	niagara mohawk nmk to cut costs niagara mohawk corp said it is cautiously optimistic about results improvements for and said it is studying measures to cut operating costs these measures include freezing management salaries abolishing vacant positions and reducing overtime a spokesman said the company had no current plans to lay off workers the company declined to say how much the cost savings would amount to a five year forecast is expected to be issued in early summer a spokesperson said the company said it has redeemed about mln dlrs in high cost debt during and hopes to redeem more debt this year for niagara mohawk s ings per share fell to dlrs from dlrs in the company said ings reduced primarily as a result of a reduction early in in ings return on equity allowed by the n y state public service commission niagara said it is concerned about the continued lowering of authorized return and has reinforced petitions to grant a fair return on equity reuter 
