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W~ P. G. HAnDING, GoYERIItOR Ex~OFFICIO M£MaE~:J ALBERT STRAUSS, ViCE GovERNOR ADOLPH C. MILLER CHARLES S. HAMLIN WILLIAM G. MCADOO SECRI!TARY OF THE TREASURY CHAIRMAN I OHN SKELTON WILLIAMS COIAPTROllER OF THE CURRENCY FEDERAL RESERVE BOARD L A. BRODERICK. SECRETARY L. C. ADELSON, AsSISTANT SECRI!TARY W. T. CHAPMAN. ASSISTANT SECR[l'ARY W. M. IMLAY, fiSCAL AGENT WASHINGTON ADDRESS R:EPLY TO FEDERAL RESERVE BOARD December 17,1918 .. • r X-1311 SUBJ"P.CT: PU'='LICATION OF MONTHLY REPORTS OF BUSINESS CONDITIONS. Doar Sir: The Federal Reserve Board has be3n publishing in the Federal Reserve :Bulletin each month a surr.rrary revie·N of business conditions wtich h.::.s been obtained from each Federal Res.:;;rve Agent. It understands the practice of the Federal Reserve Agents nCJN is to rrake public these reports of bus'ines'> conditionsJ releasing them for newspaper use on the first of e;;..ch month. ~It is now proposed to nuke a change in the. Board's method of using these reports. This proposed change will be as follo~s: (1) The reports 'Nill be expected as usual and upon the usual date,. but their publication in the Bulletin will be discontinued after the present TLonth. (a) In lieu of the reports of business conditions prepared by Federal Reserve Agents there Will be published in ea•.!h Bulletin a general review of business conditions which nil1. be based. Ul)')U the l"eports of the Federal Reserve Agents~ and significant passages from the reports will be quoted. (3) Federal Reserve Agents will be expected to continue the local publication of their own reports of business conditions exactJ_y as at present. The effect of this plan will be to give each Federal Reserve Agent exclusive local use of his report, while the Board will publish its ONn national report. In view of this change it will be desirable to have as full and complete reports from the Federal Reserve A?."ents as practicable, and the restrictions as to lenGth, limitation in the number of subjects treated, etc.J Nhich have heretofore been appli3d are hereby revoked. Each Federal Reserve Agent is urged to furnish as complete and full a review of business conditions in his district as he is able_, the Board, as in the past, leavins it to his judg:ment what to publish locally~ i r Reports of business conditions) when transmitted by the F~deral Reserve A~ents to the Board~ will be circulated among the members of the Board for inforrration and will be placed on file for future reference after they have been used in the pr3paration of the monthly sumrrary which is to appaar in the Bulletin. Yours ve.ry truly, Secretary ..
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