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SENATE. 6 7 t h Congress, ) U Session. ] N o . 804, ERECTION OF AN OFFICE BUILDING BY FEDERAL RESERVE BANK OF ST. LOUIS. APRIL 20 (calendar day, JIWE 30), 1922.—Ordered to be printed. Mr, S h o b t b i d g e , from the Committee on Banking and Currency, submitted the following REPORT The Committee on Banking and Currency, to whom was referred the resolution (S. J. Res. 208) authorizing the Federal Reserve Bank of St. Louis to enter into contracts for the erection of buildings for its head office and branches, having considered the same, report favorably thereon w i t h the recommendation that the resolution do pass w i t h amendments. Senate Joint Resolution 208 applies only to the Federal Reserve Bank of St; Louis and authorizes that bank tb erect a building at St. Louis, Mo., and its branch location at L i t t l e Rock, Ark. I n each of these places the Federal Reserve Bank of St. Louis has already acquired the land. A t St. Louis the land was acquired from different owners, commencing as far back as February, 1919, and the last necessary piece was acquired i n March, 1922. The cost of this land was $1,301,166.25. The bank at St. Louis secured estimates for a building some months ago, but were of the opinion that the cost of building at that time was so high as to necessitate a postponement in actually letting the contract, as they were free under the existing law to do. During the time they were waiting for a reduction in the price of building, Congress passed a law prohibiting the erection of any building costing more than $250,000 without the direct approval of Congress. The situation at St. Louis warrants the authority to at once erect a building. I t is proposed to erect a plain, substantial building, five stories high, w i t h 159,560 square feet of working floor space, w i t h a vault in said building 50 by 80 feet. The cost of the St. Louis building w i l l be $3,500,000. The building proposed to be erected at L i t t l e Rock is on the corner of T h i r d and Louisiana Streets, the ground for which has already 2 OFFICE BUILDING OF FEDERAL BESERVE BANK. ST. LOUIS. been purchased at a cost of 185,000. I t is proposed to erect a twostory building, w i t h 27,286 square feet of floor space, w i t h a vault 26 by 39 feet, at a cost of $330,309. The St. Louis bank is now located i n rented quarters on the corner of F i f t h and Pine Streets, and does not have sufficient space for its work, so that i t is compelled to divide its work and carry on some of i t in other buildings. There is no other adequate space available in the city of St. Louis and the lease upon the present quarters expires i n about two years. A t the expiration of this lease the bank would, in all probability, be compelled to pay a rental much higher than the rental which i t is now paying. The present quarters are entirely unsuitable and inadequate, and a building fitted for their work is at present a necessity. The present site at St. Louis is on the corner of F i f t h and Locust, running back to Fourth and Locust, and the buildings thereon have already been demolished, which leaves an unsightly hole in the very central business part of the city. The city of St. Louis vacated alleys for the purposes of this bank under the express provision that the erection of the building should be completed or proceeded w i t h in good faith to the satisfaction of the director of streets and sewers within 18 months from the date of the approval of the ordinance, and on failure thereof, the ordinance becomes null and void. The committee is of the opinion that the limitation, as provided for in the resolution so that the total cost shall not exceed 30 per cent of the paid-in capital stock and surplus which the bank itself haa earned, is reasonable. The capital stock of the bank at present is $4,691,000. The surplus is $9,388,000. The authority herein granted does not extend beyond the two buildings, namely, the one for the city of St. Louis, Mo., and one for the city of L i t t l e Rock, A r k . The committee reports favorably on the resolution. o