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The Baltimore Sun from Baltimore, Maryland • Page 48

Publication:
The Baltimore Suni
Location:
Baltimore, Maryland
Issue Date:
Page:
48
Extracted Article Text (OCR)

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The former SmithBarney banker had charged that the investment banks since the early 1990s cheated Washington out of millions of dollars by routinely inflating the price of Treasury securities they purchased on behalf of issuers for escrow accounts. pendent unit of the National Association of Securities Dealers, according to lawyers involved in the settlement.

The securities companies will pay about $120 million to Washington, the bulk of which will go toward settling "qui tarn" lawsuits involving false claims to the federal government. About $20 million will be returned to state and local governments that were harmed. Monthly MoaUiIy YTD YTD sales suae-store sales same-store CoBpany pdduutge pd change AnnTaylor Stores $110.8 $178.1 Federated $1,521.0 $2,732.0 1.9 TheGap $1,070.0 $1,766.0 J. C. Penney $1,200.0 $2,089.0 Kmart $3,054.0 $5,425.0 0.5 Kohl's Corp.

$538.6 6.8 $799.0 $799.8 4.0 $1,440.0 5.0 May Dept. Stores $1,124.8 $2,038.1 Men's Wearhouse $109.7 0.8 $189.9 3.6 target Corp. $2,958.0 $5,153.0 Sears $2,655.8 3.8 $4,528.5 3.3 Wal-Mart $14,284.0 3.6 $25,649.0 5.1 Inmillions Retail, from Page 1c by federal investigators that it overcharged the state of Pennsylvania and local jurisdictions in bond underwriting offerings in the early 1990s. The Securities and Exchange Commission said the Baltimore firm illegally marked up $494 million in U.S. Treasury bonds.

Alex. Brown, which was acquired by Bankers Trust Corp. in September 1997, and subsequently by Germany's Deutsche Bank AG, neither admitted nor denied the SEC's findings. The settlement completes the government's case against most of the major players in the municipal finance market. The resolution covers potential charges under the False Claims Act and securities law and IRS liabilities against the banks.

Ib was agreed to by the Justice Department, the SEC, the IRS and NASD Regulation the inde Ghana Airways proposes to begin service at BWI ployment, high consumer confidence and rising wages. "You're going to have to average March and April to get a meaningful trend," said William Ford, senior economic advisor for Tele-Check Services Inc. "We'll be very surprised if you don't see strong numbers for April." Page lc "It's one more thing that lends itself to thinking of Baltimore as an international city." percent at Men's Wearhouse and dipped 0.7 percent at AnnTaylor Stores Corp. compared with an Increase of 21 percent in March 1999 for AnnTaylor. Retailers who were unaffected by Easter demand performed well, said Michael P.

Niemira, a vice president of the bank. Even those with lower sales, such as Kmart, reported strength in lawn and garden, home electronics, sporting goods and home decor. "These categories suggest that underlying demand remained solid last month, despite the weak appearance of the Industry sales tally," Niemira said. The holiday shift accounted for about three percentage points-of lower sales growth in March, said Niemira, who noted that March sales were compared against the strongest month of 1999. "March turned out to be by and large a much better month than anticipated," said Kurt Barnard, president of Barnard's Retail Trend Report.

"That was especially true for specialty stores. Some did exceedingly well." Those that bucked the slow-growth trend Included the Limited with a 4 percent gain; the Dress Barn a women's apparel chain with a 16 percent jump in sales; Nordstrom with a 5.9 percent gain; Neiman Marcus Group with a 16.3 percent gain; and the Talbots Inc. women's apparel chain, where comparable $4.5 million OK'd for job development sales rose 17.9 percent. Department stores were among the hardest hit by the shift in the holiday. J.

C. Penney Co. Inc. reported a 9.5 percent decrease at its department stores, saying categories that traditionally do well at Easter declined, though jewelry, window coverings and women's casual sportswear sold well. The May Department Stores Co.

reported a 4.3 percent drop. Saks Inc. said sales fell 1 1 percent The month's results show a continuation of a trend in which consumers are shifting to specialty stores to buy either lower-priced or branded apparel and away from department stores, which depend on sales of upscale, designer fashion apparel, Barnard said. In some cases, department stores and general merchandisers saw increases, such as Sears, Roebuck and where sales rose 3.8 because of strong sales in appliances and home furnishings, he said. Analysts called the March results artificially low and an unrealistic picture of an industry that has seen strong sales growth.

Retailers have benefited from low unem Sunny, from Page lc ting those kinds of airlines there gives us such an opportunity to spread the word to countries that in the past we wouldn't have thought of," said Carroll R. Armstrong, president and CEO of the Baltimore Area Convention and Visitors Association. "It now makes them touchable. It's one more thing that lends itself to thinking of Baltimore as an international city." Although BWI's domestic service has seen double-digit growth, with major carriers adding several new routes a year, international service has been largely stagnant. The airport built a $140 million terminal for international flights in 1997, but the promised growth in business has not materialized.

Until now, most of the international travel at BWI has been service to the Caribbean, military Carroll R. Armstrong, president and CEO, BACVA flights or charter service offeree! as part of a vacation package. Other carriers serve Europe from BWI. British Airways flies direct to London, and Icelandair flies direct to Reykjavik. But airport officials have long said that securing routes to Europe and the Far East is a priority.

Economic impact numbers have not been calculated for service by Ghana Airways, Castleberry said, but added that the numbers could be significant. region and the state," said Richard C. "Mike" Lewin, DBED secretary. Qiagen was close to setting up operations in Boston before DBED officials intervened, Lewin said. The company also received an offer from Richmond, officials.

Bank One was also wooed by officials in Norfolk, Philadelphia and Wilmington, Del. "Both of these companies could have and would have gone somewhere else if we did not make these deals work economically," Lewin said. facturing activities are set to begin at the planned square-foot facility in 2001. The manufacturing and re-' search facility will be the first in the United States for Qiagen, the world's largest supplier of DNA purification products to pharmaceutical and biotechnology companies in terms of sales and market share. "These are two extraordinary deals that will have tremendous importance to the economy of the I.

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