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365
A meeting of the Board of Governors of the Federal Reserve System
Was
held in Washington on Tuesday, February 18, 1936, at 11:30 a. m.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
Eccles, Chairman
Broderick
Szymczak
McKee
Ransom
Mr. Morrill, Secretary
Mr. Bethea, Assistant Secretary
Mr. Carpenter, Assistant Secretary
Mr. Clayton, Assistant to the Chairman
Mr. Thurston, Special Assistant to the Chairmen
Mr. Wyatt, General Counsel
Mr. Smead, Chief of the Division of Bank
Operations
Chairman Eccles stated that at a meeting of the personnel committee
(Messrs. Eccles, Broderick and Szymczak) yesterday, recommendations were
formulated for
submission to the Board with regard to approval of appointillents of presidents and vice presidents
at the Federal reserve banks for
terms commencing March 1, 1936, designations of chairmen end Federal
reserve
agents and appointments of deputy chairmen to serve after Febru-
arY 29, 1956, and certain other related matters.
He said that in sub-
mitting the recommendations, which had been agreed upon unanimously, the
committee had in viey a plan for possible reorganizations at the
l'espective Federal reserve banks under which the functions now performed
in the
Federal reserve agent's department, except those which are
sPecifically required by law to be performed by the chairman and Federal
re8erve agent, would be transferred to the operating side of the bank;
the Po ition of chairman and Federal reserve agent would be filled by
Outstanding men
who would be willing to accept salaries fixed on an
h0110rarium basis; and at the next session of Congress legislation would
366
2/18/36
14.
be requested
which would permit the Board to effect a separation of the
°ffice of chairman from the position of Federal reserve agent so as to
permit of the selection of a person to serve only as Class "C" director
and chairman of the board of directors and the appointment of a separate
Federal reserve agent whose principal duty would be the custody of Federal
reserve notes and collateral therefor. It was pointed out, however, that
such a change could
not be effected at all the banks immediately and that
it would be
necessary to proceed according to the circumstances at each
bank with the
general objective in view.
There ensued a general discussion of the basis for the committee's
recommendations,
at the conclusion of which the recommendations were considered and action was taken in accordance therewith as follows; the
4lations with regard to appointments of presidents and first vice
Presidents and approval of salaries being based on the actions of the
boards
or directors of the respective Federal reserve banks. The recomlendations that the designations of the present chairmen and Federal
reserve agents be continued until April 50, 1956, were for the purpose of
enabling the chairmen to exercise without Lmpairment any rights that they
might have under the retirement system, as well as to allow a reasonable
period to elapse before the termination of the designation in each case:
The s
Ban, Ppointment of Mr. Roy A. Young as President of the Federal Reserve
,K of Boston for a term of five years beginning March 1, 1956, was
n
Proved
Th,
pej
i_sPPointment of Mr. William W. Paddock as First Vice President of the
7ral Reserve Bank of Boston for a term of five years beginning March
'-1936, was approved.
367
2/18/36
7
he salary fixed by the board of directors for Mr. Roy A. Young as
Irrestdent
of the Federal Reserve Bank of Boston, at the rate of $50,000
Per annum, was
approvtd for the period from March 1 to December 31, 1936,
Jalclu8ive.
!r. Eccles was authorized to advise the Chairman of the Boston bank that,
for the
reasons set forth in the Board's letter of January 31, 1956, with
respect to
salaries of officers for the year 1956, the Board was not
1
5.11ing at this time to approve a salary for Mr. Paddock at the rate
fixed
s
by the directors, but had approved for him a salary at his present
24
,
11arY rate of $20,000 per annum for the period from March 1 to December
1
inclusiye, if fixed by the board of directors of the bank atZr:.
6
%
. F. H. Curtiss was redesignated as Chairman of the board of directors
4.,d as Federal Reserve Agent at the Federal Reserve Bank of Boston for
re period from March 1 to April 30, 1936, inclusive, and his salary was
-thed at the rate of $20,000 per annum for the period.
Mr. Allen Hollis
was reappointed Deputy Chairman of the Federal Reserve
Bank
, of Boston for the period from March 1 to December 31, 1956, in—
eJalsive.
The
appointment of Mr. George L. Harrison as President of the Federal Re—
:erve
Bare_
lc of New York for a term of rive years beginning March 1, 1956,
as
approved.
The 8.1
lis,_.--LarY fixed by the board of directors of the New York bank for Mr.
r:43-son, at the rate of $50,000 per annum, was approved for the period
"
3111 March 1 to December 31, 1936, inclusive.
.H
Mr. j
. Case was redesignated as Chairman of the board of directors and
-̀ueral Reserve Agent at the Federal Reserve Bank of New York for the
from March 1 to April 30, 1936, inclusive, and his salary was
fixed at the
rate of 40,000 per annum for the period.
Chet—
(14 _ -Lman Eccles was authorized to carry on such discussions with the
'17';;ectors of the Federal Reserve Bank of Philadelphia as he may find ad—
pr able With regard to the appointment of a President and a First Vice
esident for that bank for terms beginning March 1, 1936.
Mr.
R. L. Austin was redesignated as Chairman of the board of directors
and F
for ederal Reserve Agent at the Federal Reserve Bank of Philadelphia
was the period from March 1 to April 50, 1936, inclusive, and his salary
fixed at the rate of $20,000 per annum for the period.
368
2/18/36
-
-4he
aPPointment of Mr. M. J. Fleming
as President of the Federal Reserve
l'ank of Cleveland for a term of five years beginning March 1, 1936, was
approved.
The appointment of
Mr. F. J. Zurlinden as First Vice President of the
f:tederal Reserve Bank of Cleveland for a term of five years beginning
arch 1, 1936, was approved.
he salaries fixed by the board of directors of the Cleveland bank, at
Tthe
rate of $25,000 per annum for Mr. Fleming as President, at the rate
°f $18,000 per annum for Mr. Zurlinden as First Vice President, at the
s
ra
et
c:eo
tf
a43
;5,000 per annum for Mr. H. F. Strater as Vice President and
and at the rate of $8,000 per annum for Mr. C. W. Arnold as
!ssistant Vice President, were approved for the, period from March 1 to
useember 31, 1936, inclusive.
Chairman
Eccles was authorized to advise the Cleveland bank that, for
_une reasons stated in the Board's letter of January 51, 1956, with
respect to salaries of officers for the year 1956, the Board was not
int at this time to approve a salary at the rate of $7,500 per annum
for
Lir. R. B. Hays, Assistant Cashier of the bank, but would interpose
objection to the payment of salary to him for the remainder of the
oirrent year at the rate of his present salary of $6,500 per annum.
1 airman Eccles was authorized to tender to Mr. E. S. Burke, Jr., Acting
2'uairman
l
of
the designation of Chairman and Federal
i
the Cleveland bank,
:serve Agent for the remainder of the current year, with salary to be
4JJced by the Board
on an honorarium basis after discussion by Mr. Eccles
With mr
Burke.
It
•
havIng been indicated in informal conversations between Chairman Eccles
d Mr. Delano, Deputy Chairman of the Federal Reserve Bank of Richmond,
;at the board
of directors of the bank were considering the appointment
ill% Mr. Hugh Leach, who is now serving as Managing Director of the Baltimore
0...anCh, as President of the bank, approval was given to the recommendation
al-L3 the
Personnel Committee that, if Mr. Leech be so appointed, such
_113°Intment be approved by the Board, with salary at a rate to be recom;!nd.2d by Mr. Delano, Deputy Chairman of the bank, it being understood that
j*.velano has in mind a salary at the rate of $18,000 per annum, but which
141-grit be as much
as $20,000 per annum.
n
was given to the recommendation of the Personnel Committee that
the
'
a 16oard be guided by Mr. Delano's recommendation with respect to
pr°Iral of the appointment of the First Vice President of the Federal
eaerve Bank of Richmond.
Ohm
J•rman Eccles was authorized to tender to Mr. Delano the designation
Of C
airman and Federal Reserve Agent at the Federal Reserve Bank of
e
369
2/18/36
—5—
Richmond for the remainder of the current year, at a salary to be fixed
by the
Board on an honorarium basis after discussion by Mr. Eccles with
Mr. Delano.
The appointment of Mr. Oscar Newton as President of the Federal Reserve
Bank of Atlanta for a term of five years beginning March 1, 1936, was
approved.
The salary
fixed by the board of directors of the Atlanta bank for Mr.
,.ewton,
at the rate of $25,000 per annum, was approved for the period
from March 1 to December 31, 1936, inclusive.
t having
been indicated during informal conversations between Chairman
IfifCcles
and
of the Federal Reserve Bank of Atlanta,
certain directors
that the directors were considering the appointment of Mr. R. S. Parker
as First
Vice President of the bank, Chairman Eccles was authorized to
T-scuss the matter further with Mr. R. G. Clay, Class "A" director, with
the thought
in mind that if the directors should appoint Mr. Parker, the
f!'0ard would approve such appointment at a salary rate to be fixed by the
board of
directors of the bank, but, in any event, not more than :13,500
Per annum.
Mr. H.
,
11
W. Martin, now serving as Deputy Governor of the Federal Reserve
nnk of Atlanta, was appointed a Class "C" director of the bank for the
Txpired portion of the term ending December 31, 1938, was designated
Chairman of the board of directors and Federal Reserve Agent for the
!.:allainder of the current year, and his salary as Chairman and Federal
Reserve
Agent was fixed on an honorarium basis at the rate of g3,000 per
num, all effective when he has executed the usual oaths of office and
't corporate surety bond in the amount of $100,000.
!
r, W. H. Kettig was reappointed as Deputy Chairman of the Atlanta bank
!
-"Dr the period from March 1 to December 31, 1936, inclusive.
t 11
Chairm
," anti Eccles was authorized to invite Mr. James R. Leavell, a Class
,,,
,c;
1 director of the Federal Reserve Bank of Chicago, to come to Washington
the purpose of an informal discussion of the situation with respect
Itofb
r
R,
appointment of a President and First Vice President at the Federal
f;serve Bank of Chicago, and to advise Yr. Leevell that the Board is not
d_7°rable to the appointment of anyone as President or First Vice Presi—
dent for
the period until December 31, 1956 only, in view of the fact
that
c;at the law provides for appointments for terms of five years; that the
Bt
„it'll would be willing to appoint Mr. George J. Schaller, now Governor
the bank, as a Class "C" director for the unexpired portion of the
term
ending December 31, 1937, and designate him as Chairman and Federal
Re
'
erve Agent for the period from March 1 to December 31, 1936, inclusive,
370
2/18/36
-6-
with salary to be fixed by the Board on an honorarium basis, and to
eta
i -r.
;ir .
--n
Eugene M. Stevens in an advisory capacity, such as Special
ssistant to the Chairmanlfrom March 1 to April 30, 1956, inclusive,
salary at the rate of $12,000 per annum; and that the Board would
ye willing
Ling to approve the appointment of Mr. H. P. Preston, now Deputy
Go
of the bank, as President, the question of salary to be paid
10 4r.
Preston to be discussed by Chairman Eccles with Mr. Leavell with
understanding that
the rate must be substantially less than that
lIclw Paid the Governor of the
bank.
/
The a
ppointment of Mr. W. McC. Martin as President of the Federal Re'
Ilrve Bank of St.
Louis for a term of five years beginning March 1,
'
36, was approved.
Th
aPpointment of Mr. Olin M. Attebery as First Vice President of the
;ederal Reserve Bank of St. Louis for a term of five years beginning
arch 1, 1956,
was approved.
The salaries fixed by the board
of directors of the St. Louis bank, at
the rate
of 025,000 per annum for Mr. Martin, at the rate of $17,000
Per
lInnum for Mr. Attebery, and at the rate of $12,000 per annum for Mr.
7t;
'
, G. McConkey, Vice President and
General Counsel, were approved for
"e Period from March 1 to December 31, 1956, inclusive.
M' John
°III' S. Wood was redesignated as Chairman of the board of directors
Lhe St. Louis
bank and Federal Reserve Agent for the period from
Marc 1
to April 30, 1956, inclusive, and his salary was fixed at the
rate
e of $20,000 per annum for the period.
Mr.
Paul Dillard was reappointed as Deputy Chairman of the
Federal ReBank of St. Louis for the period from March 1 to December 31, 1956,
Advice h
A
-aving been received informally by Chairman Eccles from a committee
,Lirectors
of the Federal Reserve Bank of Minneapolis that the directors
?elide co
nsidering the appointment of Mr. John N. Peyton, now serving as
receral Reserve Agent, as President of the bank, approval was given to the
an °Iamendation of the Personnel Committee that if, Mr. Peyton be so
1;13°inted, the Board approve such appointment, with salary at a rate not
of $25,000 per annum, and the Chairman was authorized, in such
event
Govr
"
, in his discretion, to tender to Mr. W. B. Geery, now serving as
tictle:nor of the Federal Reserve Bank of
Minneapolis, appointment as Class
bec:ii:rector of the bank for the unexpired portion of the term ending
pedfuer 31, 1938, and designation as Chairman of the board of directors and
:
the ral Reserve Agent for the remainder of the current year, with salary at
rate of $20,000 per annum.
Mr. u
Rese“omer P. Clark was reappointed as Deputy Chairman of the Federal
I've Bank of Minneapolis for the period from
March 1 to December 31,
371
2/18/36
_7—
1936, inclusive.
Action was deferred on the recommendation of the Personnel Committee that
the Board approve the appointment of Mr. George H. Hamilton as President
of the Federal Reserve Bank of Kansas City and of Mr. C. A. Worthington
as First Vice President of the bank, and the salaries fixed by the board
oj directors of the bank at the rate of $25,000 per annum for Mr. Hamilton,
t the rate of
$16,000 per annum for Mr. Worthington, and at the rate of
$12,000 per annum for Mr. J. W. HeIm as Vice President and Cashier.
The salary at the rate of $3,900 per annum fixed by the board of directors
?f the Federal Reserve Bank of Kansas City for Mr. J. W. Jones as
Assistant Cashier at the Denver Branch for the year 1936, which was the
nlY change made by the directors in salaries of officers of the bank for
Year, was approved, and Chairman Eccles was authorized to advise the
;
airman at Kansas City that the other salaries fixed by the directors
2r officers of the bank for the year 1936 were approved by the Board with
‘41s3 understanding that the appointments of Governor and Deputy Governors
:ere for the period January 1 to February 29, inclusive; that the approval
_f salaries for these officers was for that period only; that the annual
tainer fee of $9,600 for Mr. H. G. Leedy, Counsel, was approved by the
j ard with the understanding that he will continue to maintain his office
ln the bank
building and pay the regular rental rates for the space
ZecuPied; and that Mr. A. M. McAdams' salary for the year 1936 as Assistant
"dere]. Reserve Agent was fixed by the Board at $12,500.
r
Pending the return of Mr. Morrison to Washington, action was deferred on
recommendation of the Personnel Committee that the Board approve the
aPPointment of Mr. B. A. McKinney as President of the Federal Reserve Bank
cf Dallas, and of Mr. R. R. Gilbert as First Vice President of the bank,
:21
1
the salaries fixed by the board of directors of the bank at the rate
fr $30,000 per annum for Mr. McKinney, at the rate of $15,000 per annum
..0,r_Mr. Gilbert, at the rate of $10,500 per annum for Mr. R. B. Coleman
vice President, and at the rate of $7,000 per annum for Mr. T. 0.- Ford
as
Assistant Vice President.
r• C. C. Walsh was designated as Chairman of the board of directors and
!
,ed era.1
Reserve Agent at the Federal Reserve Bank of Dallas for the
iod from March 1 to April 501 1936, and his salary was fixed at the
e 0f $20,000 per annum for the period.
Z
Mr, s
„, • D. Perkins was reappointed as Deputy Chairman of the Federal Re—
Bank of Dallas for the period from March 1 to December 31, 1936,
nclusive.
The
of
.1.-Lary at the rate of $3,900 per annum fixed by the board of directors
4"
he San Francisco bank for Mr. W. M. Scott, Assistant Cashier at the
372
2/18/36
-8-
Salt Lake City Branch, which was the only change made in the salaries of
?facers of the bank for the current year, ras approved, and Chairman
ccles was authorized to advise the Deputy Chairman at San Francisco that
he other
salaries fixed by the directors for officers of the bank for the
year.19361 were approved by the Board with the understanding that the
pointments of the Governor and Deputy Governors were for the period
i anuary 1 to
February 29, inclusive; that the approval of salaries for
these officers was for that period only; that the Board also approved an
"lnual retainer fee of $10,000 for A. C. Agnew, Counsel for the bank; and
at the salaries of Assistant Federal Reserve Agents S. G. Sargent and
:P. Wheeler were fixed by the Board for the year 1936 at the rates of
6
v15,000 and e6,600, respectively.
r
r
!r.Walton N. Moore was reappointed as Deputy Chairman of the Federal Reberve Bank of San Francisco for the period from March 1 to December 511
1936, inclusive.
,,,Ilairman Eccles was authorized to discuss with Governor Harrison of the
redera). Reserve Bank of New York informally the question of the necessity
?! continuing Mr. S. 0. Martin on the payroll of the bank with salary at
the rate of
t2,000 per month in connection with the industrial loan
a
ctivities of that bank.
airman Eccles was authorized to arrange for a meeting, or meetings, with
he 10
.residents of the Federal reserve banks after approval of their
AsPpointments, for the purpose of discussing with them a plan for the
:ransfer to the banks of such functions now performed in the Federal reagents' department as are not required by law to be performed by
the
_
chairmen and Federal reserve agents, with a view to a substantial
reduction
in expenses and increase in efficiency of the operations at
the banks.
:
Chairman Eccles referred to the two resolutions submitted by the
1?edera1
Advisory Council at the meeting with the Board on February 12,
1936, with
the understanding that the recommendations would not be pubfor at least one week from that date in order that the Board might
have an opportunity to consider them, and stated that Messrs. Goldenweiser
and Thurston had prepared a draft of letter to the Secretary of the FedAdvisory Council with regard to the resolutions, but that it was
felt that the Board should be allowed additional time for their considera-
373
2/18/56
tion. He then inquired whether there would be any objection on the part
of the members of the Board to requesting that the publication of the
rec
ommendations be deferred for a further period.
By unanimous vote, the Secretary was requested
to communicate with Mr. ralter Lichtenstein, Secretary of the Federal Advisory Council, and advise
him that, in the absence of objection on the part of
the Council, the Board would defer publication of
the recommendations for an additional period of ten
days in order to afford the new members of the Board
a further opportunity to study the various questions
and problems involved.
It was then stated that in accordance with the action taken at
the
With
meeting of the Board on February 14, 1956, Mr. McKee had conferred
Smead, Chief of the Division of Bank Operations, with regard to
the latter's recommendation that Mr. W. B. Dorsey, a clerk in the
Division, be retired as of April 1, 1936, end that it had been agreed that
Mr. Smead's recommendation should be resubmitted to the Board with an
amendmenu
that Mr. Dorsey be granted a leave of absence with pay until
APril 1, 1956, instead of until February 15, 1936.
In accordance with Mr. Smeadts recommendation,
it was decided, by unanimous vote, to terminate
the employment of Mr. Dorsey effective as of the
close of business on March 31, 1956, to approve his
retirement as of April 1, 1956, to grant him leave of
absence with pay from February 5 to March 31, 1956,
inclusive, and to pay to the Retirement System an
amount equal to six months salary (t10050) for the
purpose of supplementing the retirement allowance to
which he will be entitled, commencing on April 1,
1956, under the rules and regulations of the Retirement System.
Reference was then made to a draft of a letter, prepared in
CtIllinsell s office, to Mr. Stevens, Federal Reserve Agent at the Federal
Reserve Bank of Chicago, replying to his letter of October 26, 1935, re-
374
2/18/36
-10--
garding the interpretation of the Board's letter of September 11, 1935
(X-9322), in which the Board stated that, since the date of the enactment
of the Banking Act of 1935, State member banks are not permitted to purchase "securities" which do not constitute "investment securities" within
the meaning of paragraph Seventh of Section 5136 of the Revised Statutes
and the regulations of the Comptroller of the Currency issued thereunder.
The draft of letter had been circulated among the members of the Board
and Mr. McKee had requested that the matter be brought up for discussion
at the next
meeting.
Mr. Wyatt stated that he had reviewed the draft of letter recently
and had discussed it with some of the members of the Board, that he now
11
felt that the letter should be revised, and that he would suggest that
it be
referred back to his office for that purpose.
It was agreed that the letter should be returned to the legal division in accordance with
Mr. Wyatt's suggestion.
At this point Messrs. Thurston, Wyatt and Smead left the meeting and
ecInsideration was then given to each of the matters hereinafter referred
to and the action stated with respect thereto was taken by the Board:
Telegram to Mr. Sargent, Assistant Federal Reserve Agent at the
Pederal Reserve Bank of San Francisco, reading as follows:
"In accordance with your recommendation, the Board
approves the establishment and operation by the 'Monterey
County Trust & Savings Bank', Salinas, California, of a
branch at Greenfield, California, on condition that the
establishment and operation of such branch shall be
approved by the appropriate State authorities. Please advise the trust company accordingly."
Approved unanimously.
375
2/18/36
-11Letter to Mr. Sargent, Assistant rederal Reserve Agent at the
Federal Reserve Bank of San Francisco, reading as follows:
"This refers to your letter of January 9, 1936, advising
the Board concerning the issuance of a general voting permit
to Rawlins Securities Company, Salt Lake City, Utah, entitling
that company to vote the stock which it owns or controls of
The First Notional Bank of Caldwell, Caldvell, Idaho, The Halley
National Bank, Hailey, Idaho, and The Commercial National Bonk
of Saint Anthony, St. Anthony, Idaho.
"By the definition of the code word 'ANCILDALE' contained
in the Board's letter of December 3, 1935 (X-9565), the period
Within which the permit might be issued to Rawlins Securities
Company, pursuant to the authorization contained in the Board's
telegram of December 9, 1935, to you, was limited to 30 days
from the date of the telegram, unless the Board granted an eytension of time. It is noted that the voting permit was issued
under date of January 9, 1936, without an extension of time
having been granted. Since, in the circumstances, a question
might possibly be raised concerning its validity, the Board
hereby ratifies and confirms the issuance of the permit.
Apparently it is not necessary to communicate with Rawlins
Securities Company in this connection."
Approved unanimously.
Letter to Mr. Fletcher, Acting Federal Reserve Agent at the Federal Renerve Bank of Cleveland, reading as follows:
"This refers to your letter of January 10, 1936, replying
to the Board's inquiry of January 6, 1936, concerning affiliate
reports on Forms 220 and 220-a for three organizations listed
by The Toledo Trust Company, Toledo, Ohio, on Schedule 0 of its
report filed in response to the Board's call of November 1,
1935.
"It is noted that action has been taken in accordance with
the plan for terminating certain affiliate relationships which
was discussed in the Board's letter of June 6, 1934, to Mr. L. B.
Williams in connection with The Toledo Trust Company. While the
consummation of such plan terminated the affiliation between the
above-mentioned organizations and The Toledo Trust Company which
had existed by reason of the fact that Toledo Corporation held
stock of such organizations, it did not prevent such organizations
from being or becoming affiliated with The Toledo Trust Company
in some other manner and the listing of them on Schedule 0
indicated that The Toledo Trust Company considered them to be
376
2/18/36
-12-
"affiliates. However, in the absence of other facts indicating
that they are affiliates and as it appears that you are satisfied that they are not, no further question will be raised concerning the above-mentioned reports."
Approved unanimously.
Memorandum dated February 14, 1936, from Mr. Morrill to which were
attached the files relating to a recommendation of the former System
C°Inmittee on Bank Reserves that, for banks in States where State laws reassets in savings departments to be segregated from assets in other
de
partments, the Federal reserve banks carry separate reserve accounts
for each department and treat such accounts in all respects as if they
"re accounts in separate banks.
The memorandum stated that the matter
arose just prior to the bank holiday in March 1933; that the question
had been held in abeyance since that time; and that it had been recently
submitted to Mr. McKee for consideration and, having reviezed the files,
he recommended that the whole matter be tabled.
The recommendation was approved unanimously.
Memorandum dated February 15, 1936, from Mr. Morrill submitting
drafts of letters to Messrs. W. G. Distler and E. V. Pugh, Vice President
and Manager, respectively, of the George A. Fuller Company, in response
t° letters received from them submitting the names of sub-contractors in
accordance with the terms of Article 31 of the construction contract for
the Board's new building under the Provisions of which no sub-contractor
earl be employed rho is objectionable to the Board.
The memorandum stated
that the names of the proposed sub-contractors had been submitted to the
'u s architect, the Board's superintendent of construction, and to Mr.
377
2/18/36
Miller, and that all three recommended that the George A. Fuller Company
be advised
that the proposed sub-contractors listed in the letters rere
not objectionable to the Board. The draft of letters advised, in accordance rith Article 51 of the construction contract, that, for the purposes
stated, the proposed sub-contractors were not objectionable to the Board.
The sub-contractors submitted were
as follows:
Excavation - Potts & Callahan, Baltimore, Maryland.
Concrete Piles - Raymond Concrete Pile Co., New York, N.Y.
Structural Steel - Bethlehem Steel Corporation
(McClintic - Marshall Corp.)
Interior Marble and Stone - Hilgartner Marble Company,
Baltimore, Md.
Exterior Marble - Georgia Marble Company, Nelson, Georgia.
Approved unanimously.
Thereupon the meeting adjourned.
Nes
("gA,
Secretary.
Approved:
Chairman.
@FedFRASER