The Michigan Daily-Thursday, May 8, 1980-Page 11
z . x !.ry owers
prime rate
NEW YORK (AP) - Chase Manhat-
a tan Bank, the nation's third largest, cut
its prine lending rate one full point to
17 per cent yesterday, pushing the key
lending index to its lowest point since
February.
Most other major hanks, including
top-ranked Bank of America, took a
0Emore modest approach and trimmed
their prime rates to 17 and one-half per
cent, while others moved to18 per cent.
CHASE'S REDUCTION was its
second of the week and fourth in two
weeks, as the prime continued its
decline from an early April peak of 20
per cent.
AP Photo The prime is the interest rate banks
charge on loans to their lowest-risk
THOUSANDS OF CUBAN refugees crowd into a coverted U.S. Navy aircraft hangar yesterday near Key West, Florida. corporate borrowers, while smaller
The refugees await food after spending the night in the hangar, which is equipped to handle only 1500 people businesses typically pay a point or
more above the prime.
The prime is not tied to interest rates
Mar es sent to reugee camps gages r autoloans, but is considered
For example, Home Savings and
(Continued from Page 10) help is coming, I know, but it is very and two sons. "Ten years ago they put Loan Association of Los Angeles - the
slow," Cobo said. me in prison for trying to escape Cuba nation's largest S and L - said yester
Cuban community leaders who have William Traugh, of the Federal in a boat. Yesterday they put me in a day it cut its home mortgage rate to 12
been coordinating donation drives said Emergency Management Agency, said boat and let me have what I had been per cent from 17 and one-half per cent.
supplies for the refugee centers were Washington's planning efforts have trying for for ten years."
runningcritically low. been hampered by the unpredicted Former inmates arriving included
recent escalation in the pace of the women who said they were among
Refugee Cubans arriving yesterday exodus. about 1,000 female inmates freed from j CIHANCE
were given a meager meal of one ham the New Dawn prison in Cuba to leave
sandwich, two small canned sausages, MOST OF THE latest arrivals ap the country. Most said they were jailed with
orange juice and dry sugar-coated parently were once prisoners. Many for political offenses.
cereal without milk. said Cuban President Fidel Castro was M ARINER
using the refugee exodus to purge his
"ALL OF OUR FOOD has been island of political enemies. The exodus
coming from private donations," said began after more than 10,000 Cubans
volunteer worker Anne Hernandez. crowded into the Peruvian Embassy in TRAVELING?
"These people have given until they Havana, seeking political asylum. Castro
can'tgiveany more." first said they could leave, and later Make BIVOUAC Your First Stop!
allowed thehboatlift.
Arturo Cobo, a local coordinator, said
the American Red Cross was buying "I was very surprised when they told
new supplies of food and that he had me I was leaving," said Gilberto
been assured federal government su- Rodriguez, who arrived with his wife
plies were-on the way. "The federal
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