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At a special meeting of the Federal Reserve Board held in the office of the Board on December 3, 1918, at 3 P.M., PRESENT: The Mr. Mr. Mr. Mr. Mr. Governor Strauss Hamlin Miller Williams Broderick, Secretary. Business was presented and disposed of as follows: The Governor stated that the meeting was called for the purpose of considering the applications of the Federal Reserve Banks of Chicago and New York for dermission to purchase sites for bank buildings. He stated that the Federal Reserve Bank of Chicago desired to acquire a site fronting 165 feet on LaSalle Street, 160 feet on Jackson Boulevard, and 160 feet on Quincy Street, at a cost not to ezceed 2,936,149.26. Pursuant to notice given at the meeting of the Board held on November 27th, Mr. Hamlin moved the adoption of the following resolution: "Resolved that it is essential for public reasons that the site of the Federal Reserve Bank of Chicago be as near the SubTreasury as possible". After discussion, the application of the quire such property be understanding that the it was voted that Chicago Bank to acapproved upon the Board, being unwilling that the investment in real estate should absorb an undue proportion of capital and surplus, give notice to the bank that it can not approve any building plans for the present, unless legislation can be obtained permitting Pederal Reserve Banks to retain their net earnings up to the point of a 100; surplus against paid in capital. Mr. Miller and Mr. 7,illiams requested that they be recorded as not voting. The Governor submitted letter dated Kovember 14th, received from' the Governor of the Federal Reserve Bank of row York, requesting authority to purchase at a cost not to exceed ”50,000, a lot of 5,272 square feet adjoining the 33,509 square feet of land located between Liberty Street, Nassau Street and Maiden Lane, for the 2ur hase of which authority has heretofore been granted by the Board. Voted to approve. jt 3:40 2.:,:., the meeting adjourned.
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