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525 A meeting of the Executive Committee of the Federal Reserve Board was bald in the office of the Federal Reserve Board on Monday, June 21, 1926 at 10:15 a.m. PRESENT: PRESENT ALSO: Vice Governor Platt Mr. Hamlin Mr. Janes Mr. McIntosh Mr. /loan, Assistant Secretary Yr. McClelland, Assistant Secretary Governor McDougal, Federal Reserve Bank of Chicago. Mr. Dillard, Controller, Federal Reserve Bank of Chicago. Mr. White, Architect, Federal Reserve Bank of Chicago. Trowbridgs, Consulting Architect. The Vice Governor stated that the meeting was called at the request Of (1,, v vvernor McDougal for the purpose of permitting him to present for the allp131%Wal of the Board, in accordance with the Congressional Joint Resolution 4Z3roved on April 14th, tentative plans and estimates of cost for the erection °.e 4 building to house the Detroit Branch of the Federal Reserve Bank of Chicago, authorized by the resolution of Congress referred to. Governor McDougal read to the Board the minutes of a meeting of the D -- v- Building Committee of the Federal Reserve Bank of Chicago held on j44e 16th, approving the tentative plans and estimates, which he stated have i cG been approved by the Executive Committee of the Federal Reserve Bank Of chicagto lirldch had been authorized by the Board of Directors of the bank t° act for it. He submitted tentative plans calling for a four-story building proper at a °out of ,600,000.00, the mount authorized by Congress, which includes ltew of % ;140,000.00 for steel and foundations to support the later addition 526 6/21/26 Of sixteen Sixteen stories. These foundations are being provided, he stated., in order to insure the bank later being able, if necessary to dispose of the building. The building, he stated, is to be comected by tunnel with the Detroit Post °ffice building which is situated just across the street from their building site, He also submitted the following budget of the total cost of the buncling and read a letter from the architects stating that the estimates hM been carr3fu1ly chec1ced and. found to be sufficient for the erection of the b411ding contemplated. ,d3600,000.00 "Building proper (shell) Ails includes an item of it;l40,000.00 for steel and foundations for 16 additional stories. Furnishings, fittings, fixed machinery exclusive of vaults 950,000.00 vaults, including doors and. linings, interior equixent of vault and. concrete and stee?. enclosures Contingencies l'unnel under Shelby street irom Federal Reserve Bank to Registry Department of Post Office, including elevator at Post Off ice end Total 258,000.00 60,000.00 1. 49,000.00 $1,217,000.00" 'thereupon ensued a discussion during which lir. Trowbridge, the 0r)11sul ting architect, advised the board of his general approval of the tentative plans and estimates. After the discussion, upon motion by T.:r. James, the following resolution was unanimously adopted: 527 6/21/26 1 "RESOLVED: That the r'ederal _eserve Board arprove a maximum expenditure of „4,217,000 by the rederal Reserve Bank of Chicago for the erection of a building to house the Detroit Branch, of which not to exceed „;600,000 shall be for the building proper, and all sters taken by the Federal deserve Bank of Chicago up to this time, and that the Federal Reserve :5ara be authorized to proceed with the preparation of plans and specifications and to advertise for and receive bids, subject to the later formal approval of the Joard". The meeting adjourned at 11:00 a.m. APProved: Vie e-u-ove m or.
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