European Stars And Stripes (Newspaper) - December 24, 1989, Darmstadt, Hesse Page 20 the stars and stripes sunday december 24,1989 investor s quid i by Bill Doyle q. Over the put four months my broker has nude several errors in reporting transactions in my account. Each error was corrected after i noticed it. My broker says my experience is very unusual and the acceptable error rate is less than 1 should i believe the broker or would i be better off moving my account to another firm a. You have posed an impossible to answer question. Errors Are made in the brokerage business a they Are in every business. But no error rate even 1 percent is you might or might not Fin fewer errors by shifting your account to a different brokerage. Outdo keep checking the confirmation statements you receive after each transaction against your monthly account statements. Q. As the result of errors it has made in my account my brokerage firm has sent me numerous confirmation statements some cancel ing erroneous transactions and others reporting the Sale of Securi ties erroneously reported As Pur chased. How will All these unauthorized and cancelled trades be viewed by the internal Revenue service a. The erroneous transaction Sand cancelled trades should not be viewed by the irs because Theta reviewers should never get to Sec them. On your income tax re turn report Only the transactions you ordered the broker to make c King features Dow off 28 despite fed loosening new York up in a week that saw the Federal Reserve Board finally begin to loosen its grip on interest rates the Stock Market posted a loss rocked by tears of the potential wider economic Impact of a slump in the real estate Market. Although the Dow Jones Industrial average Rose 20.26 Friday to close at 2,711.39, it lost 28.16 Points on the week or about i percent. Among the broader Market averages the new York Stock Exchange composite Index fell 1.67 Points to close the week at 191.95. Standard & poor s 500-Stock Index fell 2.64, to 347.42.declining issues led advances 1.134 746 among the 2,134 issues traded Las week. Big Board volume totalled 843,562,790 shares compared with927,760,970 a week earlier and 722,205,400 a year about real estate Loans started dec. 15 after the Bank of new England announced that it would boost its reserves for bad Loans in that sector by about $700 million. Investors also were afraid the slum might push the Economy into a recession and that the fed which has taken a cautious stance on interest rate cuts would nol act quickly enough to Ward off a serious economic slowdown. The Dow plunged 42.02 monday it second biggest loss since the 190-Point plunge oct. 13.the fed did come to the Rescue later in the week however signalling on wednesday that it was amenable to a Quarter Point drop in the key Federal funds rate. At to was the week s most act Venyse Issue Down 1 i to 44 a amid Dis appointment that it did not raise its dividend. Philip Morris followed Down 2 to40 a on profit taking. Federal National mortgage association or Fannie Mae was third Down i to 34%. Among other Blue chips ism Rose to 96-%, general electric fell it to 63ft. American express lost itt to 31%, an Mcdonald s fell i to 33 %. On the american Stock Exchange thealex Market value Index lost 4.66 to close Friday at 370.84. Declines led advances 562-262 among the 1,012 issues volume totalled 64,030,045 shares compared with 70,777,430 traded week earlier and 49,186,730 traded in the same week a year labs class b led the amex actives up i to 5 National association of securities dealers Index Rose 0.74 to end the week at 444.57. Dec approves single banking License Brussels not the european Community has approved the last step for creating a single banking License that would allow a Bank licensed in one dec nation to open As Many branches As i would like anywhere in the Community. The Community s finance minister adopted a plan defining minimal capital ratios that All Banks established in the Community would have to maintain. A dispute Over capital ratios had Holdup approval of the single banking License plan. The step is part of the Community plans to tear Down All internal Trade barriers by the end of 1992. Banks from the United states another non Community countries would also enjoy the benefits of a single Bank ing License Community officials said so Long As the Community did not conclude that their Home nations treated euro Pean Banks worse than they did their Domestic Banks. The new banking directive which was passed last week goes into effect on Jan. 1,1993. The european commission the Community s executive Arm is to deliver a report by july 1, 1992, on which nation deny european Banks the same treat ment As their Domestic Banks. It is reasonable but not threatening except for those indulging in discriminatory practices said sir Leon Brittan the Community s commissioner for financial Many ways Europe s new banking rules will be More Liberal than rules inthe United states where restrictions on interstate banking often make it hard for Banks to open branches in different Community s directive on banking will replace a system in which individual nations can almost arbitrarily prevent a Bank from another nation even on within the Community from opening branches. 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