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672 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, May 10, 1937, at 11:30 a. m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Broderick McKee Davis Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Co nsideration was given to each of the matters hereinafter retell'eci to and the action stated with respect thereto was taken by the 130tarci: The minutes of the meting of the Board of Governors of the FedReserve System held on May 7, 1937, were approved unanimously. Telegrams to Mr. Powell, Secretary of the Federal Reserve Bank Of min neell°1", and Mr. McKinney, President of the Federal Reserve Bank "loco stating that the Board approves the establishment without c41111ge by the respective banks today of the rates of discount and purollue it their existing schedules. Approved unanimously. Letter to W. & X. Sloane, New York, New York, relating to fur' furnishings for the Board members' section, the monumental 4e111%e488) the Constitution Avenue lobby, and the private dining rooms 14 the 13°"dl 8 new building, as follows. 110. 80 Mr. Morrill stated that Item e°v"ing certain rugs and rug pads, called for in the invitation r(* 1448) had been excluded from the contract with W.& J. Sloane with t41111derstanding that the materials specified in the item would be 673 5/10/37 -2from the general supply schedule: "This refers to your revised bid dated May 5, 1937, submitted Tyursuant to the invitation for bids of the Board (3f Governors of the Federal Reserve System dated April 15, 1937) for the construction, delivery and placing of certain ! Urniture ana furnishings in the building being constracted ror the Board in Washington, D. C. "It is understood from conversations with a representaive of Your company that the lump sum stated in your bid for votal , quantity of Item No. 48, 'Attendant's Chair', should be 4154.76 instead of a55.76; that the lump sum for total PantitY of Item No. 72, 'Draperies, Members' Rooms', should 1° a512.25 instead of 3.0 0.512.20; that both the unit price and 1" ,11 sUm for total quantity of Item No. 101, 'Round Table, should be li,79.50 instead of 07.50; and that both the price and lump sum for total quantity of Item No. 106, pining Table, F-6', should be 0.59 instead of $199. "/ou are hereby notified that the Board of Governors ace. -Pus your revised bid dated May 5, 1937, for each of the -_ ras listed therein at the prices stated therein modified : 8 stated above and for the total quantity of each item as ePecified therein, except as follows: The Board does not ,!cept the bid for Item No. 17, 'Small Tables, Library', ' Irm No. 21, 'Reading Table Chair, Library'; Item No. 29, 13 riting Table, Reception Room'; Item No. 50, 'Elevator nell'; Item No. 56, 'Dressing Chairs'; and Item No. 80, in g8i; and the Board hereby increases the number of articles andi ! em O. 18, 'Reading Tables, Library', from two to three fr 6he number of articles in Item No. 54, 'Chair for Table', auola three to twelve; with the understanding that the amount e You under the contract will be correspondingly adjusted. Our Period , original bid dated April 24, 1937, specified a ite 01 blx to ten weeks for the completion of each of the aperle listed in the bid and, while your revised bid does not iltae . ifY any time for the completion of the contract, it is totfetood that you will constrict, deliver and place the covQ.1. quantity of each item of furniture and furnishings we2,red bY the contract within a period of from six to ten se;''s, the entire work to be completed within not more than teretY (70) calendar days fron the date on which this let-La received by you. , "Please arrange to have a performance bond executed in for '-;ulance with the requirements set forth in the invitation 4 ids, and please address a letter to the Board confirmtis±t2 Understanding with respect to the time for compler* above stated. 674 5/1o/37 -3"Kindly acknowledge receipt of this letter on the attached carbon copy hereof." Approved unanimously, with the understanding that the Secretary would be authorized to make minor changes in and additions to items to be purchased in accordance with the wishes of individual members of the Board. Thereupon the meeting adjourned. --- Approved: Chairman. Se retary.
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