View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

r   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  0-f-4c er s ) aeNci  For levey  0-P-P;cerS Orr  10!,  n:ectio Paul A. Volcker Papers Coll Call Numl3er: MCr9  Box 20  Preferred Citation: Annual Officers' and Former Officers' Dinner, 1977; Paul A. Volcker Papers, Box 20; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find. it online: http://findingaids.princeton.edu/collections/MC279/c256 and https://fraser.sdouisfed.org/archival/5297 The digitization ofthis collection was made possible by the Federal Reserve Bank of St. Louis. From the collections of the Seeley G. Mudd Manuscript Library, Princeton, NJ These documents can only be used for educational and research purposes ("fair use") as per United States copyright law. By accessing this file, all users agree that their use falls within fair use as 1 defined by the copyright law of the United States. They further agree to request permission of the II Princeton University Library (and pay any fees, if applicable) if they plan to publish, broadcast, or otherwise disseminate this material. This includes all forms of electronic distribution. Copyright The copyright law of the United States (Tide 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Under certain conditions specified in the law, libraries and archives are authorized to furnish a photocopy or other reproduction. One of Ihese specified conditions is that the photocopy or other reproduction is not to be "used for any purpose other than private study, scholarship or research." If a user makes a request for, or later uses, a photocopy or other reproduction for purposes not permitted as fair use under the copyright law of the United States, that user may be liable for copyright infringement. Policy on Dtized Collections Digitized collections are made accessible for research purposes. Princeton University has indicated what it knows about the copyrights and rights of privacy, publicity or trademark in its finding aids. However, due to the nature of archival collections, it is not always possible to identify this information. Princeton University is eager to hear from any rights owners, so that it may provide accurate information. When a rights issue needs to be addressed, upon request Princeton University will remove the material from public view while it reviews the claim. Inquiries about this material can be directed to: Seeley G. Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 609-258-3385 (fax) mudd@princeton.edu   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  •   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  PRESIDENT'S OFFICE  ANNUAL OFFICERS' & FORMER OFFICERS DINNER  •   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  November 10, 1977  Mr. William F. Treiber Winchester Center, Conn.  06094  Dear Bill: I spent a few minutes last night rereading your remarks to the Officers' Dinner and realized that I had not said a more formal "thank you". You hit the mark perfectly in combining a light touch with a thoughtful conclusion that meant so much to all of us, and so accurately reflected your own impact over the years. We will try to keep the torch burning! Best wishes. Sincerely,  PAUL Paul A. Volcker PAV/hp cc:  Mr. Timlen Mr. Thieke  Second Annual  Officers' Reception Reunion and Dinner  Federal Reserve Bank   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  of New York September 16,1977  Welcome to our second annual officers' reception, reunion and dinner.  Last year's  program demonstrated the opportunities a gettogether such as this provides for renewing old acquaintances and building a sense of common purpose and commitment. has a great tradition.  This Bank  We are all part of  it--and I think your interest in this reunion is one reflection of that sense of tradition and community. Paul A. Volcker President  September 16, 1977   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Former Officers  John F. Allen Irving M. Auerbach Martin W. Bergin David E. Bodner  Madeline H. McWhinney Andrew N. Overby Alfred L. Pitts Everett B. Post  Robert H. Brome Richard D. Coopersmith Joseph R. Coyle John Exter  Mary J. Rodgers Robert V. Roosa Edwin S. Rothman Walter S. Rushmore  Frederick L. Frey Tilford C. Gaines Edward J. Geng Matthew J. Hoey  Horace L. Sanford Frank W. Schiff George C. Smith Gary H. Stern  Thomas?. Kipp John J. Larkin Robert Lindsay Spencer S. Marsh, Jr.  Robert W. Stone William F. Treiber Thomas 0. Waage A. Chester Walton   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Retirements in the Official Family  1977 Robert L. Cooper Matthew J. Hoey Herbert H. Ruess Walter S. Rushmore William H. Wetendorf  Appointments to the Official Family   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1977 John M. Casazza Stephen V. 0. Clarke Jane L. Detra John M. Eighmy Frank C. Eiseman Lawrence D. Fruchtman Joan E. Lovett A. John Maher Lawrence A. Mayer Richard W. Nelson Geri M. Riegger Peter R. Skorpil Herbert W. Whiteman, Jr. Henry F. Wiener  Assorted Hors d'Oeuvres  Roast Prime Ribs of Beef   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Baked Potato Asparagus Spears  Apple Strudel  Beverage  • Substance of Remarks of William F. Treiber at Second Annual Officers' Reception, Reunion Dinner Federal Reserve Bank of New York September 16, 1977  When a gray-haired alumnus is invited to reminisce, there is a clear and present danger of getting more than.one has bargained for.  But Paul, as president of the Federal Reserve Bank  of New York, you are used to taking risks. I suppose that some of the younger officers may be curious as to what things were like here at 33 Liberty Street in the mid-1930's before they were born. First pay at Fed I started working down-town in September 1929.  After  five years of corporate law practice, I came to the Bank as Assistant Counsel. 1934.  I arrived after lunch on Friday, September 28,  A half hour later I was sitting,.at a desk, filling out a  form for membership in the Retirement System of the Federal Reserve Banks which had come into being in March of that year.  Wilson Jones,  who was Assistant Deputy Governor in charge of Personnel, came into the room and introduced himself.  He said he was paymaster for the  officers and he wanted to pay me for the second half of September. Whereupon, he put down on the desk $38.16 in currency. was September 28th, I was entitled to three days pay.  Since this Since my  salary was $4,800 a year, I was entitled to $13.33 a day less a 4.6% deduction of my contribution to the Retirement System.  This  was before the days of social security and income tax withholding.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -2  111  Here  f  was being paid before I had started to work.  I  thought this must be a wonderful place in 'which to work; and indeed I've thought so ever since. Spittoons Before I came to the Bank I never had a spittoon.  But I  soon found that the Bank, ever;mindful of the interests of its officers, provided them with spittoons.  There were two types of  spittoons: one, about a foot high and of bulbous shape; the other, circular in form, about four inches high and a foot in diameter. There was a hole four inches in diameter in the center of the top. Each spittoon was cleaned each night.  In the morning it contained  some amount of water, presumably to dilute the strength of the tobacco juice expected to be accumulated during the day. The first type of spittoon appeared more in corridors and public places, while the second type--more conservati ve and less conspicuous--graced the private offices. Personally I found the thing a hazard. but I frequently tripped over it.  I never used it,  In spite of the rubber mat  under the spittoon, I sometimes wet the carpet, and was warned by Otto Ten Eych, the Building Superintendent, to be more careful. I concluded that the best way to be more careful was to elimi nate the spittoon. A decade later spittoons were removed throughout the Bank.  There was no problem in getting rid of those in public places.  But some officers liked their spittoons and didn't want to part with them.  Todd Tiebout who was then Assistant General Counsel was rather  insistent on keeping his, but the Personnel Department finally wore him down; and ultimately it departed from the scene.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -3-  Big Room In the first part of the 1930's this magnificent dining room was the officers' banking platform.  When the building was  constructed in 1922, it was common for the officers of commercial banks to sit at their desks in a large open space on the ground floor and there see their customers.  The Federal Reserve followed  commercial bank tradition, except that our officers' banking platform was on the tenth floor.  In fact, when I came here,  Ray Gidney, who was then in charge of member bank supervision and later became president of the Federal Reserve Bank of Cleveland, 0" 1 sat over theii (pointing) in the northwest corner. But in times of banking difficulties member bankers didn't like to discuss their problems in such a wide-open space. conversations were held in private rooms.  Confidential  And so the Big Room, as  it was called, lost its original purpose. A few years ago some of my associates thought it would be a good idea to install a new floor halfway between the present floor and ceiling, and thereby add a few offices on the eleventh floor level.  Not only would this have been an expensive operation  but it would have destroyed one of the few magnificent Renaissance rooms in the City.  Fortunately, wiser counsel prevailed.  This  splendid room has been preserved, and it is used daily. 1934 Interest Rates Back in 1934 the Bank's discount rate was 1 1/2%, and short-term Treasury bills yielded nothing. 1934 Officers Then there were 40 officers.  George Harrison was Governor;  Herbert Case was Chairman and Federal Reserve Agent, then a full-   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -4  •  time job; and Allan Sproul was Secretary.  The banking troubles'  of the early thirties had brought about a surge of new officers-a 25% increase over 1932.  In earlier days a large proportion of  the Fed's officers had come from commercial banks. lawyers began to infiltrate.  But then the  Todd Tiebout and Feli).c Davis came in  as Assistant Counsel in 1933; and Rufus Trimble and I were added to the ranks in 1934.  As everyone knows, the lawyers have been  expanding ever since. Directors' Meeting Frequency In July 1940 I started attending directors' meetings as Assistant Secretary.  Then the directors met four Thursdays a month.  Vote on air-conditioning At the last directors' meeting in 1940 the officers recommended that the building be air-conditioned.' Thomas B. Watson, Sr. who was the head of IBM and a director of the Bank, held forth on the advantages of humidity control in manufacturing processes; he was all for the project. comfort.  Other directors spoke of the increased  One of the directors, William C. Potter, Chairman of  Guaranty Trust Company, wasn't impressed.  He said: "I'll vote for  it, but I think you're a bunch of sissies."  The directors approved  the proposal, and the work was done promptly.  For several years  this was the largest air-conditioned building in the City. Government security purchases During the war years there were many changes, especially in the portfolio of Government securities held by the Reserve Banks. In 1943, for example, the System increased its holdings from $6 billion to $12 billion.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  I recognize that Alan Holmes now manages  -5  •  a $100 billion portfolio, but I would remind you that the minimum wage, which the House. of Representatives has just voted to raise to $2.65 an hour, was then 25  an hour.  Bob Rouse, who was then Manager of the System Open Market Account, would report week after week how the System had bought $50 million or $100 million orr'perhaps $200 million of Government securities.  The directors were impressed; they dutifully ratified  the action of the officers with of course the usual caveat that in so doing they were not expressing any judgment with respect to the wisdom of the transactions. At one meeting Bob Rouse reported especially large purchases.. As Secretary I overheard a whispered conversation between two directors who are no longer in the land of the living. The conversation went something like this: "Carl, wham do they get all the money to pay for those securities?" "I don't know, Fred. Well!  The response:  I really don't know."  So much for the anecdotes.  Quality of Officers Day-to-day associations with the officers of the Bank brought me a high respect for their integrity and dedication. They did well the work before them, and I am confident that this is true of the officers today.  Today's problems are different  than yesterday's; some of them I don't understand, and fortunately I don't have to.  I appreciate the effort and loyalty of the  officers in years past, and I am confident that your management is most appreciative of what you are now doing under circumstances that sometimes can be quite trying.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  6-  dP  Senior Management Influence The directors and senior officers of an institution set the moral tone of the institution and determine the effectiveness of the institution in the accomplishment of its mission.  We have  been fortunate in having over the years dedicated persons of demonstrated competence and good judgment.  By their every day  acts--by the big things they have done and the little things they have done--they have contributed to the creation and maintenance of an institution with a reputation for high integrity and creditability, dedicated to the advancement of the public interest. Perhaps I might paraphrase a passage in the Epistle to the HebreWs.*  We are encompassed about by a great cloud of  witnesses--some of whom are here tonight--who have set high standards, providing for those who have followed they6ourage and support to run with perseverance the race that is set before them.  * Hebrews 12:1 Wherefore seeing we also are encompassed about with so great a cloud of witnesses, let us lay aside every weight, and the sin which doth so easily beset us, and let us run with patience the race that is set before us.  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  e /(14h s• a-k(9/41 -iPt..1-Pee-a•-e  •  /fejt/  • liAlosofe  o ./. '71  '-)/Z7  d• e. e  A t/1/1/?11  *  ,  - i„  ,Ara21  ••••••*,  77 , •  2_ 41, ,/ -/P(7> ,a  fee-- Kf,f7  ?&S } ,C e  )Pc  • e  cc  71 4---"  C  tc.  t.cifrt  out /  42  4r.sy efe SAM' '  //.1-e,  r  /  r  ••;.  tee k  4 0  e 4€)04-,r--  k re,"1  /7-  P/  •  ('///  /:// e  T "itLicAociti • !"I's / VAC. 1-/ C) 0 Vill‘  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  fr caii 40,1/ 144 aiie  L-6  •  /  ,  oothier  ) /56,7te v: 7Gto 4,4'(i,,/e....,Cf e,kil  eci   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Ite  er  cr 1.—is/ft4e‘,>_  t?r, _.,  ely  A  1P1 Pt-,4e., I,r/t/f  ---  -  _  /C4L  4,4')74e'r  fr.;  rr -(73 '  L  •?,,/  e  r  ')0  /T 4frY  74ie—e e-  •/741.=r7  Tty --r7i/eeT Cat  1,1401  jA  r  k  Pe 4e/ e  ice/fir A11e,Of 4f  x  0i)  /  r  /..',17/1  6:// ,  /rtide-t?  7c,c44 11• A tete,7yi.'ctefrr 21,e,z7„, evecc  7,4 e"  /if  Az":  / f1, r) 4 4(   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  e 7j.  e- ilf r -cfe  c'4 - -+  r..c  7 /ki.4 )..• a(  7-7,  I,/  J .71 07es  Az(  4:4-0 C  z*  if 4..  y 44-f d  -ta  e  / 4 0  )se  r  e1 e AU.-; A a e_ cadfreei--  re° 7,  •  / it/  ;'f')  Ir f  Background Notes for Mr. Volcker  111  'Pto Attendance OE lir • 144 in attendance this year, up 20 persons/16 percent from last year. • If this keeps up, will have to expand the dining room-always knew TMT would find some way to justify the size and style of this room.  Profile Group • A most unusual blend of youth and experience.  • Oldest former officer--Al Pitts (90). • Longest service--Fred Frey (48 yrs. and 3 mos.), beating out Horace Sanford (48 years) at the wire.  • Youngest former officer--Dick Coopersmith (36).  • Youngest officer--Larry Fruchtman (Legal--29).  • The former officers present tonight have a combined 745 1/2 years of service (24.3 avg.)  (See attachment  for further trivia.)  Some Developments of Interest Since Last Gathering  1.  • At last year's dinner, made a commitment to resolve the matter of the new building.  Well it's been resolved  and last week we signed a 25 year lease for space in the Home Insurance building.  2.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  • New Utice Office opened for business in November.  1  -2 • Bank went through a major reorganization--this year's  3  promise (like last year's re the building) is that a new organization chart will be issued.  4.  • Continue to export talent to the financial community--have provided the street with an abundant supply of investment bankers, economists, foreign exchange experts and attorneys. • Raises the question as to whether we should be calling on the alumni to deliver a talk at these dinners.  Such as  how to: • Make a fortune in the exchange markets. • Lose a fortune in the exchange markets. • Etc. • Tonight have asked Bill Treiber to say a few words and have already warned Bob Roosa that his number's up next year.  5  • Another active year on Capitol Hill with the annual attempts made to audit and reform the Federal Reserve. All this suggests that we should get as many of these dinners in as we can.  6.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  • Past year  has been an unusually bullish year for Fed  %%retching—which is now money-supply/Fed fund watching. Unfortunately, it's been bearish for just about everything else. •••  3-  •  Silver lining--who among us ever thought we'd see the day when Henry Reuss was cautioning the Fed as to the need to prevent another bulge in money growth.  Of  course he'd like us to bring the growth down while at the same time--reducing interest rates, prices and unemployment.  The floor is open to suggestions as to  how that might be accomplished.  7.  On the foreign side: a.  Exchange markets--(you may wish to comment to the effect that evidently it's still not very popular for a Treasury Secretary to preside over a weakening of the dollar).  b.  The Bank sponsored a central banking seminar to which 42 countries sent participants--this year will hold the second.  Told it is also a "tradition".  Seems not unlike  the business of sponsoring annual receptions and reunions.  8  • Before introducing Bill Treiber: • Was an officer of the Bank for more than 39 years--by far the longest service as an officer of any one here tonight. • Only fitting that Bill speak tonight, though suspect he still isn't acclimated to the sight of wine flowing like water in this sacred institution.  9/15/77   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  411  Profile of Dinner Attendees Oldest former officer present - Alfred Pitts at age 90. Youngest former officer present - Dick Coopersmith at 36 (he'll be 37 on Christmas Eve). Youngest officer - Larry Fruchtman at 29. 4 Long service former officers: Longest - Fred Frey 48 yrs. 3 months, beating out - Horace Sanford with exactly 48 years. Five others with 40 years or more of service: 1. 2. 3. 4. 5.  Ed Rothman - 47 years Ev Post - 44 years Walter Rushmore - 43 years 8 months Spencer Marsh - 42 years 8 months George Smith - 42 years 1 month  Longest service as FRBNY officer: 1. 2. 3. 4. 5. 6.  Bill Treiber - 39 years 3 months Horace Sanford - 29 1/2 years Spencer Marsh - 26 years Tom Waage - 24 years Walter Rushmore - 23 years 8 months George Smith - 23 years  Total service of all former officers here - 745 1/2 years. Average: 32 former officers 745.5 = 23.296 yrs.  9/15/77   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  P  . ,  ..  _  i  i  ,  i  k' -1 , -4 p 1-419°1107•5 1 ,  y/ , 1,“i'liy/ , )..,: - _Vv.  . .„...{A 1,_ VI l  '.  -   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ' )iotirt- T, ,  . ler„.<5  MISC. 136-10- 8/75  FEDERAL RESERVE BANK OF NEW YORK Date 9/15/77 To Mr. Volcker Of From  STEPHEN G. T 1 K ecreta  Please: O Attend to Note and return  E  o  1:1 For your files  O Note and forward  El  O  As per conversation  to Files  O As requested  See (phone) me  O For your comments  re attached  O  For your information  Prepare reply for  and suggestions  O  Does attached meet with your approval?  my signature  El  For signature, if you approve  Other remarks: I've prepared this in the hope that it will provide you with some food for thought for Friday's dinner.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  MISC. 136A-1/74  FEDERAL RESERVE BANK OF NEW YORK aI To if ie  9 4 Date' `7?  V0A iC 1151C  Of From  THOMAS M. TIML4N   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  2o   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  a."4.g44z.  M1SC.136-10- 8/75  .FEDERAL RESERVE BANK OF NEW YORK Date 9/16/77 Mr. Volcker  To Of From  STEPHEN G. THIEKE Secretary  Please: O Attend to O Note and return  In For your information  O  D  Note and forward to Files  O  See (phone) me  For your files As per conversation  •As requested El For your comments  re attached  and suggestions  •Prepare reply for  • Does attached meet with your approval?  my signature  Ei  For signature, if you approve  Other remarks: Revised set reflects change in Mr. Treiber's service as an officer from 39 years to 38 years and 8 months.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Background Notes for Mr. Volcker  Attendance • 144 in attendance this year, up 20 persons/16 percent from last year. If this keeps up, will have to expand the dining room-always knew TMT would find some way to justify the size and style of this room.  Profile Group • A most unusual blend of youth and experience.  • Oldest former officer--Al Pitts (90). • Longest service--Fred Frey (48 yrs. and 3 mos.), beating out Horace Sanford ( . 48 years) at the wire.  • Youngest former officer--Dick Coopersmith (36).  • Youngest officer--Larry Fruchtman (Legal--29).  • The former officers present tonight have a combined 745 1/2 years of service (24.3 avg.)  (See attachment  for further trivia.)  Some Developments of Interest Since Last Gathering 1.  • At last year's dinner, made a commitment to resolve the matter of the new building.  Well it's been resolved  and last week we signed a 25 year lease for space in the Home Insurance building.  2.  •  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  • New Utice Office opened for business in November.  2-  3.  • Bank went through a major reorganization--this year's promise (like last year's re the building) is that a new organization chart will be issued.  4.  • Continue to export talent to the financial community--have provided the street with an abundant supply of investment bankers, economists, foreign exchange experts and attorneys. • Raises the question as to whether we should be calling on the alumni to deliver a talk at these dinners.  Such as  how to: • Make a fortune in the exchange markets. • Lose a fortune in the exchange markets. • Etc. • Tonight have asked Bill Treiber to say a few words and have already warned Bob Roosa that his number's up next year.  5.  • Another active year on Capitol Hill with the annual attempts made to audit and reform the Federal Reserve. All this suggests that we should get as many of these dinners in as we can.  6  • Past year  has been an unusually bullish year for Fed  watching--which is now money-supply/Fed fund watching. Unfortunately, it's been bearish for just about everything else.  S   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  • 3-  •  • Silver lining--who among us ever thought we'd see the day when Henry Reuss was cautioning the Fed as to the need to prevent another bulge in money growth.  Of  course he'd like us to bring the growth down while at the same time--reducing interest rates, prices and unemployment.  The floor is open to suggestions as to  how that might be accomplished.  7.  • On the foreign side: a.  Exchange markets--(you may wish to comment to the effect that evidently it's still not very popular for a Treasury Secretary to preside over a weakening of the dollar).  b.  The Bank sponsored a central banking seminar to which 42 countries sent participants--this year will hold the second.  Told it is also a "tradition".  Seems not unlike  the business of sponsoring annual receptions and reunions.  8.  • Before introducing Bill Treiber: • Was an officer of the Bank for more than 38 years 8 months--by far the longest service as an officer of any one here tonight.  • Only fitting that Bill speak tonight, though I suspect he still isn't acclimated to the sight of wine flowing like water in this sacred institution.  9/15/77  •  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Profile of Dinner Attendees  Oldest former officer present -  Youngest former officer present -  Youngest officer -  Long service former officers: Longest - Fred Frey 48 yrs. 3 months, beating out - Horace Sanford with exactly 48 years. Five others with 40 years or more of service: 1. 2. 3. 4. 5.  Ed Rothman - 47 years Ev Post - 44 years Walter Rushmore - 43 years 8 months Spencer Marsh - 42 years 8 months George Smith - 42 years 1 month  Longest service as FRBNY officer: 1. 2. 3. 4. 5. 6.  Bill Treiber - 38 years 8 months Horace Sanford - 29 1/2 years Spencer Marsh - 26 years Tom Waage - 24 years Walter Rushmore - 23 years 8 months George Smith - 23 years  Total service of all former officers here - 745 1/2 years. Average: 32 former officers s 745.5 = 23.296 yrs.  9/15/77  •  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  MISC 136.10 (10/76)  FEDERAL RESERVE BANK OF NEW YORK Date 9/16/77  1111  ) Messrs. Volcker and Timlen  Of From STEPHEN G. TH1EKE.  Secretary Please: O Attend to O Note and return  Ki  El Note and forward  O As per conversation  O O  For your information  O For your files  to Files  O As requested  See (phone) me  O For your comments  re attached  and suggestions O Does attached meet  Prepare reply for my signature  with your approval? O For signature, if you approve  Other remarks: Suggested seating chart at head table for tonight's dinner. A copy of the program and guest list are also attached.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF NEW YORK  SECOND ANNUAL OFFICERS' RECEPTION, REUNION AND DINNER  VOLC KER  E-4  TRE IBER  Friday, September 16, 1977  0 x  •  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  4  • OFFICERS OF THE FEDERAL RESERVE BANK OF NEW YORK EXPECTED TO ATTEND THE SECOND ANNUAL OFFICERS' RECEPTION, REUNION AND DINNER September 16, 1977  Anderson, Donald R. Arak, Marcelle V. Aston, James 0. Bakstansky, Peter Bennetts, Leonard I. Berkowitz, Jerry Bossy, George H. Brathwaite, Jorge A. Braun, William H., Jr. Brendel, Louis J. Cann, Ralph A. III Casazza, John M. Checki, Terrence J. Chowansky, John Clarke, Stephen V.O. Clarkin, Mary R. Conway, Denis L. Corrigan, E. Gerald Crumb, Howard F. Cutler, Suzanne Davenport, Robert N., Jr. Denesevich, Fred A. Detra, Jane L. Drexler, Matthew C. Ege, Karl L. Ehrlich, Edna E. Eighmy, John M. Eiseman, Frank C. Emond, Eugene P. Feldberg, Chester B. Flanagan, John E. Fousek, Peter Fruchtman, Lawrence D. Fujarski, Henry S., Jr. Fullen, Peter J. Gray, Ronald B. Green, Roberta J. Greene, Margaret L. Guy, Edward G.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Hayden, Gerald Heires, John Hopkins Henderson, Paul B., Jr. Herriman, Fred C. Hill, John S. Hoenig, Richard H. Hoffman, Oleg Holmes, Alan R. Holmes, Leon R. Houhoulis, John C. Irwin, Whitney R. Isaacson, Gerald I. Jacobsen, Robert A. Kennedy, Angus J. Kipfstuhl, Edward F. Klopstock, Fred H. Korobow, Leon Kubarych, Roger M. Lipscomb, Clifford N. Lloyd, Robert E., Jr. Long, Ronald E. Love, Franklin T. Lovett, Joan E. Lucas, Charles M. Lundblad, Frank W., Jr. Maher, A. John Mayer, Lawrence A. Meek, Paul Minehan, Cathy E. Nelson, Richard W. Nissen, Anton S. O'Connell, Joseph M. Oltman, James H. Oppenheimer, Theodore N. Ozog, Edward J. Pardee, Scott E. Perlongo, Jerome P. Piderit, Fred W., Jr. Powers, Edwin R.  S BUFFALO BRANCH  Puckett, A. Marshall Rafanello, Benedict Rassnick, Leopold S. Riegger, Geri M. Ringsmuth, Don N. Rohrbach, Francis H. Ryan, George W. Sandberg, Irwin D. Schindler, Ralph C. Schmid, Donald E. Schultz, William M. Shepherd, Cecil A. Skorpil, Peter R. Sloane, Thomas C. Smedley, Frederick L. Sobala, John F. Sternlight, Peter D. Strick, John J. Thieke, Stephen G. Thunberg, Rudolf Timlen, Thomas M. Tschinkel, Sheila Tyler, Ruth Ann Van Orman, Philip Volcker, Paul A. Vollkommer, Richard Whiteman, Herbert W., Jr. Wiener, Henry F. Willey, H. David  Keane, John T. Luce, Peter D. McDonnell, Robert J. RETIREMENT OFFICE Davidson, William B. MEDICAL Howard, Dr. Chester S.  9/16/77   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  2  U •  •  FORMER OFFICERS EXPECTED TO ATTEND THE SECOND ANNUAL OFFICERS' RECEPTION, REUNION AND DINNER September 16, 1977  Name and Title  Retired  Resigned  John F. Allen Manager, Personnel Department  1/31/69  Irving M. Auerbach Manager, Statistics Department  11/14/72  Martin W. Bergin Manager, Public Information Department  3/31/66  David E. Bodner Vice President, Foreign Function  4/1/74  Robert H. Brome Assistant Counsel  4/30/50  Richard D. Coopersmith Associate Counsel  8/8/77  Joseph R. Coyle Chief Securities Trading Officer Securities Department  5/1/75  John Exter Vice President, Foreign Function Frederick L. Frey Chief Examiner, Bank Examinations Dept.  5/1/59  12/1/76  Tilford C. Gaines Assistant Vice President Research Function Edward J. Geng Assistant Vice President Open Market Operations/Treasury Issues Matthew J. Hoey Adviser Government Bond and Safekeeping of Securities   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  12/31/76  .•  4  Retired  Name and Title Thomas P. Kipp Manager, Check Processing Dept.  0  Resigned  6/1/73  John J. Larkin Assistant Vice President Open Market Operations/Treasury Issues  10/19/60  Robert Lindsay Senior Economist, Research & Statistics  9/15/64  Spencer S. Marsh, Jr. Market Adviser Open Market Operations/Treasury Issues  5/1/72  Madeline H. McWhinney Assistant Vice President Research & Statistics  2/1/74  Andrew N. Overby Assistant Vice President, Foreign  7/1/47  Alfred L. Pitts Assistant Counsel  12/31/52  Everett B. Post Vice President, Computer Services  7/1/74  Mary J. Rodgers Associate Counsel  8/30/77  Robert V. Roosa Vice President Research & Statistics  1/31/61  Edwin S. Rothman Manager, Foreign Department  9/1/74  Walter S. Rushmore Assistant Vice President Accounting Control  2/1/77  Horace L. Sanford Vice President, Foreign Function  7/1/66  Frank W. Schiff Assistant Vice President Research & Statistics  2/11/68  George C. Smith General Auditor   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  10/1/76  2-  Name and Title  Retired  • Gary H. Stern Manager, Domestic Research Dept.  6/3/77  Robert W. Stone Vice President Open Market Operations/Treasury Issues  5/15/65  William F. Treiber First Vice President  6/1/73  Thomas 0. Waage Senior Vice President Cash & Collection; Check Processing and Public Information  4/1/75  A. Chester Walton Manager, Bank Relations Department  2/1/59  9/15/77   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Resigned  3-  Please deliver this copy to: •  Mr. Mr. 111104r Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr.  Volcker/ Timlen A.R. Holmes Guy Henderson Piderit Sloane Sternlight Aston Bakstansky Braun Corrigan Davis Ege Feldberg   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Mr. Mr. Mr. Ms.  Mr. Fousek Mr. Gray Miss Greene Mr. Irwin Mr. Lloyd Mr. Meek Mr. Oltman Mr. Pardee Mr. Powers Mr. Puckett Ms. Riegger Mr. Smedley Mr. Whiteman Mr. Willey  Flanagan Thieke Checki Detra  September 1, 1977  • FORMER OFFICERS EXPECTED TO ATTEND THE SECOND ANNUAL OFFICERS' RECEPTION, REUNION AND DINNER  3-36  (93.  September 16, 1977  Name and Title  Retired  Resigned  John F. Allen Manager, Personnel Department  1/31/69  Irving M. Auerbach Manager, Statistics Department  11/14/72  Martin W. Bergin Manager, Public Information Department  3/31/66  David E. Bodner Vice President, Foreign Function  4/1/74  Robert H. Brome Assistant Counsel  4/30/50  Richard D. Coopersmith Associate Counsel  8/8/77  Joseph R. Coyle Chief Securities Trading Officer Securities Department  5/1/75  John Exter Vice President, Foreign Function Frederick L. Frey Chief Examiner, Bank Examinations Dept.  5/1/59  12/1/76  Tilford C. Gaines Assistant Vice President Research Function  1/4/61  Edward J. Geng Assistant Vice President Open Market Operations/Treasury Issues  10/1/71  Matthew J. Hoey Adviser Government Bond and Safekeeping of Securities   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  12/31/76  Retired  Name and Title  0  Thomas P. Kipp Manager, Check Processing Dept.  Resigned  6/1/73  John J. Larkin Assistant Vice President Open Market Operations/Treasury Issues  10/19/60  Robert Lindsay Senior Economist, Research & Statistics  9/15/64  Spencer S. Marsh, Jr. Market Adviser Open Market Operations/Treasury Issues  5/1/72  Madeline H. McWhinney Assistant Vice President Research & Statistics  2/1/74  Andrew N. Overby Assistant Vice President, Foreign  7/1/47  Alfred L. Pitts Assistant Counsel  12/31/52  Everett B. Post Vice President, Computer Services  7/1/74  Mary J. Rodgers Associate Counsel  8/30/77  Robert V. Roosa Vice President Research & Statistics  1/31/61  Edwin S. Rothman Manager, Foreign Department  9/1/74  Walter S. Rushmore Assistant Vice President Accounting Control  2/1/77  Horace L. Sanford Vice President, Foreign Function  7/1/66  Frank W. Schiff Assistant Vice President Research & Statistics  2/11/68  George C. Smith General Auditor   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  10/1/76  _ 2-  •  Retired  Name and Title  Resigned  Gary H. Stern Manager, Domestic Research Dept.  6/3/77  Robert W. Stone Vice President Open Market Operations/Treasury Issues  5/15/65  William F. Treiber First Vice President  6/1/73  Thomas 0. Waage Senior Vice President Cash & Collection; Check Processing and Public Information  4/1/75  A. Chester Walton Manager, Bank Relations Department  2/1/59  9/15/77   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  3-  • OFFICERS OF THE FEDERAL RESERVE BANK OF NEW YORK EXPECTED TO ATTEND THE SECOND ANNUAL OFFICERS' RECEPTION, REUNION AND DINNER September 16, 1977  Anderson, Donald R. Arak, Marcelle V. Aston, James 0. Bakstansky, Peter Bennetts, Leonard I. Berkowitz, Jerry Bossy, George H. Brathwaite, Jorge A. Braun, William Brendel, Louis J. Cann, Ralph A. III Casazza, John M. Checki, Terrence J. Chowansky, John Clarke, Stephen V.O. Clarkin, Mary R. Conway, Denis L. Corrigan, E. Gerald Crumb, Howard F. Cutler, Suzanne Davenport, Robert Denesevich, Fred A. Detra, Jane L. Drexler, Matthew C. Ege, Karl L. Ehrlich, Edna E. Eighmy, John M. Eiseman, Frank C. Emond, Eugene P. Feldberg, Chester B. Flanagan, John E. Fousek, Peter Fruchtman, Lawrence D. Fujarski, Henry Fullen, Peter J. Gray, Ronald B. Green, Roberta J. Greene, Margaret L. Guy, Edward G.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Hayden, Gerald Heires, John Hopkins Henderson, Paul Merriman, Fred C. Hill, John S. Hoenig, Richard H. Hoffman, Oleg Holmes, Alan R. Holmes, Leon R. Houhoulis, John C. Irwin, Whitney R. Isaacson, Gerald I. Jacobsen, Robert A. Kennedy, Angus J. Kipfstuhl, Edward F. Klopstock, Fred H. Korobow, Leon Kubarych, Roger M. Lipscomb, Clifford N. Lloyd, Robert E., Jr. Long, Ronald E. Love, Franklin T. Lovett, Joan E. Lucas, Charles M. •S •I Frank Maher, A. John Mayer, Lawrence A. Meek, Paul Minehan, Cathy E. Nelson, Richard W. Nissen, Anton S. O'Connell, Joseph M. Oltman, James H. Oppenheimer, Theodore N. Ozog, Edward J. Pardee, Scott E. 'a 55 Jerome P. Piderit, Fred W., Jr. Powers, Edwin R.  ode  .11  • BUFFALO BRANCH  Puckett, A. Marshall Rafanello, Benedict Riegger, Geri M. Ringsmuth, Don N. Rohrbach, Francis H. Ryan, George W. Sandberg, Irwin D. Schindler, Ralph C. Schmid, Donald E. Schultz, William M. Shepherd, Cecil A. Skorpil, Peter R. Sloane, Thomas C. Smedley, Frederick L. Sobala, John F. Sternlight, Peter D. Strick, John J. Thieke, Stephen G. Thunberg, Rudolf Timlen, Thomas M. Tschinkel, Sheila Tyler, Ruth Ann Van Orman, Philip Volcker, Paul A. Vollkommer, Richard Whiteman, Herbert W., Jr. Wiener, Henry F. Willey, H. David  Keane, John T. Luce, Peter D. McDonnell, Robert J. RETIREMENT OFFICE Davidson, William B. MEDICAL Howard, Dr. Chester S.  9/15/77   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  -2-  August 25, 1976  411  To:  The Members of the Officer Group  From:  Thomas M. Timlen First Vice President  I am pleased that your initial response to our plans for holding an annual officers' reception, reunion and dinner has been As Paul Volcker indicated earlier, the reception and  so positive.  dinner will be held here at the Bank on Friday evening, September 17. .0•••• •••-••••••••-  -  The reception will begin at 5:30 p.m., with the dinner following at _ _ Dress will Refreshments will also be available after dinner. 7 p.m. Nt•  wor var..  be business attire, and the cost for the reception and dinner will be _  $17.50.  Limited parking facilities will be available at the new  building site, and those officers interested in such accommodations should contact Frank Lundblad directly. I look forward to seeing you on September 17 as we launch this new tradition.  f—t9--s-Protv  To: From:  Secretary's Office  Paul A. Volcker will attend the officers' reception, reunion and  will not dinner to be held on Friday, September 17, 1976.  If you plan to attend, your check for $17.50 should be made payable to "Cash," and sent to Secretary's Office by Tuesday, September 7, 1976.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  PPIUNIUNAL- F.WAIL Y /Cm $1111.2,- • -•  DAN K  Or NKIN YORK  ICE CORRESPONDENCE  C  76 DATT August 11, 19  70  Mr. Timlen  rime*m  Eul,ene P. EmonA  rs' Reception SuguEcT Annual Office  about the institution ce ti no e th at th ef li It is my be reunion l officers' reception, ua nn -a nio it ad tr nk Ba of a new ll received. and dinner--was very we honor e reception be held in I might suggest that th this are scheduled to retire o wh rs ce fi of wn no -k ll of three we Of course, more and Frey. sh Ru h, it Sm . rs ss Me year, namely d who have already retire rs ce fi of y an be d ul wo also included this year.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ght be an incentive to mi e ur st ge a ch su e ev I beli ions ve some minor reservat ha y ma o wh ly mi fa al ci those of the offi about attending.  _Age  August 11, 1976  To: From:  - Former FRBNY Officers Thomas M. Timlen, First Vice President  Just about a year ago a memorable evening was enjoyed by all who attended the reception and dinner held at the Bank in honor of Al Hayes.  I was impressed by the sense of rapport  and good will that was evident that evening; and many who attended that affair have said to me that similar gatherings of our official family should be held periodically.  In view of  that favorable reaction, Paul Volcker and I have decided to institute a new Bank tradition--an annual officers' reception, reunion and dinner.  All details have yet to be worked out, but  at this point we plan that it will be held here at the Bank on Friday evening, September 17. will be business attire.  Cost will not exceed $20 and dress  Because of space limitations, attendance  will be limited to present and former officers. We thought you would wish to know of our plans in advance, so you can mark the date on your calendars.  Final  details will be sent on to you as soon as they become firm.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  I hope to see you in September!  • July 26, 1976  To:  The Members of the Officer Group  From:  Paul A. Volcker, President  Just about a year ago a milestone of sorts was established with the reception and dinner held here at the Bank in honor of Al Hayes.  I was very much impressed with the  sense of rapport that was evident that evening and the feeling expressed by many that gatherings of our official family should be held periodically.  Both Tom Timlen and I would like to build  on that foundation, and since neither of us is quite ready for retirement we have decided to institute a new Bank tradition--an annual officers' reception, reunion and dinner.  The details  have yet to be worked out, but at this point we contemplate that it will be held here at the Bank on Friday evening, September 17. Dress will be business attire, and because of space limitations, attendance will be limited to present and former officers.  We  thought you would wish to know of our plans in advance, so you can mark the date on your calendars.  The details, including  cost information, will be passed on to you as soon as they become firm.  We hope you will share our enthusiasm by  participating in these annual get-togethers.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102