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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 1 449 6/24/27 -2- 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 4,50 5/24/27 -3- 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.
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