Business: Interest Rates Top Out

The rocketing rise of interest rates (TIME, June 10) has clobbered the housing industry, dried up funds for many companies and generally disrupted the entire economy. Last week it appeared finally to top out; indeed, banks' prime rate, or basic charge on business loans, began inching down. Manhattan's First National City Bank trimmed its prune a quarter of a point, to 11¼%, as did Southwest Bank of St. Louis and First National of Miami. Two Midwestern banks with the nation's highest prime rates also made reductions: Chicago's First National, from 11¾% to 11.6%, and Lansing's Michigan National, from 11¾% to 11¼%....

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