.9 million, the most on record dating back to late 2000. The number of people quitting jumped 3 percent to 3.58 million, also a record. Quits are typically a good sign that jobs are plentiful, because people usually quit when they have another job or are confident they can find one.
With the unemployment rate at 3.9 percent, near an 18-year low, businesses are increasingly desperate to find workers. Even as the number of available jobs rose, overall hiring in July was essentially flat, with about 5.7 million people finding jobs, the report showed.
Selected local stocks
Alcoa Inc., 40.87-1.14
Aqua America, 2.34 37.49 -0.10
Chemical Bank, 2.3756.630.17
Community Health Sys, 3.200.02
Cortland Bancorp, 1.8024.50-1.25
Farmers Nat., 1.7515.50 -0.25
First Energy, 3.91 37.98-0.15
First Niles Financial, 2.119.25-0.11
FNB Corp., 3.5513.45-0.05
General Motors, 4.0433.77-0.10
General Electric, 3.7712.33-0.18
Huntington Bank, 3.45 16.250.11
0JP Morgan Chase, 2.74114.430.72
Key Corp, 3.2021.160.25
Macy’s, 4.17 36.390.41
Parker Hannifin, 1.74180.24-0.08
Simon Prop. Grp., 4.46184.312.22
Stoneridge 28.04 -0.39
United Comm. Fin., 2.69 10.310.00
Selected prices from Tuesday’s 4 p.m. close.