What is "a cut in rates"

Cut \Cut\, n.

1. An opening made with an edged instrument; a cleft; a gash; a slash; a wound made by cutting; as, a sword cut.

2. A stroke or blow or cutting motion with an edged instrument; a stroke or blow with a whip.

3. That which wounds the feelings, as a harsh remark or criticism, or a sarcasm; personal discourtesy, as neglecting to recognize an acquaintance when meeting him; a slight.

   Rip called him by name, but the cur snarled, snapped his teeth, and passed on. This was an unkind cut indeed.
   --W. Irving.

4. A notch, passage, or channel made by cutting or digging; a furrow; a groove; as, a cut for a railroad.

   This great cut or ditch Secostris . . . purposed to have made a great deal wider and deeper.
   --Knolles.

5. The surface left by a cut; as, a smooth or clear cut.

6. A portion severed or cut off; a division; as, a cut of beef; a cut of timber.

   It should be understood, moreover, . . . that the group are not arbitrary cuts, but natural groups or types.
   --Dana.

7. An engraved block or plate; the impression from such an engraving; as, a book illustrated with fine cuts.

8. 1. The act of dividing a pack cards.

   2. The right to divide; as, whose cut is it?

9. Manner in which a thing is cut or formed; shape; style; fashion; as, the cut of a garment.

   With eyes severe and beard of formal cut.
   --Shak.

10. A common work horse; a gelding. [Obs.]

    He'll buy me a cut, forth for to ride.
    --Beau. & Fl.

11. The failure of a college officer or student to be present at any appointed exercise. [College Cant]

12. A skein of yarn.
    --Wright.

13. (Lawn Tennis, etc.) A slanting stroke causing the ball to spin and bound irregularly; also, the spin so given to the ball.

14. (Cricket) A stroke on the off side between point and the wicket; also, one who plays this stroke.

    A cut in rates (Railroad), a reduction in fare, freight charges, etc., below the established rates.

    A short cut, a cross route which shortens the way and cuts off a circuitous passage.

    The cut of one's jib, the general appearance of a person.

    To draw cuts, to draw lots, as of paper, etc., cut unequal lengths.

    Now draweth cut . . . The which that hath the shortest shall begin.
    --Chaucer.