FEDERAL RESERVE TAKES TWO MOVES TO PROMOTE LOANS; Cuts Fund Requirements for Large-City Banks -- Drops Discount Rate to 1 3/4% U. S. TAKES 2 STEPS TO PROMOTE LOANS
Fed Reserve Bd sets 2-stage 1% cut in requirements of NYC and Chicago banks; sets 1/2% cut in 48 reserve city banks; moves seen freeing $450 million in reserves