Margaretten Financial Corp.'s loan originations plunged by 35.5% in April from the level a year earlier. Applications fell by about 47%.
The Perth Amboy, N.J.-based company, which is being acquired by Chemical Banking Corp., said it had closed $3.3 billion in loans for the year to date, up from $2.8 billion in 1993.
Last year, however, volume was soft in the first quarter spite the record year for the dustry. Hereafter, the year-toyear comparisons will get tougher.
Retail loan closings fell to $452 million, from $602 million a year earlier. Wholesale production for April was particularly hard hit, falling to $92 million, from $242 million. Wholesale production also sank, to $216 million, from $308 million.