May 16, 1979

Deutsche Bank opens branch in NYC; managing director Wilfried Guth says a prime objective will be to meet needs of subsidiaries of German and other European companies in US; graph; Guth por (M)

CAMBRIDGE, Mass., May 15 (AP) — Citing excess inventories and a “softening” in the instant photography market, officials of the Polaroid Corporation, today announced the company's first production‐line layoffs since the 1940's.

Gov Hugh Carey, stepping up effort to get approval for takeover of Marine Midland Banks Inc by Hongkong & Shanghai Banking Corp, says he will seek legislation to overcome some of objections of State Banking Supt Muriel F Siebert; Marine Midland chairman Edward W Duffy scores Siebert's warnings about possiblity of Chinese control of Hong Kong bank; Carey discounts potential of Chinese control; Duffy por (S)

Public Service Electric & Gas discovers dents and cracks in metal plates holding nuclear fuel rods in place at Salem I generating plant; Nuclear Regulatory Commission says there was no damage to fuel rods and no radiation leakage; Arthur Lenihan, PSE&G spokesman, says cracks occurred during shipment to plant or installation, not as result of heat generated by reactor; NRC is also investigating pump malfunction at Oyster Creek plant of Jersey Central Power & Light, NJ's only other nuclear reactor; malfunction occurred on May 3, after worker testing pressure gauges at plant triggered automatic shutdown; map (M)

Energy Department modifies its rule on how much more expensive coal has to be than oil or gas for a utility to win an exemption on economic grounds from Federal order to switch to coal; economists complained that originally proposed rule could have led to unnecessary costs; David Bardin, head of Economic Regulatory Administration, signed rule, but White House aides managed to have it revised (M)