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. For hrmediate release September 18,1918.
the Federal Reserve Advisory Council held its regular quarterly
session en September 16 an.d 17, two 3oint sesaions being held·with
the Federal Reserve Board.
The members.of the Council
~;vere
presen+, as follows:
l&esllrs. \lYing (Boston).,· Morgan (New lark), Rue {PhUadelphi4),
R<Me (Cleveland), Norwood (Riehmond), Lyerly,Atlanta.) 1 Forgan(Chicago),
5
.watts (St.Louish Mitchell (Minn~polis), Swinney (Kansas (aty).,
WilmOt (Dallas), and rieishl:"Acker ($an Francisco).
the existing financial situation was fuliy discussed, and the
Council expressed itself as being in entire accord with the discoun• ·
pOlicy at present pursued by the Board, feeling that satiafactory progress
'
.
is be~g made in the curtailment of nonessential and less essential
.
C1redits., and that proper regulation of the entire credit situation
can be'accamplished Without further advances in discount rates.
..·.·
@FedFRASER