Show I I RATES ARE REDUCED San San Francisco Francsco One of Eight Regional Banks to Cut Rediscount nt Figures WASHINGTON Nov 3 i. A A reduction of one half of ot 1 2 per cent In the rediscount rate f feight of eight of the twelve federal federal reserve banks banks is la announced by the federal re reserve bO board The h reductions were d through applications made by the various banks and the tha directors of the Boston Doston Cleve ClevO Cleveland land Minneapolis and Dallas Dalas banks are expected soon to file tie such a applications Success of the treasury in floating Its Is IS 4 cent certificates new Issue leue of 4 and per cates cate for tor which more than was subscribed to a I combined offering of about was Indicated to have acted os as iS a a feeler for the federal r reserve banks In Sn determining d conditions In In the money market with wih respect to the proper levels for rediscount rates New rates at th the eight banks banis make re reductions re- re as follows follows- Four Foul and one half 1 per cent New York end and and Philadelphia 6 5 per cent Chicago St. St Louis Kansas City and San Francisco and 6 5 per cent Richmond Richmond Rich Rich- mond and Atlanta I IThe The rates In force torce at the tha other banks banIs which have not been changed as yet are I Five ive per cent Boston 5 6 2 per cent Cleveland Cleve Clevo- land and 6 per cent Minneapolis and Dallas Dalas Conditions lo of the reserves of f the tho e banks an and ont the tha general n situation et In t the t money I market were said sd to b be responsible for tor the I Ipe reductions S S S Banks whose e rates were were l lowered t to 4 I Iper acne Je pe per tent cent were 8 said to have e reserves s of f 80 per cent and anti those whose rates rotes were cut to to 6 5 per cent have love reserves of ot from 60 50 to 75 per cent banks with wih a rate rats of 5 5 per cent it was said still have to rediscount with wih one another In order to maintain the tho lawful law law- fill ful reserve of 40 per cent Rediscount rates of ot the banks bonk of Boston Doson Cleveland Minneapolis and Dallas Dalas have not been changed as the directors of those banks have not as yet held a I meeting on the tho subject |