Southwest leads the way
Interest rates continued their three-month-long slide last week, as many American banks dropped the bench mark prime inter est rate to 15½%. In September the rate stood at 20%. The moneymen were again following the pattern set by Southwest Bank of St. Louis, which ranks only 1,270th in size among the some 14,000 banks in the U.S. but is a leader in setting the prune. Two weeks ago, Southwest was the first bank to lower its rate to the new level.
Southwest officials point to a number of occasions when their bank led the drive to cut the prune....
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