Brokerage firm settles registration chargesA Charlotte...

COMPANY NEWS

December 25, 1992

Brokerage firm settles registration charges

A Charlotte, N.C.-based brokerage has paid $33,000 to settle charges that it failed to register its brokers who sold stocks to Marylanders, the state's attorney general's office announced yesterday.

Officials at Interstate/Johnson Lane Corp.'s headquarters were unavailable for comment yesterday. The company does not have offices in Maryland.

But in a news release, the attorney general's office said the company settled allegations it broke the Maryland Securities Act by failing to register with the state 43 stockbrokers who handled Marylanders' accounts between 1988 and 1992.

In settling, the company neither admitted nor denied the accusations, the attorney general's office said.

Melanie Senter Lubin, Maryland's deputy securities commissioner, said Maryland law requires firms that sell stock here to register its brokers so that the state can check the background of those making investment decisions for Marylanders.

All of the Interstate/Johnson brokers were registered to sell securities in other states, and all have been cleared for registration now in Maryland, Ms. Lubin said.

CSX to transfer 106 workers to Florida

CSX Transportation Inc., the railroad arm of CSX Corp., will transfer about 106 workers from Baltimore to Florida at the end of January as part of the company's plan to consolidate its headquarters in Jacksonville, Fla.

The move involves the company's billing office and the freight-damage prevention and claims department, said Jay S. Westbrook, a spokesman for CSX Transportation. The two departments have 95 workers, he said.

The company is also transferring 11 jobs for Energy Resources & Logistics, an affiliated group that helps develop power plants, Mr. Westbrook said.

The employees can reject the transfers, he said. "We are confident that all will relocate to Jacksonville," Mr. Westbrook said.

After the transfer, 725 people will remain in CSX Transportation's Baltimore office, he said.

The move leaves Baltimore without a major railroad headquarters for the first time in 162 years. But the railroad continues to have support operations here.

The Baltimore & Ohio Railroad, the nation's first railroad, began operating in Baltimore on Jan. 7, 1830. The B&O was later merged into what is now CSX.

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