Business First of Buffalo articles from January 1992

Business First of Buffalo archives from January 1992

Tax targets paychecks of suburbanites. (commuter tax)
January 27, 1992... If you work in the city, you've got to pay the city, according to Delaware District Council Member Alfred Coppola. He has suggested a commuter tax that would deduct 1 percent from the paychecks of people who work in the city but live in the...

Will the world really come to this? (World University Games' financial woes)(includes related article)
January 27, 1992... Organizers say yes, sports marketers say no Talk to different people and you will hear different predictions for the evening of July 18, 1993. Scenario No. 1: Rich Stadium is quiet. The last of 80,000 happy spectators have just filed out...

Bond ratings keep municipalities on the edge. (Western New York)
January 27, 1992... Joel Giambra and Charles Meyer are watching with a bit of trepidation as New York struggles to balance its books. Giambra, Buffalo city comptroller, and Meyer, Genesee County manager, are concerned that the bond ratings of their communities...

Affordable housing is part of WNY. (Western New York)
January 27, 1992... Potential home buyers take note: Western New York is a good place to purchase a house. Niagara Falls and Buffalo were among the most affordable housing markets in the Northeast, according to a 1991 third quarter Housing Opportunity Index...

Hiring new UB president cost $66,464 in 8 months. (University at Buffalo; William Greiner)
January 27, 1992... The University at Buffalo spent $66,464 last year on its search for a new president, according to documents obtained by Business First under the state Freedom of Information Law. "I think it was a very reasonable cost, to be honest," said...

National Traffic opens Calif. office. (National Traffic Service Inc.; Concord, California)
January 27, 1992... National Traffic Service Inc. of North Tonawanda is opening a sales office on the West Coast that could boost employment at the company's headquarters here. The freight bill payment and auditing company has seen an increase of business from...

RTC says problem solved at Goldome's Florida bank. (Resolution Trust Corp.; Goldome Federal Savings Bank)
January 27, 1992... Federal regulators believe they have removed a potential stumbling block to the sale in May or June of Goldome's Florida subsidiary, Goldome Federal Savings Bank. The Resolution Trust Corp. signed an arrangement with FiServ Inc., a Milwaukee...

Jenny Craig to open four diet centers. (Jenny Craig Weight Loss Centers)
January 27, 1992... Jenny Craig Weight Loss Centers is expanding its corporate waistline by opening four local centers. The San Diego-based weight loss center has signed leases to open in the Tops Elmwood Plaza, Buffalo; Union Consumer Square Plaza,...

Bank of Castile buys Anchor office. (Anchor Savings Bank F.S.B.)
January 27, 1992... Letchworth Independent Bancshares Corp. of Castile said it has all necessary regulatory approvals for its subsidiary, the Bank of Castile, to complete acquisition of the LeRoy office of Anchor Savings Bank F.S.B. The office, which opened as...

Marine named top SBA lender. (Marine Midland Bank N.A.; Small Business Administration)
January 27, 1992... Marine Midland Bank N.A. was the top lender in the state in the U.S. Small Business Administration's loan program during 1990-91. The Buffalo-based bank said that from October 1990 through September 1991 it issued 87 new SBA loans to owners...

National Fuel forms company to market natural gas all over. (National Fuel Gas Co.; Citizens National Gas Co.)
January 27, 1992... National Fuel Gas Co. and Citizens Gas Supply Corp. in Boston have formed a new company that will allow National Fuel to increase business outside its traditional market. National Fuel, through its subsidiary, National Fuel Resources, will...

Exolon directors get their day in court for company control. (Exolon-ESK Co. faces lawsuit filed by Wacker Chemical Corp.)
January 27, 1992... A Delaware state judge has set a Feb. 26 trial date to decide who should run Exolon-ESK Co. in Tonawanda. The struggle for control started when a shareholder group that includes a dissident director ousted four common directors in late...

Partnership plans units for seniors in Lovejoy. (Walden Park Associates; senior citizen housing complex)
January 27, 1992... The Lovejoy District in Buffalo could soon have a new senior citizen housing complex. Walden Park Associates, a locally based limited partnership, is working with city officials to develop a 150-unit senior citizen complex along Walden...

Odd's-n-End's nets $5 million from initial public offering.
January 27, 1992... Odd's-N-End's Inc. went public Jan. 21 at $3.50 per share, raising $6.1 million in the initial stock offering for the Buffalo-based closeout retailer. The new stock rose quickly in its first 10 minutes of trading, climbing to $4.75 per...

M&T, Onbank bid is favorite to take Midlantic. (M&T Bank; OnbanCorp.; Midlantic Corp.)
January 27, 1992... Speculation is hot in some banking circles that Midlantic Corp. will announce soon -- possibly this week -- the buyers of its subsidiary banks in Rochester, Syracuse, Albany and Endicott. Many expect the winners to be Buffalo-based First...

Taylor Devices rides a stock high.
January 27, 1992... Shareholders seem to like the financial news coming from Taylor Devices Inc. in North Tonawanda. The company's stock price jumped to $1.25 per share, the close Jan. 13, from 69 cents a week earlier on the news that the company increased...

Some business people turn to cosmetic surgery. (Special Report: Health Care) (Industry Overview)
January 27, 1992... The story has made the rounds for so long in the cosmetic surgery business that by now it is accepted as fact. A client calls a real estate agency and asks to speak with the representative who showed him some property. The client can't...

Hospitals say coverage lapse rising in white-collar sector. (Special Report: Health Care)
January 27, 1992... In the last 18 months, Western New York has weathered the closing of two Buffalo-based banks, which cost the area hundreds of jobs. At the same time, several financial institutions, law firms, service industries and manufacturers also have...

Magavern & Magavern. (People on the Move) (Brief Article)
January 27, 1992... Magavern & Magavern law firm, Buffalo, named Joseph Connelly a partner. He specializes in civil and criminal litigation.

Chase Manhattan Corp. (Annual reports ) (Brief Article)
January 27, 1992... (NYSE) Year ended Dec. 31 (in millions) 1991 1990 Net interest income $9,638 $11,572 Net income (loss) $520 ($334) Earnings (loss) a...

First Empire State Corp. (Annual reports) (Brief Article)
January 27, 1992... (NYSE) Year ended Dec. 31 (in thousands) 1991 1990 Net interest income $328,808 $230,448 Net income $67,194 $53,942 Earnings a share ...

Fleet/Norstar Financial Group. (Annual reports) (Brief Article)
January 27, 1992... (NYSE) Year ended Dec. 31 (in millions) 1991 1990 Net interest income $1,450 $1,247 Net income (loss) $97.6 ($73.7) Earnings (loss) a...

OnbanCorp. (Annual reports) (Brief Article)
January 27, 1992... (OTC) Year ended Dec. 31 (in thousands) 1991 1990 Net interest income $168,053 $169,738 Net income $5,154 $3,950 Earnings a share ...

National Traffic Service Inc. (contract with Digital Equipment Corp.) (Business notes) (Brief Article)
January 27, 1992... National Traffic Service Inc. of North Tonawanda has become an authorized solution provider of networked computer systems and services for freight auditing and payment data under an agreement with Digital Equipment Corp. of Massachusetts. The...

Clinton Brown Company Architecture P.C. (contract with Renda Pares & Pfalzgraf) (Business notes) (Brief Article)
January 27, 1992... Clinton Brown Company Architecture P.C., Buffalo, was designer of the historic rehabilitation project in which Renda Pares & Pfalzgraf's law firm obtained National Park Service historic certification for tax purposes of its office building on...

Waste Resource Associates Inc. (Contracts awarded) (Brief Article)
January 27, 1992... Waste Resource Associates Inc. of Niagara Falls was awarded a one-year Navy contract with a one-year option, both valued at up to $500,000 per year, to provide training on proper management of hazardous waste.

Delaware North (Australia) Pty. Ltd. (Contracts awarded) (Brief Article)
January 27, 1992... Delaware North (Australia) Pty. Ltd., a subsidiary of Delaware North Cos. of Buffalo, was selected by the Canberra Raiders Rugby League Football Club to provide food and beverage services at Bruce Stadium, Canberra.

Ed Adams Contracting Inc. (Contracts awarded) (Brief Article)
January 27, 1992... Ed Adams Contracting Inc. of Plattsburgh submitted an apparent low bid of $68,300 to the state Department of Transportation to clean 73 bridges at various locations in Cattaraugus County.

Maple Construction Corp. (Contracts awarded) (Brief Article)
January 27, 1992... Maple Construction Corp. of Holtsville, N.Y., submitted an apparent low bid of $34,736 to the state Department of Transportation to clean 40 bridges at various locations in Chautauqua County.

Strickler Enterprises Inc. (Contracts awarded) (Brief Article)
January 27, 1992... Strickler Enterprises Inc. of Lancaster submitted an apparent low bid of $2.11 million to the state Department of Transportation to resurface Route 5 for 4.3 miles in the town of Evans from Delameter Road to near Beach Road.

SCC Contracting Inc. (Contracts awarded) (Brief Article)
January 27, 1992... SCC Contracting Inc. of Niagara Falls submitted an apparent low bid of $775,474 to rehabilitate the Robert Moses Parkway southbound bridge near the Robert Moses Power Project in the town of Lewiston.

Cedar Wrecking & Salvage Inc. (Contracts awarded) (Brief Article)
January 27, 1992... Cedar Wrecking & Salvage Inc. of Williamsville submitted an apparent low bid of $198,000 to the state Department of Transportation to demolish and remove buildings in the Town and City of Corning as part of a future project to relocate the...

ESI-Technologies. (Contracts awarded) (Brief Article)
January 27, 1992... ESI-Technologies of Buffalo was awarded a manufacturing/distribution software contract by Heath Tecna Aerospace in Kent, Wash.

Fleet/Norstar Financial Group. (Earnings and dividends) (Brief Article)
January 27, 1992... (NYSE) The board of directors declared regular quarterly dividends on preferred stocks in the following amounts: 75 cents on its preferred stock with cumulative and adjustable dividends of par values of $1 and $20; 63 cents on the...

Greenbacks - not quarterbacks - win in this pick. (predicting Superbowl winner based on player salaries)
January 20, 1992... Everybody else is making Super Bowl predictions, so why not Business First? There are, after all, several ways to pick the winner. One is to take a close look at the two teams' offenses, defenses and kicking games, and then decide how they...

Ferree Plastics closes amid union claims. (United Automobile Workers)
January 20, 1992... Ferree Plastics Inc., a family-owned business in Lockport for more than 30 years, has filed bankruptcy, an apparent victim of the downturn in the U.S. auto business. Officials of the United Auto Workers, which represents about 120 hourly...

Bankruptcy filings are proof it's bad everywhere.
January 20, 1992... Usually when someone is the millionth person to do something, there's a celebration with confetti, balloons and champagne. But the nation's bankruptcy courts are an unlikely place for popping corks. This year a million Americans are expected...

The GST: still controversial and divisive a year later. (impact of goods and services tax on Canada's and Western New York's economies)
January 20, 1992... Canada's goods and services tax, instituted one year ago this month, was portrayed at the beginning as a black-and-white issue. Neither side acknowledged the possibility of a middle ground. * Critics predicted the 7 percent national sales tax...

Realmark plans addition to complex in Amherst. (Realmark VI)
January 20, 1992... A real estate partnership administered by J.M. Jayson & Co. Inc. of Amherst has agreed to acquire two out-of-town properties and expand another in Western New York. According to documents filed Nov. 26 with the federal Securities and...

Graphic Controls enters period of restructuring.
January 20, 1992... A major restructuring recently announced by Buffalo-based Graphic Controls Corp. includes putting its Maryland subsidiary, bought in 1989, on the selling block. Graphic Controls is negotiating with several companies to sell International...

Economic development agency reports increase in jobs created. (New York's Erie County's Industrial Development Agency)
January 20, 1992... A recent job survey by the Erie County Industrial Development Agency shows employment projections are just about on target for companies that received bond or incentive packages. The recently released survey shows that 46.3 percent of those...

Italian company increases ownership in Cellular Products. (Finsystems S.R.L.)
January 20, 1992... Finsystems S.r.l. of Genoa, Italy, has increased its stake in Buffalo-based Cellular Products Inc. to 50 percent. The purchase was completed earlier than expected when it became apparent the biotechnology company was going to meet undisclosed...

Kittinger union approves new contract. (Kittinger Co.; Union of Electronic, Electrical, Salaried, Machine and Furniture Workers)
January 20, 1992... Union and management negotiators for Kittinger Co. Inc. overcame a stalemate and an almost certain strike to reach agreement on a new labor contract. The two-year pact covers 66 hourly workers at the Buffalo company's furniture plant at 1893...

Tops scouting around Amherst for headquarters site. (Tops Markets Inc.)
January 20, 1992... Tops Markets Inc.'s shopping list for new corporate headquarters is focused on Amherst. Development industry sources said the supermarket chain is looking at several Amherst sites and is expected to make a formal announcement within two...

Electronic Technology Group Inc. (Proxy Report Excerpts) (Company Profile)
January 20, 1992... Over the Counter -- ETEK Electronic Technology Group Inc., based in Jamestown, assembles parts for electronic manufacturers in the computer, medical, transportation and climate control markets throughout the Northeast. The three shareholders...

Line of sugar products sweetens brokerage's business. (Traditional Quality Corp.)
January 20, 1992... There's a book on J. Daniel Irwin Jr.'s office shelf with a Jack Frost label pasted on the shiny cover. Surrounding the elf are well-known brand names such as Campbell Soup, Hershey's and Heinz. The Irwins, J. Daniel Jr. and his son, J....

Barnes & Noble to open super bookstore.
January 20, 1992... National book retailer Barnes & Noble Inc. will open a superstore this summer in the T.J. Maxx Plaza in Amherst. Barnes & Noble will take 14,475 square feet in a building being constructed on plaza property. Also in the plaza, Super Duper is...

Too many great expectations of public companies: Robert Fierle toiled to be successful in manufacturing. (Profile) (Company Profile)
January 20, 1992... If Robert Fierle were a bit younger, the 69-year-old chairman and founder of publicly traded American Precision Industries Inc. would take his company private in a minute. "The No. 1 mistake I ever made was on Oct. 16, 1961, the only day I...

Airline drops flights to Falls and NYC. (Westates Airlines Inc.; Niagara Falls International Airport; John F. Kennedy International Airport)
January 20, 1992... Westates Airlines has suspended flights to and from Niagara Falls International Airport until around March 1. Westates, the only commercial carrier serving Niagara Falls, had offered two daily flights each way between Niagara Falls and John...

Movie screens close in Wheatfield mall. (Summit Park Mall Cinemas)
January 20, 1992... "Star Trek VI" is going down as the last in a series that featured the original cast. For the record, it also was the last movie to play at Summit Park Mall Cinemas. The twin-screen cinema closed Jan. 12, but the owner of the Wheatfield mall...

Waiting for the next page to turn: printers say signs of upturn depend on where you look. (Special Report: Printing) (Industry Overview)
January 20, 1992... A faint glimmer of optimism -- about six months out -- is creeping into the lengthy doldrums that Western New York's printing industry has wallowed in -- even before last year's predicted national economic revival didn't materialize....

Leaner times prompt toned-down annuals. (printing of companies' annual reports) (Special Report: Printing)
January 20, 1992... In the 1980s the graphics and prose in non-financial sections of annual reports became an increasingly important marketing tool used by companies to define their image and business goals. And now, as publicly held companies cope with the...

Ignorance of printing process, vocabulary can be costly. (Special Report: Printing)
January 20, 1992... If Linda McCarthy had a dollar for every time she's explained printing terms like line art, camera-ready and spot color, she might be rich. But McCarthy, a sales representative at Monroe Reprographics Inc. in Rochester, says she enjoys the...

Chardon Rubber closes in Batavia.
January 20, 1992... Chardon Rubber Co., an Ohio-based rubber products supplier, has closed its Batavia plant and put its building on the market. "This is an unfortunate decision but one we had to make," said Thomas Judy, senior vice president. He blamed the...

Exchange Insurance Co. (People on the Move) (Brief Article)
January 20, 1992... The board of directors of Exchange Insurance Co. named Edward Wright president and chief executive officer. He joined Exchange, principal operating subsidiary of Niagara Exchange Corp., in 1981 and most recently was executive vice president and...

Hodgson, Russ, Andrews, Woods & Goodyear. (People on the Move) (Brief Article)
January 20, 1992... Hodgson, Russ, Andrews, Woods & Goodyear named the following partners: John Donogher, Douglas Edwards and Hugh Russ III, litigation department; Christopher Doyle and Edward Peace, corporate department; Carol Fitzsimmons, tax department; and...

Phil Chordas Enterprises. (Business notes) (Brief Article)
January 20, 1992... Phil Chordas Enterprises of Buffalo said it has reached an agreement with CBS to provide audio production for the network's coverage of Superbowl XXVI. The company also will provide services for CBS coverage of the 1992 Winter Olympics in...

Scrufari Construction Co. Inc. (Contracts awarded) (Brief Article)
January 20, 1992... Scrufari Construction Co. Inc. of Niagara Falls submitted an apparent low bid of $672,771 to the state Department of Transportation to rehabilitate the Pine Street bridge over the state canal system in the City of Lockport.

ESI-Technologies. (Contracts awarded) (Brief Article)
January 20, 1992... ESI-Technologies of Buffalo was awarded software contracts for manufacturing/distribution systems by Thomson Consumer Electronic Marketing Asia (TCE), Singapore, and Chemical Products of Cartersville, Ga.

ESI-Data Connections Inc. (Contracts awarded) (Brief Article)
January 20, 1992... ESI-Data Connections Inc. of Buffalo was awarded data communications integrator contracts by Perry's Ice Cream of Akron and Freed, Maxick, Sachs & Murphy P.C., a Buffalo CPA firm.

May Department Stores Co. (Earnings and dividends) (Brief Article)
January 20, 1992... (NYSE) Third quarter, Nov. 2 (in millions) 1991 1990 Revenues $2,561 $2,364 Net income $91 $90 Earnings a share $0.70 $0.69 Based...

Suffolk Construction Co. Inc. (Contracts awarded) (Brief Article)
January 20, 1992... Suffolk Construction Co. Inc. of Boston, Mass., submitted the low bid of $33.18 million for construction of an eight-story research building for the University at Buffalo School of Medicine and Biomedical Sciences on the UB South Campus.

WNY stocks top average for most exchanges in '91. (Western New York; stock exchanges)
January 13, 1992... Western New York stocks did quite well in 1991, outperforming all but NASDAQ's composite list of small stocks. If you invested in just one share of each of the 30 Western New York public companies, you would have made $88.72 in 1991. And,...

Jewish Foundation finds itself as a large Barrister stockholder. (Foundation for Jewish Philanthropies; Barrister Information Systems Corp.)
January 13, 1992... Thanks to a gift last year, The Foundation for Jewish Philanthropies is the second largest shareholder of Barrister Information Systems Corp., the Buffalo computer company that lost $7.74 million in 1991. The foundation ties with M&M...

Droopy economy just won't move off the dime. (Western New York's economy)(includes related article)
January 13, 1992... Western New York's economy has entered the winter doldrums. The recession still is entrenched locally. Signs of recovery are difficult to find. The trend during the past couple of months, as measured by the Business First Economic Index, has...

Lawless Container on the hunt for more printing space.
January 13, 1992... Growth in a specialty line has started a North Tonawanda box company on a search for more manufacturing space. Lawless Container Corp. is looking at suburban and city sites for process printing operations. Company officials want at least...

Niagara Frontier buys travel agency. (Niagara Frontier Travel Services Inc.; Woodside-Dorp Travel Agency Inc.)
January 13, 1992... Niagara Frontier Travel Services Inc., which operates offices in upstate New York and Florida, has bought Woodside-Dorp Travel Agency Inc. of Schenectady, N.Y., for an undisclosed amount. The purchase makes Niagara Frontier Travel, based in...

Home sales dropped last year; industry sees end to tight times.
January 13, 1992... For the second consecutive year, home sales in Erie County fell, but industry observers feel the industry will emerge from the basement. Three months of increased buyer activity coupled with lower, attractive interest rates is giving the...

Ontario printing firm opens in Tonawanda. (Starline Industries Inc. leases space in Tonawanda Commerce Center)
January 13, 1992... Geography and economic conditions played a key role in Western New York landing another Canadian operation. Starline Industries Inc., an advertising imprinting firm from Concord, Ont., has leased 12,000 square feet in the Tonawanda Commerce...

Status of local offices unknown after Chemical-Manny merger. (Chemical Banking Corp.; Manufacturers Hanover Corp.)
January 13, 1992... The blockbuster merger of Chemical Banking Corp. and Manufacturers Hanover Corp. into the second largest U.S. bank holding company, Chemical Banking Corp., will have little impact on the relatively small Buffalo area operations. But...

Midlantic finishes sale of banks; still working on four others.
January 13, 1992... It's two down and four to go for Midlantic Corp. The New Jersey bank holding company which owns Rochester-based Central Trust Co. and three other upstate New York banks has completed the sale of two Pennsylvania subsidiaries. * York Bank...

Key Bank cuts statewide work force. (Key Bank of New York N.A.)
January 13, 1992... Key Bank of New York N.A. will reduce its Buffalo area work force by 16 and employment statewide by 149. The total for the Albany-based bank represents a 3 percent decrease in the bank's 5,800-member work force. Jobs being eliminated...

Olean Exchange Bank melts into Community network. (Exchange National Bank; Community Bank N.A.)
January 13, 1992... A longstanding name among Olean banks has become part of the past. Exchange National Bank, whose roots go back to the chartering of Exchange National Bank of Olean in 1871, joined the ranks of other banking names which, through consolidation...

Mutual funds to make their way into bank lobbies, CEO says. (TNE Fund Group president, Henry Schmelzer says mutual fund companies and banks can be partners)
January 13, 1992... Someday in the not-too-distant future, banks and mutual fund companies could be partners, instead of rivals, for investor dollars. That's one of the views of Henry "Hank" Schmelzer, president of Boston-based TNE Fund Group, a unit of New...

Shareholders change directors of embattled Exolon. (Exolon-ESK Co.)
January 13, 1992... A shareholder group that includes a dissident director has ousted four common directors, including the chairman and chief executive officer, of Tonawanda-based Exolon-ESK Co. The removal of the directors prompted Wacker Chemical Corp., which...

Four Corners buys appraisal office. (Four Corners Financial Corp. acquires Proper Appraisal Specialists) (Brief Article)
January 13, 1992... Four Corners Financial Corp. has acquired Proper Appraisal Specialists of Buffalo. Terms of the deal were not disclosed. "This acquisition gives us a bigger presence in Buffalo, especially on the appraisal side," said Frank Iacovangelo, Four...

Jeffrey Lennox. (People on the Move) (Brief Article)
January 13, 1992... Jeffrey Lennox was appointed vice-president of finance and chief financial officer of Niagara Envelope Group Inc. He was corporate controller.

General Cinema Corp. (Annual reports) (Brief Article)
January 13, 1992... (NYSE) Year ended Oct. 31 (in millions) 1991 1990 Revenues $3,588 $3,562 Net income (loss) ($293.1) $30.4 Earnings (loss) a share ($3.88) ...

Cannon. (Business notes) (Brief Article)
January 13, 1992... Cannon of Grand Island was named architect and engineer by Raritan Bay Medical Center for its Renewal 2000 building program. The medical center has facilities in Perth Amboy and Old Bridge, N.J., and is undertaking a $35 million...

Ford Motor Co. (Business notes) (Brief Article)
January 13, 1992... Ford Motor Co. has donated a 1992 LTD Crown Victoria to the Vehicle Technology Training Center of Erie Community College to provide state-of-the-art equipment for students training in the Automotive Technology and Ford ASSET programs.

Eastside Enterprises Inc. (Business notes) (Brief Article)
January 13, 1992... Eastside Enterprises Inc., Buffalo, said it is the official supplier of Buffalo Bills Astro Turf souvenirs. Videos, coasters, mini-mats and ornaments are available by calling the company or at such stores as AM&A's, Pro-Image, Tops Friendly...

McIntosh and McIntosh P.C. (Business notes) (Brief Article)
January 13, 1992... McIntosh and McIntosh P.C., Lockport, is among a four-company team that will provide GPS satellite surveying support for a 30-month photogrammetric mapping contract by the Pennsylvania Department of Transportation, beginning this spring.

Electrolab Inc. (Business notes) (Brief Article)
January 13, 1992... Electrolab Inc., Buffalo, was named exclusive representative of Industrial Acoustics Co., a designer and manufacturer of sound enclosures and silencers for industrial and architectural applications.

Mark IV Industries Inc. (Earnings and dividends) (Brief Article)
January 13, 1992... (NYSE) Third quarter, Nov. 30 (in thousands) 1991 1990 Revenues $289,100 $228,400 Net income $8,400 $6,800 Earnings a share $0.35 $0.40...