Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, July 8, 1995 TAG: 9507100047
SECTION: BUSINESS PAGE: A4 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
WASHINGTON - The Nasdaq Stock Market's parent organization faces possible civil charges alleging Nasdaq regulators failed to stop illegal trading practices, the Los Angeles Times reported Friday.
Such a case, if brought, would be a rare rebuke by the Securities and Exchange Commission to Nasdaq, the nation's second-largest stock market and home to leading high-technology companies such as Microsoft Corp. and Apple Computer Inc.
Citing unnamed sources familiar with the SEC investigation, the newspaper said the allegations include manipulation of stock prices, refusal to honor quoted prices, illegal delays in reporting big trades and harassment of colleagues who broke ranks to narrow their profit margins.
The National Association of Securities Dealers, based in Washington, said its supervision of the market is sound and criticized the report as containing ``unsupported speculation.''
SEC spokeswoman Jennifer Kimball said suggestions the SEC ``has reached any conclusion regarding any investigation of the NASD or the Nasdaq Stock Market are simply premature.''
-Associated Press
Airlines launch summer fare war
MINNEAPOLIS - Three airlines opened a fare sale Friday, discounting tickets through the end of the summer.
Northwest Airlines is offering up to 40 percent off regular excursion fares for travel in the continental United States. The Eagan, Minn.-based carrier said smaller discounts also are available to Alaska, Canada, the Caribbean, Mexico and Hawaii. The nonrefundable tickets must be purchased by July 12 for travel through Sept. 14.
USAir matched the fares, and America West Airlines announced discounts of up to $80, or about 20 percent, off selected medium- and long-haul flights in the United States. America West's lowest fares are for travel Tuesdays through Thursdays. Tickets must be purchased by July 12 for travel through Sept. 14.
-Associated Press
NationsBank opens flood-help program
NationsBank said Friday it has established a disaster relief program for people affected by recent flooding in Virginia. It has opened a disaster relief hot line at (800) 831-5586 that is staffed from 8 a.m. to 8 p.m. seven days a week and will be answered this weekend by employees of the Crossroads branch on Williamson Road in Roanoke.
The program includes a 90-day extension on existing loans, expedited loan approval, reduced loan interest and closing costs, and full financing on auto and home improvement loans.
NationsBank also has contributed $20,000 to the American Red Cross to help flood victims.
-Staff report
Bankruptcies
Three bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. One of them is a personal bankruptcy that the court listed as a business because it has commercial connections and could be of interest to business creditors and customers.
James Anthony Camper and Nancy Carroll Camper of Salem filed for a wage-earner plan for repayment of creditors, estimating assets at less than $50,000 and liabilities at more than $100,000. James Camper operates a repair garage.
Michael Garland Medley and Patricia R. Medley of Sugar Grove filed for reorganization and repayment of debts, listing assets of $345,510 and liabilities of $364,018. They operate Sugar Grove Lumber.
Carroll Lee Deckard, trading as the Odd Shop at Clintwood, filed for liquidation with assets of $23,150 and liabilities of $16,954.
-Staff report
Briefly ...
Cruise Holidays of Roanoke Valley, a travel agency representing major cruise lines, has opened at Spartan Square shopping center, 1447 W. Main St., Salem. Jim and Judy Callaway are owners.
Coors Brewing Co., considered by many a bedrock of conservative views, will offer full benefits to employees' unmarried domestic partners, including homosexual companions. The proposal to extend such benefits was made by a group of Coors employees known as the Lesbian and Gay Resource Group, or Lager. The company's board approved the change by unanimous vote May 11.
by CNB