Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-09-18
Expansion of Business Likely
to Require Larger Quarters
Within a Year.
TO DIRECT AND MANAGE
NEW CURRENCY SYSTEM
Assessment Upon Banks for 500, 900
Expense Fund Contemplated-0f-
ficials Drawing No Pay.

IN half that period-the federal reserve
board will be quartered In offices of its
own, with an establishment compris-
ingN many departments and personnel
of from 500 to 1000 employees. The
rstsmove from the Treasury building
may be into leased quarters. Eventual
ly fine structure will go up. 1t Is
predicted, to be the permanent home
Of the federal reserve board.
This prediction is based on what is
declared to be safe information as to
the prospective development of activi-
ties for the direction and management
of the new currency system. It is sup
ported by the opinion of Treasury Of
ficials and financial authorities
Assembly of information regarding
banking operations and financial and
industrial conditions will provide a
great part of the activities of the fed
eral reserve board. A statistical bureau
will sooner or Mater provide employ
ment for many experts and clerks.
The office of the secretary. under
Parker Willis, has already the nucleus
or the large clerical force he will
require, although this force is now
conducted as the clerical staff of the
reserve bank organization committee.
The general correspondence of the fed
eral reserve board will be extensive.
dealing with all national banks and in
dustrial interests everywhere in the
United States.
Provision for Legal Bureau.
A legal bureau will be presided over
by the counsel for the federal reserve
board. already chosen. Milton c. Elliott.
counsel. has several clerks under his
direction no
duties are expected necessarily to de-
disburslnE office, an office of reports
force Of actuaries and another of ex-
aminers are matters of personnel that
Will further increase the staff,
For the next six months it is prob
able that the expansion of activities
can be confined to the quarters now
provided. with some addition of space.
IN the Treasury building. 1t is pointed
at the present, that the federal re-
serve board should be in closest com
munication with the Secretary of the
Treasury. the controller of currency
ana the assistant secretary of the
Treasury in charge of fiduciary mat
ters This juxtaposition of offices, it
seems certain, will only be severed
and then to the least degree possible
when the expansion Of the federal re-
serve board has positively outgrown
the available facilities of the Treasury
building.
Rooms on Second Floor. g.
The members of the federal reserve
board occupy rooms on one side of the
southwest corridor on the second floor
of the Treasury building. A large room
directly opposite houses the clerical
force of the organization committee,
which will eventually form part of the
clerical force under the secretary of
the federal reserve board. Other rooms
to the center corridor, duplicating the
floor space occupied across the corridor
by the members of the federal reserve
board, are occupied by the counsel and
the secretary to the board. Another
large room on the first floor quarters
another part of the force of the organ
ization committee.
With some additional rooms that will
be placed at the disposal of the re-
serve board. quarters in the Treasury
building will prove temporarily ade-
quate. But the certainty of expansion
will make removal necessary in time,
it is expected. Another consideration
is that the federal reserve board is a
sguest by suif:ance in the Treasury
building and las no right of tenancy
as an actual wheel of the administra-
tive government.
The status of the federal reserve
board is unique All its expenses
the event that it exercises the frank
privilege now extended to it by
courtesy of the Post Office Department
will be paid by the member banks of
the federal reserve system. The fed
eral reserve board will in it's own
time make assessments ON the twelve
reserve banks. which will in turn col
lect from member banks.
Assessment for 500, 900 Probable.
While there is no prospect of a levy
at this time, in view of the fact that
the members of the board have not
taken up that matter. it is expected
there will be an assessment, soon afte,
organization of the reserve banks. 70,
about 100000 to carry the expense &C
count until a better estimate can BIZ
made of it's financial needs In the
meantime no member of the federal re.
serve board is receiving salary, MOI
are any of the minor officials being
paid. Private secretaries and stenog.
raphers attached to the members OF
the board are carried on the rolls OF
the reserve bank OrganiZa ton commit.
tee, as all their duties are still regard.
ed rs part of the organization work
of the committee.
When the time comes 1t is expected
that the federal reserve board will en-.
close vicinity to the Treasury Depart.
ment No effort to locate site will
be made until the question of finding
quarters adequate to the development
of it's activities is more acute. A pos
sible location would be that on the