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X-957 STATE~~NT FOR THE PRESS. May 21, 1918. The Federal Reserve Advisory Council held its regular quarterly session on I•;Iay 20 and 21, two joint sessions being held with the Federal Reserve Board. The members of the Council present were as follows: Messrs. Wing (Boston) 1 Morgan (lJew. York), Rue (Philadelphia), Rowe (Cleveland), Lyerly (Atlanta), Forgan (Chicago), Watts (St. Louis), Mitchell (Minneapolis), Swinner>-(K!:tnsas City), Vlilmot (Dall'ls), Fleishhacker (San Francisco). Among matters of interest discussed by the Boo.rd nnd Council were the question of discount rn.tcs at Federal Reserve Banks, in which the Council ~ecommended no changes. The excellent distribution of the Third Liberty Loan was commented upon as likely to bring about a corttraction of loans during the next few weeks. The question of rates to be allowed by banks to depositors, especially on deposits made by ~anks with othar banks was reviewed; as well as the plan for curtailment of unessential credits vd th whith the Council declared itself in fullest accord. Legislation now pending in Congress with reference to amendments of existing law was also considered. In the afternoon members of the Council conferred with the directors of 1h.tf Y/ar Finance Corporation in order to exchange views con- t cerning the general situation. \
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