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A meeting of the Federl Reserve Board was held in the office of the Board on Friday, January 6, 1922, at 11:00 a.m. PRESENT: Governor Harding Mr. Platt Mr. Hamlin Yr. Miller Yr. Mitchell Mr. Crissinger Yr. Hoxton, Secretary. PRESENT ALSO: Yr. Logan. General Counsel. the The Governor stated that he had called/ meeting in accordance with the provisions of the By-Laws, upon the written request of three members of the Board. Minutes of the meeting of the Board held January 5th were read and on motion approved, as amended. The Governor reported the reserve positions of the several Federal reserve banks as at close of business January 4th. The Governor stated that the present practice of holding regular meetings of the Board on Tuesday, Wednesday and Thursday of each week might properly be changed at this time in the interest of a facilitation of the Board's business, and it was on motion voted that here- after and until further notice the regular meetings of the Board will be held at 11 o'clock a.m. on Mondays, Wednesdays and Fridays, said action being taken in conformance with the provision of the By-Laws. The Governor submitted to the Board draft of letter addressed to the Governor of the Federal Reserve Bank of Atlanta, with reference to the controversy existing between that Bank and the Bank of Tennessee, Nashville, Tenn., in the matter of the purchase of certain Government -2- securities with agreement to repurchase. After some discussion as to the wording of the letter, it was referred to General Counsel for redrafting. Draft of letter dated January 6th, prepared for the signature of the Governor, by the Director of the Division of Analysis & Research, and. addressed. to the National Association of Finishers of Cotton Fabrics, relative to the furnishing by that Association of certain statistical information. Approved. The Governor submitted. to the Board a memora.ndum from the Director of the Division of Analysis & Research, addressed to the Secretary of War, setting forth Dr. Willis's views with reference to the banking and currency situation in the Phillipine Islands, and stated. that the Secretary of War desired the opinion of the Federal Reserve Board upon the mamorandum referred to. The Governor was requested to reply to the request of the Secretary of War, it being the sense of the Board that Dr. Willis's nvamorandum constituted a competent survey of the situation. Memorandum dated December 31st, from the Comptroller of the Currency, submitting for the approval or disapproval of the Federal Reserve Board, the application of the First National Bank of Cody, Wyoming to reduce its capital stock from150,000 to .25,000. Disapproved. At 12:15 p.m. the meeting adjourned. Secretary.
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