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n:ectio Paul A. Volcker Papers
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Call Numl3er: MCr9
Box 20
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•
PRESIDENT'S OFFICE
ANNUAL OFFICERS' & FORMER
OFFICERS DINNER
•
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
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
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
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
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
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.
-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.
-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-
-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.
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.
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.
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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.
• 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.
• 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
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
P
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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.
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
2o
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.
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.
•
• 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
•
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
•
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
•
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.
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
•
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.
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
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
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
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
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
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
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
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
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.
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
-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.
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.
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.
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.
@FedFRASER