The Charlotte Observer from Charlotte, North Carolina • 46

THE CHAR1YTTE OB SERVER 2D THURSDAY MARCH 16 2000 Rule would force funds to disclose tax bite Carolinas Inc Here are some stock listings from trading for publicly owned companies with headquarters in the Carolinas Stocks with a gam or loss greater than 5 are in bold type 62weli Sale 52 week Sale annual reports the estimated one- five- and 10-year returns after taxes so investors can compare funds The returns would have to be shown in two ways: estimated taxes for investors who sell their fund shares and for those who stay in the fund Fund companies are required to disclose only returns before taxes On Capitol Hill meanwhile the House Commerce Committee voted unanimously for a bill directing the SEC to develop final rules on mutual fund tax disclosure within 18 months Several sponsors of the bill said they were pleased the SEC had already begun but they wanted to move the measure through the House to ensure the effort fall by the wayside The proposed requirement assumes that taxes are levied on investors at the maximum federal income tax rate of 396 percent providing a scenario Associated Press Mutual fund investors would get more information about the effect of taxes on their portfolios under legislation moving in Congress and new rules proposed Wednesday by the Securities and Exchange Commission An estimated 2 V2 percent of an average stock return is now lost to taxes but many people aware of the bite SEC Chairman Arthur Levitt noted that the tax bite varies widely among the 7000 or so mutual funds in this country because differences in fund investment strategies can produce markedly different tax consequences Of the estimated $6 trillion that 83 million Americans now have invested in mutual funds roughly $3 trillion is in taxable accounts The SEC commissioners voted 4-0 to put out the new proposal for public comment until June 30 It would require mutual funds to disclose in prospectuses and Carolinas Continued from ID Archdale Drive on June 7 because of lackluster sales is not profitable and that is usually why we close said Stephen Pagnani a Kmart spokesman The store 93000 square feet opened in 1963Kmart Plaza in which the store is located was recently sold to Eastbourne Investments Ltd a Toronto investment group Closing the store was unrelated to the sale Pagnani said Lore Postman Tube-Tex shuts down Jacumin manufacturing Jacumin Engineering and Machine Co a long-standing Burke County firm sold last month is breaking up under new ownership Tubular Textile the Lexington NC-based owner has shut down Jacumin manufacturing operations and fired 12 of its 14 employees saying it has all the manufacturing it needs at another of its holdings in Martinsville Va The company will keep two sales and technical service employees in Icard said Tubular Textile President and CEO Bill Milligan Tubular Textile or Tube-Tex makes and distributes textile machines Jacumin Engineering or JEMCO had made bleaching machines for the textile industry since 1965 Owner Jimmy Jacumin made news last month by giving his employees an average of $215000 each from profit-sharing and stock-option plans as a reward after the sale to Tube-Tex GregLacour In brief MCRAE EARNED $394000 or 15 cents a share nearly six times earnings of $69000 a year ago Sales increased 92 percent to $1387 million for the boot maker based in Mount Gilead ACCESS POINT a Cary telecommunications start-up said it raised $25 million in funding from GE Capital subsidiary NTFC to pay for expansion of its network The company is near completion of a telecommunications switching center in Raleigh and plans one in Charlotte in the next few months WORLDTEX announced Wednesday it again extended a deadline to decide whether to activate a shareholder rights plan The deadline was moved back a week now set for March 24 EGS Partners of New York recently announced it held 34 percent of the Hickory-based yarn stock triggering the poison-pill provision E-SAVERS E-Savers are special fares available for travel this weekend on US Airways Passengers must leave Charlotte on Saturday and return Sunday Monday or Tuesday Other restnctions apply To book the fares call 1-888-359-3728 Fares are also available through wwwusairwayscom US Airways' Internet site Round-tnp from Charlotte to Columbus Ohio $99 Harrisburg Pa $99 Minneapolis $139 Nashville Tenn $89 New York LaGuardia $119 Newark NJ $119 Norfolk Va $89 Pittsburgh $109 Richmond Va $89 Also round-tnp to Charlotte from Atlanta $89 Chicago $119 Houston $139 Louisville Ky $89 Memphis Tenn $99 New Orleans $109 New York LaGuardia $119 Newark $119 Philadelphia $109 St Louis $119 Also Greensboro to Baltimore $89 GreenvilleSpartanburgto Philadelphia $99 Washington National $99 If you have comments call airlines reporter Ted Reed at (704) 358-5170 between 11am and 2 pm weekdays Dividends enod Silt of record able IRREGULAR OFFICE FURNITURE JUSA THE ROUND TABLE DISCUSSION BEGINS HERE payable in Canadian funds 3 fori split 7045250455 US signals consent to oil merger in the Queen Park Business Center at 3700 South Blvd 112-B Freelarv New York Times The Federal Trade Commission on Wednesday put a hold on its attempt to block a merger of BP Amoco and Atlantic Richfield Co signaling that the $30 billion deal is very likely to win government approval light of the substantial and constructive proposals made by the defendants all parties have agreed to seek adjournment of the federal court proceedings in FTC vs BP Amoco and Atlantic Richfield Co in order to conduct Richard Parker director of the Bureau of Competition said in a statement Parker did not elaborate but there was no doubt he was re ed the highest hurdle standing in the way of its acquisition of Arco While statement referred to further negotiations its mention of and constructive seemed to indicate federal court hearings might not be necessary The hearings which were to have begun next week in San Francisco would have been on the motion to block the merger on grounds it would violate antitrust law The BP Amoco-Arco merger is the largest proposed deal ever to be opposed by the federal government Assuming that the FTC drops its opposition the merger would create a company second in size only to Exxon Mobil HOTEL AND SUITES ferring to BP just-announced intention to sell the Alaskan assets it would get from Atlantic Richfield (or Arco) if the merger went through Together BP Amoco and Arco control about 70 percent of oil production in Alaska The FTC had expressed concerns that the merger would lead to substantially higher prices for Alaskan crude oil at refineries on the West Coast where gasoline prices are already among the highest in the country But BP Amoco has just reached a deal to sell its Alaskan assets to Phillips Petroleum in a deal valued at $6 billion to $7 billion With that arrangement BP Amoco appears to have eliminat Borders plans Birkdale Mage site ANCHOR from ID mmwmsmmmm -I i fcasd ill 4S Pappas Properties Pappas Properties sold Max Erma's a site across Sam Furr Road from Birkdale Village (See Doug Notebook) anchors as apparel sporting goods and specialty grocery stores Mega bookstores can become a focal point said Crosland Steve Vermillion They typically attract loyal customers who spend considerable time browsing reading shopping and likely spilling over into the other shops and restaurants in the center Borders is Birkdale second key anchor to be announced Charlotte-based Eastern Federal Corp purchased six acres recently and started construction of a 16-screen stadium-seat movie theater Wade Robinson in charge of retail leasing said the theater shops restaurants and residences in the $42 million first phase are due to open in spring 2001 Adjacent lo Pappas Properties will manage the retail and commercial buildings The Birkdale Village superstore will be the second locally for Borders which has more than 300 stores nationwide and reports annual sales of more than $25 billion The first Charlotte Borders opened nearly six years ago in Morrocroft Village at Colony and Sharon roads in SouthPark Crosland Properties which is spearheading apartment development plans a later phase of about 70 rental townhouses and flats All buildings in keeping with the Birkdale golf course community on the opposite side of Sani Furr Road will have Nantucket-style architecture The Crosland Group is handling leasing for most of the commercial and retail space in Birkdale Village Designer suites and guestrooms contain the highest quality furnishings bedding and in-room amenities greeting you with an opulence exclusive to the Morgan DOUG SMITH'S NOTEBOOK I I I A A 315 fail Woodlawn Road (704) 522-0852 (800) 522-1994 Return with us to a time when lodging was an experience and hotels breathed character Stay with us once and welcome you back time and time again The Village at Birkdale the commercial section of the 640-acre golf course community across Sam Fun-Road from the Birkdale Village mixed-use project is getting a Max Restaurant Pappas Properties said the chain bought a site and plans to start construction of a 6800-square-foot building this spnng The opening is planned for the fall Several potential operators were interviewed but Pappas Properties said it selected Max Erma's because of the relaxed neighborhood-gathenng place atmosphere the restaurants project The Birkdale restaurant will be the 53rd Max and the second in North Carolina Its first NC restaurant is at 8619 JW Clay Blvd in University Place near UNC Charlotte The Village at Birkdale commercial complex includes more than 50000 square feet of medical and professional offices plus a 40000-square foot fitness and wellness center operated by NorthEast Medical Deloitte Touche USA has leased an additional 11227 square feet in the 24 story Canllon buildingat 227 Trade St That pushes its total in the building to about 40000 square feet on the 11th 12th and 14th floors Trinity Partners LLC which handles Canllon leasing said two other tenants also expanded and extended the terms of their leases Brown Brothers increased its space to 3639 square feet and Heidnck Struggles expanded to 6568 square feet The 470000-square foot Canllon building owned and managed by The Shorenstein Co is 998 percent leased deluxe guestroom two-room suite s120 Mention this ad to receive these Special Introductory Rates! Two-Room Suite $120 (regularly $159) Deluxe Room $95 (regularly $139) Offer valid through 52300 Not applicable to groups Taxes not includes Subject to availability 4 i.