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1681 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, September 24, 1952. The Board met in executive session in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr.. Martin, Chairman Evans Vardaman Robertson The Secretary later was informed by the Chairman that during the executive session unanimous approval was given to a memorandum from Mr. Leonard, Director of the Division of 1952, Bank Operations, dated September 17, ed a revis adopt Board the recommending that conna, D. Persi C. Mr. by formula suggested sulting architect to the Board, for defining the term "building proper" under the limitations placed by paragraph 9 of Section 10 of the Federal Reserve Act on the cost of Federal the Reserve branch bank buildings, and that new the to cable appli revised formula be made the of h Branc le onvil building of the Jacks the Federal Reserve Bank of Atlanta and to al Feder the of h Branc addition to the Detroit are which of both Reserve Bank of Chicago, h e now under construction, and to futur branc building projects. action., Secretary's Note: Pursuant to the above the following letter was sent to the Presidents mber 25, of all Federal Reserve Banks on Septe 1952: mber 11, 1952, "Enclosed is a copy of a letter dated Septe and attachment, from Mr. Persina, the Board's Consulting Archiof the cost tect, regarding the basis for the determination d by Paraplace s ation limit of 'building proper under the on the cost Act ve Reser al Feder graph 9 of Section 10 of the ings. of Federal Reserve Branch build 1682 9/24/52 -2- "The Board has approved the recommendation of Mr. Persina and requests, therefore, that his letter and attachment be used as a guide in the determination of cost of 'building proper' in Branch projects now under construction and in future building programs. "This supersedes the so-called 'Trowbridge formula' set forth in the letter of Mr. Trowbridge dated March 21 1923 (F.R.L.S. #3053)." The following additional actions were taken by the Board: Minutes of actions taken by the Board of Governors of the Federal Reserve System on September 23, 1952, were approved unanimously. Letter to Mr. Melvin Purvis, Chief Counsel, Subcommittee on Federal Manpower Policies, Committee on Post Office and Civil Service, United States Senate, Washington, D. C., reading as follows: 9, "This is in reply to your letter of September 1952. "Upon receipt of the questionnaire and subsequent we find conversations with Mr. Finzel of your staff, ation that ae do not have an investigative organiz outlined. Operating within the definition that you have later conver"As was indicated to Mr. Finzel, in of the refersation, our investigative function is more made ence-check type, and this, as well as the checks by ly primari d complete under the loyalty program, is mail." Approved unanimously Letter to the Board of Directors, Northport Trust Company, Northport, New York, stating that, subject to conditions of membernumbered 1 and 2 contained in the Board's Regulation 11, the ;83 9/21/52 -3- Board approves the bank's application for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of New York. The letter also Con- tained the following paragraph: "The Board of Governors also approves the retention and operation of the out-of-town branch located at 160 Larkfield Road., East Northport, New York." Approved unanimously, for transmittal through the Federal Reserve Bank of New York. • 1
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