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157 A meting of the Federal Reserve Board was held in the office of the Board on Wednesday. February 23d. at 11:30 a.m. `)RES EFT: Governor Harding Tr.'lott 7"r. 'Tani in 7'r. Hiller 7"r. -Tills 17.r. 'filliams Hr. IToxton, ':)eeretar.y. )R7,SEITT ALSO: Mr. Trowbridge, Consulting'rchitoct. 7"inutes of the meetinr, of the Board held. February 22d were read, and on motion, approved. The Governor reborted the reserve positions of the several Federal Reserve harks as at close of business February 19th, and the status of rediscounts between the Federal Reserve banks • as of the same dates. Letter dated February 18th, from the Assistant Federal _Reserve Agent at Cleveland, transmitting application of the First rat ional Bark of BraddCPck, Oa. to accept drafts up to 100'7; of its caPital and surplus. !._poroved• Hr. '7ills brouriat to the attention of the Board a report Which had reached him to the effect that the Federal Reserve Bank Of ?hiladeluhia was refusinp: to cash for individuals over the counter checks drawn upon the Treasury of the United States. Wills was requested to take the Upon motion:, matter u-) with the Assistant Secretari of the Treasury with a view to the issuance of a gencral ruling, and to advise by telephone the Federal Reserve Bank of ?hiladelphia that in the opinion of the Board, that bank should t3ke care of each such situat ion as it -2- At this point 158 Trowbridge, upon Invitation, entered the meeting and laid before the Board his reasons for believing that a second vault test should be authorized in order to ascertain the resisting power of certain vault conAruction which has been developed as a result of the first test. :'r. ?rowbride also stated that he intended to take out, in the nano of • himself and T'r, Ten -.7Tck, letters patent covering forms of vault construction developed as a result of the experience obtained from the previous test, and that by the terms of such patents, the 7ederal Reserve board, Federal Reserve banks and their branches and. all departments of the Government were to have free use of the process Patented; that beyond the above specified exceptions, the rights in the patents reverted to the patentees. Trowbridge stated further that the papers were taken out ijr the form indicated in order to prevent the inventions covered from being used by vault manufacturers, and that the patentees did not intend to make any attempt to earn a personal profit throuch the rights reserved to them by the terms of the oatents. governor Hardin': )ointed out that a large proportion of the Federal Reserve banks have either completed the construction Of their' vaults, or made considerable )rogress in such construction, and, therefore, a further test might not be of interest to any except a few of the Federal Reserve banks. It was the sense Of the meeting, therefore, that the Board would not under the -3- gi; circumstances, be justified in authorizing an appropriation to cover a second test. but that such a test might be undertaken b7 those Federal Reserve banks which are interested. 7iith this in view, -r. Trowbridge was reauested to take the matter up with the directors of the Federal Reserve T'a.Ak of Mew York and reaort back to the Board. Letter from the Chairman of the Federal Reserve Bank of San Francisco renuesting authority to make certain additions to Ole building of that bank at an approximate cost of :'900,000. Referred to Mr. Trowbridge for report. At this point Mr. Travbridge withdrew from the meeting. Upon motion, duly seconded, the matter of the patent ri-:hts explained by Mr. Trowbridge was re. ferred to Mr. Famlin for a report after consultation with General Counsel, it being the sense of the Board that steas Should he taken to secure the transfer of all rights in such patents to an appropriate department of the Government. At this point Mr. WilliaIrs entered the meeting at 12:45 and reauested the Secretary to read to the Board a letter dated February 19th, addressed by him to r'overnor Harding. Before the rejg of this letter was completed. Mr. 7illiams asked to be °xcused on account of an important engagement, and withdrew from the meeting. Upon motion, duly seconded, :T. Williams' letter was referred to the1..xecutive Committee, with request that a memorandum in reply thereto be prepared for consideration of the Federal Reserve Board. 160 -4- RZPORTS OF COMMIT TEE: NO. 1: Dated February 18th, Recommending approval of the application of Mr. Maurice F. Reidy to serve at the sane time as director of the Merchants National Bank and as director of the Park Trust Company, both of Worcester, Mass. Approved. Dated February 18th, Recommending approval of the applicat ion of Mr. Aldus C. Higgins to serve at the same time as director of the Merchants National Bank and. as director of the Park Trust Company, both of Worcester, Mass. Approved. Dated February 18th, Recormen.di rig approval of the application of Mr. John F. Tinsley to serve at the same time as director of the Merchants National Bank and as director of the Park Trust Company, both of Worcester, Mass. Approved. Dated February 18th, Recommending approval of the application of Hr. George E. Duffy to serve at the same time as director of the Merchants National Bank and as director of the Park Trust Co. both of Worcester, Mass. Approved. At 1:20 p.m. the meeting adjourned. Secretary. APprove>"14010/ '-a o< r'nor:°°.--"14-41 V40
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