The Fahraeus effect of aggregating red cell suspensions flowing through narrow tubes is theoretically considered using a mathematical model. This model was developed in our previous paper to analyze the flow properties of aggregating red cell suspensions in narrow vertical tubes. The ratio of tube hematocrit HT to discharge hematocrit HD is calculated as a function of pseudo-shear rate u, which is defined as a mean velocity divided by a tube diameter. At low shear rates, it is shown that the ratio HT/HD increases with increasing u and increases with increasing tube diameter. These theoretical predictions are in good qualitative agreeement with experimental results.