Bank of Boston accused of fraudFederal stock market...

BUSINESS DIGEST

January 13, 1994

Bank of Boston accused of fraud

Federal stock market regulators accused the Bank of Boston yesterday of failing to disclose pertinent information to investors about problem real estate loans in a 1989 quarterly financial filing.

The Securities and Exchange Commission launched an administrative action against the bank, charging it either misstated or failed to disclose loan loss projections in its financial statement for the second quarter of 1989.

IBM may leave N.Y. headquarters

In the latest sign that company headquarters are no longer the icons for Corporate America they used to be, IBM is considering vacating its 700-employee head office in Armonk, N.Y.

Opened in 1963, the building is a classic example of the postwar American corporate headquarters -- a modern, sprawling structure that occupies a hill in splendid isolation, overlooking bTC carefully landscaped grounds in suburbia.

"There are no sacred cows here anymore, and that includes Armonk," IBM Senior Vice President Gerald M. Czarnecki told the New York Times.

Passenger traffic up at BWI

As a result of new discount service and additional flights, passenger traffic at Baltimore-Washington International Airport surged in November for the third straight month, growing by more than 30 percent over November 1992.

State officials attributed the growth to the arrival last fall of Southwest Airlines and new service by Continental Airlines and USAir.

Tandy forecasts 3,600 new jobs

Tandy Corp., the nation's largest electronics retailer, said yesterday that the aggressive retail-growth strategy it started last year would create more than 3,600 jobs in 1994.

Most of the jobs will come as Tandy adds 24 Computer City and six Incredible Universe stores. Tandy has about 7,000 stores and dealers.

Earnings rise for health company

Integrated Health Services Inc. expects to post earnings of $1.32 a share for the year that ended Dec. 31, an increase of 27 percent over 1992, the company said yesterday.

IHS shares rose $2, to $33.375, a 52-week high, in heavy volume of 289,100 shares.

Owings Mills-based IHS owns and manages more than 100 medical care facilities in the United States.

Corn and soybean crops fall

The government slashed the size of the weather-scarred 1993 corn and soybean crop in its final estimate yesterday, saying the harvest will be the smallest in five years.

Farmers produced a third less corn last year than they did in 1992, the Agriculture Department said, and the soybean crop was off 17 percent.

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