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 HardingMr. PlattMr. HamlinYr. MillerYr. MitchellMr. CrissingerYr. Hoxton, Secretary.

PRESENT ALSO:Yr. Logan. General Counsel.

theThe 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 Fed-

eral reserve banks as at close of business January 4th.

The Governor stated that the present practice of holding regu-

lar meetings of the Board on Tuesday, Wednesday and Thursday of each

week might properly be changed at this time in the interest of a facil-

itation 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

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securities with agreement to repurchase.

After some discussion as to the wording of theletter, it was referred to General Counsel for re-drafting.

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 Direct-

or 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 Secre-

tary of War desired the opinion of the Federal Reserve Board upon the

mamorandum referred to.

rency,

The Governor was requested to reply to the requestof the Secretary of War, it being the sense of the Boardthat Dr. Willis's nvamorandum constituted a competent sur-vey of the situation.

Memorandum dated December 31st, from the Comptroller of the Cur-

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.

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At 12:15 p.m. the meeting adjourned.

Secretary.

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