Banks Cut Prime Rate to 15.5 Percent for First Time Since 1980
Hanover Trust Co the nations fourth largest commercial bank lowered its prime lending rate by a half point to 15.5 percent the lowest this year and tied for the lowest since 1980 Wachovia Bank & Trust Co followed suit lowering to 15.5 percent matching the smaller bank move The move comes after major banks previously trimmed to 16 percent from 16.5 and before November the rate had sat at 15.5 percent in fall 1980.
MENTIONED IN THIS ARTICLE
New York
Hanover Trust Co
Wachovia Bank & Trust Co
Winston-Salem
N.C
Continental Illinois National Bank & Trust Co
Chicago
Crocker National Bank
San Francisco
Federal Reserve
Fed
World markets steady as dollar hints at unchanged values
The dollar traded with little movement against major currencies in Europe while gold prices fell slightly across centers in Europe and Asia. Tokyo closed the dollar at 250.50 yen. gold varied by market with New York at 354 an ounce. several financial indicators showed shifts in rates and credit conditions.
MENTIONED IN THIS ARTICLE
U.S
Tokyo
Europe
London
Zurich
Hong Kong
New York
Handy & Harman
Handy& Harman
Lehigh Valley Railroad Reorganization Plan Approved
A Philadelphia federal court approves a plan to settle about 180 million in claims for the defunct Lehigh Valley Railroad. Payments may start Sept 30, with Penn Central receiving 4 million in stock and other creditors paid in cash or securities. The plan ends decades of litigation over the bankrupt line once operating until 1976.
MENTIONED IN THIS ARTICLE
Philadelphia
Lehigh Valley Railroad
Lehigh
Conrail
van Etten
Buffalo
Penn Central Corp
Lehigh Valley
Connon
Penn Central
Wall Street Journal
Northeastern
Savings Banks Face Billions in Deposit Losses
New York AP reports mutual savings banks lost 1.2 billion dollars in deposits in June, with the drop eclipsed only by 1.4 billion in June 1981. Banks blame high interest rates and urge decisive Congress action to cut federal deficits while deposits rise 1.6 billion from a year earlier to 154.3 billion.
MENTIONED IN THIS ARTICLE
New York
Mutual Savings Banks
National Association of Mutual Savings Banks
Congress
Association
George Hane
Northeast
mid-Atantic
New Shift Schedule Boosts Health and Productivity
A Harvard Stanford team reports in Science that rotating shifts to three weeks and favoring later transitions improves sleep adaptation, reduces insomnia and health issues, lowers turnover, and raises output at Great Salt Lake Minerals. The plan, tested with 85 workers against a nonrotating control, is now adopted.
MENTIONED IN THIS ARTICLE
Science
America
Charles A. Creisler
Harvard University
Harvard- Stanford
Creisler
Drs
Martin C. Moore-Ede
Harvard Medical School
Richard M. Coleman
Stanford Medical School
Great Salt Lake Minerals and Chemicals Corporation
Ogden
Utah
U.S
Coleman
The
Mail order complaints top BBB report as industry prospers
The BBB lists mail-order firms as the leading source of complaints, accounting for 20 percent of 1.7 million. Despite the high volume of gripes, the mail-order sector is booming with an estimated 10,000 companies sending catalogs for the Christmas season. Experts urge consumer education and careful checks on refund and satisfaction guarantees, and advise choosing firms with long operating histories.
MENTIONED IN THIS ARTICLE
Council of Better Business Bureau
BBB
Bbbs
Know Your Mail Order Rights and Safeguards
Advice on evaluating mail order catalogs and firms. Check item appearance, dimensions, and inclusions. Beware misleading representations and hidden charges. Verify privacy options, shipping costs, and contact details. Know delivery times, cancellation rights, and where to complain if unsatisfied.
MENTIONED IN THIS ARTICLE
Hoboken
Also Mentioned on This Page
Drop Pabst
Minneapolis
Irwin L. Jacobs
Pabst Brewing Co
Jacobs
Department of Justice
G. Heileman Brewing Co
Pabst
Georgia
New Jersey
Xerox
Commerce Department
Xerox Corp
Israel
Department
Arab League
Damascus
Syria
European Economic Community
Washington
du Pont
Richard A. Knox
Field News Service
By Sylvia Porter
Lillian Vernon Katz
Mount Vernon
N.Y
Lillian Vernon Mail Order Company
Paris
Better Business Bureau
Consumer Affairs Department
Direct Mail /Marketing Association
East 43Rd St
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