Clock Homecoming

It is 14 feet tall, made of cast iron, and makes people cry.

The beloved Central Terminal clock is back home in Buffalo, repaired and restored and in its original spot in the old train station.

"Too often we talk about all we have lost. Now we can start beginning to talk about those things we're regaining," said Russell Pawlak of the Central Terminal Restoration Corporation.

The clock was unveiled Tuesday morning before school children, senior citizens, and other Buffalonians. They burst into applause when the clock lights were turned on.

"I walked in today to celebrate the lighting of the clock, and tears just rolled down my eyes," said Ann Peck, "because of memories way back during the war years, World War II, when my husband used to come on furlough to visit us during the holidays."

The clock was a fixture in the train station from 1929 until it closed in the 1970's. The clock was later sold in the 1990's, and was discovered in a Chicago antiques store.

A public fund-raising effort organized by WBEN radio raised $14,000, and M & T Bank donated $25,000 so the clock could be purchased and repaired.

The clock will be on display this summer in the Central Terminal. The public will be able to see it during public events, as the terminal is still shut down. The clock will then be on display in different locations in Buffalo, starting with

M & T Center on Main Street.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.