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Possible Remarks (After earth turning) And so we have turned earth f o r our new b u i l d i n g . From this earth w i l l r i s e a b u i l d i n g , as you can see from the model of i t here, in harmony with the building the Federal Reserve Board has lived in since 1937, and with i t s other neighbors. This parking l o t w i l l become a green place, with fountains, trees and hospitable resting places f o r passersby. And most important of a l l - - to us - - from this earth we have turned w i l l r i s e a building big enough to reunite the Federal Reserve Board family in one s p o t . The idea behind this new building has always been that of getting the Board's s t a f f together in e f f i c i e n t quarters. I t i s an o b j e c t i v e to which we, perhaps, are e s p e c i a l l y s e n s i t i v e , because in the f i v e and a half decades since the Federal Reserve System began work in 1914, the Board has had i t s . s t a f f family together f o r only about half that time. We o r i g i n a l l y set up shop in the Treasury, where the Board f i r s t convened on August 10, 1914. and i t s s e c r e t a r i a l s t a f f . The Board had with i t at Treasury i t s legal Others were scattered around Washington - - and, for a time, even New York City - - in rented quarters. But the * Treasury had i t s own space problems, and in 1933 the Board f i n a l l y acceded to the Treasury's pleas to give up the Board's space there. The Board, and the s t a f f i t had with i t , l i k e the rest of the Board's s t a f f , moved to rented rooms. -2Seeing that we were now e n t i r e l y without a home, the Congress in 1934 amended the Federal Reserve Act to l e t us put up our own b u i l d i n g . The Board immediately purchased ground f o r the building south of C Street, and included in the purchase this block north of C Street. I t was a wise thing to do, because by 1963 we were running out of space again, and our Staff family was again separated. Furthermore, t e c h n o l o g i c a l changes have been transforming our work along with that of banking® These changes make necessary space f o r new kinds of equipment and new kinds of s t a f f s p e c i a l i s t s , and our new building w i l l have approp r i a t e accommodations. And there w i l l be space f o r growth, i f the Federal Reserve Board's work load continues to growe I t has grown out of the bounds of our present building in the space of the careers of men s t i l l a c t i v e in the B o a r d ' s ' s e r v i c e . One such i s Howard Hackley, whose name was on the l i s t of s t a f f s t r i p l i n g s told o f f to answer the questions of guests at the dedication in 1937. Another i s Fred Solomon, whose assignment that day - - perhaps because everyone wanted to get in to the ceremonies and he had a physique that later got him into the Marine Corps - - was a t i c k e t taker. I w i l l not try to describe everything that w i l l be in this building of 800,000 square f e e t , added to the existing 214,000 square f e e t of space we have in the present b u i l d i n g . Let me just say that the present inconvenience i t s construction causes to many of you - - of which we are keenly aware and which we are doing a l l we can to mitigate - - w i l l -3be repaid by the light modern o f f i c e s you w i l l work i n , improved dining f a c i l i t i e s , multi-purpose meeting rooms, other aids to your work such as p r o j e c t i o n and sound equipment, and the proximity of each of you to the Board and a l l of i t s s t a f f . I note, with very real pleasure, in which I am c e r t a i n a l l the other members of the Board and the s t a f f present today j o i n me, that former Governor Shepardson i s with us. He bore f o r years the main burden of the preparatory work f o r this b u i l d i n g , and i t i s in large part a t r i bute to his patience and persistence that we have arrived today at the construction stage. With us also i s a man many of you have long known, and whose name the Board, by s p e c i a l r e s o l u t i o n , decided this new Federal Reserve Board building should bear - - William McChesney Martin, J r . going to talk about him because I would not want to a very modest guest. I am not court eon I w i l l only say that B i l l Martin not-Wfty served the Federal Reserve System longj^kutHiistorTCally w e l l , and that t4*e—confidence inf-t^g ftf^H^t-h^ h h d much - d o in luutlit nd mak- the strong foundation on which our work in this new building w i l l stand. Now I am going to ask him to say a word or two. - 0 - ^OFGOV^ BOARD OF GOVERNORS • F TH E FEDERAL RESERVE SYSTEM WASHINGTON. D. C. 20551 WILLIAM MEMBER W.SHERRILL OF THE BCD A R D April 1, 1971 TO ALL MEMBERS OF THE BOARD'S STAFF: Chairman Burns w i l l preside at a groundbreaking ceremony f o r the Board's new annex building at 4:30 p.m., Monday, April 5, in the parking l o t across C Street from the main Federal Reserve building. The annex w i l l be named in honor of William McChesney Martin, Jr. , former chairman of the Board who w i l l be guest of honor at the ceremony. Members of the Board's s t a f f who are able to take the time are invited to attend the groundbreaking. The en- t i r e cerenfony is expected to last no more than 15 minutes. Actual work on the annex building is also scheduled to begin on April 5. William W. S h e r r i l l (Rev. 3-63) BOARD OF GOVERNORS OF T H E , F E D E R A L RESERVE SYSTEM MEMO / 71 Date. Time. Chairman Burns To: From: FrClr-( O'Rrjpn. ^ Tel. No. Ext. Please c a l l For your approval Returned your c a l l For your information W i l l c a l l again Note and return Phone me re attached For comments and suggestions See me re attached Preparation of reply MESSAGE: Mr. Chairman Here, at Charlie Molony's suggestion, i s some f a c t background (gathered from the f i l e s and from Merritt Sherman)^ andja d r a f t of a few remarks, f o r your use as notes in the groundbreaking on April 5. ^ ^ ^ 3/31/71 FO1B: f c NOTES FOR THE USE OF CHAIRMAN BURNS IN GROUNDBREAKING CEREMONIES AT 4:30 p.m. MONDAY, APRIL 5, 1971 Some underlying f a c t s Before the Present Building The Federal Reserve Board f i r s t convened August 10, 1914 in quarters at the Treasury. The Board i t s e l f (and the Secretary's and Legal d i v i s i o n s ) remained at the Treasury u n t i l 1933, when they went to rented quarters in the Washington Building (where the Board, Secretary's and Legal occupied some f l o o r s o n l y ) . In the meantime other d i v i s i o n s of the Board had occupied other rented quarters in various buildings in Washington, D.C., and (from some time in 1918 to about 1922) Research was in New York, and the Bulletin was prepared there. In 1934, a f t e r the Treasury's needs for space had forced the Board out of Treasury, the Federal Reserve Act was amended to permit the Board to purchase land and build i t s own building upon i t . Land was acquired (including the block north of C Street where the Wm. McC. Martin Tr, Building w i l l stand) in 1934 at a cost of $754,583. Construction of the Present Building Ground was broken in February, 1936, the Board occupied i t s new building in August, 1937 and the building was dedicated by President Roosevelt on October 20, 1937. The construction of the building, by George A. Fuller Co., cost $3,484,000. I t was designed to f i t with the other marble buildings near i t on Constitution Avenue and to be appropriate to i t s proximity to the Lincoln Memorial. The Commission on Fine Arts stated that "The nature of the work of the Board d i c t a t e s an a r c h i t e c t u r a l concept of dignity and permanence11 and that this was to be achieved through "dignity of conception, purity of l i n e , proportion and s c a l e , rather than through decoration and monumental features. 1 1 -2- A copy of Mr. Roosevelt's b r i e f remarks (remarkably b r i e f and c o o l considering that there had just been a stock market plunge) i s attached. The diplomatic corps, the Supreme court, the Cabinet and others (some 2,320 in a l l ) including the Board s t a f f , were seated in the g a l l e r y above the great s t a i r c a s e s , on the steps, and in the hallways below, and Mr. Roosevelt spoke from the g a l l e r y between the s t a i r c a s e s (where the Chairman spoke at Christmas^ according to pictures of the event . Admission was by card only, and seats in the g a l l e r y above the s t a i r s were reserved. Guests, however, were told they could tour the building a f t e r the event. Lists of the s t a f f were told o f f , some to take t i c k e t s , and some to handle guests and answer questions. One young s t a f f e r who was l i s t e d as a t i c k e t - t a k e r (perhaps because he had a physique that later got him into the Marines) was Frederic Solomon. Another s t a f f s t r i p l i n g , delegated from the General Counsel's o f f i c e to "handle guests and answer questions," was Howard Hackley. Marriner S. Eccles was Chairman of the Board. Governors were M. S. Szymczak, John K. McKee, Ronald Ransom and Chester C. Davis. Wilson. Among those attending were Senator Carter Glass and Mrs. Woodrow The New Building Cost - $33,283,000p A minutes of a Board meeting of 1/30/67 jj \ gave the projected cost as $13,330,000/ Builder - Chas. H. Tompkins Co., Washington, D. C. Size - 800,000 square f e e t Accommodations: Employees - - 600 to 700 Dining - - f o r Governors and Staff Meeting Rooms - - Several, one at top of building with rear p r o j e c t i o n , TV camera space, and sound recording.