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) A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, November 10, 1931, at 11:30 a. m. PRESENT: Governor Meyer Mr. Hamlin Mr. Miller Mr. Tames Mr. Magee Mr. Morrill Secretary. Mr. McClelland, Assistant Secretary. ALSO PRESENT: Mr. Harrison, Assistant to the Governor. Mr. Norris, Governor of the Federal Reserve Bank of Philadelphia. Governor Norris presented a letter dated November 9 stating that Paul Cret, the architect whose employment for the purpose was approved by the Federal Reserve Board on May 7, 1931, has made a number of studies fc)14 the enlargement of the Philadelphia building and has submitted a plan, Ilhich has been accepted by the Building Committee of the Philadelphia bank 1111 the was unanimously approved by the Board of Directors on August 19, 1931; letter requesting approval by the Board on the basis of an estimated e°8t Of aPproximately $1,250,000, including architects' and engineers' fees, " f a structure with two stories above the banking roan. Governor Norris also submitted architect's sketches of the proposed "1"ged building which would front on Chestnut Street, and would fully lit the lot on the corner of 10th and Chestnut Streets, the purchase of wes approved by the Board on May 22, 1930, and he discussed in some „ the reasons which influenced the directors in approving the plan Proposea. There then followed a discussion of general banking and business ecIldit10115 in the Philadelphia district at the conclusion of which Governor 48 left the meeting. Further reference was made to the plan submitted by Governor Norris for the enlargement of the Philadelphia bank building, and it was voted that the bank be authorized to 11/10/31 employ an architect for the Preparation of detailed plans, along the lines indicated, which should be submitted, together with final estimates of cost, for the approval of the Board, before bids are requested. The minutes of the meetings of the Federal Reserve Board held on November 3 and 4 were approved. Consideration was then given to a memorandum from Counsel dated November 3 advising (1) that in accordance with the action taken at the "fleeting on September 9, 1931, he had discussed with representatives of the local national banks interested, the proposed ruling of the Board that deposits c't Canal Zone funds are not deposits of public moneys by the United States it designated depositaries within the meaning of the Liberty Bond Acts and, therefore, are not exempt from reserve requirements; (2) that the representatives or the banks had not objected to the proposed ruling; and (3) that he l'ecommended that the Board transmit the letter to hr. R. H. Broaddus, Deputy Co of the Federal Reserve Bank of Richmond, setting forth the ruling "'erred to, which was submitted with Counsel's memorandum of August 24 and Ileidered at the meeting of the Board on September 9. Upon motion, the proposed letter was approved. There was also presented a draft of a letter to Senator Carter Glass, Ohai— an of a subcommittee of the Senate Banking and Currency Committee, transtwo copies of certain preliminary and confidential material prepared by the k)Yetem Committee on Branch, Group and Chain Banking. Upon motion, the proposed letter was approved. The Board wqs then advised of a request for a copy of the material 6,b6 11/10/31 above -0- referred to, received by the Director of the Board's Division of Re- search and Statistics, who is also Chairman of the System Committee, from • henry IT. Robinson, member of the Federal Advisory Council from the Twelfth D istrict. Upon motion, it was voted to authorize Dr. Goldenweiser to furnish a copy of the material to Hr. Robinson for his confidential information and also to furnish a confidential copy to any other member of the Federal Advisory Council who may desire to receive the same. Attention was then called to a circular being issued by the Treasury 1DePaxtment to the effect that all employees of the Department who are Irsterans of the World War may be excused tomorrow to attend the Armistice 1)4Y exercises and that the time will not be charged against the employee's leave. Upon motion, it was voted to excuse any of the Board's employees who are World War veterans, and who can be spared from their duties, to attend the Armistice Day exercises tomorrow. mr. Lorril1 then requested authority to negotiate for the employment 'fa Secretary, at a salary of $2,100 per annum. Upon motion, the authority requested was granted. Reports of the Law Committee dated November 10, recomending 41)kl°17a1 of the following Clayton Act applications: 1:x. W. P. Abbott, for permission to serve at the same time as OfrIcer of the Central United National Bank of Cleveland, Ohio, Tld as director and officer of the Central National Bank of Liaardon, Ohio'. I. C. 1.IcHannan, for permission to serve at the same time director and officer of the Central United National Bank of Laeveland, Ohio, and as director of the Central National Bank Of Chardon, Ohio. as 11/10/31 la.. F. M. Horton, for permission to serve at the same time as Officer of the Central United National Bank of Cleveland, Ohio, and as director of the Central National Bank of Chardon, Ohio. Mr. B. A. Bishop, for permission to serve at the same time as Officer of the Central United National Bank of Cleveland, Ohio, and as director of the Central National Bank of Chardon, Ohio. Approved. The meetin,, adjourned at 1:00 p. m. A DDroved:
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