Area businesses react to terror attacks
Morgan Stanley offices, including South Lake Tahoe’s, were open for business Wednesday.
The financial investment firm employs 3,500 workers on 22 floors in one of the World Trade Center towers. The “vast majority” have been accounted for, the company’s New York communications department reported Wednesday.
The South Shore offices will be briefed on the firm’s strategy today, while stock markets remain closed today.
“Clearly, the economic and financial situation in this country has quite possibly changed,” South Lake Tahoe manager Robert Luce said.
When the markets do open, local financial consultant Cheryl Sillings predicts an overall downward trend with the travel industries in particular suffering.
Sillings, of Brookstreet Securities Corp. in South Lake Tahoe, plans on weaker performances from the airlines, hotels and food-service companies. Her phones were ringing off the hook as clients called for advice.
The California Farm Bureau predicts the temporary grounding of air travel will disrupt many of the Golden State’s produce shipments. Items like berries, mushrooms and pre-packaged salads are often shipped by air.
The South Shore Safeway store receives its produce from its Tracy warehouse via ground, so manager Steve Stetson doesn’t foresee any delay of standard produce unless the warehouse fails to receive its shipments. Items like pineapples from Hawaii may be delayed.
As for ground travel, American Automobile Association spokesman Atle Erlingsson believes gasoline prices in California will remain relatively steady with no spikes. He predicts the northwest will not follow the Midwest’s panic buying from motorists or price gouging from station managers.
California’s price for a gallon of self-serve unleaded rose a penny in a day to $1.72 Wednesday. Sacramento’s amounted to $1.73, up three cents from Tuesday. It’s a penny less in Reno. The nationwide average is $1.39.
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