Evening star., 1922-02-06
j. s. RESERVE BANK
BUILDING IS STAYED
Awaits Decision Of Congress
Over Program OF
Cash Outlay.

With the exception of cases where
contracts are already awarded. and
where construction is under way, the
erection of federal reserve BANK
buildings is at a standstil. by virtue
Of a recent order to that effect by
the federal reserve board. pending
the Federal Reserve Board. pending
program of these institutions. g.
If the proposal to limit the cost OF
:, federal reserve bank building TO
$3.50. 900 becomes law, ii Will reso-
lutionize the future building pollcS
of these banks, as IN those cases
where plans are already unoertah gu
for new buildings more pretentious
OUTLAWS have been considered AS
natter of fact. with nearly all the
main federal reserve banks. the pres
eut cost for building construction
etc, has far exceeded this amount. I.
Such limitation could on.y now oe
made to apply In respect VI NJ eiieA'
bank buildings.
According to a recent compilation,
the federal reserve banks had IN
Cured a cost of over $36,0Oo,oOo hor
new buildings. OF this. nearly W..
100000 was for original investment
of land. etc: and over rda,,Hw sdy;vy''0'' 'of
I'lans for additional construction.
in some cases held up on account OF
the present congressional investiga-
ton. call for outlays OF nearl! S1a.-
oGG.oO0. This means that exclusive
ri undeveloped plans the federal Te
serve banks have already in prospect
an aggregate real estate investment
for bank buildings of about w.
Uo0.0UH.
1t is probable that. when finally
consummated in home cities and in
branches. federal reserve bank buIid-
in%S may represent Il total investment
OF about $75.0OO.000 or sS0.000,000.
To Accept Victory Notes.
Secretary Mellon has issued formal
instructions to internal revenue col
lectors, it was announced today, to
accept victory notes in payment Of
income and profits taxes due March
10. Notes of either the AZ per cent
or s., per cent series will be taken
by the collectors as result of the
Secretary's order. which was issued
law.
In connection with the announce
ment the Secretary issued the fol-
lowing statement:
Victory notes. in order to be ac-
Ceptable in payment of taxes on March
-, 1872. must be in coupon form. and
must have all unmatured coupons at
iaChed, that is to say. coupons for June
- and December 15. 1899. and May 20.
1928 Settlement for accrued interest
on the notes from December 1o. 1921.
the last interest payment date. to
March Is, 1922, will be made by check
from the federal reserve bank direct
to the taxpayer. Victory notes in reg
tStered form will not be acceptable.
The Treasury is making this offer
to accept victory notes in payment of
March Is taxes in the belief that it will
be convenience to taxpayers. 1t will
at the same time provide further for
the gradual retirement of the outstand-
ing victory notes, and thus facilitate
the refunding operations which are
necessary in connection with the ma
turity of the victory liberty Loan
Howe to Lecture.
Charles f. Howe, treasurer of the
American Security and Trust Com
Eany. will lecture to the elementary
b|nking class of the Washington Chap
ter. American Institute of Banking. to-
i.-orrow evening. on Safe Deposit De-
lartment of Bank .