Economic Review ..Gold Exports Partially Offset FRB Efforts
XpOR the third time within * two months, the Federal Reserve Board took action to reduce the reserves which</br></br>XpOR the third time within * two months, the Federal Reserve Board took action to reduce the reserves which the member banks are required to set aside for the protection of deposits. Each iof these i moves by the | Federal Re-j serve to in-1 crease the size of the funds available to mem- : ber banks for lending and in-ÐÊ vesting had its own signifi-, canoe, especially last week's ! action.</br></br>| Reserves required for the : member banks in New York ; and Chicago were reduced by a full one percentage point.</br></br>' The reserves required in the other reserve cities were reduced one half of one per cent. There was no change i in the requirements of the ' so Û¢ called ÛÏcountry banksÛ</br></br>Jt will be recalled that the first cut in reserve requirements announced Feb. 19 made an approximately $500 million of additional basic , bank credit available. The I second reduction of one half 1 of one per cent in require-j ments announced March 18 made another $500 million of basic bank credit available.