" Business Sound "

The Advisory Council of the Federal Reserve Board met in Washington behind closed doors in its usual manner, and subsequently departed gravely with only a formal statement to the press. The latter stated that "business is progressing conservatively and on a sound basis," but failed to comment on the proposed Cuban branch of the Boston Reserve Bank--one of the liveliest internal questions in the Reserve system today. The statement also expressed the opinion "that there appeared to be no reason why Federal Reserve Bank rates should be increased at this time."