April 7, 1983

The Manufacturers Hanover Trust Company, New York's fourth-largest bank, cut its consumer loan rates yesterday by one to one and a half percentage points. The move by Manufacturers Hanover, a leading consumer lender, follows some other recent interest-cutting moves by local banks. The Chase Manhattan Bank reduced its interest rate last Friday by a percentage point, although its auto loan rate remains at a base of 15 percent, compared with Manufacturers Hanover's 14 1/2 percent. In mid-March, the Bank of New York cut its car loan rate to 13 3/4 percent.

Companies Biscayne Federal Savings and Loan of Miami was declared insolvent and closed despite the objections of its chairman and principal stockholder. It was one of the largest thrift industry failures ever. Biscayne had $2 billion in assets at the end of 1982 and a negative net worth of $22.5 million. Federal regulators immediately chartered a successor association to protect depositors. (D1.) Thomson McKinnon announced plans to buy First Federal Savings and Loan in Madison, Conn. The acquisition, which must be approved by Federal regulators, would apparently be the first purchase of a savings and loan association by a brokerage firm. (Page D1.) Treasury Secretary Donald T. Regan called for a moratorium to halt the rapid restructuring of the financial industry. (D6.)

At a meeting with his senior foreign policy advisers last April, President Reagan approved a policy with the goal of preventing a ''proliferation of Cuba-model states'' in Central America that could threaten the United States militarily and economically. Acccording to a highly classified document summarizing the meeting, the group proposed both covert and political programs to keep the Sandinist Government in Nicaragua from ''exporting revolution'' to El Salvador and to strengthen pro-United States elements in El Salvador and Guatemala. In addition to covert activities designed to put pressure on Nicaragua, the group expressed approval of a military coup that overthrew an elected Government in Guatemala, a beginning of covert activities in that country against anti-Government forces and efforts to keep Mexico ''isolated'' on Central American issues. The covert activities in the region, according to the memorandum, would be carried out pursuant to National Security Decision Directive 17, which was the President's approval in November 1981 of a plan for covert activities in Central America, particularly against Nicaragua.

The Food and Drug Administration said today that it had approved a new nonprescription sponge contraceptive for women. The soft, disposable polyurethane sponge is permeated with spermicide and does not have to be fitted by a physician.Faye H. Peterson, a spokesman for the food and drug agency, said that in clinical trials the sponge ''was found to be about 85 percent effective in preventing pregnancy.'' The sponge, she said, has an effectiveness rate ''in the same range as other vaginal contraceptive products such as the diaphragm.''

The nation's major airlines, most of which are still losing money, experienced a big upturn in travel in March, but they are still reluctant to say a recovery is under way. The solid upturn in passenger traffic, the airlines and analysts agree, is largely a result of deep discount fares and other unusual factors at work last month. Some analysts, however, see the start of an upturn in business travel tied to an economic recovery. Six Report Big Gains Six of the seven major airlines that have reported traffic figures this week said they had gains averaging 21.1 percent in March compared with the month a year ago. The six airlines are United, American, Eastern, Delta, Trans World and USAir. This was the second consecutive month that traffic increased, with the industry showing a rise of 9.2 percent in February.