When it comes to making important changes in interest rates, the big-time bankers of New York, Chicago and San Francisco have recently taken a back seat to Philadelphia's John R. Bunting, the controversial chief of the First Pennsylvania Banking & Trust Co. On two occasions in 1968 and 1970, Bunting was the first to cut the prime rate, and other bankers quickly followed. Last week, ignoring pleas and pressure from the Nixon Administration, Bunting acted again. This time he hiked the prime, from 5½% to 5¾%. By week's end Bunting was out on a long limb, because no other...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!