Full text of Paul A. Volcker Papers : Baltimore Branch Dedication : November 18, 1982, Box 13, Item c227

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BALTIMO
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Collection: Paul A. Volcker Papers
Call Number: MC279

Box t3

Preferred Citation: Baltimore Branch Dedication, 1982 November 18; Paul A. Volcker Papers, Box
13; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University
Library
Find it online: http://findingaids.princeton.edu/collections/MC279/c227 and
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PROGRAM

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Invocation
The Reverend Edwin Schell, Pastor
Old Otterbein United Methodist Church

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Presiding

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Steven Muller, Chairman, Board of Directors
Federal Reserve Bank of Richmond

Remarks
Robert D. McTeer, Jr., Senior Vice President
Baltimore Branch
Federal Reserve Bank of Richmond
Robert P. Black, President
Federal Reserve Bank of Richmond

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CaiT L

Edward H. Covell, Chairman, Board of Directors
Baltimore Branch
Federal Reserve Bank of Richmond
I

BALTIMORE BRANCH
Dedication Address
Federal Reserve Bank
of Richmond

Paul A. Volcker, Chairman
Board of Governors of the Federal Reserve System

DEDICATION

Reception

----

November 13, 1982

Tours following the ceremony

SIXTY-FOUR YEARS OF GROWTH:
A HISTORICAL REVIEW
OTTERBEIN HISTORY
The growth of the Baltimore Fed may be appreciated from a
consideration of the following comparisons:
In 1919, the first full year of operations, the number of checks
2 million; last year the figure was 370 million. Over
/
handled was just 71
the same period of time, the amount of currency and coin received and
counted jumped from $160 million per year to $4 billion per year, the
amount of reserve deposits handled increased from $18 million to $110
million, and the size of the staff grew from 29 to 457.
As the volume of business swelled, larger working quarters were
required. The first facility, when operations began in 1918, was a beautiful
marble building (which still stands) at the northwest corner of Redwood
(then German) and South Streets. By 1924, however, additional space was
necessary. The Money Department moved to the Customs House at the
corner of Gay and Water Streets while check operations went to the Hearst
Tower Building at Baltimore Street and Guilford Avenue.
Then, in 1927, a new six story building was constructed at the
northwest corner of Calvert and Lexington Streets (our recent downtown
location). Designed by the firm of Parker, Thomas and Rice, the facility
housed all operations, gave the appearance of Italian Renaissance while
harmonizing with the surrounding architecture, and contained a unique
tunnel leading to what used to be the main post office. In the mid-1950's,
four additional stories were added to accommodate expanding operations.
Additional space became imperative in 1976. Check collection
and data processing operations were moved to a leased facility at
Rutherford Industrial Park in Woodlawn. Two years later, construction
began on this $31.6 million structure covering 279,000 square feet at
502 South Sharp Street. Blending with the architecture in one of Baltimore's
oldest communities, this new facility will house all operations, provide for
more efficient service, and allow for future expansion.

several former city
The Federal Reserve's property is situated on
of the city as a whole.
blocks reflecting the general historical trends
the end of the
Development in this area, called Otterbein, began at
eighteenth century.
the Otterbein
The name Otterbein was assigned to the area from
was named for one of its first
Church. The church, completed in 1786,
the corner of Conway and
pastors, Philip William Otterbein. It stands at
Sharp Streets.
early 1800's; all
Houses on the blocks were few in number in the
th century, the entire area
faced Sharp Street. By the end of the nineteen
intermixed with dwellings
was nearly complete. Store fronts and saloons
company had located on Barre
made up the Sharp Street skyline; a fire
most of the block south of
Street; and the Baltimore Fruit Exchange covered
the surrounding businesses or
Lee Street. The inhabitants were workers in
general laborers.
western edge
The Baltimore and Ohio Railroad began buying the
expansion of their railyard.
of the blocks in the early twentieth century for
and demolished the entirf:
By the 1920's, the B&O Railroad had purchased
yard was purchased by th
block for use as a railyard. During 1979, the
.
Federal Reserve Bank for construction of new facilities
Durinc
Ground breaking took place on December 7, 1979.
ions to houses datins
excavations, the Bank uncovered numerous foundat
were uncovered. A portion of
back to the 1800's. Over 3,000 artifacts
display in the main lobby.
these have been catalogued and are on

ART AT THE BALTIMORE FED

FEDERAL RESERVE BANK OF RICHMOND

The Art Collection displayed at the Baltimore Fed is one designed
to serve two basic purposes: to provide enjoyment, education, and a

DIRECTORS

stimulating environment for employees and visitors and to give encouragement and support to the arts. The artists were selected primarily from our
regional area, which includes Maryland, Washington, D. C., and West

Steven Muller, Chairman of the Board
President
The Johns Hopkins University and Hospital
Baltimore, Maryland

Virginia.
The works were chosen by a committee within the Bank with
invaluable guidance from an Advisory Collection Group composed of
Fred Lazarus, President of the Maryland Institute; Roberta S. Emerson,
Director of the Huntington Ga!Tories; and Bennard B. Perlman, Chairperson
of the Art Department, Community College of Baltimore.

Paul E. Reichardt, Deputy Chairman of the Board
Chairman of the Board
Washington Gas Light Company
Washington, D. C.
James A. Chapman, Jr., Chairman of the Board and Chief Executive Officer
Inman Mills
Inman, South Carolina

The collection is confined primarily to wall pieces, although some
sculpture was included where the building design allowed. The majority
of the works are paintings in oil, acrylic or water color. Other media include
collage, prints, quilts, glass and photographs. The subject matter ranges

William M. Dickson, President and Senior Trust Officer
The First National Bank in Ronceverte
Ronceverte, West Virginia

from nonrepresentational to fully depietive still-life and natural scenes.
Within this latter category, we attempted to select works representational
of our regional life.
Major works in the collection were executed by such prominent
area artists as Grace Hartigan, Eugene Leake, Herman Mari!, Keith Martin,
Gladys Goldstein, Peter Charles, Babe Shapiro, and JerraId Balance.
Approximately 150 works comprise the collection

displayed

throughout the building. The majority of the works may be seen on tour
or by special request.

EXHIBITS
An exhibit of 18th century artifacts found during excavation is
located in the Main Lobby. A coin and currency exhibit is located in display
cases in the Atrium adjacent to the Cash Department.

Leon A. Dunn, Jr., Chairman, President and Chief Executive Officer
Guardian Corporation and Subsidiaries
Rocky Mount, North Carolina
Joseph A. Jennings, Chairman and Chief Executive Officer
United Virginia Bankshares, Inc. and United Virginia Bank
Richmond, Virginia
William S. Lee, Ill, Chairman of the Board and Chief Executive Officer
Duke Power Company
Charlotte, North Carolina
Paul G. Miller, Chairman of the Board and Chief Executive Officer
Commercial Credit Company
Baltimore, Maryland
J. Banks Scarborough, Chairman and President
Pee Dee State Bank
Timmonsville, South Carolina

••••

•

• arm

BALTIMORE BRANCH
DIRECTORS
Edward H. Covell, Chairman of the Board
President
The Covell Company
Easton, Maryland

BALTIMORE BRANCH
Federal Reserve Bank
of Richmond

Pearl C. Brackett, Deputy Manager
Cross
Baltimore Regional Chapter of American National Red
Baltimore, Maryland

Joseph M. Gough, Jr., President
The First National Bank of St. Mary's
Leonardtown, Maryland
Thomas H. Maddux, Executive Vice President and
Chief Operating Officer
Easco Corporation
Baltimore, Maryland
A. R. Reppert, President
The Union National Bank of Clarksburg
Clarksburg, West Virginia
Hugh D. Shires, Senior Vice President
The First National Bank of Maryland
Cumberland, Maryland
Robert L. Tate, Chairman of the Board
Tate Industries
Baltimore, Maryland

Location
West of the Otterbein Renewal area — an eight acre site bounded by
Sharp, Hill, and Conway Streets, and the new 1-395 highway.

• Architect
Hellmuth, Obata and Kassabaum, Incorporated
St. Louis, Missouri

Construction Consultant/Manager
The Whiting-Turner Contracting Company
Baltimore, Maryland

Interior Design
Ford & Earl Design Associates, Incorporated
Warren, Michigan

Size
279,000 square feet

FEDERAL RESERVE BANK OF RICHMOND
RICHMOND. VIRGINIA 23261

February 16, 1982

41,LP11

The Honorable Paul A. Volcker
Chairman, Board of Governors
of the Federal Reserve System
Washington, D. C. 20551
Dear Paul:
Would it be at all possible for you to speak at the
dedication of our new Baltimore office this November? We would
like to schedule the dedication for two o'clock on the afternoon
of the joint Board meeting of our Richmond and Baltimore offices
at the new branch. The tentative dates we have for the meeting
are November 12 and November 18, but we shall be glad to shift the
date if there is some other time that would suit you and the
directors better. We hope very much you can attend a dinner with
the directors the night before but, if time does not permit, you
could easily drive up the morning of the meeting. The Board meeting will run from nine to twelve and will be followed by lunch.

nid4
Jrci•

We plan to hold the meeting inside the new building-probably in the lobby, which will hold about a hundred people.
Our list of invitees will include Senators Sarbanes and Mathias,
Representatives Parren Mitchell and Barbara Mikulski, Governor
Hughes of Maryland, Mayor Schaefer of Baltimore, a number of
prominent civic and business leaders from Baltimore, and as many
as possible of the chief executive officers of member banks and
other depository institutions in the Baltimore territory.
Hope very much you can make it. It's always a treat to
have you with us, and it would be particularly good to have you
present on this very special occasion.
Sincerely yours,

Dicti

Robert P. Black
President

tve

FEDERAL RESERVE BANK OF RICHMOND

February 19, 1982

ROBERT P. BLACK
PRESIDENT

The Honorable Paul A. Volcker
Chairman
Board of Governors of the
Federal Reserve System
Washington, D. C. 20551

Dear Paul:
Certainly was delighted to receive Joe
Coyne's phone call saying that you can participate
in our Board meeting and the dedication of our new
Baltimore Branch on November 18. The directors will
be quite pleased and so will the invited guests when
they learn who the speaker is going to be.
I'll be back in touch with you regarding
the details of the arrangements as soon as they are
finalized. Hope very much that you can have dinner
with our directors and some of our staff members the
night before, but we're well aware of the enormous
load you carry and shall certainly understand if you
can't spare that much time.
Sincerely yours,

PP`
.......
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Paul A. Volcker

APPOINTMENTS
Friday, November 19