Boston Stock Exchange moves
BOSTON – The Boston Stock Exchange has moved to 100 Franklin Street after nearly 20 years at its One Boston Place location. Both locations are in the city’s financial district. The 163-year-old Boston exchange began trading at the new site last Tuesday, with the official opening of the new facility, including its interactive visitors gallery, not scheduled until Feb. 8. Founded in 1834 as a market center for New England companies, the exchange continues to fulfill that role, although last year only 20 percent of the companies that are registered on the Boston exchange are New England-based firms. Since 1975 when the Congress mandated a national market system and forced the seven exchanges to share information to increase competition for the dominant New York market, the Boston market has grown steadily. The growth forced the move to Franklin Street.
Electric Supply firm expands in New England
NORWOOD – Eagle Electric Supply has announced that its parent company, Sonepar Distribution of France, has bought four more New England distributorships, bringing its total in the United States to six. The four in New England, owned by All-Phase Electric Supply Co. of Benton Harbor, Mich., are on Providence, New Bedford, Walpole and Worcester. Their names will be changed to Eagle Electric Supply. Purchase price was not disclosed.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
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Wang gets NASA contract
BILLERICA – Wang Global has won a $450 million, 10-year contract to provide computer services to National Aeronautics and Space Administration. Wang, as subcontractor to Locheed Martin Corp., will link NASA’s nationwide computer operations through a network.
Lycos gets OK to continue use of black Lab logo
WALTHAM – A U.S. District Judge approved Lycos Inc.’s continued use of a black Labrador retriever logo for its Internet search engine while a trademark lawsuit filed by Labrador Software Inc. is being heard. The judge in Boston ruled that Labrador Software hadn’t used the Labrador logo enough for it to be identified in consumers’ minds with the product, and, therefore, wasn’t entitled to the temporary ban on the use of the black Lab logo that it sought. Labrador Software’s suit against Lycos was filed in November. It is still pending. Both companies are based in this community.
State’s top auto insurer cuts discounts
QUINCY – Arbella Mutual Insurance, the state’s biggest automobile insurance company, has announced that its discount rate for the best drivers (so-called Step 9) will be 5 percent below standard rates, a reduction from last year’s 13 percent. Drivers at the next level, so-called Step 10 drivers, are being offered a 3 percent discount, down from 8 percent last year. The company has until Jan. 28 to file any more discounts with the state or to amend the announced five percent discount.
Boston architects merge with Texas consultants
BOSTON – Sumner Schein Architects and Engineers Inc. has announced its merger with a national consulting firm based in Ft. Worth, Texas, Carter & Burgess Inc. Sumner Schein, founded in 1921, will continue to operate from its Cambridge and South Windsor, Conn., offices, but hereafter as a division of Carter & Burgess. Sumner Schein made its reputation in retail design, but the company has extended its range of skills to include architecture, interior design, environmental graphics, master planning, site development, engineering and construction administration.
FirstFed Bank forms new subsidiary
SWANSEA–FirstFed America Bankcorp, the holding company for First Federal Savings Bank of America has announced the formation of a wholly owned subsidiary, FirstFed Insurance Agency LLC. Starting March 31, 1999 the agency will offer a full range of insurance, including, home, health, life and accident to consumers and businesses. The agency is the first in Massachusetts to be licensed under the new state law permitting banks to sell insurance. First Fed is authorized to sell insurance in both Massachusetts and Rhode Island.
Massport plans pit neighbors against airport
BOSTON — Massport officials are hearing more than the roar of jetplanes as they push ahead with a plan to add a 5,000-foot runway and taxiway to Logan Airport. Area residents are raising their voices in protest over a proposal they say is forcing them to lobby against each other for peace and quiet. Massport says it must take steps to reduce congestion and delays at what Executive Director Peter Blute says is the “fifth most delay-prone airport in the country.”
Tobacco boom of 1990s is ending
SPRINGFIELD — The broadleaf tobacco boom of the 1990s appears to be ending in the Connecticut River Valley, the heartland of the prized leaf used in cigars, industry sources say. Typical tobacco prices are down 35-40 percent, and much has gone unsold so far. The industry sources blame cooler demand for cigars, more tobacco harvested by more farmers, and unfavorable weather that often hurt quality. Some expect the market simply to level off, and others fear some shrinkage. This winter’s buying season is already making some growers consider whether to stay in the business.
