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4 meeting of the Federal Reserve Board was held in the office of the hderal Reserve Board on Thursday, May 3, 1928 at 10:45 a.m. The Chairman Governor Young Mr. Platt Lir. Hamlin • Mr. James Mr. McClelland, Asst. Secretary PRESL:NT ALSO: Governor Calkins, Federal Reserve Bank of San Francisco Pit:]Ii:NT: The Governor stated that Mr. .".".iller is again today appearing before the B,s "41141n and Currency Committee of the House of Representatives on the 8"c411ed Strong Stabilization Bill. Governor 3alkins advised the Board of the desire of the directors of the Federal Reserve Bank of San Francisco and its Los Angeles Branch to 151'()eeed. with the erection of a building to house the Branch, on the site 4eently acquired• ikild.i4g, He stated that the estimated cost of the nroposed exclusive of the cost of the vaults, permanent equipment, furn- ishi4e and. fixtures, will be in excess of the )2b0,000 limitation imposed bY Section 10 f the Federal Reserve Act and that it is the desire of his (iil'eCto rs to secure from Congress before the end of the present session 414thority for the expenditure of a greater amount. He advised the Beard that the directors of the San Francisco bank secured the services of an allhitect for the preparation of preliminary plans and specifications, °I1 the basis Of which it is estimated that the total cost of the building be aPProximately „4,192,410 - .;721,933 for the building proper and 70 ' 477 for th,) vaults, n:='rmanent equipment, furnishings and fixtures. atate d that the arrangement of the San Francisco bank with the architect e4R4Reci wa3 that in the event the bank should fail to secure Congressional ezon 5N28 -2- Itlith°ritY for the erection of the building, the architect would be compensated only and for the actual work done in preparing preliminary drawings 11111kilag estimates. bank He stated that the directors of the San Francisco °4 authority from the Board to endeavor to secure from Congress author- " Nile or the expenditure of not to exceed i,;600,000 in the construction of the blziam4_ -4-11g proper at Los Angeles, although it is not believea that the actual exn rallaiture will be greatly in excess of the estimate of ,72l,933. Discus81°14 ensued regarding the operations arid present housing of the Los Angeles other 4Ebach, as related to the operations and cost or buildings erected at 1/qAts, GoVernor Calkins then withdrew from the meeting. -14'ter further discussion, upon motion by James, the following 1Qt1151171as adopted: "That the Federal Reserve Board interpose no objection to the zederal Reserve Bank of Jan Francisco taking steps to secure from Congress authority to proceed with the erection of a owned, building to house its Los Angeles Branch, on the site now exclusive proper, provided that the total cost of the building (f the cost of vaults, permanent equipment, furnishings and provided lixtures, shall not exceed the amount of „300,000; and erected be to building further that the character and type of and the amount to be expended for the vault, permanent equipment, furnishings and fixtures shall be subject to the approval Of the Board." Governor Calkins was then called back into the meeting and submitted the have enacted by 011acing form of resolution which it is desired to Cotitssress "zJOLVED by the 3enate and House of Representatives of the FedUnited 6tates of Am3rica in Jon-,ress assembled, that the author?ral Aeserve Bank of 3an Francisco be, and it is hereby ized to contract for and erect a building in the City of Los 5/3/28 -3- "Angeles for its Los ,:rweles Branch on the site now avned, provided the total amount expended in the erection of said uuildinc7, exclusive of the cost of vaults, Permanent equipment, furnishins and fixtures shall not exceed the sum of 7,11.. ht Hundred Thousand Jollars; provided, howev-3r, that the character and type of ouildi-rw to be erected, the amount actually to be expended in the construction of said buildinr,-, and the amount actually to be expendel for the vaults, permanent equinment, .Curnishinr2s, and fixtures for said ouilding Shall be subject to the anproval of the Federal lieserve Board." U pori motion, the resolution submitted was approved as to form. UPOn— motaon, 1::r. James, it was also voted to approve the action ilir,41e directors of tne Zederal eserve 3ank of an 17rancisco in secura; srvicrs of an architect for the purpose of preparilv- prelimin41k rawin-s, on the oasis of which the estimates submitted by j-overnor lris were determined. of The meetinr: adjourned at 11:30 a.m. ,,ssistant secretary. Ohairman.
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