text: The Apex Building was the last to be constructed and dedicated. A major impetus for the building's construction came in June 1935, when the Federal Trade Commission's (FTC) headquarters at C Street NW and 21st Street NW was razed to make way for the Federal Reserve Board Building. The FTC petitioned the Commission on Fine Arts to permit it to occupy the Apex Building. Testing for the foundation began in September 1936, and was completed shortly thereafter. With design work long completed and President Roosevelt expressing his wish that the structure be built, a $3.1 million contract for the building was signed on December 29, 1936. Using the George Washington trowel, President Roosevelt laid the cornerstone for the building on July 12, 1937. The building's $3.665 million cost was paid for out of Public Works Administration funds, and officials estimated it would be ready for occupation by January 1, 1938. Demolition of the old foundation for the unbuilt Washington Memorial occurred in July 1937, and much of the Apex Building's steel superstructure was rising by then as well. The great depth of the building's foundation meant that the crane operator lifting the steel beams into place was out of sight in the basement, and a series of telephone links from observers on the street relayed instructions to him. By December 1937, the building was two months ahead of schedule.