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335 A meeting of the Federal Reserve Board was held in Washington 011 Tuesday, October 10, 1933, at 1:00 p.m. PRESENT: Ur. Er. Mr. Mr. Mr. Er. Mr. Black, Governor Hamlin Miller James Thomas Szymczak O'Connor Er. Carpenter, Assistant Secretary Reference Was made to the discussion at the meeting of the 330ard yesterday with regard to the authority of the board to require Federal reserve banks to obtain the Board's approval in connection with purchases of real estate, and to the letter dated September 29, 1933, from Mr. Harrison, Governor of the Federal Reserve Bank of 1:aw Y°rk, with regard to the proposed purchase by the bank of the socalled Y.ontauk property. After full discussion, it was the consensus that the Federal Reserve Board has authority to require Federal reserve banks to submit to it for approval all proposed purchases of real estate and proposed building operations. A motion was then made that the Board disapprove the proposed purchase by the Federal Reserve EnTar of New York of the Montauk property. Carried. Thereupon the meeting adjourn Assistant Secretary. 40PrOVed:
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