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At a regular. meeting of the ?ederal Reserve Board held in the office of the Board on Friday, February 2, at 11 a. m., P4'SENT: Harding, presiding, Er. Delano,, Mr. Hamlin, Yr. 7;illiams, Mr. Miller, Mr. Willis, Secretary. Mr. Warburg, The minutes of the meeting of the Board of ?ebruary were read and, on motion, approved. L report preparej by Mr. 7Iarburg Y:ith reference to a form of trade alceptance intended for transmission to Yr. W. D. Isham, of the Harley-Davidson Motor jompany, was read to the Board, and, on motion, ordered transmitted. It was also ordered that copies of the correspondence be sent to the 7ederal eserve Banks affected. The secretary of the Board presented the Bond of :Zr. P. 21eming, Deputy Federal Reserve agent, Kansas City, duly executed and approved by Counsel. and ordered passed to file. /) The bond was noted The application of the Commonwealth Trust Company of Boston for membership in the Federal Aeserve System, duly recommended by the Committee on Member and State Banks, was presented to the Board, and on motion approved. The aovernor of the Board read a draft of a letter prepared for transmission to the Secretary of the Treasury with resfect to the proposed arrangement as to the holding of gold by the State Bank of Aussia on behalf of Federal deserve Banks, indicating that in the opinion or the Board such action would not be wise at the present time. The letter was approved in substance and ordered transmitted. The special order of the day, the general status and policy of the Board with respect to the ?ederal aeserve Bulletin, coming up for discussion, 7.1r. Hamlin moved that the general scope of the Bulletin for the future be that of a strictly official routine publication, after an alternative plan which had been set forth in a report prepared by the Secretary of the Board under Instructions. General discussion ensued, and Yr. Hamlin withdrew his -,otion, whereupon Mr. kirburg roved that it itt is the sense of the Board that the Bulletin consist of a general section devoted to a record of facts and statistics scientifically presented, such matters of opinion and the like as may be provided for to I€ rablished as a second section of the 3alletin, if such section should later be sanctioned. After discussion, Mr. 4arburg's motion being put to a vote, prevailed. Various propositions with reference to the Federal Reserve Bulletin were then by unanimous consent pat to an informal vote, with the result that the following instructions with reference to the future management of the Bulletin were adopted and ordered entered: 1. That the present section of the Bulletin en- titled "Review of the Month," shall be continued upon substantially the same lines as those adopted in the February, 1917, issue. 2. That the section entitled "Business :Jondi- tions," shall be retained upon substantially the present lines, with such improvements as the editor of the Bulletin can introduce into it. 3. That the present statistical tables furnished in the 3alletin instead of being published upon a quarterly and monthly basis, as at present, shall be published upon a semi-annual and quarterly basis. 4. That the editor of the Bulletin shall not be precluded from preparing descriptive articles embodying the substance of sleeches made by members of the Board in which the salient points shall be iloted verbatim, with a descriptive summary of the remainder of the addresses. 5. That reports prepared by members nt' the Federal Reserve System may be published in the Federal Reserve 2alletin, such publication in each instance to receive appropriate sanction. Reports on the clearing situation in New England and the management of the 1emphis Agency to be obtained from governor .iiken and Federal Reserve Agent Martin respectively were so sanctioned as a beginning. It was further informally voted that the following propositions be laid down for the management or control of the Bulletin: 1 1. That the Bulletin Jommittee shall continue in sole charge of the Bulletin. 2. That the editor of the r,ulletin shall be at lib(rty to consult with any member of the Board especially interested in a particular subject to be treated in the 13alletin, submitting to him such data as may relate to such subject and providing him with proofs of the Bulletin. Upon application of the Secretary of the Board, approval was granted for his delivering a course of lectures at Columbia Tniversity on Saturdays during the next few weeks, such absences to be charged against his annual leave. :r. Delano presented to the Board a statement concerning the situation at the Byromville National Bank, Byromville, ga., ._;nd 2rovernor 'larding read a letter he had prepared, addressed to Federal eserve Lgent .ellborn, with reference to the policy to be adopted toward the Byromville institution, gesting that the Federal deserve Agent at Atlanta enforce the use of the penalty for depleted reserves in order to maintain satisfactory conditions, .4 I/ and exercise when necessary his power to examine member banks. A letter from the Pompeian Oil 'Company with reference to the present state of exchange was referred to the Executive Committee. On motion the Board adjourned to meet on Yonday, ?ebruary 5, at 11 o'clock, a. m.