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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Collection: Paul A. Volcker Papers Call Number: MC279  Box 7  Preferred Citation: Congratulatory Letters:"M", 1979; Paul A. Volcker Papers, Box 7; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collections/MC279/c117 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 defined by the copyright law of the United States. They further agree to request permission of the 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 (Title 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 these 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 Digitized 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 17, 1979  Dear Matt: However belatedly, I do appreciate your letter on my appointment.  I'm going  to try not to do anything to add to 1awyer66 work while I'm here -- but I do hope to see you at some point.  Thanks for writing. Regards,  Matthew J. Marks,Esq. Wender, Murase & White 1800 M Street, N. W. Washington, D. C. 20036  PAV:ccm  WENDER, MURASE 8c WHITE ATTORNEYS- AT- LAW RESIDENT PARTNERS  1800 M STREET, N. W.  400 PARK AVENUE  SUITE 675  NEW YORK, NEW YORK 10022  WILLIAM L. DICKEY  (2(2) 832-3333  WASHINGTON, D. C. 20036  MATTHEW J. MARKS RICHARD LINN  PARTNERS RESIDENT IN  PATENT E. TRADEMARK COUNSEL (202) 452-8950  CARACAS  CABLE: WEMULAW BURTON Z. ALTER • DOMESTIC TELEX: 89263  CAROL SEABROOK BOULANGER • PETER A. DANKIN*  INTERNATIONAL TELEX: 248749  SAMUEL M. FEDER  TELECOPIER:(202) 296-7760  DUSSELDORF  LONDON  PETER FIGDOR • JOHN J. FINLEY*  MONTREAL  July 30, 1979  PETER J. GARTLAND* ROBERT M. GOTTSCHALK •  NEW YORK  J. FORTIS HICKS* PARIS  EDWARD H. MARTIN GENE Y. MATSU°•  SAO PAULO  JIRO MURASE ALDEN MYERS*  TOKYO  PETER J. NORTON* IRA TENSARD WENDER JOHN TOWER WHITE  ki TO  *(NOTADMMEIDMCLC4  The Honorable Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York  ietzx4 jJ  ))/e  yv- knOv i9)  Dear Paul: V/ti-ki ° When we last communicated, it was to congratulate you on your appointment as President ti49,;)iPni 04 time This . York New of of the Federal Reserve Bank I want to thank you, as an American citizen, for accepting the President's nomination as Chairman of the Federal Reserve Board, notwithstanding the great personal sacrifice that this will mean to you. I can't think of a more perfect man for the job. The sharp upward movement of the Dow Jones average immediately after the announcement of your appointment indicates that others must agree with this judgment. During the past six months I have been heavily involved in representing the European Communities in connection with the U.S. implementation of the Multilateral Trade Agreements. The law is such a complicated mess that it will probably provide a gold mine of future business for lawyers such as myself. Congratulations and best wishes. Regards,  4-e-e g5. iwvyA/4*^e *--   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  kr/ MJM:ch  Matthew J. Marks •  .•0o G v44; CHAIRMAN OF THE BOARD OF GOVERNORS •0 •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 L  September 18, 1979  Dear Maury: It was good to hear from you, and I appreciate your note.  You know how difficult  things can be. Sincerely,  Paul A. Volcker  Mr. Maurice H. Stans  , ..............   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Al  MAURICE H. STANS  •  August 20, 1979  Honorable Paul Volcker Chairman, Federal Reserve Board Washington, D.C. Dear Paul: I feel very much more comfortable in having you in your new position. Congratulations and best wishes! Sincerely,  Maurice H.  MHS:ja  ans   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 18, 1979  Dear Frank: You know how much I appreciated your note on my appointment, even if it's taken me a while to reply. You provided me so much support in New York I can't let you stop now. Just keep in touch when we seem to be off base. Thanks again for your help and wisdom through the years and our best to Barbara. Warm regards,  Paul A. Volcker  Mr. Frank R. Milliken  PAV:mrk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FRANK R. MILLIKEN  41 1171.  au'e  PetAt '7-  4  174cKeAr  4)0  eazt -terttiYoat A/Y  dec, tioz,t, .1124.4v144,  .04.44141.4  ‘..._. i04. 444,444---a-44.  a-4-  et. ft-€ 4)74 r7-/-66e  5w 1)t-4 ,(A4, t4iet,  c00- -tie.4 riPd  midi47 %  tat  --r4  a. 6-liel_ce-t..  ,117  ...-/-*4--  czlidee  4i-et  dt,r  444_ - z - 4  A/Le  AzAtt e& 7Li,"  ,t4.e.,-Ece. dI  t  r  ,y0f4“.  ofte-e/mt.,  tte“,  elat_ -6-1-  artt.  7,111-t444,a4ee  Zed..4-41t. co--44  n  1/-1e-71vt   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 17, 1979  Dear Dudley: Somehow your nice letter on my appointment got put on the bottom of the pile for reply, after I had first read it. In any event, I keep up with your activities through John, and have a full report of the 21 pounder. You show us all -- keep it up. Fishing will have to take a backseat for me for awhile which is another reason to suggest I may not be so smart to take the job. But thanks for the letter and encouragement. Regards,  Mr. Dudley H. Mills  PAV:ccm   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  DUDLEY H. MILLS  ,k17Jroy..?  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  (7  ri  ‘7„  7 II 7  VA (2 7 ri 1 117 7,77N,  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 25, 1979  Dear Alastair: I appreciate your note -- and can only wish I were on the Avon. The oil question continues to look bad to me from every side.  Let's hope for the best while we prepare  for the worst: Sincerely,  Mr. R.A. Morton The British National Oil Corporation Stornoway House Cleveland Row St. James's London SW1A England  PAv:mrk #1980   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Faeff The British National Oil Corporation Stornoway House Cleveland Row St James's LondgiVM36H r'ci  .Pi9'7080 Telex: 919474  11 September 1979  Mr P Volcker Chairman of the Board of Governors US Federal Reserve System Washington DC 20551 USA  , Like many others, I have just returned from a holiday - it is astonishing how beautiful England can be on a reasonably sunny day when you are cruising up the River Avon at 3 mph. Belatedly, therefore, may I add my sincere congratulations on your appointment as Chairman of the Fed and also my admiration for your conduct of the difficult first few weeks. I wish you a strong right arm and the discomfort of your opposition: I continue to be fearful about oil supply, prices and consequent general stability. It now appears that the winter will be easier than I prophesied in your office last June, quite largely because temporary shortages created involuntary reactions that rationed supplies quite effectively. I think the producer countries will manage overall supply so that demand is only briefly below supply, if at all, next year. We shall see You will be busy but I hope there will be opportunities to meet from time to time. Kindest regards  MOW   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 17, 1979  Dear Frank: To my chagrin, I find I never answered your letter on my appointment, but you know how much I appreciated it. Best regards,  Mr. Frank E. Morris President Federal Reserve Bank of Boston Boston, Massachusetts 02106  PAV:ccm  FEDERAL RESERVE BANK OF BOSTON  FRANK E. MORRIS  BOSTON, MASSACHUSETTS 02106 TELEPHONE (617) 973-3630  PRESIDENT   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  TWX: 710-321-1435 CABLE FEDRES BSN  July 30, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York Federal Reserve P.O. Station New York, New York 10045 Dear Paul: Congratulations on your appointment as Chairman. I think that everyone in the Federal Reserve shares my view that there is no one better qualified for the job than you. I am sure that all of the Reserve Bank presidents are pleased to have a Chairman who understands what a Reserve Bank is and knows what it takes to run one effectively. I hope that you can recruit Bruce MacLaury to succeed you at the New York Fed. I know that Bruce was very interested in the job at the time you were chosen, and perhaps he still is. With best regards. Sincerely,  Frank E. Morris   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 25, 1979  Dear Canon Martin: I appreciate so much your letter on my Adding to your list of Chairmen as Saint Albans' reflects the good sense that the Federal Reserve displayed: We are in collective debt to you for a wonderful educational environment.  appointment. parents only has always providing  Jim has been plugging away at college I hope he gets a chance to call on you sometime when he's here, and that we will run into each other once again. Sincerely,  Canon Charles Martin Headmaster Emeritus Washington Cathedral Mount Saint Alban Washington, D.C. 20016 PAV:sep   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  537-6200 CN CNI 4-  CD CD  2f C)  August 14, 1979  Dear Mr. Volcker, My knowledge of fiscal matters is limited, but I am glad that others who are familiar with them rejoice in your appoinment. I rejoice because I have great respect for you and Mrs. Volcker as parents.  2f 2: (J,)  That surely came not only because of what was in his genes, but because of the wisdom with which he was nurtured. The Volckers all have my respect.  CC  And I must say that I am proud that three of the recent Federal Reserve chairmen, Martin, Burns and Volcker, are past parents of Saint Albans.  2f  Please remember me to Mrs. Volcker and to James. I shall be counting on him to give me a call and look in on me. Blessings on all the Volckers.  ur)  Sincerely,  2f cC  2f C)  Charles Martin Headmaster Emeritus, Saint Albans School Canon, Washington Cathedral  -J  ne  Mr. Paul A. Volcker  LLJ  2:  New York, New York 10021   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  r  FEDERAL RESERVE BANK OF NEW YORK NEW YORK,N.Y. 10045 AREA CODE 212 791- 6173  PAUL A. VOLCKER   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  PREsiDENT  August 6, 1979  . Dear Dave: There are lots of problems with this change--not least leaving New York (but Barbara will stay). Thanks for writing. Sincerely,  aai Paul A. Volcker  1  Mr. David MacEachron Executive Director Japan Society, Inc. 333 East 47th Street New York, New York 10017  ,  .1  Japan Society   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  II  333 East 47th Street, New York, N.Y. 10017 • Telephone (212) 832-1155  July 27, 1979  Mr. Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, NY 10005 Dear Paul: What wonderful news! The nation is lucky to have a man like you willing, at substantial personal cost, to plunge into this crucial and difficult job. Every possible best wish. We will, always a generous Japanese  of course, miss you sorely in New York. It was treat to have you at Japan House, and you were with your time in meeting with various visiting delegations.  From my conversations with people around the country I am convinced that the public is prepared to make some sacrifices and try harder if persuaded that this will help cope with the collection of problems -- inflation, energy, dollar-weakness, etc. -- we are experiencing. With every best wish, Sincerely,  RE-A(77w F:r DM/wm  I-,UG  3 1979  F-7. A. V. ANSWERED ATTENDED  David MacEachron Executive Director  Mr. Clark MacGregor United Technologies Corporation 1125 15th Street, N.W. Washington, D.C. 20005   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .-telegram  1111 weterri union YSA017(0924)(1-0b5421A237)PD 37/26/79 0923 ICS IPMNCNC NYK 16S ICS IPMYS31 /1-035523O907 07/26/79  RECEIVED TWX UN TECH WSH DLY PD J2 LLY KJ UTC WASHINGTON DC JULY 2,1973 PMS MR. PAUL A. VOLCKER, DLY FEDERAL RESERVE BANK OF NEW YORK 33 LIEERTY STREET  JUL 26 1979  .............. ANSWERED........_..............._ ..... , ........ ATTENDED TO,„,„,  10TH FLOOR NEW YORK  NEW YCRK  10345  CONGRATULATIONS ON YOUR NOMINATION TO BE CHAIRMAN OF THE FEDERAL  RESERVE.  WASHINGTON HAS MISSED YOUR LEADERSHIP AND II WILL  SF-1201 (R5-69)  PERSONAL PLEASURE TO WELCOVIE YOU BACK. CLARK MACGREGOR UNiTED TECHNCLOGIES CORPORATION 1 125  15TH STREET, N.W.  WASHINGTON, D.C. NNNN  SF-1201 (R5-69)   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  200M  A  FEDERAL RESERVE BANK OF NEW YORK NEW YORK, N.Y. 10045 AREA CODE 212 791-6173  PAUL A. VOLCKER PRESUDENT  I .  August 1, 1979  Dear Bob: It was good to hear from you.  .  ..  ••  Thanks for your telegram of congratulations. I was pleased to have it. Sincerely, .... . .........  Paul A. Volcker  .........  Mr. R. MacIntosh The Bank of Nova Scotia Toronto, Ontario CANADA  ...  ....  ....................................................................................... .......  .....................................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  . .........................  .... - .. ..... - ...........................................'......................... ......  ...... ......................... ..................................... ................................  ....................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ••••‘  .••0o?GOVek• " • ; 0 %• •47 •0 2* • -n • • -1 i-▪) 4., •  CHAIRMAN OF THE BOARD OF GOVERN ORS FEDERAL RESERVE SYSTEM  VJtIE1(,  WASHINGTON, ID. C. 20551  • RAL FtE-S• *•.•••••  August 24, 1979  Dear Gordon: I appreciated your kind words on my appointment.  And, you can believe it,  I will need lots of help. to call upon you.  I won't hesitate  Thanks so much for writing. Sincerely,  aale Paul A. Volcker  Mr. Gordon S. Macklin President National Association of Securities Dealers, Inc. 1735 K Street N.W. Washington, D.C. 20006   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 6, 1979  Dear Gordon: Thanks for the note, and I certainly hope the good relationship continues. Sincerely,  Paul A. Volcker  Mr. Gordon S. Macklin President National Association of Securities Dealers, Inc. 1735 K Street, N.W. Washington, D. C. 20006   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. 1736 K STREET, NORTHWEST WASHINGTON, D.C. 20006 GORDON S. MACKLIN (202) 833-7330  PRESIDENT  July 27, 1979 Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: We read the news of your selection as Chairman of the Board of Governors of the Federal Reserve System with great pleasure. You are clearly the best of all candidates mentioned, and the most sensible key appointment of this present administration. Particularly during the past few years, our organization has enjoyed an excellent working relationship with the Federal Reserve. If there is anything in addition that we can do in the future to help you, please let me know. Congratulations again. Sincerely,  Go  P7CEiVED JUL 3 1 1979 P. A. V. ANSWERED ATTENDED  on S. Macklin   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CHAIRMAN OF THE BOARD OF GOV ERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  August 24, 1979  Dear Gordon: I appreciated your kind words on my appointment.  And, you can believe it,  I will need lots of help. to call upon you.  I won't hesitate  Thanks so much for writing. Sincerely,  / aae Paul A. Volcker  Mr. Gordon S. Macklin President National Association of Securities Dealers, Inc. 1735 K Street N.W. Washington, D.C. 20006   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  FEDERAL RESERVE BANK OF NEW YORK NEW YORK. N Y. 10045 AREA CODE 212 791-6173  PAUL A. VOLCKER PIREslc)ENT  August 2, 1979  Dear Gus: Many thanks for your telegram. I appreciate your good wishes. Best regards. Sincerely,  Paul A. Volcker  Mr. August Maffry  AUGUST MAFFRY  LAM 10  .1  western unionlMahgra  vkTES POST4..° ° 411V rn rn  z  U.S.MAIL  4.0694445206 07/25/79 ICS IPMBNGZ CSP NYAB 2162292537 MGM TDBN CHEKER HEIGHTS OH 32 07-25 0803P EST  PAUL VOLCKER PRESIDENT FEDERAL RESERVE BANK OF NEW YORK 33 LIBERTY ST NEW YORK NY 10005  AM DELIGHTED THAT YOUR NOMINATION AS CHAIRMAN OF THE FED BOARD BEST  WISHES AUGUST MAFFRY 20:03 EST MGMCOMP MGM  RECEIVED JUL 26 1979 P. A. V.  5241 (R1/78)  ANSWERED ATTENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  TO REPLY BY MAILGRAM, SEE REVERSE SIDE FOR WESTERN UNION'S TOLL - FREE PHONE NUMBERS   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 22, 1979  Dear Mr. Main: I appreciate your note and good wishes. Sincerely,  Paul A. Volcker  Mr. T. R. N. ain Chamber of Mines of South Africa 5 Hollard Street Johannesburg SOUTH AFRICA  1  CHAMBER OF MINES OF SOIJ71.4 AFRICA 5 HOLLARD STREET  JOHANNESBURG  2001 P.O. Box 809, Johannesburg, 2000 Telephone 838-8211  Your Ref.: Our Ref.:  Telegraphic Address: Bullion Telex: 8-7057 9th August, 1979.  Dr. Paul Volcker, Chairman, Federal Reserve Board, 20th St. & Constitution Ave., N.W., WASHINGTON D.C. 20551, United States of America.  -71  J  •••••••• •  ••  Dear Dr. Volcker, ••••••  I would like to take this opportunity of congratulating e you on your appointment as Chairman of the Federal Reserv Board. May I pass on my very best wishes in this vitally for important function both for the United States and indeed economic the world as a whole in this period of widespread uncertainty.  Yours sincerely,  fe)-(4,, T.R.N. MAIN  TRNM/RvG  Hersov : R.S. Lawrence:A. Louw: W. W. Malan :H.F. Oppenheimer COUNCIL OF THE CHAMBER: Dr. W.J. de Villiers : D.A. Etheredge:B.E. : L.W.P. van den Bosch : P.A. von Wielligh A.C. Petersen : R.A. Plumbridge : Sir Albert Robinson : J.L. van den Berg E. Pavitt   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  • ••  ••  . - •. 0'• •. 4,91,• • ,• tsic - 0 •  CHAIRMAN OF THE BOARD OF GOVERNORS •  •  •  •••  '2. • ,  FEDERAL RESERVE SYSTEM  —'  WASHINGTON, D. C. 20551  ••"?ALREs •'  •  •  c'n  •  tr  ',...'•'•rft....#44114J A't -• it • :c.rffi'."..f: ••••• r.  August 8, 1979  .1.••  •  •••'g -•  ., 44 1 4-.1` • ic4.:.-A. ,Ts. •-•  Dear Burt:  •  Many thanks for your note and your kind words.  I shall try my best.  Regards. Sincerely,  .  -  •  Paul A. Volcker  P.S.  I've taken note of your postscript: .•  "A. :  "f5-  4  •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  • •  Mr. Burton G. Malkiel  vA,APIlbS:  ••••••••-,  r7*  .•••• •  •  <••  710 •'  ;se  r.  •,  „  ""A •  "  •  -  . C4'  ••••••  •  BURTON G. MALKIEL  Z-Nu-b-o. 25,/col "DtAA. -P0_4A1Zi 0../).4A4 d6  ckALLetka -+e)  CdtttreCA 6-rt•L 110 ot-t 44%4 4.4-4L I Sts CAAL•weKALA 672 4.e Sdc&A-Crwv614•104.0  rrno012-eA•L- GP.  *-"AAAr0-6-eziek4  b•-ru‘ LAdmaAi&  a„L2 +e‘•c  _  8  +-tA•K crt-ot-  ipt.4.ges-cAmL.SZ I.  0•413pel)fr .-en-0144 .6-0+k'frA-e •ertAnC.••)#Lr &s.tit at.La.  cL.t  c,  "(elk ptwri.‘Ad .Pae saa124: tu-4.-04- • rke 44A-ew  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ,  -t-2D   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESER VE BANK OF NEW YORK NEW YORK,N .Y.1  0045  AREA CODE 212 791-6173 PAUL A. VOL CKER PR ESI DENT  August 6, 1 979  Dear Fritz: I apprecia te  the note--a nd just  once in awhi le a littl e advice: Best regar ds.  Sincerely,  Paul A. Vol cker  Mr. Fritz Ma chlup Department o f Economic s Princeton U niversity Princeton, New Jersey 08540  Princeton University  DEPARTMENT OF ECONOMICS PRINCETON, NEW JERSEY 08540  August 1, 1979  Mr. Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York Dear  Paul:  I'm not congratulating you, but rather the country on your new appointment. You are making a great sacrifice, but the United States will be the beneficiary. Best wishes,  Sincerely,  RECEIVED I;UG  3 1979 Fritz Machlup  FM:rp   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 27, 1979  Dear Hal: Many thanks for the not  --  although I am not  sure whether the dust has settled, or is just about to be stirred up after the "honeymoon." We shall soon find out -- and I may just be calling for help. Best regards. Sincerely,  Paul A. Volcker  Mr. Harald B. Malmgren Millmgren, Inc. 2101 L Street, N.W. Washington, D.C. 20037 PAV:tb   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MALMGREN, INC. 2101 L STREET, N.W. WASHINGTON. D.C. 20037  1 79flft7 27  (202) 466-8740 TELEX: 440555  August 22, 1979 The Honorable Paul Volcker Chairman Board of Governors Federal Reserve System 20551 Washington, D.C. Dear Paul: Now that the dust has settled, I just wanted to add my congratulations to the many that you have no doubt already received. No one in this country had better experience, or better training for this job than you, and it was badly needed in this most difficult time. Good luck. call on me.  If I can help anytime feel free to Best regards,  Har4ld B. Malmgren HBM:daw  e,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 10, 1979  Dear Don: In this job, we speak English, however obscurely. Maybe that's the trouble. In any event, this bovine has no illusions. How's it going -- sorry I missed the reunion. All the best. Sincerely,  Paul A. Volcker  Donald W. Maloney, M.D.  PAV:sep  1  .• • • - .0c COV4  ,tt.)C -•  0• tr •• n  CHAIRMAN OF THE BOARD OF GOVERNORS  :  FEDERAL RESERVE SYSTEM  )•—•  WASHINGTON, D. C. 20551  [MR  August 24, 1979  Dear John: I appreciate your note on my appointment. It is indeed an honor and privilege, and quite a challenge. We will try our best. Sincerely,  Paul A. Volcker  Mr. John P. Maloney Chairman of the Board and Chief Executive Officer Deposit Guaranty National Bank One Deposit Guaranty Plaza Jackson, Mississippi 39201   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  DONALD W. MALONEY, M. D.  TURNER  7-6668  1245 HIGHLAND AVENUE, SUITE 107 ABINGTON, PA. 19001  " 6  Th,  Co3A3111-? 1—'kk V'Pti 6YJ  MD DO NOT SUBSTITUTE  PLEASE COPY.  If ON  LABEL  M D.  DEA REG. NO. AM 0573154   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  One Deposit Gui. .ty Plaza Jackson, Mississippi 39201 Phone 601 354-8301 John P. Maloney Chairman of the Board and Chief Executive Officer  DEPOSIT GUARANTY NATIONAL BANK  July 27, 1979  Mr. Paul Volcker, President Federal Reserve Bank of New York 33 Liberty Street Federal Reserve P. O. Station New York, N. Y. 10045 Dear Paul: Congratulations on being nominated Chairman of the Federal Reserve Board. This is quite an honor and one you richly deserve. I can think of no one better qualified for this most important position and am confident you will guide us through the difficult times ahead. I want you to know that you will have our complete cooperation during your tenure as Federal Reserve Chairman. Sincerely,  John P. Maloney Chairman of the Board and Chief Executive Officer JPM/elm  Grow With Us   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Plato: Many thanks for your note and support. do not underestiviate the job. Sincerely,  Paul A. Volcker  Mr. P. Aalozemoff Chairman and Chief Executive Officer Aewmont Mining Corporation 300 Park Avenue New York, aew York 10022  PV/tn  NEWMONT MINING CORPORATION 300  PARK  AVENUE  NEW YORK, N. Y.  10022  P. MALOZEMOFF CHAIRMAN AND CHIEF- EXECUTIVE OFFICER   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 25, 1979  Mr. Paul A. Volcker Federal Reserve Bank of New York New York, New York 10045 Dear Paul: I was delighted to learn of your appointment as the Federal Reserve Chairman and hasten to send you my congratulations. When the list of possible candidates was first published, it was Perfectly clear to me who was the best qualified man for this difficult job, and I am glad that that judgment has been vindicated. Under your able direction, I am sure that the financial position of the United States will be strengthened. With best personal regards, Sincerely yours,  P. Malozemoff   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  AuFust 22, 1979  Dear Maury: T don't know about enioving every minute but let's hone enough to make it all whrthwhile: It's been a nice send-off. I'm battened down (I hope) for the brickbats. Thanks so much for writing, and our best to you both. Sincerely,  Paul A. Volcker  Dr. Maurice Mann Vice Chairman Warburg Paribas Becker, Inc. 555 California Street San Francisco, California 94104 PAV:sep  WARBURG PARIBAS BECKER INCORPORATED  A.G.BECKER INCORPORATED DR. MAURICE MANN Vice Chairman   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 14, 1979  The Honorable Paul A. Volcker Chairman, Board of Governors of the Federal Reserve System 20th Street and Constitution Ave., N.W. 10551 Washington, D.C. Dear Paul: I waited until you had received 7,432 letters and 4,233 telephone calls before writing you a congratulatory letter. Really, as you probably have heard so many times already, I think the whole thing is just great and you should be deeply honored, gratified, and excited. It is a tremendous tribute to you and I know you will enjoy every minute of the total experience. Best wishes for every success in coping with the multidimensional problems of a multifaceted environment with only a limited assortment of tools. Betty joins me in expressing our heartfelt personal feeling to you and Barbara and your family. With best personal regards. Sincerely,  pp MM:lb  Aist  555 CALIFORNIA STREET SAN FRANCISCO, CALIFORNIA 94104  TELEPHONE 415/398-4430   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Bey: limy Umlaut Spy the nice nota. I don't kid myself, After the collective sigh of relief, the problems reuain and the work begins. All the best, Sincerely,  Paul A. Volcker  Mk, lopless Minim fisul, Weiss. Stifkintl,Almon & Garrison 345 Park Avenue am York, New York PAV:rahw  10022  1 PAUL, WEISS, RIFKIND, WHARTON f GARRISON 345  PARK  AVENUE  TELEP, 'ONE  (212) 644 - 8000  TELECOP1ER  (212) 644 -8 20?  NEW  YORK,  NEW  YORK  SIMON H RIFK)ND ADRIAN W. DcWIND MORRIS B. ABRAM mORDECAI ROCHL1N PAUL J. NEWLON JOSEPH S. ISEMAN JAMES B. LEWIS THEODORE C. SORENSEN RICHARD H. PAUL NORMAN ZELENKO JOHN E. MASSENGALE JAY TOPK1S EDWARD N. COSTIKYAN BAYLESS MANNING ROBERT H. MONTGOMERY, JR. JOHN C. TAYLOR, 3.. BERNARD H. GREENE ERNEST RUBENSTEIN STUART ROBINOWITZ ALAN N. COHEN JAMES L. PURCELL ARTHUR KALISH DAVID T. WASHBURN BERNARD FINKELSTEIN ARTHUR L. LIMAN SEYMOUR HERTZ WALTER F. LEINHARDT GERALD D. STERN ANTHONY B. KUKL1N MARTIN LONDON  10022  TELEX WU 12-7831 WUI 666- 84 3 CABLE  LONGSIGHT, N.Y.  0946- 19581  RANDOLPH E. PAUL  ( N7-19 50/  LOUIS S. WEISS JOHN F. WHARTON  (I  AFFILIATED OFFICE  7-19 771  CABINET HAYS 8, PLACE VENDOME LLOYD K GARRISON  75 001 PARIS, FRANCE  HOWARD A SEITZ  TELEPHONE 260. 32.42 TELEX 210446-F  ALAN S. HAYS COUNSEL  C_  CABLE POSTHAYST, PARIS ALAN  S  HAYS, RESIDENT COUNSEL  CAMERON CLARK, RESIDENT PARTNER  Q") WRITER'S DIRECT-DIAL NUMBER  (212) 644-8227   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 6, 1979  Hon. Paul A. Volcker Chairman, Federal Reserve Board Board of Governors Washington, DC 20551 Dear Paul: May I add one more to your mountain of congratulatory messages. There is no one else who could bring to the Chairmanship of the Fed your special combination of technical command, experience, sober judgment and confidence-inspiring reputation. Congratulations are due you, but most of all the Republic is grateful to have you there. All best wishes. Sincerely,  Bayless BM:kec  anning  DAVID C. BRODHEAD PETER R. HAJE LEONARD V. OUIGLEY ALLAN BLUMSTEIN NEALE M. ALBERT JAY GREENFIELD KEVIN J. O'BRIEN ALFRED D. YOUNGWOOD DONALD F. MOORE JOSEPH E. BROWDY SIDNEY S. ROSDEITCHER ROBERT L. LAUFER ALLEN L. THOMAS PETER L. FELCHER MARK H. ALCOTT JOHN P. McENROE PETER J. ROTHENBERG JUDITH R. THOYER RICHARD A. ENGELMAN GEORGE P. FELLEMAN STEVEN B. ROSENFELD ALBERT P. HAND ROBERT S SMITH MAX GITTER JOHN J. O'NEIL CAMERON CLARK Ewip A. KA,PLAN JOSE E. TR1AS RICHARD S. BORISOFF   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Senator farchi, I appreciate your letter--however belated my response-and your letter to the Times.  There's something the matter when  on salaries-people can make nore money on gold and property than and lose money on savings:  There's a lot of work to do! Sincerely,  Paul A. Volcker  The Honorable John J. Marchi The Senate State of New York Albany, New York 12247 PAV:sep  THE SENATE JOHN J. MARCHI  PLEASE REPLY TO:  STATE OF NEW YORK  358 ST. MARKS PLACE  24T_P-I DISTRICT  • • • •....................  ALBANY 12247  STATEN ISLAND.N.Y.10301  CHAIRMAN COMMITTEE ON FINANCE  July 31, 1979  f  The Honorable Paul A. Volcker Federal Reserve Bank 33 Liberty Street New York, New York 10045 Dear Mr. Volcker: .  I wish you every success in your new undertaking. The enclosed evidences my empathy for your approach. Again, my best and Nils Carborundum Bastardi. Sincerely,  JJM:jb   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  (\)V  RECEIVED AUG' 2 1979 P. A. V.  Ov'C  ANSWERED ATTENDED TO  1.1.• /MI  ........  THE SENATE STATE OF NEW YORK JOHN J. MARCH!  ALBANY 12247  PLEASE REPLY TO:  241.r. DISTRICT  358 ST. MARKS PLACE  CHAIRMAN  STATEN ISLAND,N.Y. /0301  COMMITTEE ON FINANCE  ,July 31, 1979  The New 229 New  Editor York Times West 43rd Street York, New York 10036  Dear Editor: I am compelled to demur with your editorial thesis "that the ultimate goal remains a rising standard of living." It is true only if its impact is broadly based. Those Americans who can protect themselves are lifting the socalled standard of living at the expense of our more vulnerable elements of our society. Why are the levels of savings accounts declining while stock portfolios, tangibles, not restricted to gold, and real property, either stable or appreciating in value? The 1974 recession was mainly the product of steeply rising energy costs and we along with other Western nations and Japan had made considerable progress in stabilizing its effects. Paul A. Volcker makes eminent sense when he states that "there is no substitute for monetary discipline," and I might add a lag in productivity. If we maintain our current spending rate and reduce taxes it would be a disaster. Japan taxes its citizens less than we do and Germany more than we do and yet both nations are functional because both countries are internally economically consistent. Michael Blumenthal appeared to me to have wanted to apply those restraints and Volcker's commitment, if believed, has already strengthened the dollar in the international money markets. My only caveat is your concern over election year pressures which could dispose of what anyone might rationally propose. Very truly yours,  John J. Marchi JJM:jb   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF NEW YORK ...... ........  ......  .....  .................  NEW YORK.N Y. 0045 AREA CODE 212 791-6173  PAUL A. VOLCKER PREsiDENT  August 1, 1979  Dear Mr. Marini: Many thanks for your telegram. I appreciate your good wishes. Best regards. Sincerely,  Paul A. Volcker  Mr. Luigi Marini U.S. Officio Italiano Cambi One Wall Street-Rm.2918 New York, New York 10005  ........................................................................................ ........................... • . •• ...................................................................................... •••  ........ .. ........................................................... ..... ... ........................................................................................ .. •  ............ . ............ ..........................  ...... ......................... .............................  ....................................  .........  ..........................  .......  ....  ....:.................................  ...............................................  ............... ..  ..  .  ....................................... •  •  ..................  •  .......... ...............  ...  -"  ................................................... ........1....   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ..... .:....................  •  .•.-  ......  "NI  LIU ILA  Telegram  western union NY0025(1543)(4-056215S207)PD 07/26/79 1547 lOS IPMMTZZ CSP 2124253537 IDNIT NEW YORK NY 16 07-25 03479 EST  PMS MR PAUL VOLCKER, PRESIDENT/FEDERAL. RESERVE BANK OF NY RPT Dty NIGNI 33 LIBERTY ST NEW YORK NY 10045  M21'  SINCERE CONGRATULATIONS FOR THE RECENT APPOINTMENT AND BEST REG (SI3 VE1) LUIGI MARINI, U.S. UFFPIO, ITALIAN° CAANIBI (1 WALL ST RM 2913 NEW YORK NY 10005) 1 WALL ST  RECEIVED  NEW YORK NY 10005 NNNN  JUL 2 7 1979 ANSWERED ATTENDED  SF-1201 (R5-69)   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .......... ................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  .• 0? GC )Vt  •  RA,• v0 •  CHAIRMAN OF THE BOARD OF GOVERNORS •0 • -n • -4 ..1-  1* Li: • i•-• • cn. .1..  <6  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  ('') •  ii'AL 1:1-S."•* • •...• *  August 24, 1979  Dear Elvis: Your message of congratulations on my appointment is greatly appreciated, however belated the response.  I expect to see something  of you. Sincerely,  Paul A. Volcker  Mr. Elvis L. Mason Chairman of the Board First National Bank of Dallas Dallas, Texas  %   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF NEW YORK NEW YORK.N.Y.I0045 AREA CODE 212 791-6173  PAUL A. VOLCKER PREsiDENT  August 6, 1979  Dear Gus: Thanks for your telegram. I appreciate the good wishes of you and your associates at Borden, and also the problems we face. We will also need that support: Thanks again. Sincerely,  Paul A. Volcker  Mr. Gus Marusi Chairman and Chief Executive Officer Borden, Inc. 277 Park Avenue New York, New York  c:0413Toti DoRE TRANSFFP  JULI.b FED RES BK Ni  S  Ui i.5  EDE.KAL. RESE.,o'F • OF NEW YOU-  ;1. P.  FED RES BK NI WU ILTEA e A WUUdOlo TLA BORDEN Nit{ 05 NEWIORK Ni 07-25 MA PAUL A VOLCKER PRESIDENT FEDERAL RESERVE BANK OF NEW YORK 33 LIBEATi ST NIK DEAR PAUL: IT IS A PLEASURE TO NOTE THAT AT LASI WE HAVE A eROFESSIONAL CENIRAL BANKER AND INTERNATIONAL EAPER1 IN IRE e051110A OF CHAIRMAN OF THE FEDERAL RESERVE BOARD. ON BEHALF OF AISELF AND ALL OF Us AEnE AT BORDEN, WE WISH YOU ALL GOOD LUCKS GREAI SUCCESS AND AssURE IOU OF OUR SUPPO:il IN THE MANI DIFFICULT DAIS AHEAD. IN IREsE lIMES OF PRESSURE OV IHE DOLLAR, AN ECONJAI THAT IS HEADING INIO A RECESSION BUT STILL SUFFERING FAO4 A SEVERE DOSE OF INFLATION, II IS IMPERATIVE THAT THE HARD DECISIONS BE TAKEN WITH AN EVEN-HANDED, PROFESSIONAL APPROACH. A BETTER MAN COULD NOT HAVE BEEN CHOSEN 13 STEER IHE FED AND IRE NATION THROUGH 'HESE DIFFICULT TIMES. GOOD LUCK GUS AAAUSI CHAIRMAN AND CHIEF EAECUIIVE OFFI BORDEN INC FED RES BK NI  titECE1VED  WU TLTEA NYK  JUL 26 1979 P. A. V.  FED RES 8K NY FED RES BK Ni  ANSWERED  ATTENDED.  1-u0442JC207 07/26/79 WU INFOAASIEA LA KUriNLOEB NiK A 1 PD NEW (OAK NI TWA 7105d15501 FEDRESBK NI   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Autt  :''S*11 NI CIUNIII  C)r-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CHAIRMAN OF THE BOARD OF GOVERNORS  .. •0 • "11 • -A  i• L.t.i • I--, •  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  ▪' (A)  ••  AAL R -S"- •  August 24, 1979  Dear Elvis: Your message of congratulations on my appointment is greatly appreciated, however belated the response.  I expect to see something  of you. Sincerely,  Paul A. Volcker  Mr. Elvis L. Mason Chairman of the Board First National Bank of Dallas Dallas, Texas   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 15, 19I19  Dear  iit Many thanks for your note. I have thought of you often, struggling with  even more extreme problems than our awn. lesson to be learned: Best wishes. Sincerely,  Paul A. Volcker  Mr. Carlos Massad President Banco de Talca Santiago, Chile PAV:mrk  Tell me the  q#AX(C A %  via  Graphnet  3E M273 80-1 P908 75 07/25/79 17:38 10045 300 MR PAUL A VOLCKER PRESIDENT FEDERAL RESERVE BANK OF NEW YORK 33 LIBERTY STREET NEW YORK  HEARTIEST CONGRATULATIONS ON YR NOMINATION AS CHRmAN OF THE FEDERAL RESERVE. YOU ARE ABSOLUTELY A SUPERB CHOICE AND I COULD NOT BE HAPPIER OVER THE PRESIDENTS DECISION ELVIS L MASON CHAIRMAN OF THE BOARD FNB DALLAS FNB DALLAS TX TLX 73353/CB   https://fraser.stlouisfed.org AmFederal Reserve Bank of St. Louis  RECEIVED JUL 2 7 i9ig ANSWERED,..,.,..  MIENDIR  ..... .............. .....I...  BANCO DE TALCA Santiago, Chile July 26, 1979  PRESIDENCIA   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Paul Volcker, w York Federal Reserve Bank of Ne Station Federal Reserve Post Office New York 10045, N.Y.  Dear Paul, ports learn today through press re I have been very glad to uncement of your appoint no an 's er rt Ca t en id es Pr in Santiago of ral Reserve. d of Governors of the Fede ar Bo e th of an rm ai Ch ment as a substantial contribution ke ma y nl ai rt ce n ca e is rt Your expe United States and to more e th in ns io at ul rm cy fo li po ic om to econ ,the economic d economy. As you know rl e wo th of th ow gr ed nc la ba n d particularly those of Lati an s ie tr un co d pe lo ve de ss le success of United of the world economy and the at th to ed nk li y el os cl is a Americ ess we find our own. States. So, in your succ ur new responsibilities and the My best wishes to you in yo best of lucks. ,; Cordially,  Carlos Massad  4vt/14,  D  R AUG 7 1979 P. A. V. ............... ANSWERED ...,0 ATTENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Deer Wel: I'm not sure how 1 connect you to Wellesley, but I do appreciate the  to. Cheer me up when thinfp  get tough! Best r JArrl . Sincerely,  Paul A. Volcker  Mt. H. B. Nester Wellesley College Club 5603 Hervick Rawl Witahington, D. C. 20016 PAV'jrg  •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  a  Wellesley College Club  H. B. Master 5603 Harwick Road Washington, D. C. 20016  Wellesley College 11,471.4 Wellesley, Massachusetts 02181 (617) 235-0320 x567  tal4 0.A.aLZAd.A. kApa:uftit ct .4.41aft 13.Aa4 A v%Ae3"tAti; IL-At kow:QAdif ?Ak.a2z,..t"&Attit L\LL el4A4A4444 71orcale44 Do..eA.04 aoftva tATLQ4,4.4Mi oLM o$duA ti cud LtAut, Uet k•v44.4 01/4.ua -6-war 4 4I 44 4 4g JUL 3 0 1979  4•44J-4  P. A. V. ANSWERED  ATTENDED TO  atedd:   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 22, 1979  Dear Mr. Matsui: I appreciate your note.  I can only try my best, and  In the process hope to see something of you shortly. Sincerely,  Paul A. Volcker  The Honorable Robert T. Matsui House of Representatives Washington, D.C. 20515 PAV:sep   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  L.. HOUSE OF REPRESENTATI VES  1979 nut:; 20 r' 9: 53  WASHINGTON, D. C. 20515 ROBERT T. MATSUI 3RD DISTRICT CALIFORNIA  August 15, 1979  Dear Chairman Volcker: I would like to take this opportunity to offer my congratulations on your recent appointment as Chairman of the Board of Governors of the Federal Reserve System. You have already established within the Federal Reserve System a fine record of achievement and credibility, and your continued pres ence will benefit the Administration and the American public. Very truly yours,  J-70,L,a ROBERT T. MATSUI Member of Congress The Honorable Paul A. Volcker Chairman, Board of Governors Federal Reserve System Twentieth St. & Constitution Ave., N.W. Washington, D.C. 20551   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 7, 1979  Dear Irving: I appreciate your note and the nice report from Europe. I suspect my problems are only beginning -- and I'll need your support and that of so many others who have been interested in the Fed. I will be at one of your meetings before too long. Sincerely,  Paul A. Volcker  Mr. Irving Mathews Frost Brothers 217 East Houston Street San Antonio, Texas 78205  PAV:ccm  ) it(4711117 19)19ST. -4 EXECUTIVE OFFICES:   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  217 EAST HOUSTON STREET  •  SAN ANTONIO, TEXAS 78205  •  (512)226 -7131  August 30, 1979  Mr. Paul A. Volcker Chairman Board of Governors Federal Reserve System Washington, D,C. 20551 Dear Chairman Volcker: Please accept my belated congratulations on your appointment to the Chairmanship of the Federal Reserve Board. I was in Europe at the time of the announcement and this good news made my whole trip! I might add that everyone I spoke with in Europe was most complimentary and they were most pleased with your appointment which should establish more confidence in our monetary policy. I look forward to working with you, and you may be sure of my support in our efforts to curb inflation. I hope to see you soon at one of our meetings. Sincerely,  Irving M  SAN ANTONIO •  AUSTIN  ews  • CORPUS CHRISTI • HOUSTON  •  LAREDO  MI\   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 4, 1979  Dear Mr. Mavroules: I appreciate your note on my appointment.  I hope to see  something of you soon, as we begin this new challenge. Sincerely,  Paul A. Volcker  The Honorable Nicholas Mavroules„ House of Representatives Washington, D. C. 20515  PAV:ccm   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  a  HOUSE OF REPRESENTATIVES WASHINGTON, D. C. 20515 NICHOLAS MAVROULES  CD  MASSACHUSETTS rn  August 27, 1979  Paul A. Volcker, Chairman Federal Reserve System Twentieth Street and Constitution Avenue, N.W. Washington, D.C. 20551 Dear Chairman Volcker: It is with pleasure that I take this onporturity to heartily congratulate you on your selection by President Carter to head the Federal Reserve System. This selection is indeed well deserved and sincerely supported. I am greatly looking forward to working with you in the future as we address crucial issues of common concern. Again, congratulations, and I wish you continuing success. Sincerely,  Nicholas Mavroules Member of Congress NM/crh   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CC - Mr. Paul Volcker co C\1 Cr.)  August 22, 1979  C=C Cr") C:r)  Dear Larry: Thank you so much for your ingenious letter about my new job. I am delighted to have equal billing in this document with Paul Volcker. I must say I am a little injured, however, that the recent movement in the stock market is so generally labeled 'the Volcker rally." I eauld have preferred something more like "the Donovan/Volker rally." Yours,  Hedley Donovan  !Ir. Lawrence A. Mayer Joint Council on Economic Education 1212 Avenue of the Americas New York, New York 10036  •  e. •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 17, 1979  Dear Larry: Many thanks for the original note-ence: maybe a tandem of "bosses" can make a differ We'll try anyway. All the best,  Paul A. Volcker Mr. Lawrence A. Mayer Director of Publications Joint Council on Economic Education 1212 Avenue of the Americas New York, New York 10036  JOINT COLACIL ON ECONOMIC EDUCATION 1212 AVENUE OF THE AMERICAS / NEW YORK, NEW YORK 10036  (212) 582-5150  August 14, 1979  Mr. Paul Volcker The Federal Reserve  Mr. Hedley Donovan The White House  Dear Paul:  Dear Hedley:  -2 ••D  cr: co  I believe I am the only person in the world(!) who can say that on July 25, 1979 two of his former bosses were named to positions at the highest levels of government by the President. I am therefore impelled to send you-with, of course, doubled fervency--congratulations as well as best wishes for success in confronting the ficult days ahead. As ever, COI Lawrence A. Mayer Director of Publications  P.S. Under the circumstances it is inappropriate to send an original and a carbon, so two originals seem called for-an impossibility on the usual definition.  LAM:cn  1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 20, 1979  Mr. John G. Medlin, Jr. President Wachovia Bank and Trust Company, N.A. Winston-Salem, North Carolina 27102 Dear John: I geeatly appreciate your note. press (it won't last:), the work begins.  After all the nice And no doubt I will  be calling on you for help and support. Sincerely,  Paul A. Volcker  jmr  MPANY, N. A. WACHOVIA BANS AND TRUST CO 27102 WINSTON SALEM, NORTH CAROLINA August 2, 1979  JOHN G. MEDLIN, JR.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  PRESIDENT  Dear Paul: and hopefully confirmed Congratulations on being nominated, the Chairmanship of the by the time this letter arrives, to will be enriched by the Federal Reserve Board. The nation by your unselfish President's wisdom in picking you and response to this call to duty. day after the announceIt happened that I was in Europe the ion of the enthusiasm ment and can give a firsthand confirmat t, the unanimous expressed by key bankers there. In fac real compliment to you. approval nationwide and worldwide is a ia can provide any Whenever my colleagues and I at Wachov call on us. You can assistance and support, I hope you will tion to setting and practicing ica ded ued tin con our of d ure ass be our activities. a high standard of excellence in all ued success in this vital With all good wishes to you for contin position of service to your country.  P qito'vti) :741j'Al .,!  •  Sincerely,  trik John G. Medlin, Jr.  The Honorable Paul Volcker Chairman-designate Board of Governors of the Federal Reserve System 20551 Washington, D. C.  ...,..,,-,ycot.4•. • . ----1• e-, ..6/4.:.<--.--- ,- ,.„-I •  • -r7 ft ,,• • ...1  CHAIRMAN OF THE BOARD 0' 7 GOVERNORS FEDERAL RESERVE SYSTEM  .1 .;,2 •  1 ' 1 / l•-• •  . ,a11,.. A:,  WASHINGTON, D. C. 20551  •e''' .1.. ..3\11(iir . ,_. (.., • • .16' ••  ... , 1..2  wistiffisesamr.  t:4444r.44r.44. ••  •  /,1-1_ RES • • • • ....• •  NA•••  •  g940;:t.'flt  August 8, 1979  '••••,  ••••  •  '•••• ••••  Dear Jay:  •  -•  Many thanks for the waim note. I can only try. Sincerely, •• .  •  ye% ••••••-••-••  Paul A. Volcker  t  Mr. Jay E. Meili President Molded Dimensions Inc. 701 Sunset Road Port Washington, Wisconsin   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  . • •••••  •  53074  •••• .."••••,•  A. r  • •  .4  4•—• •t•  • •v • • • "•••• ,...„••••••,••••••' • i•  T, ‘'.  •  •Aw•.  A. • .;  .•  •  r.  ,  •  • a  ,7.."P.•"!  .0 %•:44  .  • .  ( 04 ..•  •••••••  ••,`  "4/47  -  11. • —•"P •  -pod  MOLDED DIMENSIONS Inc. Application engineers  E  Molders of elastomers  July 31, 1979  Mr. Paul Volcker, President New York Federal Reserve Bank Federal Reserve Post Office Station New York, New York 10045 Dear Paul: Congratulations on your nomination to head the Federal Reserve Board. The nearly unanimous international acclaim is certainly a tribute to your integrity and reputation. I wish to extend my most sincere wishes for success in your new capacity. Speaking as a concerned American, I can tell you that I feel a strong sense of relief knowing that you will be at the helm of such a critical function for this country and for the world. With best personal regards. Very truly yours,  eili Jay Pr ide t  RECEIVED  JEM:bj  AUG  3 1979  P. A. ANSWERED  ATTENDED TO,  701 Sunset Road a Port Washington • Wisconsin 53074 E Telephone(414) 284-9455  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  P".   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 14, 1979  Dear Manfred: I appreciate the note, and will wait expectantly for the "good fortune' that is indeed needed.  But I also  realize good advice can sometimes help good fortune, so help me keep in touch. Sincerely,  Paul A. Volcker  Dr. Manfred Meier-Preschany Managing Director Dresdner Bank Aktiengesellschaft Gallusanlage 7-8 D-6000 Frankfurt A.M. GERMANY  DR MANFRED METER-PRESCHANY   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  GALLUSANLAGE '7-8 D-6000 FRANKFURT A. M. TELEPHONE 2631  MANAGING DIRECTOR DRESDNER BANK AKTIENGESELLSCHAFT  August 2, 1979 4 ( Ai:  "?Ck4hA/ Now that it became obvious that you will be the next chairman of the Federal Reserve Board, my collegues join me in congratulating you most heartly on this appointment. For many years you have been closely involved in the decisionmaking of the Federal Reserve Board. The very high regard in which the Federal Reserve Board is held also abroad is due in great part to your contribution. This high regard also signifies recognition of your authority, experience and expert knowledge. If it can be said of anybody that he has grown into his office then it can be said of you. I wish you all the best for your new responsibilities as well as the good fortune that will sometimes be needed for success in this office. Hoping that we will have opportunities of meeting again in the future,  tit7 .Ak4A-41- (11.04-D-Ltia rtrtrkei  Mr. Paul A. Volcker President Federal Reserve Board of New York Federal Reserve P. 0. Station York, N. Y. 10045 New USA  RECEIVED PUG  8 1979  P. A. V. ANSWERED ATTENDED  0000000000000000   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Mr. Aharon Heir Managing Director United Mizrahi Bank Ltd. 48, Lilienblum Street Tel-Aviv, Israel Dear Mr. Meir: However belatedly, I do want to thank you for your congratulations and kind words.  We will do our best. Sincerely,  Paul A. Volcker  jmr   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Dear Mr. Mei„rii  47 v..u. tikait jgay thank  01-4ooka  your congratulations and ft 4'74kind words. We will do our best. Sincerely,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  UNITE  11ZRAHI BANK LTD.  48, LILIENBLUM ST., TEL-AVIV, ISRAEL AHARON MANAGING  MEIR  DIRECTOR  July 31, 1979  Mr. Paul Volcker, Chairman, Federal Reserve Bank of New York, 99 John Street, New York, N.Y. 10045 U.S.A.  Dear Mr. Volcker: Upon your appointment as Chairman of the Federal Reserve Bank, I wish to extend to you my warm congratulations and my best wishes for your success in your new assignment. With kindest rgeards, I am, - Very truly yours,  Aharon'Meir -Managing Director  R  ECEIVED 19/9  N. A. V. ANSWERED.........,.. ............... ...  ................... ATTENDED TO, , ...............   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 9, 1979  Dear Dave: I appreciate the, shall I say "understanding," letter. The cost/benefit ratio in this business is hardly understandable, much less predictable. Be that as it may, I can just imagine that we will have some matters of mutual interest not very far dawn the road with the nation's oldest and largest (and its brethren). Let's be in touch. Regards, Sincerely,  Paul A. Volcker  Mr. David C. Melnicoff Executive Vice President The Philadelphia Savings Fund Society 1212 Market Street Philadelphia, Pennsylvania  19107   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Mr. Alan H. Meltzer Maurice Falk Professor of Economics and Social Scienre Graduate School of Industrial Administration Carnegie-Henan University, Schenley Park Pittsburgh, Pennsylvania 15213 Dear Allan: sobering I appreciate the note and the recital of the record.  there I am forced to respond that, just possibly,  . should be another variable or two in the equation . At any rate, keep me honest and keep me thinking Sincerely,  Paul A. Volcker PAV:mhw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  PSFS  THE PHILADELPHIA SAVING FUND SOCIETY • THE NATION'S FIRST MUTUAL SAVINGS BANK David C. Melnicoff Executive Vice President  August 3, 1979  The Honorable Paul A. Volcker, Chairman Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Mr. Chairman: Here at the nation's largest and oldest mutual savings bank we are delighted and heartened to have you at the head (or will it be in the middle?) of the Boardroom table. I appreciate the difference between New York and Washington and I know the real cost of operating in the latter place: it is an expensive and frustrating glory. Over the last few years we have had a number of items of business with the Board, including, from time to time, discussions of rule changes and legislation which would make possible and affordable our de facto membership in the System. I know that our dialogue with the Board will continue, and, I look forward to that under your leadership. If there is anything I can do personally or anything that PSFS can do to help you in the difficult days ahead (no cliche' intended), please do not hesitate to call on us. We do not always see eye to eye with our brethren in the industry, but we pay more dues to the Association than anybody else -- for whatever leverage that may generate. Best regards and good luck! Sincerely,  1212 MARKET STREET • PHILADELPHIA, PA. 19107  (215) 629 - 2085   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Carnegie -Mellon University  Graduate School of Industrial Administration William Larimer Mellon, Founder  Schenley Park Pittsburgh, Pennsylvania 15213 [412] 578-2283 Allan H. Meltzer Maurice Falk Professor of Economics and Social Science  August 2, 1979  Mr. Paul Volcker, Chairman Board of Governors Federal Reserve System Washington, D. C. 20551 Dear Paul: Congratulations on your appointment as Chairman. My wish for you is that you will succeed in reducing inflation at the lowest cost to all of us. As you know none of the past three chairmen either expected or desired the inflation we now have. Yet each left behind a higher rate of inflation, and slower average growth of real output, than his predecessor. I hope that the record of the past will raise questions in your mind about the reasons for past failures and that the answers to those questions will bring you, and the rest of us, the benefits of a record of achievement. With all best wishes. Sincerely,  Allan H. Meltzer AHM/jep  CUO q\lj  lq 1)j N,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  WILLIAM McC H ESN EY MARTIN FLEMING BUILDING 800 SEVENTEENTH STREET, N. W. WASHINGTON, D. C.20006 July 31, 1979. 1 Dear Paul: Thank you very much for the de,ightful lunch and the opportunity to visit with you. It is nice to see you bearing up so well and you encouraged me more than I did you. You are going to have a rough time of it but I am confident you are equal to the job er than and as long as you use your own judgment rath taking that of others I feel you will do all right. The future of this country to a large extent rests on the dollar. You and I both believe this so it is nice to know there are some working to preserve it. One thing I failed to mention was Mayo. I don't think you have to resign unless you feel you ought to as I believe you could go on leave and obviously there would be no conflict of interest. This should please them and you could keep your foot in the door of a great medical institution which might be helpful. Cynthia joins me in all good wishes to you and Barbara and I am sure our paths will cross from time to time. Don't hesitate to call me if I can be helpful although I will be out of circulation for about the next two weeks. Faithfully, your friend,  Wm. McC. Martin, Jr. Mr. Paul Volcker, Federal Reserve Bank of New York, New York, New York 10045.  P-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear George: Many thanks for the warm note.  You are one  of those who know all about the linen, clean and dirty, the opportunities, and the problems.  I only hope I can  leave the Ped stronger. Sincerely,  Paul A. Volcker  Mr. George W. Mitchell Consultant Board of Governors of the Federal Reserve System 20th and Constitution Avenue, N.W. Washington, D.C. 20551  PAV:smk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BOARD OF GOVERNORS OF THE  FEDERAL RESERVE SYSTEM WASHINGTON.0.C. 20551  July 27, 1979  Dear Paul: Congratulations! Even though they are being extended to the wrong man. The sentiment and, in a sense, relief I feel must be in common with many in or of the Federal Reserve who feel monetary management involves expertise which computers and their programmers haven't mastered. Your contemporary experience with monetary successes and failures around the world qualifies you in a way very few others can match. Best wishes and congratulations on a downright noble decision for the Federal Reserve and the country. Sincerely,  Geo  Mr. Paul A. Volcker President Federal Reserve Bank of New York Federal Reserve P.O. Station New York, New York 10045  itchell  RECEIVED JUL 3 0 1979 P. A. V. ANSWERED AJTENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 8, 1979  Mr. Paul Mentrd de Loye Financial Minister to the French Embassy 2011 Eye Street, N.W. Suite 800 Washington, D. C. 20006 Dear Mr. Mentrd de Loye: You were kind to write.  I expect to see something of  you in this town. Sincerely,  Paul A. Volcker   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  2011 Eye Street, N.W. Washington, D.C. 20006 Telephone:(202)296-1653 Telex: 440286 FICO  AMBASSADE DE FRANCE AUX ETATS-UNIS  e cAttezacee,  July 26, 1979  Dear Mr. Chairman: I am delighted to join my enthousiastic voice to the unanimous words of praise that have been exp ressed on your behalf since your appointme nt has been announced. With my warmest wishes and kindest regards. Sincerely yours,  1  -  Paul Mentte de iJoye  The Honorable Paul A Volcker Chairman Board of Governors Of the Federal Reserve System  W-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 21, 1979  Dear Zoltan: Many thanks for your note and best wishes. Just remember me when the brickbats begin -- and don't let me get isolated down here. Sincerely,  Paul A. Volcker  Mr. Zoltan Merszei President Occidental Petroleum Corporation 10889 Wilshire Boulevard Los Angeles, California 90024  PAV:ccm  OCCIDENTAL PETROLEUM CORPORATION 10889 WILSHIRE BOULEVARD. SUITE 1500 LOS ANGELES. CALIFORNIA 90024 • 879-1700-477-0066  August 2, 1979  Dear Paul: My most sincere congratulations on your tremendous promotion. is I join your many admirers wishing you lots of success. It good to know that, at least in your case, this Administration made a wise choice. s I recall with pleasure our meeting at one of John Diebold' The dinners last year (at that time, I was still chairman of rtuDow Chemical Company). Hopefully we shall have other oppo nities to see each other in the future. In the meantime, you do have my best wishes.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Sincerely,  Zoltan Merszei President  Mr. Paul A. Volcker Chairman Federal Reserve Board Federal Reserve System 20th and Constitution Avenue Washington, D. C. 20551  ." 0? GOVk. • • CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  August 24, 1979  Dear Mr. Merves: I appreciate your congratulations and good wishes.  I can promise you that I  will do my best--and I would welcome some of that luck as well. Sincerely,  Paul A. Volcker  Stanley Merves, CPA Merves and Company 1617 John F. Kennedy Blvd. Philadelphia, Pa. 19103 El   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .4W  MERVES AND COMPANY CERTIFIED PUBLIC ACCOUNTANTS 1617 JOHN F. KENNEDY BOULEVARD  PHILADELPHIA, PENNSYLVANIA 19103 STANLEY MERVES, CPA BARRY BRENNER, CPA STEPHEN A. MERVES, CPA   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  215-561-1900  July 26, 1979  Mr. Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Mr. Volcker:  Congratulations on your nomination to be Chairman of the Board of the Federal Reserve System. I realize that public service is a sacrifice by those competent people who take on the responsibilities of the nation.  I thank you for your past efforts, wish you good luck in your endeavor to stop inflation, and pledge my support to that goal.  Sincerely,  Stanley Me SM/ew  RECEIVED JUL 3 0 1979 A.V. ANSWERED  ATUNDED  1111•01/1.1  •. ofco  . . •• • •  .•  . • . V ',  0 . . .  •  CHAIRMAN OF THE BOARD OF GOVERNORS 4\ •0  • -n • -I .• ..•.<,  YO••'. . r11111 /1.4 4 : 7 A  *  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  --24141 '  August 24, 1979  Dear Gordon: I appreciate your message on my appointment.  At this point, I am still naive  enough to look forward to the challenge alongside Bill.  But I know the work is barely begun, and  the brickbats will follow! Sincerely,  •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  /(ea Paul A. Volcker  Mr. Gordon M. Metcalf  JKJ1'?"  X  RS BD DC  WU I NFO!ASTER  1-0013510233 07/27/79  i 115 ,  T X /1  D DC  'AiAA3S3(2001)(4-07S354S207)PD 07/2S/79 2000  SPL115  1 - ,-H N07. CS'? 714451937 P  "  i3 V.R. Vi3;...1.{E-R, CHAIRMAN RPT *DLY MGM, .DLR 7,11 V F.. BOAR)  )72cOL WA AI  L 1.)-V1 LA JOLLA OA 49 07-25 0300P. EST  T 0 N. DC  DEAF? PAUL: COV3RATULATIONS FOR ACCEPTING -THE APPOINTMENT AS CHAIRMAN F PFEFDE.4L RCVE BOARD. THIS IS THE BEST THING NAT HAS• HAPPENED •NUS FA -i  TIE. CARTER ADIINISTRATION. YOU AND. MILLER CAN  MAKE A- .GREAT COMIB-LITION TOWARD GETTING OUR COUNTRY OUT OF OUR FI NANO I AL DEBACLE. MY VERY BEST REGARDS, GORDON t1 METCALF  0S12 EST  FED RES BD DC',   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 3, 1979  Dear Bill: I appreciate your note and it gave me a chance to recall that those problems back in the early 1920's were not so small either, and (just maybe) could have been better handled! We will try to learn from experience. Regards, Sincerely,  Paul A. Volcker  Mr. J. William Middendorf, II   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  J. WILLIAM MIDDENDORF.IT  July 30, 1979  The Honorable Paul A. Volcker Chairman Designate Federal Reserve Board Federal Reserve Building Constitution Avenue, N.W. Washington, D.C. 20551 Dear Paul: I was so pleased to read of your appointment as the new Chairman of the Federal Reserve. Having worked closely with you in Holland on a number of occasions when I was Ambassador and you came over for monetary meetings as Undersecretary of the Treasury, you know how highly I regarded you at the time, a feeling shared by the monetary leaders of The Netherlands and especially Dr. J. gajlstra. This new honor to you is most deserved and indeed overdue. My only regret is that you have to take such a massive cut in salary but you always put your country first.  Sincerely,  r6lt  RECEIVED .  1979  4'  P.A.V. ANSWERED AMADEU TO  rev.•••••  .......... ......  A  W   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  COPY OF LETTER TYPED AND SENT OVER CHAIRMAN OF THE BOARD OF GOVERNORS LETTERHEAD - NO XEROX COPY WAS MADE OF ORIGINAL  August 24, 1979  Dear Jerry: Thanks so much for the warm letter on my appointment.  The work is barely beginning.  I suspect the nice sendoff from so many will soon be history--but I'll try my best and hope for the best! Sincerely,  Paul A. Volcker  Mr. Jeremiah Milbank  .1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -1  Dear Jerry: 41.4.A  ait  44A7  Thanks so much for the kincLaLgT.15._expxcc{;cd in you_r_lcsi-Lex of appoint7- t,u, welt c,t. ment as Chakrmarr-af the-Fed. I'4.1 tzy my bect tueu.A/ 44.40/44* 44./ro. A/4,,,e1.4 A 4 4411 U. to live up to the exverrapirs-O-f-everytme-11,4 evi 4 t4 I Sincerely,  4   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  J E R EM IAN M I LBANK  July 26, 1979  Mr. Paul A. Volcker Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: Hearty congratulations and many thanks for accepting the tremendously important assignment as Chairman of the Fed. I'm sure there is total confidence from all who know you that you will do an outstanding job at a time that is so critical for this nation. Your appointment does much to bring back some most needed credibility to this administration. Best wishes for your success and the reward of personal satisfaction from your efforts. Sincerely,  JUL 2 7 1 97C: . ANSWERED ..... ATTENDED TO.  v.  r  'M  COPY OF LETTER TYPED AND SENT OVER CHAIRMAN OF THE BOARD OF GOVERNORS LETTERHEAD - NO XEROX COPY WAS MADE OF ORIGINAL  i   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 24, 1979  Dear Jerry: Thanks so much for the warm letter on my appointment.  The work is barely beginning.  I suspect the nice sendoff from so many will soon be history--but I'll try my best and hope for the best: Sincerely,  Paul A. Volcker  Mr. Jeremiah Milbank   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  JEREMIAH MI LBANK  July 26, 1979  Mr. Paul A. Volcker Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: Hearty congratulations and many thanks for accepting the tremendously important assignment as Chairman of the Fed. I'm sure there is total confidence from all who know you that you will IS an outstanding job at a time that is so critical for this nation. Your appointment does much to bring I- ck some most needed credibility to this administration. Best wishes for your success and the reward of personal satisfaction from your efforts. Sincerely,  ANSWERED  iIij:(iIIi   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 14, 1979  Dear Ms. Miller: Many thanks for the warm note and welcome.  I  will be in touch soon--we do indeed have related problems. Sincerely yours,  Paul A. Volcker  The Honorable Anita Miller Acting Chairman Federal Home Loan Bank Board 1700 G Street, N.W. Washington, D. C. 20552  1700 G Street, N.W. Washington, D.C. 20552  Federal Home Loan Bank Board  Federal Home Loan Bank System Federal Home Loan Mortgage Corporation Federal Savings and Loan Insurance Corporation  ANITA MILLER Acting Cheirman  July 31, 1979  Mr. Paul A. Volcker Federal Reserve Bank of New York New York, N. Y. 10045 Dear Mr. Chairman: I would like to extend my by President Carter to be earned the respect of all of the United States, and felt in the coming years.  sincere congratulations to you on your selection chairman of the Federal Reserve Board. You have those throughout the world concerned with the economy I know your presence will be appropriately seen and  The Federal Reserve Board and the Bank Board have worked recent months on a number of sensitive matters that have and understanding. It is with the hope of continuing in forward to working with you. Your friend and associate, me every reason to believe that this will be the case.  closely together in required mutual respect this spirit that I look Bryce Curry, has given  I look forward to meeting with you on your arrival in Washington. Sincerely yours,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ANSWERED ...... ATTENDED TO__........................  ..............   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Mr. Marty Miller  Dear Marty: However belatedly, I appreciate the warm words from Wyoming.  s you Thanks so much for writing--and your picture keep  fresh in mind. Regards,  Paul A. Volcker  jmr   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Dea; Mar y /11 I appreciate yottr warm words,  so much for writing and—for—en  tle Thanks  v<ix  4  di  -frai-od • articles from the Casper—papers. Wt_i_791.0h4. regards,  , ,Sfirre-131-r  4‘  the inn at estes park   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1,1 Y(Ce- Lr  1701 Big Thompson Avenue / Highway 34 Estes Park, Colorado 80517 (303) 586 - 5363  .T It,  "  ivt-- r  p7-11,  (  4  7  /n4  -) S 0AfrIC ,  ffC  C (c-sSecc  est  r 0 vv•  r-  C5orr  e r 0 25  Tc Lt  C  s  1-N7k-  V\ 1  \  tk  D  6  tvi  s rRECEIVED LL2.k s )/1  UB  9 1979  .............................................. ANSWERED ............................... ATTENDED TO.........  k  f  ct"   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 31, 1979  Dear Bud: Many thanks for your warm note. looks easier now that I am here.  Nothing  We ean try --  but it's going to take the wisdom and support of many. Best regards,  Paul A. Volcker  Mr. A. A. Milligan President Bank of A. Levy 143 West 5th Street Oxnard, California 93032  PAV:ccm  Head Office: 143 West 5th Street P.O. Box 272 Oxnard, California 93032 (805) 487-6541 (805)642-0181 A. A. Milligan President   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 27, 1979  Mr. Paul A. Volcker, Chairman Board of Governors, Federal Reserve System 20th Street & Constitution Avenue, N.W. Washington, D.C. 20551 Dear Paul: When I became president of ABA, you were that thoughtful that you wrote me a congratulatory note expressing some confidence in my ability to discharge the duties of the office. I was grateful. Had you or had you not so done, I would nonetheless have been constrained to write you to declaim enthusiastically that your accepting the Chairmanship is without doubt one of the best things that has happened to the U.S. economic scene in some years. Perhaps it was good that Bill Miller took over from Arthur Burns it put a little insulation in place to help avoid comparisons that otherwise would have been made. Even so, I thought you should have been the replacement for Dr. Burns, but that's water under the bridge. Yours is a great honor, and a tough assignment; but, I have not the slightest reservation about the manner in which you will carry it all off. Please accept my best personal regards. Respe tfully,  /1L, A. A. Milligan President AAM:ak  LC>  CD   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 10. 1979  Dear Brad I appreciate the note. Barbara and I have nissed seeing you both recently, but I expect it will have to be Washington or New York for awhile. How about it? Best wishes to you both. Sincerely,  Paul A. Volcker  Mr. )3radford Mills, Chairman Bradford Ventures Ltd. 11 Rockefeller Plaza 10020 New York, New York PAV:sep  gi(cie0ici ,ezni/ 10 R6diteazi. Ay/a/ 10020  Ø,Id&4 eimumaa,n,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  212-765-7670  July 26, 1979  Honorable Paul A. Volcker FEDERAL RESERVE BANK OF NEW YORK 33 Liberty Street New York, New York 10045 Dear Paul: My heartiest congratulations on your nomination as head of the Federal Rserve Bank. This is a great tribJte to your abilities and I wish you every success. I only hope this does not keep you away from the Princeton area, as we would love to see you. My love to Barbara. Best regards.  Sincerely yours  :) is  BMImp  Oetuft,  A" le"  .. .0 *...A '.5. %..c,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CHAIRMAN OF THE BOARD OF GOVERNORS 2.  FEDERAL RESERVE SYSTEM  I-... 4.n. .1..  WASHINGTON, D. C. 20551  <4,.•  August 8, 1979  Dear Brad: Thanks for your nice note. I appreciate your warm words and gratefully acknowledge your congratulations and wishes for success--I'll do my best! Best wishes from Barbara and me. Sincerely,  Paul A. Volcker  Mr. Bradford Mills Chairman Bradford Ventures Ltd. 10 Rockefeller Plaza New York, New York 10020  ,Wite0iy/7 e/nle.e/i(eJ/ _AZ JO eep/e?.4 Ale€0/*et% 10020 Al  ,t60J,4u,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 26, 1979  Honorable Paul A. Volcker FEDERAL RESERVE BANK OF NEW YORK 33 Liberty Street New York, New York 10045 Dear Paul: My heartiest congratulations on your nomination as head of the Federal Rserve Bank. This is a great tribute to your abilities and I wish you every success. I only hope this does not keep you away from the Princeton area, as we would love to see you. My love to Barbara. Best regards.  Sincerely yours,  BM/mp  r-----   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 17, 1979  The Honorable Norman Y. Mineta House of Representatives 20515 Washington, D.C. Dear Mr. Mineta: Many thanks 4.)!L.1)r message.  We have tough  common problems, and I look forward to working with you. Sincerely,  Paul A. Volcker  PAV:pg  1  t  ,  6.111•111.11161rola.....41L—  j  7  3...) DC  037  'VO51) ,7(115S)(1- )15S5C2 •,)  93/1/7  .1155 •1  —1  IPALIA:0144-tiSki  1.  1Mr3, 7.0u7  D0 S.)  I  ' 00  141  1 )745? 7.)T  PVJL V7A:r‹. .A -7 omIJ 4111#1141V -•  •R401.:.q '7  VT  " . 1  P. " /  T .  A 11.  I.  M ':f  i •  -11 1" rr- SIM L. L.5  .,..,.„,.....3410101000001C YOU 40P I N7,.  TIE MOMs  .100frr-{  tILI,  ANAT.  A"  B:-  #F 1. 10110*.fr011604014.1.  y4.10011siT Atqw*ic , ?0'.....[•400111101011t ,  VOW  A"--)  D7 :  T )  ,  T  T  Y.  r--  dtAtti  !  • A 7.)  "i 7°R01141 IF; FIS,3 1\1_ 410640 0. , 'T1-17  T(1  71"PUIVIM9L\l.  lalatiinree11004.41.0114000F  ":  ),77('.  1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  111‘11=3"--   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 20, 1979  Dear Hy: Many thanks for the message. When those rocks begin flying, I'll try to remember all those nice things the press says now. It won't do much good then, but you and I and lots of others know there are no easy answers-assuming they are there at all! Sincerely,  Paul A. Volcker  Mr. Hyman P. Minsky Confederazione Generale dell Industria Italiana Centro Studi Roma Viale dell Astronomia, 30 - EUR o.a.p 00144   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CENTRO  STUDI  /PK.N/ci,  Nu-)  L c z:1  July 19, 1979  .ai‘e;__Vliewfwee ,  c : - e`  /44 c.a/. CY)  cc -  Dear Friend: Come September I my address once again will be Hyman P. Minsky Economics Department Washington Univ(rsity St. Louis, Misscuri 63130 U.S.A. mrt The year in Rome, as a gutst of Confindustria, was exciting and interesting. Please excuse the "Xerox" format. .110 441  1 4  Sincerely, Al'1)Y  "..... 26/  -5 /7,4%4 .4_1 Hyman P. Mins*  v  Ofrlog$:  07)  e vt...(r.--1-64e_ it...;, Ar_,41.0412, D-r- cA/ ' 1''''`L ACr 6"4`fr""-4) ' '  41)\\  " le  CA. ,4 -at:  14---0-  L.A., 4-44. li... 444$0.,-;‘, 7 koeY10-e_c),.,  rm.d do  I "••  , e".00"11-  Lk.  ":  -/  Nkf.  e,ir.e.7  7  c".4016   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 15, 1979  Dear Al: Many thanks for your note and support. need the latter in the difficult days ahead. Best wishes. Sincerely,  Paul A. Volcker  Mr. Alfred F. Miossi Executive Vice PreLident Continental Bank Continental Illino4..s National Bank and Trust Company of Chicago Chicago, Illinois 60693 PAV:mrk  I'll   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CONTINENTAL BANK CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO • CHICAGO, ILLINOIS 60693  August 1,  1979 ALFRED F. MIOSSI EXECUTIVE VICE PRESIDENT  Dear Paul: Just a short note to add my congratulations and every good wish for your success in the important job which you will be undertaking. All of your friends in the international financial community are pleased to see you at the helm during this critical time in our economic history. You have our full support. Kindest personal regards Sincerely  Mr. Paul A. Volcker President Federal Reserve Bank of New York Federal Reserve P. 0. Station New York, New York 10045  co-vAkA 0JA ekv.  IRF-CEIVED /IUG  7 1979  P. A. V. ANSWERED ATTENDED TO   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF NEW YORK NEW YORK,N.Y.I0045 AREA CODE 212 791-6173  PAUL A. VOLCKER PRESiDENT  August 6, 1979  Dear Paul: Many thanks for your note. I can only try. Sincerely,  Paul A. Volcker  Mr. Paul S. Mirabito Chairman and President Burroughs Corporation Detroit, Michigan 48232   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Burroughs Corporation ad u DETROIT, MICHIGAN 48232  PAUL S. M I RABITO CHAIRMAN AND PRESIDENT  July 31, 1979  Dear Paul: A brief note to send congratulations on your nomination as Chairman of the Federal Reserve Board. We are confident that the monetary policies of our country will be strengthened under your able guidance. Best wishes in your new assignment. Sincerely,  P. S. Mirabito  RECEIVED  Paul A. Volcker Chairman -Designate Board of Governors of the G Federal Reserve System Federal Reserve Bank of New York New York, N. Y. 10045  3 1979  ...  1  FEDERAL RESERVE BANK OF NEW YORK NEW YORK. N.Y. 10045 .............  AREA CODE 212 791-6173  PAUL A. VOLCKER PR ES I DENT  August 1, 1979  Dear Leo! I appreciate your note.  You  know the problems, and it is wonderful ......................  to have your support.  1  ............  Sincerely, ...................................  Paul A. Volcker  Mr. Leo Model   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Liao Moinair.  2Ci  7(,feC-At  7-e-T  R  ECEIVED JUL 2 7 1979  ANSWERED......... ................. ................ ATTENDED TQ M .......................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 6, 1979  Dear Charlie: appreciate the note and good wishes.  You've had  a long career as an inflation fightar—don't stop now! Sincerely,  Paul A. Volcker  Dr. Charles Moeller, Jr. Senior Vice President and Economist Metropolitan Life One Madison Avenue New York, New York 10010   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Charles Moeller,Jr.,Ph.D. Senior Vice-President and Economist  Vetropolitan Life One Madison Avenue New York, N.Y. 10010  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, N. Y. 10005 Dear Paul: Congratulations on your nomination as Chairman of the Fed. If anyone can straighten out our current inflationary mess, you can. As you well know, I have been in the forefront of fighting inflation for at least the past 15 years, and rightly or wrongly now feel that people are beginning to listen. However, in a few weeks I shall be retiring a little early from Metropolitan after more than 38 years in the Company and over 43 years in the life insurance business. Consequently, since I intend to make my retirement active, please call on me if I can be helpful to you. Best wishes and kindest regards.  Good luck in your  new job. Sincerely, CALL)Le..., Senior Vice-President and Economist July 26, 1979  RECEIVED JUL 3 1 1979 P. A. V. ANSWERED ATIENDED  .......................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Mr. Marshall li: Montgomery  Dear Monty: I appreciate the philosophical word from Pride's Crossing--an escalated pension goes along with this job if I last the course: Good to hear from one who taught me what a Treasury bill was. All the best,  Paul A. Volcker  jmr  1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  30  July  1979  Paul A. Volcker, President Federal Bank of New York 33 Liberty Street New York NY 10005 Dear Paul  Every year at Lanston I used to enter-  tain a batch of Braan money market people and they would always ask "Mr. Montgomery. why do you Americans worry so whether your inflation is 3% or  when we  are trying to get last year's 100% back to the normal concepts and figures incomprehensible to most Nortamericanos. So when things look bad remember people live, breathe. and bear children no matter what the rate of inflation. But you don't need a lecture before embracing your new post - your sense of humor, which I can remember from the 1st day you came on the trading I-sk at the NY Fed, will be your sustainer. V ry best wishes  En  'IVED Marshall H. MONTGOME  2 1979 . A. V.  ANSWERED ATTENDED TO   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 17, 1979  Mr. George S. Moore  Dear George: I appreciate your note and the support. don't let me get too isolated down here. Sincerely,  Paul A. Volcker  PAV:pg  Just   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  GEORGE S. MOORE  17911Ur 1E  August 7, 1979  Mr. Paul A. Volcker Chairman Federal Reserve Board Constitution Avenue and 20th Street, N. W. Washington, D. C. 20551 Dear Paul: I congratulate you, and the President, on your nomination as Chairman of the Federal Reserve Board. Our country is fortunate that a man of your character and preparation is available to take on the enormous responsibilities involved. You will have the support of your friends all over the world, including myself. Please call on me if I can help. With warmest regards. Sincerely,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  a  THADDEUS .  MURROUGHS, O.D.  August 8, 1979  Dear Mr. & Mrs. Volcker: It's been a few years already since we met you folks -- my sister, Mae Alexander, Was greatly honored in memorium because of your thoughtfulness, and we have never forgotten. Now you are in the news -- back in Washington again and we know you will be a great asset to this country of ours, as you have in the past. We congratulate you and hope you will both be happy in your new work and surroundings. We have never been back since, but remember with fondness the many friends Mae had there, especially you. We are enclosing a clipping from our Santa Barbara newspaper of July Z6th telling the good news, and even a photograph. How are the children? Is Jimmy still playing chess? Give them both our best love.  t  Sincerely,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 10, 1979  Dear Jose: Many thanks for the warm note--hope to see you in Belgrade. Sincerely,  Paul A. Volcker  Mr. Jose Luis Mora El Director General Banco Exterior De Espana Madrid SPAIN  r‘ t.4 1, -  t444.  4- r-  1979AUG -7  n:03  BANCO EXTERIOR DE ESPANA   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  OFFICE Madrid, July 31st, 1979  Mr. Paul A. Volcker, Chairman, FEDERAL RESERVE SYSTEM Constitution Avenue, Washington D.C. 20055  ifzz,„e My warmest congratulations upon your recent appointment as President of the Federal Reserve. ef that your deep knowledge of airs, which I have been able to ascertain fothrough your actions, accomplishments and coa guarantee for everyone, as it would be mos find a more appropiate and qualified personiIIInment.  I.  It  Again, many congratulations, which please extend to your family and with kindest personal regards,  Jose Luis Mora   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ..• ofGOVE,i;•. CHAIRMAN OF THE BOARD OF GOVERNORS  •co  FEDERAL RESERVE SYSTEM  F-- •  WASHINGTON, D. C. 20551  (-7•  August 24, 1979  Dear Louis: I appreciate the congratulations and good wishes of the Barclays Group on my appointment.  Thanks so much for writing. Sincerely, /2 /71(/?/ Paul A. Volcker  Mr. Louis F.E. Morel Chairman of the Board Barclays Bank of New York 200 Park Avenue New York, N.Y. 10017   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BARCLAYS BANK OF NEW YORK  BARCLAYS BANK OF NEW YORK Pan Am Building, 200 Park Avenue NewYork, N.Y. 10017  Chairman of the Board  July 26, 1979  Mr. Paul Volcker President The Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045  On behalf of the Barclays Group, I send you our congratulations on your very important appointment and every good wish for your future success.  Louis F. E. Morel  RECEIVED JUL 2 7 1979 P. A. V. ANSWERED ATTENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 3, 1979  Dear Don: It was good to have your note.  I know the spirit  of support in the System, and I can only try to justify it! Sincerely,  Paul A. Volcker  Mr. Donald W. Moriarty, Jr. First Vice President Federal Reserve Dank of St. Louis St. Louis, Missouri 63166  FEDERAL RESERVE BANK OF ST. LOUIS 442 ST. LOUIS, MISSOURI P. O. Box  63166  DONALD W. MORIARTY, JR.  July 30, 1979  FIRST VICE PRESIDENT   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Paul A. Volcker Chairman-Designate Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Paul: Congratulations on your designation as Chairman! The President has made a splendid selection which I whole-heartedly endorse. Your ability to deal with the domestic and foreign markets, as well as Reserve Bank operations, is most needed at this point in time. Paul, we look forward to working with you and assisting in any manner we can. Good Luck! Sincerely,  •  Donald W. Moriarty, Jr.  Aet,  saita  44 4 „eV  i l fi ;K e I lit k.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 31, 1979  Dear Mr. Morris: I appreciate your note, and am particularly happy that your Atlanta-Miami contacts have been so good. Thanks for writing. Sincerely,  Paul A. Volcker  Mr. W. Allen Morris, CPM Vice President The Allen Morris Company The 1000 Brickell Building Miami, Florida 33131  PAV:slw  12TH FLOOR • THE 1000 BRICKELL BUILDING MIAMI, FLORIDA 33131 • (305) 358-1000 REALTORS ® L. ALLEN MORRIS  August 27, 1979  PRESIDENT  OFFICE BUILDING LEASING & MANAGEMENT SPECL4LISTS  LAD  - 71  Mr. Paul A. Volcker Board of Governors Federal Reserve System 21st & Constitution Avenues N. W. Washington, D. C. 20551  C=  77. -0  Dear Mr. Volcker:  Cs.)  I was pleased to have the opportunity to meet you at the dinner party for the Crown Prince of the United Arab Emirates on Wednesday night. Once again, I want to say how pleased I am (along with many of my associates in the Miami business community) with the fine job you are doing with the Federal Reserve Bank. I believe you have truly raised the level of confidence the public has in the fiscal responsibility of the government. It has been a pleasure working with Mr. Monroe Kimbrel in Atlanta, as well as with Mr. Bob Lee and Mr. Frank Craven, Head of the Federal Reserve here in Miami. Everyone who has dealt with them believes they are of the highest character and are very good business men. I am enclosing a copy of our company brochure which may interest you. You can see from the brochure how pleased we are to have had the opportunity to work for the Federal Reserve Bank down here. I hope you will feel free to call on me if there is anything at all I can do for you personally or in regard to business in the South Florida area. I remain, Sincerel  vJ  WAM:na Enc. AMC° Brochure  IvivtAt'  yours,  en Morris, CPM W. Vice President  6 SOCIETY OF INDUSTRL4L REALTORS... NATIONAL ASSOCIATION OF REALTORS... MORTGAGE BANKERS ASSOCIATION   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ACCREDITED MANAGEMENT ORGANIZATION... REALTORS NATIONAL MARKETING INSTITUTE AMERICAN SOCIETY OF REAL ESTATE COUNSELORS... AMERICAN SOCIETY OF APPRAISERS INTERNATIONAL REAL ESTATE FEDERATION... BUILDING OWNERS AND MANAGERS ASSOCIATION  Removal Notice The item(s) identified below have been removed in accordance with FRASER's policy on handling sensitive information in digitization projects due to copyright protections.  Citation Information Document Type: Company brochure Citations:  Number of Pages Removed: 12  The Allen Morris Company, 1979.  Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Ed: , Didn't really anticipate following you down here but a few familiar faces makes it better. Sincerely,  Paul A. Volcker  Mr. Edward L. Morse Executive Assistant Office of the Under Secretary for Economic Affairs Department of the State Washington, D.C. 20520  PAV:sep   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  DEPARTMENT OF STATE Washington, D.C. 20520  ,-,-- ...T OFFICE M: c  August 14, 1979  Dear Paul: Congratulations and best wishes on your new position. I look forward to seeing you at various meetings in Washington over the course of the coming years. Sincerely,  Edward L. Morse Executive Assistant Office of the Under Secretary for Economic Affairs  The Honorable Paul A. Volcker, Chairman, Board of Governors, of the Federal Reserve System, Washington, D.C. 20551.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 14, 1979  Dear Jeremy: In this job nothing is supposed to be "forbidden."  And I will see you in Belgrade. All the best/  Paul A. Volcker  Sir Jeremy Morse Chairman Lloyds Bank Limited 71/ Lombard Street London, EC3P 3BS England  PAV:ccm  Lloyds Bank Limited, 71, Lombard Street, London, EC3P 3BS  Chairman  26th July 1979  This is wonderful news, both for the future course of the U.S. economy, on which we all so much depend, and on the personal side. Many, many congratulations, and best wishes to Barbara and yourself. You are forbidden to reply: I will hope to see you in Belgrade.  Mr. Paul A. Volcker, Federal Reserve Bank of New York, NEW YORK, N.Y., U.S.A.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RECEIVED ,  n  ANSWERED ATTENDED  Lloyds Bank Limited is registered in England, No. C2065. Registered Office: 71 Lombard Street, London, EC3P 3BS  jrvi-1  1979 ..............   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  August 30, 1979  Dear Basil? Your memory -- down to long gone cars -- is magnificent. Thanks ffo much for writing. I'll look forward to the reminiscences. Regards,  Paul A. Volcker  Dr. Basil J.F. Mott Dean, School of Health Studies University of New Hampshire Durham, New Hampshire 03824  t  I  ill University of New Hampshire  Durham, New Hampshire 03824: -s ? .9 P il  School of Health Studies Office of the Dean Hewitt Hall (603) 862-1177   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 24, 1979  The Honorable Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D.C. 20551 Dear Paul: Congratulations on your appointment and confirmation as chairman of the Federal Reserve Board. Learning of your appointment and seeing you on the tube brought back pleasant memories of our days at Littauer. I vividly recall with pleasure visiting with you and Henry Erlanger (I did learn many years ago of Henry's tragic death. For a while we kept in touch including, I believe, when he was with the TVA.) I especially recall your generosity in lending me your "big" car to drive to Rockport, Massachusetts, when I was courting! It was a DeSoto, I believe. A lot of water has flown over the dam since our Harvard days. On the whole, however, life has been good to me, as I hope it has to you. I am pleased and proud to see you in a position where you can do so much for our country, which, God knows, needs all the brains and leadership that can be found. I hope someday our paths may cross again, if only to reminisce. very best wishes. Cordially, I)  VV1° /4 4til BJFM/kk  Basil J.F. Mott, Dean L School of Health Studies  With   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 8, 1979  Mr. Frank P. Murphy Manager Economic Research General Electric Company Fairfield, Connecticut 06431 Dear Frank: I appreciate the note--and don't be bashful about passinc.; along those insights. All the best. Sincerely,  Paul A. Volcker  mi  Pm   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  GENERAL  ELECTRIC  GENERAL ELECTRIC  COMPANY  FAIRFIELD, CONNECTICUT 06431  26 July 1979  Mr. Paul Volcker, President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: Congratulations; and my deepest admiration for taking up a most difficult challenge. Certainly, framing appropriate monetary policy has not been as troublesome in several generations. Your experience and intellect are more than equal to the problem and I am sure you will, as I hope, be successful. Of course, if there is anything that I can do to keep you informed on our sector of the economy let me know. Our experience may provide insights that are not readily apparent in macro data. Again, my warmest congratulations for your courage in undertaking these arduous tasks. Sincerely,  rank P. Murphy Manager Economic Research FPM/akl  RECEIVED JUL 3 0 1979 P. A. V ANSWERED ATTENDED TO,„   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ,  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  August 24, 1979  Dear Jim: Thanks so much for your letter on my appointment, and the good wishes for success of the Association.  The real work is only beginning, but  we will do what we can! Sincerely,  Paul A. Volcker  Mr. James P. Murphy Executive Vice President New York State Bankers Association 485 Lexington Avenue New York, New York 10017  I jr,_(oRk new york state bankers association 4?rsAssol  485 LEXINGTON AVENUE NEW YORK, N.Y. 10017  James P Murphy, Executive Vice President(212) 949-1170  July 26, 1979  Mr. Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: Allow me to be among the hundreds of people who are offering their congratulations and expressing delight following the announcement of your appointment as Chairman of the Federal Reserve Board. Dick LeBlond, our president, said in a press statement yesterday: "The appointment of Paul Volcker as Chairman of the Federal Reserve Board will be well received in both the domestic and international financial communities," and the kudos that have been appearing in the nation's press and the reactions in stock and bond markets have made him a seer of the highest order. It would be nice if all our forecasting assignments were as easy. You certainly don't need it, but on behalf of the entire New York State Bankers Association, I'd like to extend our best wishes for success in your new assignment. Sincerely,  ames P. Murphy e utive Vice President /kt   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RECEIVED JUL 2? 1979 P. A. V. ANSWERED ATTENDED TO  August 10, 1979  Dear Tom: appreciate so much your kind note, and I trust we will be seeing each other soon. As you know too wall, the chronic disease of Washington is insulation, and I do hope you are quick to give we any insights that can be helpful in my 'business". Sincerely,  Paul A. Volcker  Mr. T. A.Murphy Chairman General Motors Corporation General Motors Building Detroit, Michigan 48202 PAV:mhw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ; GENERAL MOTORS CORPORATION GENERAL MOTORS BUILDING DETROIT, MICHIGAN 48202 T. A.MURPHY CHAIRMAN  3  5  400‹.9"-C••1:2-0"'  a•Pa•—•014---  • G-P•-  111:11r-7"--%•-.  -.4=11"C__--=s0e---jor-s.C-4-- •  2, eioa..-•soo" 4002-1*--214-06-1-1f-Ck-_  rm.  40011--N  ex-•••a,„%   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 20, 1979  Dear Governor Murray: Many thanks for your message--we will try our best. Sincerely,  Paul A. Volcker  The Honorable C. H. Murray Central Bank of Ireland Dublin IRELAND  BIARS - • I,. .17  1979 AUG 1 0 NI 9: 52 OFFICE  ' 4. .4  1  •  L,  xtUL,  JJ  ..•  •  1 hAVil, ATH PLEASURE OF YOUR APPOINTEAT A.5 OF Lri iJUAJJ OF 60VRA.IRS OF THE FEDERAL SYS. CULL tS1. ,1 IN CONGRATOLATIAG YUO l'4,JDIN .LA;CESSFOL TR11 OF oFFIG'IL.  ITTWorld Communications Inc.  ..t,• 1.  440043 FELH   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1-4*  1LMNt.  4  4 4 4  0 0 4 4 0 4 4  I . zi 0  1..t vi'  1.4-1  it  i..i.G'.A1-41;  Y Li A  •—• '4o.  r  —  cos •Li  s• r1. u  1s  C 1.)•  s" d. 11  • 44kit,.:   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  S., .I.  Ui yr  4  ,••••••-•,,  August 16, 1979  Dear Mt. and Mks. Murroughs: I appreciate so much your warm note. am frequently reminded of Mae--her dedication and ••441,.  friendship. 1111111101110111 1  And those memories are even stronger  on my return to Washington. The family is fine-.  They send their best.  Sincerely,  Paul A. Volcker  Mk. and Mks. Thaddeus R. Murroughs  PAV;jrg  1 111111111111101""   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I
Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102