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193 A meeting of the Federal Reserve Board was held. in the office of the Ped•ez'al Reserve Board on Thursday, February 25, 1926 at 11:15 a.m. RIESENT: PRESENT ALSO: Governor Crissinger Mr. Platt Mr. Hamlin Mr. Miller Mr. Cunningham Mr. McIntosh Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary Mr. Janes Inglis, Director of the Detroit Branch. Vr•r• Inglis discussed with the members of the Board the desire of the cill'eotors of the Federal Reserve Bank of Chicago and the Detroit Branch to Ile°Elive approval by the Board to their proposal to have introduced in. Congress 4 joint resolution authorizing the Federal Reserve bank to expend .a sum of hot • 111 excess of %;600,000 for the erection of a building to house the Detroit 131‘atich: this figure to cover only the building proper and not to include l'allitet permanent equipment, furniture and fixtures. ?allowing the discussion, Mr. Inglis left the meeting. The Governor then read a formal report dated February 25th from the coTh -ee on District 47, with reference to the above matter, based on a lette1' addressed to the Committee under date of February 19th by the Chairman ot the :Federal Reserve Bank of Chicago quoting the proposed joint resolution t° be offered in Congress; the Committee recommealing (1) That the Federal " re 8o''2t Board offer no objection to the introduction in Congress of the adopted by the board of directors of the Federal Reserve Bank of °IlleagO; (2) It should. be fully understood that the Board in offering no t, objaf `-i "iorts to the introduction of the resolution passed by the board of direa tore of the Federal Reserve Bank of Chicago, shall in no way be considered 1911 2/25/26 -2- 48 az, advance approval of the project by the Federal Reserve Board; (3) The 80ard. will give careful consideration to the plans and specifications as 31thrnitted. to it by the board of directors of the Federal Reserve Bank of °Ilicogo when accompanied by an act of Congress authorizing and approving the Proper expenditure for the erection of said building. Upon motion by Mr. Platt, the recommendations of the Committee were unanimously adopted and the Governor was directed to so advise the Federal ..ieserve Bank of Chicago. Letter dated February 24th from the Chairman of the Committee on Banking kci Currency of the Senate, requesting the views of the Board on 3enate Joint Resolution /11., authorizing the Federal Reserve Bank of New York to invest a 811111 rlot to exceed 4600,000 in the pumhase of a site and the building now standing thereon for its branch at Buffalo. The Secretary called attention to the fact that a similar resolution introduced in the House of Representa*reel Haase Joint Resolution 131, was approved by the Board at the meeting ela January 28th. After discussion, upon motion by Mr. Hamlin it was voted that a letter, similar to that addressed to the Chairman of the Committee on Banking and Currency of the House of Representatives, should be forwarded to the Chairman of the Senate Committee. Telegram dated February 24th from the Governor of the Federal Reserve Baatt Of Boston, advising that the board of directors, on that day male no e/144-s /Th'e in their existing schedule of rates of discount a.nd purchase. Noted. ileport of Committee on Eyaminat ions on letter dated February 19th the Federal Reserve Agent at Cleveland., recommending approval of an I. 195 2/25/26 •••131••• application of the Citizens T.m.st and Savings Bank, Columbus, Ohio, for 11"Ilission to establish a branch in Clintonville, a suburb of Columbus; the COfliflittee also recommending approval Approved. 2.ePort of Committee on Salaries and. Expenditures on the matter Ileferred. back to it at the meeting yesterday, namely, letter dated February 18th from the Federal _leserve Agent at Atlanta, requesting approval of the Eteti°11 Of the board of directors of that bank. in aithorizing payments of additional compensation totaling ,:J595, made under date of December 24, 1925, to liessrs. L. L. ::agrader and H. C. -Frazer and 'Lasses Sylvia Tiatallier and ' lace Brown, employees of the Havana Agency; the Committee submitting a. Itieni°randum calling attention to action taken by the Board in the string of 1924- in increasing salaries of employees of the Havana Agency, including Itesars• :iagruder and Frazer, -.-iith the understanding that allov,ances for 1D1 services were to be discontinued. After discussion, Mr. Cunningham moved that the pavments authorized by the board of directors of the Federal Reserve Bank of Atlanta be disapproved by the Federal Reserve Board. Carried. OP STANDING CO:Tr.T.ITEES: ' e tea, reb ry 24th, 25th, 4tea 'Pebrury 24th, _.-tecommending changes in s took at Federal 2,eserve Banks as set forth in the Auxiliary Minute Book of this date. Approved. _lecommending approval of the applicat ion of Mr. Henry 1. Bennett for permission to serve at the same time as director of the Indiana National Bank of Indianapolis, Ind. and as director of the Union 2rust Company, Indianarolis, Ind. Approved. 196 2/25/26 -4-- 11Z.L'ZLSE_STANDING CCUaalin:13: (Cont'd) 2. Dated, 2ebruary 24th, Jecommondjng arproval of the application of William T. Cannon for permission to serve at the same time as director of the Indiana National Bank, Indianapolis, Ind. and as director of the Union Trust Company, Indianapolis, Ind. Approved. Datea, February 24th, Jeconmending auoroval of the application of 71111am A. Steinmeyer for permission to serve at the same time as director of the Columbia National Bank, Pittsburgh, 2a. as director of tho L:ast End Savings and Trust Company, Pittsburgh, 2a. and as director of the Squirrel Hill Bank, Pittsburgh, Pa. Approved. Dated, February 24th, aeconmending approval of the application of William G. Irwin for nermission to serve at the same time as director of the Indiana National Dank, Indianapolis, Ind. and as director of the Union 2rust Comany, Indianapolis, Ind. Approved. The meeting adjourned at 12:00 o'clock. IvoTI
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