Credit: Losses at Cards

Ever since it went into the retail credit-card business in 1958, New York's Rockefeller-led Chase Manhattan Bank has lost money at it. Last week, tacitly admitting defeat, Chase Manhattan announced that it had arranged to sell off its Chase Manhattan Charge Plan (CMCP) for the value of uncollected customer accounts, now about $9,000,000. The purchaser: New York's newly organized Uni-Serv Corp. Uni-Serv's President Joseph P. Williams, has ideal background for his new job: until 1960 he was a top executive of the solidly profitable, million-member retail charge plan operated by California's Bank of America.

More than two-thirds of the bank charge...

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