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A meeting of the Federal Reserve Board was held in the office of the ?ederal Reserve Board on .Friday, October 24, 1930, at 11:30 a. m. PRESENT: Governor Meyer Mr. Hamlin Mr. L11er Yr. Samos Mr. Cunningham Lal. McClelland, Asst. Secretary. The minutes of the neeting of the Federal Reserve Board held on October 2;41, were read and approved. The Assistant Secretary then submitted a report of the Committee on 113t in+ 1ttabU Of li 4 with regard to bids on the proposed branch bank building at in the form of a letter to the Governor of the Federal Reserve Cleveland, reading as follows: 0, "The Federal Reserve Board has received your letter of October V_ and has considered the final proposals submitted therewith for 4n0 construction of your proposed branch building at Pittsburgh, _EIllthorized in H. J. Res. 227, 71st Congress, approved April 14, 1930, w_llich proposals aggregate .;:1 r 855,021 for the building proper, exclusive ?r the cost of the vaults, permanent equipment, furnishings and riZtures, and 576,712 for vaults, permanent equipment, furnishings e'cl fixtures, a total of 1,431,733, including architect's fees amounting to !:p79,681. "These amounts being within the estimates approved by the Bn. --rd on June 23, 1930, and the proposed expenditure for the building 13fclper being within the limit fixed by the Congressional resolution °1re referred to, the Board has voted to approve the action of the 41111ding Committee of your bank in voting to award the general conact to the company submitting the low bid, which amounted to $049,776, and in awarding other contracts and setting up allowZi, 11!ee covering items not included in the general contract aggregating r 01 "It is understood from your letter that if the actual cost of tb (r work covered by the general contract is less than J1,004,776 low bid less a general contractor's fee of ,:,;45,000 included therein), savings effected will be paid to the extent of 25,43 thereof A,? the general contractor until payment on this account amounts to ?4,000, after which all savings will be retained by your bank. "It should be further understood that in those cases where items ..1 , included in the general contract are covered by allowances rather actual bids, the amount of the actual expenditure for each item 4.11 be submitted to the Board for final approval." 10/24/30 -2Upon motion, the recomendations of the Committee were adopted and the letter was approved and ordered transmitted. Telegram dated October 24th from the Chairman of the Federal Reserve 13e4k Of Atlanta, advising of the death, this morning, of Lir. Creed Taylor, IpePlItY Governor of the bank. Er. Taylor's death was noted with regret and the Assistant Secretary was instructed to express the sympathy of the members of the Board to his family. Letter dated October 23rd from the Secretary of the Federal Reserve Bank (411617 York, and telegrams dated October 23rd from the Secretary of the Peder ;k1 Reserve Bank of Kansas City and the Chairman of the Federal Reserve of San Francisco, all advising that their boards of directors, at 1°"111g8 on the dates stated, made no changes in the banks' existing schedules °t rate -3 of discount and purchase. Without objection, noted with approval. to 14"or3ndum from Counsel dated October 22nd, copy of which was furnished each plember of the Board, submitting a detailed report with respect to a b, -°1k;ht by the Federal Reserve Bank of Richmond against G. S. Attmore, u er of the failed First National Bank of New Bern, N. C., which may ine-3 volve the question of recovery by the Receiver of certain assets of the First Bank of New Bern pledged to the Federal Reserve Bank as marginal Q°11at e--‘ to its indebtedness and certain other assets alleged to be held un,. 144T11 14 bY the Federal Reserve bank, and ultimately a suit against the Federal e Ilatk on these questions. A discussion ensued, during which it was the consensus of opinion that the Law Committee and Counsel should carefully 10/24/„ -3- d consider the merits of the case. Lir. Hamlin reported that the matter is now in the hands of the Committee and is being closely studied. /1111,1yomn STACDING COMITTELS: kted, October 22, 1930 Recommending approval of the application of Ni. George B. Johnson, for permission to serve at the same time as a director of the Atlantic National Bank, Boston, Lass., and as a director of the Barnstable County National Bank, Hyannis, ',lass. kted, Approved. October 23, 1930 Recommending approval of the application of LLr. Waldron H. Rand., Jr., for permission to serve at the same time as an officer of the Atlantic National Bank, Boston, lIass., and as a director of the Barnstable County National Bank, Hyannis, 'Inss. Approved. The meeting adjourned at 1:00 p. Assistant Secretary kyr,, 4-4-0Nred.:
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