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222 A meeting of the Federal. aserve Board was held in the office of the Pedaral deserve Board. on Friday, March 5, 1926 at 10:z2.-15 a.m. PRESMIT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Cunningham Mr. McIntosh Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary The minutes of the meeting of the Federal lieserve Board held. on 2nd were read and approved.. The Secretary then .oresented draft of a letter to the Chairman of the Committee on Banking and Currency of the United States Senate, pre- 'Palled- in accordance with the instructions given by the Boaxd at the meeting °11:Zarch 2nd, with reference to Senate Joint Resolution 61 to authorize the Nlerai iieserve Bank of Chicago to enter into contracts for the erection c't a building for its Detroit Branch on the site now owned, provided the t°tal araount expended in the erection of said building, exclusive of the "at Of vaults, permanent equipment, furniture and fixtures, shall not elr•ceed the sum of c„i600,000; the proposed. letter (1) Submitting stateOf the cost of branch bank buildings at Denver, Omaha, Little 40qk and. Jacksonville, the expenditures for which were within the 0250,000 limitation of Section 10 of the Federal aeserve Act, and. at icre17 4319-Gans, and comparing the number of employees and. volume of business ttt those five branches with the Detroit Branch; (2) Advising that the Fed.: 4)serve Board. has already gone on record as recognizing the necessity t(31‘ the construction of a building for the Detroit Branch but has oxno opinion with reference to the amount which actually should. 223 -2- 3/5/26 be expended in the construction of such a building; (3) Stating that the Pederal ileserve Board feels that it is for Congress to determine whether it wishes to authorize a greater exnenditure than „250,000 in Detroit because of the size and importance of the city or in view of probable growth; (4) Suggesting that in the event Congress authorizes the construction of a building at Detroit at a cost in excess of that now allowed bY law the resolution adopted contain the proviso - "That the character 44d tYPe Of building to be erected, the amount actually to be exnended ill the Construction of such building, and the amount actually to be oxfor the vaults, permanent equipment, furniture and fixtures for said building .shall be subject to the approval of the Federal Reserve B oard". During the discussion Which followed, Mr. Miller suggested that there be included in the letter a paragraph as to the volume of business and number of employees at the Salt Lake City Branch, contracts having been let for the construction of a building at that pqint to cost not in excess of ..)250,000. After further discussion, upon motion by Mr. Hamlin, it vas voted to approve the above letter after the inclusion of a paragraph relating to the Salt Lake City Branch, as suggested by 1.:r. Miller. The minutes of the meeting of the Federal Reserve Board held on the rA°111taig of March 3rd were read and amroved. The minutes of the meeting of the Federal Reserve Board held on the stternoon of March 3rd were read and =proved as amended. The minates of the meeting of the Federal Reserve Board held on reh 4th were read and approved. ' Lte The meeting adjourned at 11:40 a.m.
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