Del Rio News Herald from Del Rio, Texas • Page 8

Business Business Briefs 8A NEWS HERALD, Sunday, November s. PKTK CASTILLO One of tho largest businesses in the world has awarded one of its employees with two awards for excellent performance The U.S. Air Force presented Master Sgt Pete Castillo, a recruiter here in Del Rio, with the Sustained Performance Award and a five year Silver Badge at a conference for regional recruiters The recruiting region extends as far as Austin and San Angelo Castillo said the badge is awarded by the regional corn mander when a recruiter performed above and beyond the call of duty He is the only person to receive five silver badge awards. He will wear the badge for a one year period He said he would not have received the awards if it had not been for the outstanding response from the community to join the Armed Forces Bank execs arrested SAN ANTONIO (APi The FBI arrested two former (iarden Ridge State Bank executives Friday on charges of violating federal bank fraud laws Ted W. Cook, 15.

former bank president, and John F. Buratovich, 33, former bank vice president, surrendered to FBI agents in San Antonio, authorities said. Michael 1). Wilson, special agent in charge of tht FBI San Antonio office, said a federal grand jury indicted the men Wednesday The seven-count indictment alleges Cook and Buratovich us ed money belonging to Garden Ridge State Bank for personal benefit. It also claims they made fraudulent entries in the official books and records of the bank in an effort to cover up their unauthorized expenditures Neither Cook nor Buratovich are still employed by the bank news or RIBBON CUTTING Members of the Del Rio Chamber of Commerce Red Carpet Committee were on hand Wednesday for qrand opening ceremonies of the Amistad Resort Marina.

From left are Budd Finch, general manager, and employees Bocky Finch, Donna Heronemus and Loe Heronemus. Financial Focus .1 BI. Contributing Writer The proper- transfer of securities is essential before an estate is closed Attorneys should handle this along with other property transfers. Too often, however, stocks and bonds are overlooked and remain registered in the name of the deceased or as joint property. In such cases, these securities have not been properly divided among heirs and, therefore, cannot be sold.

For example, John Smith owns l.ooo of Widget, Inc. The shares are registered in his IUIMK Each quarter, John receives a dividend check, which lie endorses and deposits. These idends are reported to the IRS undci John's tax-identification number. In turn, John claimes these dividends and pays taxes on them. When John dies, his estate is urobated and divided among his widow and children in accordance to John's wishes and state law 'I he shares of Widget, however, are ommitted because John's attorney failed to include these shares of stock in John's CStatc.

Each quarter. John's dividend check is still sent and reported to the IRS. Who owns these dividends? Who endorses and AUSTIN (iood news for employers in 1990' For the second year in a row, employer's will see a significant reduction in their unemployment tax rates After years of suffering a depleted trust fund due to back to-back recessions, the Texas Ernploment Commission reports a record high Trust Fund Balance this October What docs that mean to employers'' Lower tax rates in 1990 and the possibility of a tax credit in 1991 Preliminary rate calculjtions by the Texas Employment Com mission have produced the following estimates of 1990 unemployment taxes Forty percent of all em plovers, those at the minimum rate, will see an estimated drop of $31 per employee in their taxes a reduction over the 1989 cost Four percent of all those employers paying at the maximum rate, will see an estimated $184 decrease in their per employee cost a drop of L', 1 per cent from the 1989 amount Fifty six pe re i- ut of the employers whose rates tall bet ween the minimum and max irnum should experience some reduction the actual dollai and percent of reduction will dept-iid on the charges to then uidiv ulual accounts There is no questions llut itn- high tax rates of the past caused hardships for employers But the tough times are past The Texas Employment Commission expects to collect $500 million LESS in lux revenues in 1990 while maintaining a solvent system cashes the checks? Finally, who pays taxes on dividends reported under John's Social Security- number? Because of these complications, Mrs. Smith decides to sell the stock, so she visits John's broker. Unfortunately, the broker can't sell the stock because it's still registered in John's name, and John is deceased.

These complications could have been avoided by a simple transfer during probate. Stocks and bonds registered in the name of a deceased person are considered "legal items." Until they're properly transferred and reregistered in the name or names of the new owner or owners, they can't be accepted by a purchasing broker or dealer. The transfer and reregistra- tion of securities are not complicated. Old certicitcates are simply submitted to the transfer agent with supporting legal documents that explain how the new certificates are to be registered. Although this is the responsibility of the attorney, brokers are generally willing to assist.

Before you accept an estate as settled, be certain that all property is legally transferred. Remember, this property includes stocks and bonds. Firm's money market fund exceeds $2 billion ST. LOUIS James Blend, who represents the St. Louis- b.ised firm Edward D.

Jones in Del Rio. announces the tn ni's money market fund, caller! Passport, exceeded $2 billion in balances "Passport piuude.s my clients competit iv that can be used lor ever.da\ expenses or as a holding place ''or their money in- between investments," said Blend "Fin proud to have the op- port unity to offer this financial service to my clients." sport .1 grown in popularity among individual investors because of its flexibility iniil Convenience for instant a iKibilit of funds. Also popular is tin flexibility it offers Usrmigli a variety of optional features, such as check-writing, direct deposit and VISA debit card Businesses also enjoy access to these features and benefits The numbers of investors in Passport has increased substantially since it was introduced in January, 1980 growing from 7,000 investors to more than 215,000 in 1989. In addition to the $2 billion held in Passport, the firm's customers hold investments through Jones totaling $177 billion. "Although we have attained $2 billion in investments to Passport, we will continue to recommend it to all our clients for the conservative benefits it offers," Blend With more that 1,450 offices in 43 states, Edward Jones Co founded in 1871, is one of the largest financial services con cerns in the country.

Its more that 1,500 investment representatives provide such conservative investment vehicles as mutual funds, insured tax-free bonds, certificates of deposit and the common stock of companies with histories of solid manage ment and sound growth. Give your heart an extra helping. American Heart Association Adams Apple And Thirsfeflse Bar and Disco are Celebrating Their ADAM'S APPLE Restaurant Thirstease Bar Disco GRAND OPENING for the month of November we invite you to the finest Restaurant and lounge in Del Rio! "SPECIALS GALORE" Everyday our famous lunch buffet will be on sale for All day long we will offer you a 8 oz Sirloin Strip Steak Complete dinner including Ole Henry Salad Truck for only Every Wednesday from or fabulous Mexican Buffet at 95 with a 00 all you can drink beer offer to go with it Utld 'i-VlJc' tilt fuU AMuuhgNeuBew An Mum) inks, A. tfcti Hittrmfb AH I his Starts Today thru the Month of November! 1 1 ow Everynight from 7:00 m. -Closing Economic development officials want the stale (o sweeten hid AUSTIN A i l.ornl husiness loaders Irving to land big rompntrr chip company want tho si Hie to swrHrn its offri despite the statements downplaying finan rial incentives as a factor in rhosing a location Greater Austin Chamber nl Commerce officials met (his week with state lawmakers, in eluding Hill Mohhy and Mouse Speaker (lih Lewis, in a campaign to drum up support for increasing the state's million package of enticements foi I Memories But as officials mulled ways to enhance Tc.xas' chances foi win ning the $.

million plant. Memories president Sandy Kam- downplayed the importance uf financial offers In Colorado Springs, Kane said other issues, such availability of enoimh high tech workers, were more tant than financial giveaways has offered million in tax abatements and training pro 5 i l.itMll* HI ritllll PCS, a million gift package that local officials hope will sway the consortium to hriiif? its plant and 1.000 jobs here Mut the state's part of the package is less than those of two states competing against Texas, 'he Austin American Statesman reported New York and have of fered incentives worth $80 million and $50 million, respectively 'I he state packages have been supplemented by incentives offered by the ((immunities under consideration by Kane Middleton. and Phoenix. Details of Muldlrton's incentives have not lii'i-i) public Phoenix lias offered another £. million worth of enticements, bringing the value of package to million Colorado Spi inns has olleicd million in combined state and local inrrnliv Texas legislators said they are confident the state can sweeten its part of the package The qiies lion, they say.

is whether it can he done in time Memories officials plan to visit Austin this week and are ex pected to choose a site within month Hep Ton-all Smith, Austin, said if Austin officials can put together a package of new inc (i lives that can win widespread support, (Jov. Mill Clements could he swayed to consider the issue during special legislative session that begins So fai Clements has rejected appeals to open the special session to any issue other than workers' com iou in suranco reform. Rep Bob Rich aid son Austin, said state officials that Texas is going to have to do more to win the project Crunch time lot computer trading NKW YORK (APi Amouj its many other afflictions, Wall Street lately has come down with a new and acute case of cyberphobia The term, defined simply a. the fear of computers, was coin ed decades ago when scientists first began to experiment with electronic methods of handling information and conducting business. Now it is focusing on the computer-driven tactics, such as multiple transactions involving stock-index futures and individual stocks, that are c'ollec lively known as program trading, and are feared to he threatening severe harm to the integrity of the markets.

The latest outcry began in last month's "Friday the 13th massacre" when the Dow Jones industrial average fell more than 190 points. The market was perceived to be at the mercy of mp ne rated 11 an ac tions, governed only In a feu flimsy untested safeguards adopted since the Crash of 1987. "This is insanity." said Raymond DeVoe Jr. in a com men tary tor Legg. Ma sun Wood Walker Inc.

"Theslock exchange has become a casino for with everyone else tak ing it on the chin Or as Jay at First Albany Corp. in Albany, NY, put it: "Some kind of com promise should be reached before there is nothing left but computers trading with other computers." Actually, most critics of the new trading techniques protest that they aren't cyberphobes at all. It's not the use of computers they object to, they sa.v, but the abuse of new systems tor purposes never intended in the markets. "We are not waxing nostalgic for the good old days," DoVoo declared. "But something is ter ribly wrong.

The capital stock markets used by a small number of players are being ruined for everyone else." While those issues were debated, stock prices managed to cut their October losses a hit in the past week The Dow average of 30 industrials closed "i 1 up 7 i ('nun the wee! til-fore The York Slock K.vchange composiie index rose 1 (18 to 18728. the NASDAQ composite index for the over-the-counter market gained o.fil to 1.W.97. and the American Stock Exchange market value index was up 1.78 at 371 79. Aver ige volume on the Big Board came to 148.18 million hare-. day, ag-'MiM I illlon I he re! bet The question of whether com puters ought to play some role stock trading seems to have been settled for good.

Without the capacity they provided to process all types of i everybody agrees, 'he markets would surely have been overwhelmed on Blacl. Mondav 1987 or in this yi-ai seiloft Furthermore, the idea of outlawing program trading is nowhere near as simple as, say. banning speeding oij .1 highway or smoking in a rest am ant Many brokerage firms have responded to complaints by vow ing to swear off or at least cut down on program activity. Late last week the NYSK announced a series of measures designed to restrain its impact DQ COUNTRY YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY FIESTA AAAAAAAAAAAyM 3 TACOS! 149 TACO SALAD! L99 CHEESE NACHOS! 99V -V Nut all proiiucb all CuoJ uiil) al COUNTRY VALE PKlii: OCIOBER 30 thru NOVEMBERS.