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FEDERAL RESERVE BOARD
WASHINGTON
STATEl'lENT FOR THE PRESS
X-3666
For imrr1ediate release.
The Fe<ieral Raserve Bo8.rci last Friday, Maret 16th, by a
majority vote, disapproved the acceptance by the Federal Reserve
Baru[ of St. Louis of certain bids for the construction of a building
for its Little Rock, Arkansas, Branch, and a special committee was
aplJOinted to submit to the Board today, !'larch 19th, a resolution
expressing tl:e vie·:rs of the Bortrd with reference to the Federal
Reserve Baru{s proceeding with the construction of branch bank
buildings at this time. Pending report of the special committee,
advice of the Boord's action with respact to the Little Rock Branch
was ordered postponed until today when, in accorci:..nca with the
action aforesaid, u~e Federal Reserve Boo.rd voteC.. as follows:
11 It is the sense of the Federal Reserve Board
that ur,til the present congestion in the building
activities of tr1e country is mat2rially relieved and
costs of buildir:g are lo·-ver0ci, Federal Reserve Banks
should not add to the existing difficulties of the
situation by carrying on any br~~ch building operations
other than tl:~oae now in prograss or for which contracts
have already been entered into."
March 19, 1923.
@FedFRASER