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Show rani REDUCESRATES Maximum Interest Payable Pay-able on Deposits by Banks Lowered NKW YOJIK. June ?4 AP-Jtt-flwtmir current t-rrdit conditions antl I ho recent reduction to 2 1 - ? wr rent hi the redlk'oiint rate of the .N' York Federal Kenerve bunk, the New York clearing- houte today reduced the maximum Inter-eat Inter-eat rate payable on depustta by member hank. The rate on dritoalts payable, within thirty daya and on credit balance payable on demand to bunks, trtint companies and private hunker, excluding mutual en v Ing ban kit. waa reduced from to 1 1-2 per rent. Thin rnt also applied to dcponlta of itonbanking InKtltutlona. 1 The rate on time deposit and de-poults de-poults of mutual saving), bank were cut 1 per cent each, making the new rates 2 per cent. In t lie opinion of many hanker. at'iroirriliteiifTriiJfjTtFp H H! overdue and became Imperative. They pointed out 4 hut Mine the old r.ite'a went Into effect March lam there hove been two reduction in the rediscount rate of the federal reserve hank of New York, carrying that rate down from S 1-'-! Pr cent to 'J 1-2 per cent, the lowest rate in the New York Federal Iteeerve bank's sixteen years of existence. -. ! |