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A meeting of the Executive Committee of the Federal Reserve Board was held in the office of the Governor on Monday, July 27, 1925, at 12:00 o'clock. PRESENT: PRESENT ALSO: Governor Crissinger Mr. James Mr. Eddy, Secretary Mr. McIntosh The Secretary read a letter prepared by Counsel, addressed to the Acting Secretary of the Treasury, requesting that he submit to the Attorney General of the United States, for an opinion as to its legality, unaer the amendment of June 3, 1922 to Section 10 of the Federal Reserve Act, the Proposal made to the Federal Reserve Bank of Cleveland by the Chamber of Commerce of Cincinnati, whereby (1) the Federal Reserve Bank of Cleveland will lease to the Chamber of Commerce the building site which it owns in C incinnati, for a term of 99 years, renewable forever, the lease containing a clause giving the Chamber of Commerce an option to purchase the land for a sum of 4600,000; and (2) the Federal Reserve Bank of Cleveland will contract to lease space from the Chamber of Commerce to house its Cincinnati Branch, if a building containing space of a character to meet the needs of the branch is erected on such building site within a srecified time, the Federal Reserve ank of Cleveland to construct its own vaults and to furnish it own equipment alla fixtures. Upon motion, th above letter w and ordered tranc itted. e mee Approved: pproved adjourned 4 12:30 p.m. Secreta
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