More Banks Cut Prime Rate: Chase Manhattan...
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From Times Staff and Wire Reports
More Banks Cut Prime Rate: Chase Manhattan Bank, Manufacturers Hanover Trust Co., Chemical Bank, Bank of New York and Mellon Bank were among the latest banks to cut their prime lending rates by half a percentage point to 9%--a 2 1/2-year-low. The banks took their cue from the Federal Reserve, which lowered its discount rate to 6% last week.
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