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Pursuant to the terms of adjournment, the Board reassembled at 4:50 p.m., January 18, 1922, in the office of the Board. PRESENT: Governor Harding Mr. Platt Mr. Miller Mr. Mitchell Mr. Cris singer Mr. Hoxton, Secretary. PRESENT AIS 0: Mr. Logan, General Counsel. The Governor submitted the letter to Mr. Giannini prepared by Mr Miller. in accordance with the action taken at the morni ng session. The said letter was, upon motion, approved. The Board then determined to transmit to Mr. Perrin the letter upon the matter of the branches of the Bank of Italy, prepared by Governor Harding and submitted at the morning session, with the understanding that the Board will submit to Yr.Perrin at a later date the memorandum showing why the Board has felt compelled to consume so much time in considerat ion of this matter, and recounting the several objections which have been made to the granting of authority to the Bank of Italy to establish any further branches. Memorandum dated January 17th, from the Compt roller of the Currency, recommending approval of the applicatio n of the First National Bank of Otis, Colorado, to reduce its capital stock from .4.0,0 00 to 125,000, under certain conditions, said conditions being concurred in by the Governor of the Federal Reserve Bank of Kansas City. Approved. At 5:15 p.m. the meeting adjourned. Appioved: Secretary. Governor.
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