BANKS TO CUT RATE ON CITY NOTES 1%; SAVING IS $500,000; Reduce the Interest to 3% on $50,000,000 to Be Sold June 30 Under Agreement. LOWER RESERVE WEIGHED McGoldrick Takes Up Reduction With Bankers -- Doubts Rise in 1935 Budget. BANKS TO CUT RATE ON CITY NOTES 1%
Bklyn Real Estate Bd approves penalty cut resolution