Newsday from New York, New York • 64

-V. "V' Qrop rtTTfV. QjrnemSn CITY NEWS COURTS --'V SMART MONEY irwfeFp polla'esmaysoon lose their ftubl SgSi3BS9 iiUMfWii wm fgotJCrinQii EIUJSDKIESS Check Rules Not For Small Firms $5,000 in cash on Wednesday. Effective today, however, new Federal Reserve Board regulations require banks and thrifts to make only $100 of a total days deposited checks available as cash the day after the deposit is made. The balance can be kept for three to seven days, depending if the checks were drawn on local or nonlocal institutions.

My cash flow time now is two days beyond what it used to be because Congress helped me, says Newman, who believes the new regulations will harm many small-business owners. Ironically, the regulations are the By Susan Harrigan Today isnt a very good day for Gordon Newman, a clothing retailer who lives in Commack, L.I., and says he deposits lota of small checks in his bank, EAB. Just last February, Newman and other New York state business owners won the right to gain access to checks of $100 or less within one business day after they had been deposited, up to a maximum of $5,000. In other words, if Newman gave 60 $100 checks to a teller at EAB (formerly European American Bank) on a Monday, he could withdraw Please see CHECKS cm Page 59 Regulators Take Over 14 Oklahoma promissory notes and $700 million in various guarantees against future losses on bad loans as a worst case scenario. He said the board expected to attract private capital that would lower that total, but scud it eras premature to say by how much.

The board first will market the six new institutions at a meeting today with SI Oklahoma investors. Within 10 days, he said, the board would begin looking for out-of-state buyers, The boards announcement described the consolidation as a clean will be veiy active in the next month, he said. Within the last two weeks, the board has committed nearly $10 billion to resolve the cases of 21 institutions in Texas, five in Minnesota and one each in Iowa, Idaho, California and Tennessee and now 14 in Oklahoma. Wall said three of Oklahomas 48 are attempting to restructure themselves with private capital, rather than government help, but if those ef- Please see THRIFTS on Page 65 sweep through Oklahoma, which like Texas has been hard hit by the depression in the oil industry. The bank board, which regulates the nations 3,000 and through the Federal Savings and Loan Insurance Corp.

guarantees their deposits, has greatly picked up the pace iff its efforts to dose or rescue failing institutions. Regulators have closed or merged 94 so for this year, compared with 48 for all of last year. Wall said he planned to resolve the cases of 259 institutions this year and next year. We Washington (AP) Federal regular savinbnurtitutions in Oklahoma's pledged up to $1.9 billion in aid to re- store the states savings industry to solvency. M.

Danny Wall, chairman of the Federal Home Loan Bank Board, said the 14 will be consolidated into six larger institutions under new management, and the bank board will begin looking for bqyers immediately. He described the commitment $1.2 in 10-year British Airways to Get $80M JFK Facelift dy Bald Charles Seliga, manager of the Port Authori- the gates and the baggage claim area far United flights. By Katherine Foran business administration division there. New passenger walkways also are planned. British Airways yestwday announced an $80-mil- Whentheprqed is completed.

United willmove to Spacious foungm ifor firsWfess and Po tion expansion and reimvation of its terminal at Johh the renovated British Airways terminal and the exist- sengers on British Airways and United flights will be F. Kennedy Airport. ing United terminal will be used by otjier airlines to 1 added, and curbside check-in services will be available phriimni.yml financed jointly with meet their expanded services, British Airways spokes- for United passengers, Larnpl said. United Airiinna, will fpmplflummt the 82.7-bflHqn alp- man John Lampl Baid. The rebuilt terminal will have three more airline port redevelopment plan that the Port Authority of The prqject is scheduled for completion by the sum- New York and Ndw Jenqy has undertaken at Kenne- mer of 1990.

It will expand passenger waiting areas at Please see AIRPORT on Page 65 Hotel- SIGNPOSTS DOLLAR 2,031.65 fir- "1 a takeover bid from Black Decker, going private last year and selling some operations, the company has its headquarters staff to less than 200 half the size of five yean ago. Clio, which has a hotel in Fit-kuka, Japan, may build 15 or more stories on top of the extension but has no idea yet how much the conversion will cost, said William Lee, manager, Lee said the compaqy looked at Please see HOTEL on Page 65 40 West 40th St. between Fifth and. Sixth Avenues and a six-stony expansion built next to it in 1939, The conversion would be the. first in memory of a Manhattan of-r fice building to a hotel, said Darcy Staoom.

who handled the deal for the "real estate firm Cushman WakefiekL. American Standard will lease space in the buildingTrom Clio for a few years 'until it deddes where to move said Gene Tannerv plumbing-fixture companys direo--tor of real estate. After fending off 430.30 sus By Harry Berkowitz Amid a surge of interest in Manhattan hotels among foreign investors, a Japanese company plans to convert a landmark office building overlooking Bryant Park on West' 40th Street into a 250-room luxury hoteL The company, Clio Court, announced yesterday it has paid $43 million, for American Standard Inns headquarters, which includes a 24-story federal landmark building built for the company in 1923 at 1686 dobtm The stock market posted some scattered losses in another, sluggish session after an earty advance.