The Federal Reserve Board said it approved...

The Federal Reserve Board said it approved a request by Marine Midland Banks Inc. of Buffalo, N.Y., for a Marine Midland unit to acquire a 50% interest in Subaru Credit Corp., which is also based in Buffalo, N.Y. . . . The Commerce Department reported that completions of new homes fell 2.4% in October to a seasonally adjusted annual rate of 1.536 million from 1.574 million in September . . .Allis-Chalmers Corp., the struggling equipment maker that has been on the auction block since November, said it rejected a $385-million offer by Peers & Co. of New York for most of its assets and property . . . The Investment Company Institute reported that the assets of the nation’s 410 money market mutual funds rose $522.6 million in the week ended Dec. 9.