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(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

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


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.


t e c h n o l o g i c a l changes have been transforming our work along with that of

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
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


- d o in luutlit



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 -


• F TH E






April 1, 1971

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)


/ 71



Chairman Burns



FrClr-( O'Rrjpn. ^

Tel. No.


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


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.
^ ^ ^

FO1B: f c

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


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
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
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.

Among those attending were Senator Carter Glass and Mrs. Woodrow

The New
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

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.