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420 Minutes of actions taken by the Board of Governors of the Reserve System on Thursday, March PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. 3, 1949. McCabe, Chairman Eccles Szymczak Draper Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the l'ede 41 Reserve System on March 2, 1949, were approved unanimously. Letter to the Honorable Maple T. Hen, Chairman of the Fed-. etlia vePosit Insurance Corporation, reading as follows: "In accordance with the request contained in your letter of February 24, 1949, the Board of Governors of the Federal Reserve System hereby grants written conPursuant to the provisions of Subsection (k)(2) of 4!etion 12B of the Federal Reserve Act for examiners for 'Ile Federal Deposit Insurance Corporation to make an l',2canaination of the Wyoming County Bank and Trust ComAY, Warsaw, New York, in connection with its applica-Lon for continuance of insurance after withdrawal from rtlentbership in the Federal Reserve System. "No corrective programs have been urged upon the b el* or agreed to, which have not been fully consum:ated and in connection with which the Board would 41Iggest incorporation of conditions for continuing te. status as an insured bank." ' V Approved unanimously. Telegram to Mr. Mangels, First Vice President of the Federal e Bank of San Francisco, reading as follows: interpose no objecti "Reurtel March 1, Board will cal to awarding contract for Seattle Branch building 421_ 3/3/49 -2- "to Kuney Johnson Company in amount of $2,042,051.58, on basis of low basic bid adjusted for alternates accepted, and authorizes expenditures for Seattle building, including certain items not part of building cost, contracts which have been or will be executed by your Bank and not assigned to general contractor, and also $100,000 allowance for contingencies, in aggregate amount of not to exceed $2,584,000, all as outlined in your telegram. Understand that $100,000 contingency allowance will permit making minor changes and expenditures without prior subalission to Board but that any material items would be submitted for Board's consideration." Approved unanimously. Telegram to Mr. Young, President of the Federal Reserve Bank °I' chicego, reading as follows: "Your wire date. In response to an inquiry from another Federal Reserve Bank, Board recently stated that it would have no objection to payment of the cost °f a savings bond dinner in each city in district in Bank ieh head office or branch of Federal Reserve "as located in order to avoid travel to one big dinner 14 head office city." n Approved unanimously. Telegram to Mr. Mangels, First Vice President of the Federal e Bank of San Francisco, reading as follows: t, "Board of Governors has given careful considera1;:°4 to views of your directors as set forth in your t'I'e of Februnry 24 relating to Transamerica hearing. ard understanAs that room available in the Federal Bel've Bank for hearing is approximately the size of t he et;a room in which the hearing was held in Washington tici it is the view of the Board that such accommoda218 are entirely adequate. The fact that the hear° , 1 7 is public does not obligate the Board to hold it 11 114 a Place which would accommodate any and all persons ° might wish to attend. Under the law the Federal e! 422 3/3/49 -3- "Reserve Agent is required to maintain an office of the Board at each Federal Reserve Bank and if the bearing is held at the Bank it will be in accordance with System °rganization and procedure. Accordingly, Board would Prefer to have hearing held in the Federal Reserve Bank. 411yed:
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