U.S. DISCOUNT RATE IS REDUCED TO 4% TO LOOSEN CREDIT; Reserve Board Unanimous in Voting to Cut Charge for Lending to Banks LEVELS ABROAD FALLING Step Ends Period of Tight Money That Started With Advance to 4 % in '65
Reserve Bd cuts discount rate to 4%, ending 16-mo tight money period; move seen following trend of other interest rates; all regional Reserve Banks except Atlanta and St Louis had proposed cut; Treas hails move