Show REDUCTION OF DISCOUNT RATE NOW IN EFFECT reduction of tile discount rate by one half of ct one per cent which I 1 becomes operative with the berk 1 ley intermediate credit bank to I 1 morrow to bring its rate down to 2 per cent will affect upwards ot of loans now current with the bank so officials sald said recently practically P a all forms of crop and I 1 livestock production in the four tat of california nevada utah sud and arizona will feel the bo benefit rl t of this all time low rate on loans loan for tho the seasonal necos of live stock and ken 11 el oral loral agricultural producers I 1 of the total number of current loans to be affected 2285 represent approved applications from 32 production Product lon credit associations int tho the eleventh district tor for an agre a gato of on the books book as of may atar 9 of tills this amount has been or Is in process press of being advanced on monthly installments ments for general crop production fruits and nuts and vineyard products livestock loans through these I 1 associations s have amounted to commitments conj on poultry production amount to ap api ij proximately in many instances of other crop production loans first install wore paid out before march 16 whon when PIO ho discount rate was reduced front from 3 to 2 12 1 2 per cent so that a number of borrowers with whom were made on oil a basis baals of 3 por per cont cent will finish filli paying their interest at harvesting alive at a full one per pe r cent lower lowery rato rate 18 loans outstanding with 1 A tural credit corporations and livestock loan companies amount to al approximately Proximately cotton grow ers era poultry aien and dairymen who leave financed Inin ced themselves through stich institutions stand to eju equally ally by the two reductions within 1 two months or if recent borrowers by the second adjustment which went into effect on may 10 |