Prime rate cut to 10 3/4 at Chase Manhattan Bank
Chase Manhattan, the Nation's third- largest bank, lowered the prime lending rate it charges its most creditworthy corporate customers to 10 3/4 percent Thursday, from 11 1/4 percent. The key rate nationwide now ranges now from 10 3 /4 percent to 11 1/2 percent. Several banks lowered their rate to 11 percent this week. The prime reached a record 20 percent in April and has declined steadily since then.