OCR Text |
Show Marriner Eccles in his Federal Reserve office. Courtesy of Spencer F, Eccles The E. O. Wattis family encouraged Littlefield to meet with Eccles. "I telephoned his office in the Federal Reserve and arranged an appointment without difficulty," Littlefield related. "He invited me to luncheon with him, and this 1 proceeded to do." Littlefield introduced himself, clarified his position in the family structure, discussed ending nepotism, and offered the support of the E. 0. Wattis family. He was not sure Eccles really understood his message. "As I was to learn many times later, in most meetings with Marriner, he did most of the talking," Littlefield recounted. "At this point in time, he clearly favored the liquidation of the company after the end of the war." Preceding and duringthe war Utah Construction participated, along with former Six Companies partners, in building a variety of ships, roads, underground fuel tanks, and other defense-related structures. Eccles believed that, when the war ended, these joint ventures would be liquidated, providing Utah Construction with substantial amounts of cash. Eccles also favored selling some 600,000 acres of ranch land, treasured by some family members who managed or visited the rural expanses. The Board of Directors approved this controversial sale, and the cash profit was distributed among the stockholders. At war's end the Utah Construction Company still held valuable construction assets. Les Corey remained as company president, but engineer Allen Christensen had shown initiative by contracting work in an area new to Utah Construction - mining. Christensen's father, A. C. Christensen, had been the first construction superintendent hired by the company; now Allen's star was rising within it. |