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34 FEDERAL RESERVE BOARD WASHINGTON X-3296 January 5., SUBJECT: 19~::2. Building Operations of Federal heserve Banks. ·.. )i Dear Mr. Chairman: .\ · l,am enclosing for your information copy of a letter which the Board is sending today to the Chairman of the board of directors of each Federal Reserve Bank. The buildings of the Federal Reserve Banks of hichmond) Dallas and Kansas City have been completed and they are now being oecupied by the banks. The Federal Reserve Bank of Atlanta has outgrown the building which it is now occupying and the work of constructing an annex large enough to meet present requirements is now wall under way. The building of the Federal Reserve Bank of Boston is nearly completed and some depart• ments of the Bank have already been moved into the new building. The buildings of the Federal Reserve Banks of Chicago and San Francisco are also ·.vell a.G.v.s.n.;;ed. <LlJ. it is expe:;·ceJ. t~,~Y v•~ll be 1·eady for occupru'1cy within the next few months.. Contractfl have been let in connection with the construction or' buildings of the Federal Reserve Banks of 1~ew York and Cleveland which cannot now be cancelled and the work of construction must accordingly proceed. The Federal Reserve Bank of Philadelphia was able to. purchaee ~ building which after certain changes and the addi tionof a large vault is suitable for its purposes and this building is occupied by the Bank. The contracts for the foundations of· the building for the Federal Reserve Bank of Minneapolis were let some time ago and the foundations will be completed within the next ten days. No contracts, however, have yet been let for the superstructure. No contracts have so far been let tor the building of the Federal Reserve Bank of St. Louis. The Federal Reserve Bank of Cleveland has completed repairs and additions to the building of its Branch at Pittsburgh, and has acquired a lot for the use of its Cincinnati Branch, but no contracts have been let for the construction of the building and tha·t Br·ar,.:ih is atill occupyi11g lea;Sed quarters which are very inadequate. The Federal Reserve Bank of Richn::md some years ago purchased a building for the use of its Baltimore Brancn,, which has proved to be entirely too small and more than a year ago it acquired a larger building site in that city. It is proposed to erect a building upon the site so acquired and upon its completion to sell the building which is now being occupied by the Bal. timore Branch, but no contracts have been let for the new building. The Federal Reserve Bank of Atlanta has purchasedre. building for the use of its Br~ch at Nashville, which must, however, be remodeled before it can be utilized, and no contracts have yet been let for these necessary changes. The Atlanta Bank has purchased a site Upon which it proposes to erect a building for the use of its Branch in New Orleans, but the construction contracts have not · yet been let. It has also purchase~ a lot for the use of its Jacksonville Branch, but· has not yet entered into any -contracts for the construe. tion of the buildtng. The :Cetro:'.. t B::anch of the Federal Re ser:;e Bank of Chicago is occUpying leased quarters which are entirely inadequate and unsuitable in many respectsJ and the Federal Reserve Bank of Chicago has recently bought the ground in Detroit upon which it pr~oses to erect a .... -2• I \ J .. • building, but no contracts for cc:nstr:.lct:,cn La7e yet be::m let. The Federal .Reserve Bank of St. Louis more than a year ago purchased a lot upon which it pro-r:oses to construct 'a buildin5 for the use of its Branch in Little Rock. ?lans have been made but contracts nave not yet been let. The St. Louis Bank purchased a building in Louisville which has proved to be entirely too small and it has since acquired 50 feet of ground ad joinine; on which it proposes to construct a two-story anne.~t uniform in style with the present building. Con.tracts for construction have not yet been let. The Federal Reserve Bank of Minneapolis completed some time ago its building for the Branch at Helena1 Montana. The i'ederal Reserve Bank of Kansas City has acquired a lot in Denver but has not yet let contracts for the construe .. tion of a building which is badly needed. It has not yet let contracts for the building to be used by its Branch in Oklahoma City but has purchased a building for the use of its Omaha Branch. The Federal .Reserve Bank of Dallas completed about two years ago the building for its Branch at El Paso and the work of conBt7''!.l.Cti.on on the building. for its B~·a.::1ch at Hcusto~1 is well u1.1.der way. The Federal .Reserve Bank of San Francisco about a year a~o bought a lot for the use of its Salt Lake City Branch but i1as not yet begun the preparatior: of plans for a building and consequently has let no contracts. l'Jo real estate has yet been bought for the other Brar~ches of Federal neserve Banks; B~ffalo (New York)) Birmingpam (Atlanta), lllemphis (St. Louis) and rortla:r"d, Seattle, Spokane and Los Angeles (San Francisco), which are occupying leased quarters which answer the purpose for the time being, but it is evident that ultimately all the.se Branches must either be given more adequate quarters or must be abandoned. Since the Sub-Treasuries were abolished, the Federal Reserve Banks ha~e been exercising the functions formerly performed by the Sub-Treasuries and these functions have been extended wherever present facilities admit to the branches. In view of the large amounts of actual cash and securities held by all Federal Reserve Banks and"branches, it ie very important that they be provided with proper vault facHiUes. f!everal of the Federal i\ese.rve Banks are very anxious to let contracts and proceed with the work of construction of buildings, which are urgently needed, but the Board is not willing that anything should be done to defeat the intent of Congress. As a vote will be taken on the pending amendment at an early date, it is not thou[,ht that any serious inconvenience will result from awaiting an expression of the will of Congress. It seems properto call your attention to the fact that full and detailed reports of the bu~lding operations of Federal aeserve Banks have been made to Congress in the annual report of the Federal Reserve Boar<i each year, as well as in the Board's reply of October 31, 1921 to Senate .riesolution 153, which has been published as Senate Document 75 • Very truly yours, (Signed) W. P. G. H.AiWING G o v e r n o r. , · Chairmen of Banking and Currency Committees of Senate and House.
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