Business: Moving Day

For some time officials of the Federal Reserve Bank of New York have given serious thought to the problems connected with moving the bank’s gigantic assets into their new permanent home. Ever since 1916 the bank’s headquarters have been in the Equitable Building. Soon after the War, the construction of an adequate Reserve Bank building began on the block bounded by Maiden Lane, Liberty, Nassau and William Streets. The old and new Reserve Bank headquarters were only five blocks apart; and the task of transferring assets from the one to the other was consequently simplified. Nevertheless, the work involved transporting about $3,000,000,000 in gold, notes and various financial instruments, and negotiable securities.

On Sundays, Wall Street is usually deserted. Therefore, Sunday, Sept. 21, was selected for moving day. The police established deadlines three blocks away from both buildings; 37 armored Adams Express cars and a guard of 300 armed men were mobilized and a careful plan of operations was perfected. By Sunday midnight the moving was completed with entire success.

Cash and securities were first packed in trunks in the old bank vaults, sealed and delivered to the express company, which placed them in armored cars bristling with artillery of various calibres and delivered them at the new building. About one hundred trips of this sort were necessary before the Reserve Bank’s enormous assets were finally placed in the impregnable vaults of the new building.