Excavation is nearly complete. Foundation walls have been constructed on the Pine and Nassau Street frontages. All but two of the derricks have been removed. North and west of the old building a portion of the steel framing has been constructed; a new derrick is being erected on the steel framing. This new derrick, which will be raised several floors at a time but remain at this location throughout the rest of the project, has been located permit placement of steel at the northwest corner of the new annex.