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01

448
A meeting of the Executive Committee of the Federal Reserve Board was
414 in the office of the Federal Reserve Board on Tuesday, May 24, 1927
at 10:30 a.m.
PESENT:

PRESEIIT ALSO:

Governor Orissinger
Mr. Platt
Mr. Hamlin
Mr. Miller
Lai. Eddy, Secretary
Lr. McClelland, Asst. Secretary
Mr. Trowbridge, Consulting Architect

The Governor stated that Mr. Trowbridge is appearing before the Committee
44a that the Governor of the Federal Reserve Bank of Richmond and the bank's
8altimore Branch Building Committee will be here at noon in accordance with
tile action of the Board at the meeting on May 17th in voting that before the

if

64"Ptance of any bid on the vaults for the proposed 3altimore Branch Bank
13144114g the Board wished to interview Mr. Trowbridge and the Building Comnlittee Of
the Federal Reserve Bank of Richmond.
1.1r. Trowbridge discussed with the Committee in detail the plans, speci•
tica„
440ne and bidding in connection with the vault for the Baltimore Branch
1111134ings

He called attention to the fact that bids were submitted by but

tvf° of the five vault firms to which specifications were furnished and referParticularly to intimation made to him verbally by a representative of
°f the companies that the specifications prepared by the vault engineers
trered the Mosier Safe Company which was the low bidder.

As to the pro-

1181°11 in the specifications for a metal lining in the vault, he discussed
it14 the members of the committee the vault tests held by the Board in 1920
441921, as a result of which the Federal Reserve banks generally in the




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6/24/27

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ccalsruction of vaults have been relying for protection upon properly reConcrete walls rather than metal inner linings.

With regard to

the specifications for the proposed Baltimore vault he stated that on the
assumption that it has been definitely decided by the Richmond
directors
te use metal lining he approved the vault specifications.

He stated, how-

that if he had authority to change the specifications he would elimillate the metal lining and increase the thickness of the vault walls, by
41.13)4 procedure he believed the bank would secure at least equal protection
a somewhat lower cost.
Trowbridge then left the room.
The Committee discussed the question of what position might properbe taken in conferring
with the Richmond committee in view of the fact
that the vault
plans and specifications have been completed and the directors
or the Federal Reserve Bank of Richmond have already voted to accept a bid
Or the LIosler 3afe Company aggregating ,A04,499.00 which provides for the
itiatallation of Donlite metal lining.

The discussion centered principally

°lithe question whether the specifications should be changed to eliminate
tIleta tal lining or whether the Board should order that the Donlite metal
be„
"t"jected to a test at the Bureau of Standards for the purpose of as414ing its powers of resistance as compared with the reenforced con-

e vault walls generally used by the Federal Reserve banks.
At this point, Messrs. Roxton and Rieman, directors of the Federal
teliel've Bank of Richmond, Governor 3eay of that bank and Messrs. Wilcox and

tuki.
-Y, directors of the Baltimore Branch entered the room and the question




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5/24/27

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Of the Baltimore vault was discussed. in detail with them.
At 1:00 p.m. the meeting recessed until 2:30 p.m. at which time the
tli acUssion was continued.
The Richmond committee then withdrew from the meeting and Mr. Trowbridge
was agaifl called into the room.
After a brief discussion, Mr. Hamlin moved that Mr.
Trowbridge be requested to file with the 3oaxd a report
as to the practicability and estimated cost of erecting
the proposed Baltimore vault with larger reenforced concrete walls, doing away with metal vault lining, and a
further report regarding the intimations of the York Safe
and Lock Company as to the character of the specifications
upon vihich bids were requested and the reasons of other
firms for not entering the vault competition.
Mr. Hamlin's motion being put by the Chair
was carried.
Mr. Hamlin then moved that pending receipt of the
information requested from Mr. Trowbridge action with •
resreot to the acceptance of the bid of the Mosier Safe
Company on the proposed vault at Baltimore be deferred.
Carried.
The Governor also requested :Ir. T.rowbridge to include in his report the advisability of the rou • :d.
the
corners proposed. for the Baltimore vault doors
specifications.
present
The meeting adjourred at 3:45 p.m.

Secretary.

roved:




.
A1
IZ
/
Governor.