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178 A special meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Friday, February 25, 1927, at 9:45 a.m. PRESENT: The Chairman Governor Crissinger Mr. Platt Mr. Hamlin Mr. Miller Mr. McInt osh Mr. Eddy, Secretary Mr. McClelland, Assistant Secretary The Governor stated that the special order for this meeting would be consideration of the a.pplicat ions filed some time ago by the Board of Directors of the Federal Reserve Bank of Richmond for permission to establish a branch of that bank in the Carolinas and to locate the branch, if authorized, at Charlotte, North Carolina. Mr. Hamlin reviewed briefly the past history of the applications, referring to the action of the Board at the meeting on June 3, 1925, ill voting "that there is no present occasion for the establishment of 411 additional branch in the Fifth Federal Reserve District", and to the rehearing of the matter granted by the Board on January 15, 1926 to the directors of the Federal Reserve Bank of Richmond and other interested parties. He stated that he personally felt that the necessity l'or the proposed branch has been clearly sham and that Charlotte is the logical point for its location. He then moved that the Federal Reserve Board reconsider its action of June 3, 1925, and grant the petitions of the Federal Reserve Bank of Richmond for permission to establish a branch in the Carolinas and to locate such branch at Charlotte, North Carolina, reserving the right to discontinue same on reasonable notice at any time; this approval to take effect upon the signing of the so-called McFadden Bill by the President. 179 2125/27 -2- After further discussion, Rr. 11-7.!? -t. motion -.-Tas rut by the Chair and carried, the members voting as follows: The Chairman, "ave" Governor Cr is s inc,er "a ye" lir. Platt, "aye" .11r. Hand in, Hr. T:cintosh, Er. Eiller, "no" Haulin then moved that the Governor be authorized to co h.unicE.te -Jith the Chairmen of the Federal Reserve Ranks of Dallas and Pichnond, Trith regard to the territory to be served, furct Ions to be exercised, housing, isersonnel, etc., of the branches to be established at ian tintonio and Char 1ott . Carried. „ The Chairman then left the meetin. The m.inuteri of the meeting of the Board held on February 24th were ' l ettd and approved. The nooting adjourned at 10:20 a.m. 4PPrOved: Governor
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