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Federal Reserve Bank of St. Louis
Collection: Paul A. Volcker Papers
Call Number: MC279
Box 27
Preferred Citation: Federal Reserve Bank: Richmond, 1979-1981; Paul A. Volcker Papers, Box 27;
Public Policy Papers, Department of Rare Books and Special Collections, Princeton University
Library
Find it online: http://findingaids.princeton.edu/collections/MC279/c185 and
https://fraser.stlouisfed.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
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Federal Reserve Bank of St. Louis
I
February 3, 1981
Dear Bob:
I appreciate the report on Richmond
District bankers and reserve avoidance.
They even sound like Southern aentlemen.
Sincerely,
Mr. Robert P. Black
President
Federal Reserve Bank of Richmond
Richmond, Virginia 23261
PAV:ccm
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Federal Reserve Bank of St. Louis
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 internal or confidential information.
Citation Information
Document Type: Correspondence
Citations:
Number of Pages Removed: 6
Letter to Paul Volcker from Robert P. Black, January 30, 1981.
Letter to Paul Volcker from Robert P. Black, September 25, 1980.
Letter to Paul Volcker from Robert P. Black, October 17, 1980.
Letter to Paul Volcker from Robert P. Black, April 25, 1980.
Strictly Confidential (FR): Class I FOMC - Letter to Paul Volcker from Robert P. Black,
February 15, 1980.
Memo to Paul Volcker from Robert P. Black, October 25, 1979.
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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*-
)12,ezt,
61iLlAcrt
OuLi'12 >3, 19/9
•
R. r()VIT:.:?S
pr. Robert P. BlaGk, President
Reserve Bank of jichmond
/01 East Byrd Street
Richmond, Virginia 23261
Dedc _cob:
At our November Directors IneLing, I will 7ceport to HAtrin our
purchase on October 16, 1979, of nineteen additional shares
of Federal Reserve Bank of Richlliond Stock. This purchase was
necessitated aue to the fact 1- hat several of our officers
executed stock options.
Due to the tremendous increase in the cost of money, I
what embarrassed to report to our Directors that the imnual
dividend on Federal Reserve Bank stock remains at 6%. r:7(.1 novi
have a total cash investment of $345,750, which represents one
half of the par value or $50.00 per share.
Bob, will you accept this letter as an official request Lo
have Chairman Volcker review this outdated dividend payment.
Let me express to you my sincere thanks for your wifTillrplos
Lo consider this matter.
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Federal Reserve Bank of St. Louis
,Sincerely yours,
•
James B. Powers
FEDERAL RESERVE.' BANK OF RICHMOND
RICHMOND, VIRGINIA 23261
October 25, 1979
Mr. James B. Powers
Chairman and President
The Planters National Bank
and Trust Company
Post Office Box 1220
Rocky Mount, North Carolina
27801
Dear Jim:
It is always nice to hear from you and particularly good to
learn that you are an even larger stockholder than I thought. Stockholders of your caliber are hard to come by these days!
I share your feeling that the six percent dividend we pay
stockholders is inadequate when compared with the cost of money today
but, unfortunately, the amount is set by statute. Consequently, we
cannot raise the dividend unless the Federal Reserve Act is amended.
Therein, of course, lies a problem. It seems that every time we try
to obtain a needed amendment to the Federal Reserve Act certain legislators try to amend the Act even further and almost invariably in ways
that neither you nor we would want. Consequently, we have been a bit
reluctant to push for an increase in the six percent dividend for fear
that the "cure" might be worse than the "ailment." As you know, right
now we are trying to push through Congress some membership legislation
that would benefit you even more than a hike in the dividend.
As you requested, I am passing on your suggestion to Chairman
Volcker, whom I am sure will also be sympathetic to your request. Although
I have not discussed the issue with him, I believe he would be glad to
push for an increase in the six percent dividend if the circumstances over
appear favorable for such an increase without producing other, and worse,
amendments.
Please give my best regards to Julia.
Sincerely yours,
A-4
Robert P. Black
President
yfcc:
Chairman Volcker
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•
49
1(319007
C. r
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Federal Reserve Bank of St. Louis
October 19, 1979
Dear Bob:
Thanks for your letter regarding the communication
of information on internal System matters. I'm glad to
see that we are making progress but, having been on the
other side, I can understand the frustrations and problems
that arise when those relatively few exceptions arise. I
agree the new facsimile network will help, but in the immediate situation I have asked Ted Allison and Joe Coyne,
working with their counterparts at the Banks, to see what
can be done now to plug the remaining gaps.
Sincerely,
Mr. Robert P. Black
Chairman
Conference of Presidents
of the Federal Reserve Banks
Federal Reserve Bank of Richmond
Richmond, Virginia 23261
EGC:slw
42300
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 internal or confidential information.
Citation Information
Document Type: Correspondence
Citations:
Number of Pages Removed: 5
Letter to Paul Volcker from Robert P. Black, October 15, 1979.
Letter to Paul Volcker from Robert P. Black, August 22, 1979.
Strictly Confidential (FR): Class I FOMC - Letter to Paul Volcker from Robert P. Black, August
15, 1979.
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