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29(''
Upon call 01 the Governor a special meeting of the Federal Reserve
Board was held in the office of the Federal deserve Board on Fri(iay,
March 27, 1925 at 11:10 a.m.
PdESEI,LO: Governor Crissinger
Er. Platt
Mr. Hamlin
Mr. Miller
Ir. James
Mr. Cunningham
Mr. Eddy, Secretary
PAESENI2 ALSO: Governer Norris, Federal Aeserve
Bank of Philadelphia
Governor Norris referred to a request =de of the Federal deserve
Ban;i7 Of
PhiladelJhia, anti probably of all Federal deserve banks, for a
ooatributioa to the 41,530,000 National _Fund for Credit
_Protection bein,;
raised by the National Association of Credit Men which will be expended
for
the
purnose of proventin
credit fraads aad stated that he had in-
for!aed the solicitor for the fund that the Federal deserve Bank of
coald not nahe contrThutions of this :dni without the ap,rova"_
°f the Board.
Governor Norris ,resented a ix.r.)hlet regarding- the fund
which ':;as ordered circulated anon
the :Iel:lbers of the Board.
Governor Norris th::;11 took up the question of the erection of an
buillins on the so-called Dooner property, at lath and Ludlow Streets,
at the rear of the present Federal deserve Baca baildia, vaich was acquired
bY the BavIc in December 1923.
He stated that an arean , oh]ent had been made
ith the adjoininL; prouert,y miers and with the consent of
the city govern1
Illeat
whereby the Bank. surrendered 1260 square feet of its property on the
I/
'tal1doll:1 Street side, to be ',',:sd Col' the "Ju,:pose of wiJeninf;
. that street,
l'eceivill6 in return 133j square feat, vvthich formerly comprised Delhi Stre,A
tsuo
294'
3/27/25
• and
separated the Booner property fror. the Floral deserve Bank buildinc;.
He presented an artist's photrap:i and specifications of the pro";osed
allnex buildiaL:, five stories in heis:,h 1
that the di,
ectors of ;he bank
vith L. marble exterior, and alvisel
voteu, sub,,oct to the apin.oval of the
3(paras to accept the lowest bid for the erection of the buildin_, sabnlitf-ed
bY Jacob MrersT Sons Company- of Philelhia, in an aaeunt of 4,;421,043,
Which, With the cost of the heating 1-)lant (12,0Jo. to 1;15,550), the cost
of electric wiring, electric fixtures and ventilation ($5,003) and the
estilflated fee of the architects (430,000) will make the total cost of the
approximately 4506,000.
He also stated that the Board of
Directors had approved a recommendation of the Building Committee that
the contract with the builder be made on a cost-plus profit-sharing basis
Which would probably result in a consideiable saving to the bank under the
e°4t rarlt
At this point, Gove:nor horris left the meeting.
After a full discussion, Mr. Hural ia male the
fol owl
motion:
"That the Board interpose no objection to the
erection by thu Federal Li3serve Bo2f,(: of Philadelphi-.
of a buildin,_.; on the so-called Dooaer 'property, acquired by the Bank in Doce:::oer 1'3:3, in accordance
with the plans ari spocifications presented at tqlis
me‘r3tin._; by the Lov'oraor of 1,;,; Bank, at a cost of
alTroximately 4508,000, IL boi
unl,:wstood that before any contract on a cost-plus profit-sharing basis
is :::ade it shall be submi'. ,e("1 to the Board for approval."
Mr. Harn1 ill's ,.•) ion boin;pnt by the chair
Was carried,
as follows:
Liovernor Oriss;.„er, "aye"
Me. Platt, "aye"
Mr. •Hamlin, "aye"
"
LI!*.
LLL.
0unnin_flroz:,, "no"
old)*
3/27/25
E.7f c ioney then
2.
Corrluit!•-•,.e O
sub-
reported o-;1 th.,3ter roferred to 1!„
!flitted a revised draft of repl - to letter dati.
the
Pederal Aeservo Aent atL.„tl,D), with: reyzard to
„.Te
Acti
Tutius of YI.r. E.
L.
to
Ilssista,at Fderal
).N.',tio..1,to the
.2"at th,..! Board will have no c.)13:
PrePosL:d. rep-J.()
a 1scodt1:. 1 ._ at
DeVaft e_t,hol3. 1s
of the Ban'.. Aelato.-As
,,o.A.'„ion of
unde:s
Lir. Harris,
Tu tios of that offiO in addit ion to
3U..1:.
•
tho-, .
ass, iLr-nod to hi
2oderal Aeserve 1.1ent; (2)
as
rilat LLO iscy,ra wi-ri have no ob.;ection. s“o hs. Harris assa2in,,, at the
° P1 Oprjat
tise the duties of..ie.,:reta*
to The iioard of Diroctors of
the bad, pr_.2 5c2irz that theso duti3s be i.:erforluod
•Ouliartr;.eut rather than loL au or14:1oyee of the Bank a:ICt.
,
(3)
in the o.pinion of the Board the additional duties assi<ned to L:r.
salary of
ot seem to warrant an;,, increase i4 his p-L.::2.s
;arth::
,r, t'_at if ti.Jr,) is also assignea to him the aalP.ional
at the oa.I of
.of act LIL; as Secro!,;a.r,,::., z....!..11(1 it
tile Wear that h.ls salaç
sai1 ac•cordi.1:,.1,"ho To
llot at, this tie see how sud-. an increase couli "1-.
a-l j'ast:aent
LiaiLl,r, was increased effectivs, januac., 1st slth the
141a.
:
1 %tandin,.., that h
the
PU'.2j7
e7tDd wit7iout
.1:11 „Itial secretaci to
the staL..-r, of Ir.
tho G.over.tior,
T, the Board o;a,:a
vsaia, aua th
or2 6ec2:;t-4.1..„,
retir, ..nt of hr. hoL
a, act Ta
Board cu iilrectocs L.aaucU.
1113
23E)
3/27/25
-4—
Thereupon ensueJ allscussion during v41.1,-17.
',T - letter be revised
Mr.ller
',1„..) Board. has acci1ad
30 as to advise
in a suggestion. 2r.x.I.
6.07 1. .-.11.* of the Boil,.
his Confi
ia ecretary "ot. ,....3r:Atted to assie the
tl,
‘);.* Directors
to th_
duties of
i.oLall, iLL a imrease
retiremont o
„
tra_,r
rrom 11,3,3,),) to 44,J.JJ
it would favor
th,J. td,lus of 63ostett...., to a member of Vic 17
iies,3rve
-1
Li be pleased if
's
oz.
• d."03 11,:ought
•
th3
LL.i
,c0:1;
t!
0 1-4
1.0ago
•
i1eLu
3t'
7g; lr2ud
.Lor a re—
vision.
1eti-ni; adjourned
'1
@FedFRASER