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FEDERAL

E S S E E 7 E BOARD

STATESNT FOR TEF BiSSS
For Immediate Release.
2:30 o ' c l o c k , p. ra.

An .gust 7, Z-QHU,
" X-hl2Q „

The Federal Reserve Board announces that the Federal
Reserve Bank of New York has reduced i t s rediscount r a t e from
3i?/8 to 3CP on a l l c l a s s e s of paper of a l l m a t u r i t i e s , e f f e c t i v e
August 8 t h .