Evening star., 1920-02-28
FEDERAL RESERVE
BOARDPERMANENT
QUARTERS NEEDED
Sufficient Office Space Not
Available in Treasury
+. Department. -.

Recommen nda ton that Congress au-
.horize the Federal Reserve Board to
levy an assessment on the federal
.eserve banks Tor funds necessary to
provide adequate and permanent
headquarters for the board in Wash.
ington is contained in its last an
nual report.
Because of the high prices of labor
and material now prevailing the
board would wait for more favorable
conditions before beginning construc-
ton work on a new building, out IL
points ont that tho acquisition OF
site and the preparation of plans Will
require considerable time.
Although the Federal Reserve boaro
is an independent esta ablishrt1ent and
not Treasury bureau. the federat
reserve act authorizes the secretary
of the Treasury ITO assign orces IN
the department Of the Treasury 70.
the use Of the Federal Reserve Boar rd-
There is nothing in the act. however
that makes such assignment -ohliRa-
tory on the Secretary. or that REQUIRES
the board TO be located in the Treas
ury building.
New Division Necessary.
Members of the board have been pro-
yiSaA with rooms for their own use
pri Guri1g the first two years Oh op
Grafton quarters in the treasury
S,ildinl. were allotted to the board
for fr:. use. of its entire stan. Inc
DEVELOPMENT of the federal reserve
system and the continuous ihcreaSe
in the volume of the board WorK
later made new divisions necessary.
The personnel Of the board has IN
CREASED from S6 on January l. 1870 to
32l on January l. 1920. -
Owing to the great expansion OF
its own business. the Treasury De
partment has been obliged to remove
many Of its bureaus from .ns - a.
ury building" says the report OIL !he
board for the year 1919. w nlle 'he
Treasury authorities have shown a
most accommodating spirit" " hah
been impossible for them to aiiot 10
the board anything like the space re.
ouired for the proper organization no
efficient conduct of it's work. Conse-
cuently arrangements had to be MADE
to take care Of some of the boards ~
visions outside of the Treasury oullo-
ing. so that there are now located IN
that building only the emees -o1 tne
stenoRraphers, a small room for meet
ines OF the board, which is entirely
Inadequate and unsuitable for the fre-
Quent hearings and conferences Whlch
must be held: the Office Of the secfe-
tary of the board. the office of the
general counsel. and the gold settle
ment division. which is located on the
floor above the other rooms used by
the board.
Located in southern Building.
"The important division, of reports
and statistics is located in the SOUTH
crn building. two squares from the
Treasury. in rooms held without lease
for an indeterminate period. The owl
sion Of operations and examination Is
located in the National Metropolitan
Bank building. as ID also the boards
assembly room, where are held its
conferences with the federal advisory
council. the governors Of the federal
reserve banks zand with the federal
reserve agents, and also its public
hearings. The division of analysis
and research is in New York city. =
''The physical separation Of the
boards working force In this man
ner initiates against good organiza-
convenience occasioned has been ac-
cepted cheerfully az Unavoidable be-
cause Of cohgested conditions. The
time has come. however. when pro-
vision should be made for the housing
Of the board and its employees under
one roof. In, making arrangements
consideration should be given to the
relations s-of3soie zdivisien to another
in order that the bust ness may be
conducted with the maximum smooth
ness. promptness e1d effioaency. Each
division should have sufficient space
to allow for contineel9 gf0Wfh and
for the installation OF necessary mod ::
ern office equipment, including an,
adequate filing system and essential,
vault facilities. Quarters suitable
for the boards purposes cannot be
secured by lease. and while amounts,
required for the payment of rentals
can be included in the assessments
which the board is authorized to levy
semi upon the. federal, re-,
serve banks, it appears that specific
authority Is necessary to enable the
boa d to levy an assessment upon the
hanks for the funds reQ6ffed for the
construction Of a building suitable