The Federal Reserve granted approval to Sumitomo...

The Federal Reserve granted approval to Sumitomo Bank of Osaka, Japan, to become the largest investor in the New York investment bank of Goldman, Sachs . . . The FDIC said it sold 50 million shares of Continental Illinois Corp. to a group of underwriters at $5.25 a share, about $1 a share less than had been anticipated . . . Real estate developer Donald Trump said he owns 9.9% of Bally Manufacturing Corp.