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Several Large Banks Cut Prime Interest Rate to 8 Percent
New York reports that Irving Trust, Bank of America, Morgan Guaranty, and United Bank of California lowered their prime rate to 8 percent on Wednesday. Banks split on the move with Manufacturers Hanover criticizing it as premature and unjustified. J. R. McNeill voices concerns for Manufacturers Hanover.
MENTIONED IN THIS ARTICLE
New York
UPI
Irving Trust Co
Bank of America
BAM
Washington Window
Morgan Guaranty Trust Co
United Bank of California
Manufacturers Hanover Trust Co
R. E. McNeill
Irving Trust
Chemical Bank New York Trust Co
Chemical