BOARD02386

• Board Meeting Date: 3/8/1972
• Description: Agenda or Table of Contents, Minutes, Memos
• Board Meetings - Doc Type: Meeting

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MR. STAPLETON:

MR. SPARKS:

MR. CORNELUIS

MR. STAPLETON:

MR. CORNELIUS:

MR. VELEHRADSKY:

even savings bonds are only at about 5 1/2 per-
cent. The inconsistency is so glaring that
it staggers the imagination. The economy of
the United States would come to a standstill
tOday if everybody waited to get a return of
10.4 percent as a true return on capital invest-
ment. Those people should become investment
counselors rather than government economists.
If they are so smart they should make a million
in short order. unfortunately, they are not
able to do so, so they are working for the
government."

"There was no slam intended there~"

"That's a preface to some of the things
we will discuss later on in this agenda as
item number 6."

"Could I say a word about it, Ben?"

"Yes, go ahead Quincy."

"It's my understanding that the Kiowa
watershed which is next to this, was a pilot
watershed for the Soil Conservation Service in
which they went in and treated the whole water-
shed and built structures and put in cover
crops. They had the same rainfall practically
in the flood of 1965, but there was very little
damage done in the Kiowa. You suggested there
were two alternatives, one was for the Soil
Conservation Service to review the upstream
tributaries to see what benefits - would this
hold up the project at all? Which is going
to be the quicker way to get the job done,
for you to go ahead and put in one dam, or to
get the survey by the Soil Conservation Service
on the upstream watershed to go with that?"

"Well, I think this one plate or table
showing the various B-C ratios shows the
difference between the condition with and with-
out Narrows. Based on our studies to date we
have to recommend deferral of construction of

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