The Clinton administration came out against legislation to let banks earn interest on reserves they must keep at the Federal Reserve. Page 4


The chairman of J.P. Morgan told an audience of corporate treasurers that Asia's woes could be worse for the United States than they expect. Page 5


Hawaii's three community banks are reporting declining profits and below-average performance ratios. Page 7


HOME EQUITY: With its deal to buy Money Store, First Union is set to bulk up an already ample home equity lending business. Page 8


The president of Dreyfus, Mellon's fund subsidiary, said he is looking to establish a money management presence in Europe. Page 11


SMART CARDS: New Jersey is in the fast lane with a plan for smart card driver's licenses. Page 12


Verifone's latest retail terminal system is its first to include a check reader, which captures customer account data off the magnetic ink line so that the check itself does not have to be deposited. Page 13

MasterCard's six-month-old premium product, the World credit card, is performing beyond initial expectations. Page 13


At the intersection of EDI and the Internet, the automobile industry has accomplished what many bankers have only been dreaming about. Page 15


First Union stock could surge as much as 20% as share buybacks and merger dynamics kick in, a PaineWebber analyst says. Back page

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