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http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Collection: Paul A. Volcker Papers Call Number: MC279 Box 1.3 Preferred Citation: Knoxville, 1982 September; Paul A. Volcker Papers, Box 13; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collections/MC279/c231 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 Nianuscript Lilarary, 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. 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Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 609-258-3385 (fax) muddgprinceton.edu http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BANK OF ATLANTA September 3, 1 982 OFFICE OF .•••• PRESIDENT http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CO ..— Chairman Paul A. Volcker Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Paul: I am pleased that Jeff Wells can meet you in Kingsport to drive you to Knoxville for the Board of Directors meeting next week. I thought you would be interested in glancing over some information about Jeff and the Nashville Branch which I have provided in the attachments. Have a safe trip to Knoxville. Sin William F. Ford Attachments 104 MARIETTA STREET, N. W. P.O. BOX 1731 ATLANTA, GEORGIA 30301 404 / 586 - 8501 (II , tt3 :..., re" r•-"" 1:::.? U http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JEFFREY J. WELLS - Vice President and Branch Manager Married - 3 Children B.S., Ed. University of Georgia, Athens, Georgia Management Development Program, Harvard University FRB Employment Date: February 19, 1951 (Atlanta) Re-employment: September 28, 1953 Employment History: 02-19-51 09-25-52 09-28-53 01-05-54 01-23-56 07-02-56 02-11-57 08-16-57 05-04-59 06-13-60 01-01-61 07-01-66 11-01-67 02-01-68 - Mail Clerk - Service - Grade 3 (Atlanta) Resigned to attend University of Georgia Unclassed Clerk - Currency and Coin - Grade 6 Resigned for Military Service Fiscal Agency Trainee - Fiscal Agency - Grade 6 Junior Auditor - Auditing - Grade 9 Unclassified Clerk - Methods & Systems - Grade 8 Assistant Methods Analyst B - Methods & Systems - Grade 9 Methods Analyst - Methods & Systems - Grade 11 Administrative Assistant - Data Processing - Grade 14 Assistant Cashier- Data Processing Assistant Vice President- (Nashville) Assistant Vice President and Assistant Branch Manager Vice President and Branch Manager FEDERAL RESERVE BANK OF ATLANTA September 3, 1 982 Nashville Branch Federal Reserve Bank of Atlanta The Nashville Branch of the Federal Reserve Bank of Atlanta serves financial institutions in the eastern two-thirds of Tennessee. Branch operations are conducted by 200 employees. For several years, the Nashville Branch staff, led by Jeffrey Wells, Vice President in charge, has maintained a high degree of operational efficiency. In the latest available cost comparisons for the third quarter of 1981, the Nashville Branch ranked fourth in low cost performance among 37 Federal Reserve Banks and Branches. This record is being maintained by management's cautious use of resources; the total staff has been reduced by 11 since January 1 981 and a further reduction is planned for 1 983. The Nashville Branch budget for 1 982 is $6.8 million; actual expenses to date in 1 982 are somewhat less than budgeted. Branch management is planning to match revenue and cost, including the 16 percent private sector adjustment in the fourth quarter of 1982. In the first half of 1 982, there is a $1 92,000 or 7 percent short fall. Excluding the private sector adjustment, revenue in the first half of 1 982 exceeds costs by about $100,000. Check volume has been retained exceptionally well by the Nashville Branch management since the pricing of check services began in August 1 981. Year-to-date comparisons for the first halves of 1 981 and 1 982 show a seven percent loss in total check volume, the least among the six Atlanta District offices and one of the smallest losses among all System offices. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THIRD QUARTER 1981 COST PERFORMANCE: COMPONENT ANALYSIS DISTRICT F. R. BANKS AND BRANCHES Inciex* Jacksonville New Orleans Birmingham Nashville Los Angeles San Francisco Atlanta Miami Denver Houston Charlotte Portland Memphia Omaha Richmond Boston Oklahoma City San Antonio Little Rock Kansas City Seattle St. Louis r'A- !. Pittsburgh Salt Lake City Detroit New York Baltimore Philadelphia Buffalo Dallas Cincinnati Minneapolis Chicago Louisville El Paso Helena 65.22 78.22 78.60 79.41 82.33 84.76 87.60 89.07 95.17 S. 99.84 100.59 100.78 100.86 100.95 101.14 101.24 101.45 101.54 104.23 104.91 104.92 106.19 106.77 107.11 107.40 107.63 108.68 108.82 109.58 110.08 113.44 116.15 117.27 139.29 143.19 Index* Ranking Ranking 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Atlanta San Francisco Kansas City Boston Richrnond New York Cleveland St. Louis Dallas Philadelphia Chicago Minneapolis 1 2 3 4 5 6 7 8 9 10 11 12 SIXTH DISTRICT Jacksonville New Orleans Birmingham Nashville Miami 1 2 3 4 6 Atlanta 5 *Average System production cost = 100. Those offices below 100 are operating at a cost proficiency level that exceeds the Systern average. Source: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis "Cost Performance Component Analysis, Office Level, Third Quarter 1981" Federal Reserve Bank of Philadelphia Knoxville, Tennessee Trip Itinerary Thursday, September 9, 1982 3:15 p.m. Depart National on UA #827 4:31 p.m. Arrive Knoxville, Tennessee Bill Ford and Harry Brandt will meet you at the airport and give you a complete itinerary. Hotel reservations are at the Hyatt Regency (Phone: 615-637-1234) 6:30 Reception & Dinner at Hyatt Regency, John Sevier Lobby and Mississippi Room Friday, September 10, 1982 7:00 a.m. Breakfast with Bill Ford and some of the Chairmen of the Atlanta Federal Bank and Branches - Hyatt Regency 8:52 a.m. Depart Knoxville on UA #722 10:01 a.m. Arrive National Board car will meet you. 8:00 p.m. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Black tie dinner for Dr. Burns at Folger Library. 1 4 Itinerary - Chairman and Mrs. Volcker Friday, September 3, 1982 1:00 PM Depart Andrews Air Force Base on Jetstar with Secretary and Mrs. Regan - lunch on board 2:15 Arrive in Toronto Car and driver will meet you at airport Reservation at Royal York Hotel (Phone: 416-368-2511) 6:00 G-Five Meeting @ Hilton Harbour Castle Hotel, Pier 9 Room 7:30 G-Five Dinner (PAV) Suite 625 of Hilton Harbour Saturday, September 4 3:00 G-Ten Meeting, Sheraton Centre, Meeting Room #1 Interim Committee Messrs. Langoni & Kafka (Brazil) Interim Committee 6:30 Summit Seven Dinner (PAV) @World Trade Center 8:15 AM 9:30 Sunday, September 5 Reception & Buffet Luncheon, Continental Illinois, Westin Hotel 12:00 N 3:00 Per Jacobsson Lecture, University of Toronto 5:30 Meeting of G-Ten Governors (re: Mexico) Meeting Room #2 (Civic Ballroom) of Sheraton Centre 6:30-7:30 Secretary Regan hosting Reception for U.S. Delegation, Royal York Hotel, Library Room 7:00 IMF Reception - Hilton Harbour Castle Hotel 8:45 Dinner - Governor and Mrs. Richardson, Four Seasons, Truffles F 8:00 Reception & Buffet Supper, Morgan Stanley, University Club Note: 1 U.S. Offices on Fifth floor, Richmond Tower of the Sheraton Centre) Mrs. Volcker will be @ 2:40 PM on USA #39 driven to Toronto by 4-door, NY license # http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis arriving on Saturday, September 4 -- leaving NY and arriving in Buffalo @ 3:48 PM -- she will be the Buffalo Branch driver Al Williams - (blue Buick 835 EEM) -- arriving in Toronto approximately 6PM. -2- Monday, September 6, 1982 8:00 AM 10:00 11:30 12:30 3:00 4:00 5:00 U.S. Delegation Briefing, Meeting Room #1, Sheraton Centre IMF Meeting Charles Hambro (416) 862-7023 @ PAV's office in Sheraton Centre Lunch - Jeremy Morse, Lloyds Bank, Harbour Castle Hotel Finance Minister Rolf Luders of Chile @ PAV's office _ Secretary Regan's speech Mr. Hosomi @ PAV's office Reception for Governors, City of Toronto, Rotunda, City Hall Reception - Marine Midland & Hongkong & Shanghai Banks, University Club Reception - Security National Bank, Four Seasons Hotel Reception - American Express - Roy Thomson Hall Reception - UNICO, Four Seasons 6:00 5:30-8 5-7 6:30-9:30 5:30-7:30 (Note: Secretary Regan returning to DC Monday evening) Mrs. Volcker 10:30 AM Mrs. Linda Logan will pick you up in front of hotel ) (home phone: Tuesday, September 7 Dr. Poehl, 8:30 9:30 11:00 King Edward Hote Breakfast - Governor Richardson/ Mr. Solomon @/Rm. 669 (Leutwiler suite IMF Meeting Governor Mayekawa @ PAV's office 12:00 Lunch - Brasilinvest, Royal York, Concert Hall 2:30 3:30 6:00 Jorge Wehbe, Minister of Economy of Argentina @ PAV's office Treasurer Howard of Australia @ PAV's office Reception - Premier of Province of Ontario, Parliament Building 5-8 6-8 5-7:30 7-9 6:30 Reception - Commerce Union Bank (Dewey Daane) Hilton Harbour Reception - Latin American Governors, Westin Hotel, Toronto B.R Reception - Credit Suisse, First Boston, 640 Fleet Street Reception - Gulf International Bank, Four Seasons Reception-Buffet - Bell, Witteveen & Botta, 44 Park Lane Circle 8:00 Dinner - Frank Logan, Bank of Commerce @ Bank, Commerce Court West, Bay & King Streets, 56th floor http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 3Wednesday, September 8 9:00 AM 9:30 12:30 Coffee & Danish in Inn on the Park's Park Ballroom South Salon -- Group of Thirty Group of Thirty Meeting Luncheon - Group of Thirty PAV 2:05 PM 2:57 4:40 5:38 NEAL 4:35 PM 5:55 6:56 Depart Toronto on EA #739 (with Neal Soss) Arrive Pittsburgh, Pa. Depart Pittsburgh on USA #477 Arrive Tr -Cities, Tennessee Ruth will pick you up at airport. ) (Mother: Depart Arrive Depart Arrive Phone in Kingsport, Tenn. ) ( Pittsburgh on NW #341 Cleveland, Ohio Cleveland on NW #352 Washington, D.C. MRS. VOLCKER 12:30 Luncheon for Wives of Governors at The Old Mill Car & driver will pick you up after lunch (about 2:30 PM) Visit Niagara Falls ??? 6:10 7:20 Depart Toronto on AA #275 Arrive New York (LaGuardia) NY Fed car will meet you. Thursday, September 9 ?? 4:31 PM 6:30 Drive from Kingsport to Knoxville (in Nashville Branch car) Visit World's Fair ?? NEAL SOSS ARRIVES IN KNOXVILLE ON UA #827 Reservation at Hyatt Regency in Knoxville(Phone: 615-637-1234) Reception & Dinner, Hyatt Regency, John Sevier Lobby & Mississippi Room Friday, September 10 10:00 12:00 Joint Board Meeting of the Atlanta Federal Reserve Bank Luncheon Knoxville on EA #374 Charlotte, NC Charlotte on EA #388 National Airport OR 6:03 Depart Knoxville on UA UA #610 7:14 Arrive National Airport 3:27 4:10 4:55 6:00 Depart Arrive Depart Arrive 8:00 Black tie dinner for Dr. Burns @ Folger Library http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BaARD OF C.'. OF EDE:RA. RE FEDERAL RESERVE BANK OF ATLANTA WILLIAM F FORD August 23, 1982 1982 AUG 25 11M 8: 48 RNOVED OfFICE•Or FiE Chairman Paul A. Volcker Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Paul: We are glad that you will be with us on September 9-10 in Knoxville. Our directors and other guests will be quite interested in your remarks at the Thursday night dinner. We also hope that you can be present at the Friday morning joint meeting of our Boards of Directors and answer any questions the directors may have. Mrs. Mallardi has received a schedule of events and other details. At Joe Coyne's suggestion, we have made no arrangements for you to siteet the press. I look forward to seeing you•in Knoxville. Copy to: Mr. Soss 104 MARIETTA STREET, N. W. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis P. O. BOX 1731 ATLANTA, GEORGIA 30301 404 / 586-8501 FEDERAL RESERVE BANK OF ATLANTA OFFICE OF Corporate Secretary and Assistant to the President August 13, 1982 Mrs. Catherine C. Mallardi Secretary to Chairman Volcker Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Mrs. Mallardi: Thanks for your recent call advising me that Chairman Volcker, accompanied by Mr. Neal Soss, is scheduled to arrive in Knoxville from New York on Delta Flight 537 on Thursday, September 9, at 2:13 p.m. Please let me know as soon as you can what his return flight will be and whether he mj_g_hl_arsg,l_to_siaLtu if so, whether briefly on Thursday or on Friday afternoon following the luncheon. (To arrange the VIP tour, a one-week advance notification would be most helpful.) You had asked me about the schedule of events and other details. We have made two single room reservations for the Chairman and Mr. Soss at the Hyatt Regency Hotel in Knoxville for the evening of September 9. All functions will be at this hotel, located at 500 Hill Avenue. We have specified two adjoining and one adjacent rooms for Mr. Volcker, Mr. Soss, and a security person from our Nashville Branch, and we have arranged late check-out times for these three rooms. We, of course, plan to pick up and return Chairman Volcker and his assistant to the airport and arrange their visit to the Fair, if desired. There will be for directors, staff, spouses, and other guests a reception (John Sevier Lobby) at 6:30 p.m. (EDT) that we understand the Chairman will attend. Dinner, with the same persons in attendance, starts at 7:30 p.m. (Mississippi Room), at which the Chairman is scheduled to speak. A joint meeting of the Boards of Directors of the Federal Reserve Bank of Atlanta and the Branches, with Chairman Volcker present, is planned for 10:00 a.m. on September 10, followed by lunch at noon. If you have any questions or need additional information, please let me know (my FTS number is 231-8572). In addition, President Ford may be in touch with the Chairman, following Mr. Ford's return in late August. IVIeanwhile, I look forward to hearing from you about the return flight and World's Fair tour. Many thanks. Sincerely, Harry Branicit Corporate Secretary and Assistant to the President Copy to: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Mr. Neal Soss 104 MARIETTA STREET, N. W. P. O. BOX 1731 ATLANTA, GEORGIA 30301 1731 FEDERAL RESERVE BANK OF ATLANTA ATLANTA,GEORGIA 30303 OFFICE OF PRESIDENT January 11, 1982 Mr. Paul A. Volcker, Chairman Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Paul: I am writing to invite you to be the guest of honor at a joint meeting of the Boards of Directors of the Federal Reserve Bank of Atlanta and its branches on September 9dJL9f this year. We will hold the meeting in Knoxville, Tennessee, where t e World's Fair will be held this summer and fall. The proceedings will include a dinner for Board members and spouses on Thursday evening, September 9, and a joint Board meeting on Friday morning, September 10. We would like for you to address the guests at the dinner and the Boards when they meet on Friday morning. Our directors would be very pleased to meet with you and to hear you speak. I hope that you can work this into your schedule. Thank you for considering it for us. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ly illiam F. Ford 9 /of 69? / 45-0 /tt FEDERAL RESERVE BANK OF ATLA/•ITA ATLANTA,GEORGIA 30303 OFFICE OF PRESIDENT August 27, 1982 1982 AUG 30 r1;:i 9: 52 OFFICE Of- THE CHA17,' Mr. Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Paul: I would like to update you on the arrangements for the joint meeting of the Boards of Directors of the Federal Reserve Bank of Atlanta and our Branches that you graciously agreed to attend. This meeting will be held on September 9-10, S. at the Hyatt Regency Hotel in Knoxville, Tennessee. The reception in your .1rts at 6:30 p.m. on Septemberthe John Sevier Lobby; the dinner,honor"Ift at 7:p.m. Based on my conversations with Joe Coyne and Neal Soss, we anticipate that you will talk informally about how you see the economy shaping up and the problems you see on the monetary and fiscal policy fronts. Also, our directors would be interested in any comments you might care to make about the pressures you and the Governors are feeling in implementing our policies under such strained economic conditions. • Atlanta and five The audience will consist of our 44 directors from the Branch Boards (Birmingham, Jacksonville, Miami, Nashville, and New Orleans) plus our staff, and spouses. The press, of course, has not been invited. The individual Branch Boards will meet early the next morning (September 10). The Joint Board Meeting, which we assume you will also attend, starts at 10:00 a.m. in Blount Room South. The meeting will end with a luncheon to be served at noon. You will be coming to Knoxville while the World's Fair is still S. hope that we can show you the Fair's highlights during your stay. Attached is some .tial about the fair, the meeting, and our directors. Please do let us know if you are not planning to join us at the board meeting on Friday. Also, we'll be in touch with Ms. Mallardi about lining up your transportation. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I look forward to seeing you in Knoxville. 'William F. Ford President http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis • Attachments • • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1. Schedule of events and agenda of joint board meeting. 2. Information about directors of the Federal Reserve Bank of Atlanta and branches. 3. Materials about the World's Fair. • 1. Schedule of Events and Agenda of Joint Board Meeting • • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Joint Meeting of the Boards of Directors of the Federal Reserve Bank of Atlanta and Branches • Schedule of Events (Times shown are Eastern daylight time) Thursday, September 9,_1982 6:30 p.m. Reception for Directors, Staff, Spouses and Other Guests John Sevier Lobby 7:30 p.m. Dinner (same) Mississippi Room Guest Speaker: Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D. C. Friday, September 10 • 1982 8:30a.m. - 9:30 a.m. Atlanta Auditing Committee Meeting Regency Club Birmingham Board Meeting Knox Room Jacksonville Board Meeting Polk Room Miami Board Meeting York Room Nashville Board Meeting Blount Room North New Orleans Board Meeting The Board Room 9:00 a.m. - 9:30 a.m. Atlanta Personnel Committee Meeting Regency Club 9:30 a.m. - 10:00 a.m. Coffee Break Lobby (Adjacent to Blount Room South) 10:00 a.m. - 12:00 noon Joint Board meeting Blount Room South • 12:00 noon Luncheon for Directors and Staff Blount Room North Note: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis All events are held at Hyatt Regency Hotel, Knoxville, Tennessee. DRAFT • BOARD OF DIRECTORS MEETING Federal Reserve Bank of Atlanta Knoxville, Tennessee September 10, 1982 10:00 a.m. ORDER OF BUSINESS 1. Call to Order 2. Communications 3. *Approval of Minutes of July 9, 1982, Directors Meeting 4. Reports of Operations (a) *Summary of Executive Committee Meetings - Mr. Weitnauer (b) Personnel Committee - Mr. Willson • (c) Auditing Committee - Mr. Andrews (d) First Vice President - Mr. Forrestal 5. Dialogue with Chairman Volcker 6. Unfinished Business 7. New Business 8. Reports on the Economy of the District 9. *Establish Discount Rates - Mr. Ford 10. Adjournment *Requires action by the Atlanta Board of Directors. I http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis • • DIRECTORS William A. Fickling, Jr. (Chairman) Chairman and Chief Executive Charter Medical Corporation Macon, Georgia Mrs. Jane C. Cousins President and Chief Executive Officer Merrill Lynch Realty/Cousins Miami, Florida John H. Weitnauer, Jr. (Deputy Chairman) Chairman and Chief Executive Officer Richway Atlanta, Georgia Mrs. Jean M. Davis President McArthur Dairy, Inc. Miami, Florida Dan B. Andrews President First National Bank Dickson, Tennessee Horatio C. Thompson President Horatio Thompson Investment, Inc. Baton Rouge, Louisiana Harold B. Blach, Jr. President Blach's, Inc. Birmingham, Alabama Hugh M. Willson President Citizens National Bank Athens, Tennessee Guy W. Botts Chairman of the Board Barnett Banks of Florida, Inc. Jacksonville, Florida Federal Advisory Council Member * Robert Strickland BRANCH DIRECTORS PRESENTING ECONOMIC REPORTS Miss Martha McInnis Executive Vice President Alabama Environmental Quality Association Montgomery, Alabama Director - Birmingham Branch Eugene Cohen Chief Financial Officer and Treasurer Howard Hughes Medical Institute Coconut Grove, Florida Director - Miami Branch Copeland D. Newbern Chairman of the Board Newbern Groves, Inc. Tampa, Florida Director - Jacksonville Branch Michael T. Christian President and Chief Executive Officer First National Bank of Greeneville Greeneville, Tennessee Director - Nashville Branch Leslie B. Lampton President Ergon, Inc. Jackson, Mississippi Director - New Orleans Branch • *Absent http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis • SPECIAL GUESTS #Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D. C. Neal Soss Assistant to the Chairman Board of Governors of the Federal Reserve System Washington, D. C. • #Biographical sketch attached • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis • 2 • Information about Directors of the Federal Reserve Bank of Atlanta and Branches • • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis • Boards of Directors of the Federal Reserve Bank of Atlanta and Branches The Federal Reserve Bank of Atlanta has a total of 44 directors on the Head Office and the five Branch Boards (Birmingham, Jacksonville, Miami, Nashville, and New Orleans). The Branches have seven directors each, of which four are nonbankers. William (Bill) A. Fickling, Jr., is Chairman of the Head Office Board. He is Chairman and Chief Executive, Charter Medical Corporation in Macon, Georgia. John H. Weitnauer, Jr., is Deputy Chairman. He is Chairman and Chief Executive Officer, Richway, Atlanta, Georgia. Biographical sketches are attached. There are two women directors (Mrs. Jean Davis and Mrs. Jane Cousins) on the Head Office Board and one black director (Horatio C. Thompson). The Branch Boards also have minority and female directors but no savings and loan association representative. (This will be remedied next year.) There are four academicians: (I) Dr. Samuel R. Hill, Jr., President of the University of Alabama in Birmingham, (2) Dr. Jerome P. Keuper, President, Florida Institute of Technology, (3) Dr. C. Warren Neel, Dean, College of Business Administration, University of Tennessee, and (4) Dr. Roosevelt Steptoe, Chancellor Southern University. The composition of the 44 directors is as follows: 18 5 5 4 4 2 2 2 1 1 • - Banking Construction and real estate Service Manufacturing and mining Academia Agriculture Retail trade Law Consumer/Environment Investment The directors further break down into the following: 37 7 Male Female 40 4 White Black A complete listing of the directors of the Head Office and Branches is attached. • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis • WILLIAM A. FICKLING, JR. A native of Macon, Georgia, Mr. Fickling is Chairman and Chief Executive of Charter Medical Corporation in Macon. Charter Medical and its subsidiaries own and manage hospitals and health care facilities. In addition, the company operates a medically-oriented data processing/ accounting service. Mr. Fickling attended Bibb County Public Schools and graduated from Auburn University. Some of his college affiliations included Delta Sigma Pi, Phi Kappa Phi, Kappa Alpha and Phi Eta Sigma. After being honorably discharged from the Air Force as a First Lieutenant in 1957, Mr. Fickling went to work for Fickling and Walker, Inc., • a diversified mortgage banking and real estate firm in Macon. He was named Executive Vice President in 1962, and served in this capacity until 1969, when he organized and served as President of Charter Medical Corporation. In September 1973, he was appointed Chairman of the Board of Directors, and in 1976, he assumed the position of President and Chairman of the Board and in 1979 became Chairman and Chief Executive. Mr. Fickling is a Director of the Georgia Power Company and the Live Oak, Perry, and South Georgia Railroad. • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1/81 January 1981 JOHN H. WEITNAUER, JR. • John H. Weitnauer, Jr., was born in Miami Beach, Florida, and, shortly thereafter, his family moved to Decatur, Georgia. With the exception of one year in Thomasville, Georgia, and twenty-one months' service in the U.S. Army Air Force, he has remained in Decatur, an Atlanta suburb, where he still resides. He holds a Bachelor's degree in Industrial Engineering from the Georgia Institute of Technology. Mr. Weitnauer has been Chairman and Chief Executive Officer of Richway, a Division of Federated Department Stores, Inc., since March 1980. 0 Prior to that, he was President of Richway, and Executive Vice President of Rich's, the parent company of Richway. Some of Mr. Weitnauer's previous affiliations have included Board of Directors of the DeKalb County Chamber of Commerce, Board of Directors of the Metropolitan Atlanta Rapid Transit Authority (MARTA, 1977-1980), Board of Directors of Decatur Federal Savings and Loan Association (1972-1980), Board of Directors of the Atlanta Better Business Bureau (1976-1977), Board of Education of the City of Decatur School System (1966-1977), President of the Atlanta Sales and Marketing Executives (1967-1968), and General Campaign Chairman of the United Way of Metropolitan Atlanta (1978-1979). Mr. Weitnauer started with Rich's in 1956 as a Divisional Service Superintendent. He has been General Manager of two of Rich's Branch stores, Vice President of Personnel, and Executive II I Vice President. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Rev. 1-82 DIRECTOIZS OF THE FEDERAL RESERVE BANK OF ATLANTA AND BIZAIsICHES — 1982 Term Expires December 31 FEDERAL RESERVE BANK OF ATLANTA Class C: Class B: • Class A: • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis John H. Weitnauer, Jr. (Deputy Chairman) (404) 586-2810 Chairman and Chief Executive Officer Richway P. O. Box 50359 Atlanta, Georgia 30302 1982 Will A .iam Fickling, Jr.(Chairman) Chairrnan and Chief Executive Charter Medical Corporation P. O. Box 209 Macon, Georgia 31298 (912)742-1161 Jane C. Cousins (Mrs.) President and Chief Executive Officer Merrill Lynch Realty/Cousins 5830 S. W. 73rd Street Miami, Florida 33143 (305)667-4815 1984 Jean McArthur Davis (Mrs.) President McArthur Dairy, Inc. 6851 N. E. 2nd Avenue Miami, Florida 33138 (305) 754-4521 1982 Harold B. Blach, Jr. President Blach's, Inc. 1928 Third Avenue, North Birmingham, Alabama 35203 (205) 322-3551 1983 Horatio C. Thompson President Horatio Thompson Investment, Inc. 4• Box 1027 Baton Rouge, Louisiana 70821 (504) 775-6181 1984 Dan B. Andrews President First National Bank P. O. Box 666 Dickson, Tennessee 37055 (615)446-5151 Hugh M. Willson President Citizens National Bank P. O. Box 220 Athens, Tennessee 37303 (615) 745-0261 1983 Guy W. Botts Chairman of the Board Barnett Banks of Florida, Inc. P. O. Box 40789 Jacksonville, Florida 32231 (904) 791-7714 1984 Rev. 1-82 2 Term Expires December 31 "'BIRMINGHAM BRANCH Appointed by Board of Governors William H. Martin, III (Chairman) President and Chief Executive Officer Martin Industries, Inc. P. O. Box 128 Florence, Alabama 35630 (205)7670330 1982 Samuel Richardson Hill, Jr. President University of Alabama in Bngham ent •1iw4.1I!WSi University Station Birmingham, Alabama 35294 (205)934-3493 1983 Louis J. Willie (205) 328-5454 Executive Vice President Booker T. Washington Insurance Company P. O. Box 697 Birmingham, Alabama 35201 1984 "'Appointed by Federal Reserve Bank C. Gordon Jones President and Chief Executive Officer First National Bank of Decatur P. O. Box 1488 Decatur, Alabama 35602 • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis (205) 353-0941 1982 Martha McInnis (Miss) (205) 277-7050 Executive Vice President Alabama Environmental Quality Association 3815 Interstate Court, Suite 202 Montgomery, Alabama 36109 1982 Henry A. Leslie President and Chief Executive Officer Union Bank and Trust Company P.O.Box 2191 Montgomery, Alabama 36197 (205) 265-8201 1983 William M. Schroeder Chairman and President Central State Bank Box 180 Calera, Alabama 35040 (205)668-0711 1984 Rev. 1-82 3 Term Expires December 31 11/ JACKSONVILLE BRANCH Appointed by Board of Governors 1982 Copeland D. Newbern (Chairman) Chairman of the Board Newbern Groves, Inc. P. O. Box 17237 Tampa, Florida 33682 Joan W. Stein (Mrs.) Partner Regency Square Properties, Inc. P. O. Box 2718 Jacksonville, Florida 32232-0033 1984 Jerome P. Keuper President Florida Institute of Technology P. O. Box H50 Melbourne, Florida 32901 Appointed by Federal Reserve Bank • • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Whitfield M.•Palmer, Jr. Chairman Mid-Florida Mining Company P. O. Box 367 Ocala, Florida 32670 (904) 732-2715 1982 Billy J. Walker President Atlantic Bancorporation General Mail Center Jacksonville, Florida 32231 (904)632-6930 1982 Gordon W. Campbell President and Chief Executive Officer Exchange Bancorporation, Inc. P. O. Box 25900 Tampa, Florida 33630 (813) 224-5616 1983 Lewis A. Doman President Citizens and Peoples National Bank P. O. Box 1072 Pensacola, Florida 32595 (904)433-2299 1984 Rev. 7-82 4 II Term Expires December 31 MIAMI BRANCH Appointed by Board of Governors • Sue McCourt Cobb (Ms.) Attorney Greenberg, Traurig, Askew, Hoffman, Lipoff, Quentel and Wolff, P. A. 1401 Brickell Avenue -- PH-1 Miami, Florida 33131 (305) 377-3501 1982 Eugene Cohen (Chairman) Chief Financial Officer and Treasurer Howard Hughes Medical Institute P.O. Box 330837 Coconut Grove, Florida 33133 (305)448-5522 1983 Roy Vandegrift, Jr. President Roy Van,Inc. P.O. Box 619 Pahokee, Florida 33476 (305)924-5551 1984 ppointed by Federal Reserve Bank • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis M. G. Sanchez President and Chief Executive Officer First Bankers Corporation of Florida P. 0. Box T Pompano Beach, Florida 33061 (305)941-2810 Daniel S. Goodrum President and Chief Executive Officer Century Banks, Inc. P.O. Box 757 Fort Lauderdale, Florida 33302 (305) 467-5300 1983 Stephen G.Zahorian President Barnett Bank of Fort Myers, N. A. P.O. Box 338 Fort Myers, Florida 33902 (813)936-6666 1984 E. Llwyd Ecclestone, Jr. Managing Partner PGA National P.O. Box 3267 West Palm Beach, Florida 33402 (305)686-2000 1984 Rev. 1-82 5 Term Expires December 31 NASHVILLE BRANCH Appointed by Board of Governors Cecelia Adkins (Mrs.)(Chairman) Executive Director Sunday School Publishing Board 330 Charlotte Avenue, Room 319 Nashville, Tennessee 37201 (615) 256-5284 1982 Robert C. H. Mathews, Jr. Managing General Partner R. C. Mathews, Contractor P.O. Box 22149 Nashville, Tennessee 37202 (615) 244-2130 1983 C. Warren Neel Dean College of Business Administration 716 Stokely Management Center The University of Tennessee Knoxville, Tennessee 37916 (615)974-5061 1984 Charles J. Kane Chairman and Chief Executive Officer Third National Bank in Nashville Nashville, Tennessee 37244 (615) 748-4177 1982 John Rutledge King President The Mason and Dixon Lines, Inc. P. 0. Box 969 Kingsport, Tennessee 37662 (615) 246-4121 1982 James F. Smith, Jr. Chairman and Chief Executive Officer Park National Bank P. 0. Box 511 Knoxville, Tennessee 37902 (615)521-5134 1983 Michael T. Christian President and Chief Executive Officer First National Bank of Greeneville P. 0. Box 777 Greeneville, Tennessee 37743 (615)639-2181 1984 • Appointed by Federal Reserve Bank • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis , Rev. 1-82 6 e Term Expires December 31 NEW ORLEANS BRANCH Appointed by Board of Governors Sharon A. Perlis (Ms.) Attorney Suite 215 433 Metairie Road Metairie, Louisiana 70005 (504)834-3700 1982 Leslie B. Lampton (Chairman) President Ergon, Inc. P. O. Box 1308 Jackson, Mississippi 39205 (601)948-3472 1963 Roosevelt Steptoe Chancellor Southern University 4i..IJRouge Campus Southern Baton Rouge Post Office Baton Rouge, Louisiana 70813 (504) 771-5020 1984 Patrick A. Delaney Chairman and President Whitney National Bank of New Orleans P. O. Box 61260 New Orleans, Louisiana 7016] (504) 586-7209 1982 Ben M. Radcliff President Ben M. Radcliff Contractor, Inc. P. O. Box 8277 Mobile, Alabama 36608 (205)666-7252 1982 Paul W. McMullan Chairman and Chief Executive Officer First Mississippi National Bank P. O. Box 1231 Hattiesburg, Mississippi 39401 (601) 544-4211 1983 Jerry W. Brents President and Chief Executive OffiCer First National Bank P. O. Box 90-F Lafayette, Louisiana 70509 (318) 232-1211 1984 ii• Appointed by Federal Reserve Bank • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Rev. 1-82 • Term Expires December 31 MEMBER,FEDERAL ADVISORY COUNCIL Robert Strickland Chairman Trust Company of Georgia P.O. Box 4418 Atlanta, Georgia 30302 (404) 588-7541 COMMITTEES OF THE BOARD OF DIRECTORS FOR 1982 *EXECUTIVE COMMITTEE William A. Fickling, Jr., Chairman (Ex Officio) John H. Weitnauer, Jr. Jean M. Davis (Mrs.) AUDITING COMMITTEE • Dan B. Andrews, Chairman Guy W. Botts Horatio C. Thompson PERSONNEL COMMITTEE Hugh M. Wilson, Chairman Harold B. Blach, Jr. Jane C. Cousins (Mrs.) *The Executive Committee will also serve as a Research Committee. • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1982 % • 3. Materials about the World's Fair • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis • TOURISM REPORT [In. AUGUST 1, 1982 By mid-July more than 5 million people had visited the World's Fair in Knoxville, Tennessee, thereby surpassing projected attendance by 35 percent. Although attendance has leveled off somewhat from peaks reached during the first month after it opened on May 1, 1982, the Knoxville International Energy Expoon has already become the most successful U.S. Fair since the 1939 New York World's Fair in terms of attendance. The southeastern tourist industry, which has been only slowly recovering from the decline of the second oil crisis in 1979 and the subsequent recession in 1980, has been anticipating possible spillover effects from the Fair. What have these been? Opinions of industry representatives and preliminary analysis of available, albeit incI mplete, statistics present a mixed picture. • In general, the World's Fair seems to be having the most noticeable (and positive) ripple effects in the vicinity of the Fair. Retail sales in Knoxville were up sharply in May, for example, over the same period in 1981. May attendance at the nearby Great Smoky Mountains National Park passed its previous 1977 peak by 10 percent. Similarly almost twice as many people visited Cumberland Gap National Park, just across the northeastern Tennesssee border in Kentucky, in May and June of 1982 compared with the same months in 1981. In contrast, overnight stays in most southeastern National Park Service areas continued to decline or hold steady relative to last year, although recreation visits have been up. Tennessee campgrounds are full, whereas those in Florida are experiencing occupancy levels of 43 percent in the first half of 1982, down from 47 percent last year, according to a report in the Orlando Sentinel Star. However, tourism in Tennessee has not benefited consistently from the Fair. Hotel business in nearby counties has not been as good as expected, apparently because • Knoxville hotels have been able to absorb most of the demand for rooms. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Much of -2- • the remainder was taken up by package bus tours, often staying several hours away from Knoxville or across the state border in North Carolina and Virginia. Such tours have boosted restaurant sales but in a more sporadic manner than auto travel since rest stops are often fewer and arranged ahead of time. According to the Tennessee Hotel/Motel Association, other tourist areas of the state, such as country music center Nashville, may even be experiencing a "vacuum effect" as travelers substitute trips to the World's Fair for excursions to the Grand Ole Opry, Opryland Park, as well as to other tourist sites. Nashville has experienced the vacuum effect in terms of time as well as distance. That is, prior to May 1, travel was off from previous years because people were postponing travel until the Fair opened. Indeed, hotel/motel occupancy rates in Knoxville, Nashville, and Memphis were all down during the first four months of 1982, according to a survey by Pannell, Kerr & Forster. • However, some of this decline may be attributable to the recession. Nationwide, business travel has been cut back more than pleasure travel. Furthermore, Tennessee attracts a larger number of blue-collar workers from the north central states, which have been very hard-hit by the recession because of the concentration of auto and steel manufacturing there. In neighboring southeastern states the effects of the World's Fair seem to be similarly mixed. Atlanta's convention business is off, and, except along major interstates, hotel/motel occupancy is down several percentage points from last year, according to Pannell, Kerr & Forster. Metropolitan Atlanta hotels and motels were only 58.1 percent occupied in May, 1982, compared with 61.4 percent in May, 1981, and year-to-date rates are running at 62.8 percent, down from 64.7 percent last year. Fewer people visited Georgia's state parks and historic sites in May and June compared with the same months last year. Although the state's eight National Park Service facilities report a 22 percent increase in May attendance, all hut 5 percent of this increase is • attributable to local use: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Atlantans rafting on the Chattahoochee River. The other II -3-- 4, big increase at Chickamauga/Chattanooga National Military Park may represent spillove r from the World's Fair. In Alabama attendance at major public and private attractions was up 6 percent in May according to statistics gathered by the state's Bureau of Publicity and Information. Lodgings taxes were also up, but last year was a poor year. Mississippi tourism appears to be holding steady. Visitor centers reported registration up by 38 percent in May. This increase may represent a growth in tourism as a result of gasoline availability and lower prices; however, some of this may reflect increased visitor center used, spurred by the availability of free maps and other tourist literature, rather than an increase in the number of travelers. The state's National Forest Service campgro unds L. have maintained and possibly increased attendance depsite a doubling of usage fees. National Park Service visitation especially on the Natchez Trace Parkway and at • Vicksburg National Military Park is down slightly, but the Gulf Coast is doing well, with a 23 percent increase in May visitations to Gulf Islands National Seasore and high hotel/motel occupancy rates. Tourist officials in Alabama, Mississippi, as well as North Carolina, regard the Fair's effects as negligible. A Kentucky tourism representative reports some improvement, particularly along the 1-75 corridor, which leads from the Great Lakes through Knoxville to Florida, and in southern Kentucky, whence many travelers commute to the Fair. Two southern states traditionally identified with "destination" rather than "passthrough" tourism seem to be faring the worst. Attendance at Florida attractions was down 5.4 percent during the first six months of 1982, and hotel/motel occupancy rates dropped from last year's 71.2 percent to 69.0 percent during the first two quarters of 1982, according to a report in the Orlando Sentinal Star. Miami, with a 20 percent drop IIIII in attendance at attractions and an estimated $150 million loss in tourist revenue, has been http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis the hardest hit. The lower occupancy rates at campgrounds -4may reflect reduced auto travel. Similarly, Louisiana visitor center registrations were down, hotel/motel occupancy rates were below normal, and a Pannell, Kerr & Forster spokesman described this summer as the "worst in years." Tourist industry representatives did not attribute all the downturn to the World's Fair. Another factor is the status of the Canadian dollar, which is at an all-time low vis-a-vis the U.S. dollar. The resultant pinch on Canadian tourists has affected not only Florida but also states such as Tennessee and Georiga which are located on the main travel arteries used by Canadians headed to Florida. Others blamed the recession . Ironically, the greater importance and success of the Southeast's tourism sector renders it vulnerable to national economic trends because so many tourists are drawn from Ohio, New York, Pennsylvania, and other states badly affected by the recession. Tourism is a very important part of the southeastern economy. It accounts for • 5.5 percent of employment in 11 southeastern states, according to a U.S. Travel Data Center study, compared with 4.9 percent nationwide. percent in Mississippi to 17 percent in Florida. The proportion ranges from 3.6 Nearly one-half of these jobs are in the food services; lodging and transportation account for most of the remainder. Thus, in the Southeast tourism workers are about equal in numbers to farm workers and only slightly less than the 6.2 percent employed in construction work in the Sixth District. In addition, tourism and travel contributed roughly 5.4 percent to state tax revenues and more than 2 percent to local tax coffers in this region. Louisiana, the latter figure was more than 5 percent. In some states, such as However, most jobs in this sector, except in the airline industry, are not high paying; in 1980, tourism employment contributed only 1.9 percent of personal income in the 11-state southeastern region and 1.5 percent nationwide, according to the U.S. Travel Data Center. Not only is tourism proportionately more important in the Southeast than in the nation as a whole, but • also the South is a net attractor of tourism and travelers. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis • That is, it attracts more -5"person-trips" than it originates. Moreover, although two-thirds of the person-trips in the South are made by southerners, less than half the expenditures are made by southerners. Thus, tourism makes a net addition to the South's economy. In summary, the Southeast has experienced less of a spillover than anticipated. No doubt, some of the Fair's potential spillover has been eroded by the recession. Fair visitors have been spending at twice the level projected by Fair officials, leaving less discretionary income to spend elsewhere during vacation. Many facilities such as Jekyll Island, Stone Mountain, and National Forest Service campgrounds have increase d fees substantially because of government directives to become fiscally self-sufficient. Hotel rates have risen as well. The future of tourism in the Southeast looks promising according to most of those polled. In the fall, Disneyworld will open Experimental Prototype Community of • Tomorrow (EPCOT), and officials there predict a rise in combined Magic Kingdom/EPCOT attendance from 13.1 to 20 million. However, family travel to this new attraction may be postponed to the summer of 1983 because of its post-summer opening date. Alabama, Mississippi, and Louisiana are looking forward to the opening of the 1984 World Exposition in New Orleans. Major marketing efforts are on the drawing boards to boost destination travel in the two neighboring states, while in New Orleans, five hotels are under construction. Another change that may be in the future pertains to mode of travel. Although bus travel currently accounts for only 2 percent of the southeastern market share compared with 84 percent by automobile, an increase in bus travel has already been witnessed at the World's Fair. Package excursions which included transportation, tickets, and lodgings were up sharply in May and June. Some of this trend was the result of economic pressures as well as allegedly tight accommodation space in Knoxville, pushing • visitors to stay in outlying and even out-of-state locations. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Nonetheless, planned • technological changes such as individualized air conditioning and AM-FM radios should further upgrade the comfort and image of bus travel. When planned vehicular design changes allowing group seating arrangements come on-stream, family travel by bus may grow. Regarding the immediate future, the U.S. Travel Data Center predicts Americans will make 4 percent more trips this summer and the South will be the number one destination. Florida tourism, however, will be off by 14-2 percent in 1982 as a result of the slow economic recovery, according to a forecast by the University of Central Florida's Dick Pope, Sr. Institute. Despite the failure of the World's Fair to increase out-of-state tourism in most of the Southeast, there promises to be considerable local travel. Overnight and day use of U.S. Forest Service recreation areas has increased by as much as an estimated 5-10 percent in Georgia, Mississippi, Louisiana, Tenness ee, • and North Carolina despite a fee increase of up to 100 percent. Apparently, there is a pent-up demand for vacation travel. Families may be cutting back on some weeken d excursions and focusing their restricted budgets on longer travel closer to home. Perhaps the family vacation has become an American institution, motivating people to give up other goods rather than forego an annual vacation even during a recession. • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE 1982 WORLDS FAIR Bill Carroll Vice President Communications The 1982 World's Fair (615) 971-1540 1982 KNOXVILLE WORLD'S FAIR MOST SUCCESSFUL IN 40 YEARS Over 5 Million Visit Fair So Far Crowd Challenge Met KNOXVILLE, TN, July 12--More than five mon people have passed through the gates of The 1982 World's Fair thus far, making it the • most successfulFair, both in popular and financial terms, since the New York World's Fair of 1939. By comparison, the attendance for the entire run of the '74 Fair in Spokane totaled .I.o The Fair's national popularity has been attributed in large part to word-of-mouth enthusiasm. Exit surveys of visitors' reactions to the Fair show that 85 percent would recommend the Fair to friends and relatives at home. In spite of the turn out in Knoxville, city officials say, the major S roblems anticipated by the public have not materialized. There have been no traffic jams or back-ups, police report; and parking spaces are Slentiful, resulting in reduced rates. Visitor services to make booking accommodations easier and to reduce waits on exhibit lines have been stepped up by Fair management. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis (more) Knoxville International Energy Exposition • Post Office Box 1982• Knoxville, TN., U.S.A. 37901 1982 Knoxville World's Fair Most Successful In 40 Years Page 2 Scattered complaints regarding housing and reservations have been addressed and increased staffing, a new streamlined television reservations system and customer service division have eliminated housing problems. Even with attendance running 35 percent ahead of projections, there is good availability of quality rooms in and around the city, according to Property Leasing and Hotel/Motel Management, the Fair's newly retained housing agency. "We expected our millionth visitor at the end of May, but we hit the first million mark in the first two weeks," S. H. Roberts, Jr., President of the Fair, reports. "Our four millionth visitor arrived late in June, and earlier this month we greeted the five millionth." "The World's Fair is obviously surpassing our wildest hopes," he claims. 11111 "We anticipated from 20-40,000 visitors daily during May, but between 50-99,000 people passed through the turnstiles daily. June projections were 40-60,000 daily, and we've ended up averaging 75,000. The Tour and Travel Department, expecting 250-300 buses a day, saw that figure reach 600 and up to 800 buses on some days." "We've also been proud to see the number of exhibiting nations grow to twenty-seven with the recently announced participation of five eastern Caribbean nations," Roberts states. The state of St. Christopher and Nevis, St. Vincent and the Grenadines, Montserrat, St. Lucia, and Antigua and Barbuda will exhibit in a 4,700 square foot pavilion opening early in August. (more) • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1982 World's Fair Most Successful In 40 Years Page 3 "Because of these fantastic crowds, we've added water fountains, benches, canopies and restrooms," Roberts says. "As the Fair progresses, it is growing and changing to accommodate the turn-out--steps like a second level of the French pavilion, expansion of the Philippine pavilion, and more space in front of the Korean Pavilion have been taken in this regard. An additional 3.5 million dollars have been allotted since Opening Day for Fair-site improvements." One of the most powerful drawing cards to the Fair has turned out to be the impressive roster of entertainers and celebrity-studded shows. Crowds have already viewed such luminaries as Rudolf Nureyev, Bob Hope, Glen Campbell, the cast of "Ain't Misbehavin'," Jerry Lee Lewis and Johnny Cash. On tap for the coming weeks are Loretta Lynn, Carlos Montoya, Red Skelton and the Grand Kabuki Theatre of Japan. • On-site, full-scale musical productions are being staged daily in the Tennessee State Amphitheatre and on the three Folklife Festival stages. The latter--the largest such festival ever presented--features country, bluegrass, gospel, folk and blues performers throughout the day. Two new theatrical venues --the Court of Flags and the Garden Theatre--have recently been established to help accommodate the approximately 35 daily on-site productions. entertainment is free. (more) • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis All on-site • 1982 World's Fair Most Successful In 40 Years Page 4 In addition, jugglers, magicians, dancers, clowns, mimes, and marching bands entertain queues throughout the Fair grounds. Visitors have also been on hand to greet such visiting dignitaries as Jordan's Crown Prince Hassan and Philippine First Lady Imelda Marcos, Vice Premier of Australia Douglas Anthony, and of course American leaders, including President and Mrs. Reagan, Governor Alexander and Senator Baker of Tennessee. Rooms in hotels, motels and a great variety of supplemental housing are plentiful--campsites, condominiums, and Bed N' Breakfast arrangements in private homes. Many hotels and motels supplied only a small portion of their total number of rooms to the Housing Bureau inventory. Therefore, if the Inventory indicates that the hotel/motel is booked, the visitor may want to call the lodging choice directly to check on unreserved rooms. Rooms in many nationally known lodging chains with hotels and motels in the Greater Knoxville region can be booked through their own reservation system. Visitors should check their Yellow Pages for toll-free numbers. Visitors are also encouraged to call the Chambers of Commerce in the nearby resort communities of Gatlinburg and Pigeon Forge where rooms are abundant. The number to call for general information and accommodations is (615) 971-1000. Call Monday through Friday from 9 a.m. to 9 p.m., Saturday from 10 a.m. to 5 p.m. and Sunday from 12 p.m. to 5 p.m. The Fair will be open through October 31. Admission prices are $9.95 for adults and $8.25 for children. "You've Got To Be There" is The 1982 World's Fair ,slogan, and the • Fair's success echoes that theme daily. -30-7/12/82 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis • THE 1982 WDP1DS FAR ATTENDANCE S MAY 1 S MAY 2 M MAY 3 T MAY 4 W MAY 5 R MAY 6 F MAY 7 S MAY 8 S MAY 9 M MAY 10 T MAY 11 W MAY 12 R MAY 13 F MAY 14 S MAY 15 S MAY 16 M MAY 17 T MAY 18 W MAY 19 R MAY 20 F MAY 21 S MAY 22 S MAY 23 M MAY 24 T MAY 25 W MAY 26 R MAY 27 F MAY 28 S MAY 29 S MAY 30 M MAY 31 87,659 40,000 57,300 48,690 53,370 44,107 56,571 85,709 55,748 61,314 71,286 66,038 61,740 90,224 99,306 58,547 76,600 82,029 72,952 64,381 92,892 96,223 60,781 75,845 78,822 65,967 57,210 67,518 96,080 75,472 49,991 GRAND TOTAL FOR MAY IS 2,150,365 JUNE 1 JUNE 2 JUNE 3 JUNE 4 JUNE 5 JUNE 6 JUNE 7 JUNE 8 JUNE 9 JUNE 10 JUNE 11 JUNE 12 JUNE 13 JUNE 14 JUNE 15 JUNE 16 JUNE 17 JUNE 18 JUNE 19 JUNE 20 JUNE 21 JUNE 22 JUNE 23 JUNE 24 JUNE 25 JUNE 26 JUNE 27 JUNE 28 JUNE 29 JUNE 30 65,325 73,360 63,768 61,916 80,394 62,276 83,501 88,657 71,819 66,076' 74,851 77,872 69,130 94,345 96,844 72,849 73,742 75,114 80,469 63,881\ 88,162 93,531 79,736 68,875 67,074 72,480 62,273 76,498 80,630 65,197 JULY JULY JULY JULY JULY JULY JULY JULY JULY JULY JULY JULY 1 2 3 4 5 6 7 8 9 10 11 12 54,750 48,362 51,818 67,479 55,386/ 67,032 69,590 61,596 54,793' 60,088 53,531i 68,233 GRAND TOTAL 5,113,668 GRAND TOTAL FOR JUNE IS 4,401,010 • Knoxville International Energy Exposition • Post Office Box 1982• Knoxville, TN., U.S.A. 37901 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis VI-3 of the World's Fair Tourism. The tourist industry is thriving in the vicinity business is down and, elsewhere, in Knoxville, Tennessee, but in Louisiana and Florida, Fair tapered off somewhat merely holding steady over last year. July attendance at the official projections. The Fair's from May and June levels but continues to meet nds, state and national parks, "spillover effect" is being felt at hotels, motels, campgrou in the border regions of Kentucky and private attractions as far away as Nashville and • not overcome the effects of the and the Carolinas. However, elsewhere, the Fair has st trade. recession by triggering the widely anticipated increase in touri Agriculture. s a The present outlook for the District's farm economy show ent. few bright spots and the possibility of future improvem In the livestock sector percent higher than last year. pork producers are receiving prices approximately 15 age further price increases. Continuing declines in production of both pork and beef pres economy, has not yet shown much Poultry, which is important in the District's farm s. gain from reductions in supplies of competing meat • Aggregate income from the s, but profit margins of individual livestock sector is likely to remain below 1981 level prices and forecasts of high yields. farmers should improve. Crop producers face low strength, are the sole exceptions. Cotton and tobacco prices, which have recently shown y to be able to Despite some improvement District farmers are not likel 1982. make significant progress toward debt reduction in Loan delinquencies have alarmingly high by historical declined modestly in recent weeks, but they remain standards. Panel of Economists. Local academic, banking, and business economists on of the Fed's continuing targets polled in a telephone survey indicated their evaluati to anticipated recovery. Their for money growth as acceptable and appropriate ing the status quo by not recommendations for monetary policy ranged from maintain • http://fraser.stlouisfed.org/ 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 copyright protections. Citation Information Document Type: Magazine article Citations: Number of Pages Removed: 3 Levy, Robert. "Here Comes the Knoxville Fair." Dun's Business Month, April 1982. Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Southeastern Economic AUGUST 1, 1982 VOLUME 2, NUMBER 14 • •.e Midyear Report Volcker:'Great Opportunities' Underlying Federal Reserve Board Chairman Paul Volcker's recent statement to the Senate and House was a strong emphasis of the importance of carrying through in the fight against inflation while creating an environment conducive to a sustained business recovery. In presenting the System's midyear report to Congress. Volcker sounded that note early, while speaking of "great opportunities- the nation now faces amid its concerns with the recession. high interest rates and high unemployment "Those opportunities.- said the chairman. "lie in major part in achieving lasting progress—in pinning down and extending what has already been achieved—toward price stability. In doing so. we will be laying the base for sustaining recovery over many years ahead. 'Fair's A Winner For Knoxville Alone The Knoxville World's Fair is drawing more visitors than expected and boosting spending in the host city. but the Tennessee fair's popularity seems to be having little impact on tourism throughout the rest of the Southeast. A Federal Reserve Bank of Atlanta researcher says the five million fairgoers who passed through the turnstiles from May through mid-July surpassed fair officials' projected attendance by 35 percent. Most visitors. however, seem to be limiting their stay and their spending to the neighborhood of the fair. The researcher finds little evidence the fair has either cut into attendance at other southeastern tourist attractions or increased tourism outside the immediate Knoxville area. Tourism in Louisiana and Florida is ailing, but most observers blame the recession and individual cities' problems rather than the fair's popularity. Elsewhere. tourism is holding steady. largely because local residents are stepping up their visits to neighboring attractions. 1110 World's Fair Visitors trzit (daily) Projected May Actual 20-40,000 50-99,000 June 40-60,000 75.000 7/t111211111i11;21111117111111i1111111\1111111\1\7_ii; continued on next page and for much lower interest rates. even as the economy grows.Volcker's statement. widely reported by the nation's press. included the announcement of tentative money supply targets for 1983—unchanged from those currently in effect—and a further appeal for progress in shaping a fiscal policy thoroughly in harmony with the essential attack on inflation. Noting that inflation has receded more rapidly than expected. potentially leaving more "room- for real growth. Volcker reported that the Federal Open Market Committee had decided not to revise 1982's monetary targets at this time. The FOMC also felt. he said. that "in light of developments during the first half. growth around the top of those ranges would be fully acceptable.- He said growth above the targeted ranges would be tolerated for a time if it appeared that factors related to the recession and recovery"were leading to stronger-than anticipated demands for money.For 1983. the closely watched M1 target. generally consisting of demand deposits and cash in public hands. remains tentatively in the 2 1/2 to 5 1/2 percent range. Since the money stock measures probably will be around the top of the ranges this year. Volcker said they would "be fully consistent with somewhat lower growth in the monetary aggregates in 1983.Speaking of the fight against inflation. Volcker said failure to continue that battle when so much headway has been made would only complicate the economy's problems in the long run. continued on back page - FEDERAL RESERVE BANK OF ATLANTA / Research Department http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fair's a Winner continued from page one general, the World's Fair seems to waving the most noticeable and positive ripple effects in the vicinity of the fair." says Bobbie McCrackin, Atlanta Fed economist and member of the southeastern regional team headed by economist Gene Sullivan. Retail sales in Knoxville were up sharply in May. for example. over the same period in 1981. May attendance at the nearby Great Smoky Mountains National Park passed its previous 1977 peak by 10 percent. Similarly, almost twice as many people visited Cumberland Gap National Park, just across the northeastern Tennessee border in Kentucky, in May and June of 1982 compared with the same months in 1981. In contrast, overnight stays at most of the Southeast's national park facilities remained steady or declined from last year. Tennessee campgrounds are full, • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis but those in Florida fell from last year's 47 percent occupancy to 43 percent in the first half of 1982. "However, tourism in Tennessee has not benefited consistently from the Fair. Hotel business in nearby counties has not been as good as expected, apparently because Knoxville hotels have been able to meet most of the demand for rooms." according to Mrs. McCrackin. "Much of the remainder was taken up by package bus tours, with visitors often staying several hours away from Knoxville or across the state border in North Carolina and Virginia." One indication that the World's Fair is having an adverse impact on other Tennessee attractions comes from the Tennessee Hotel/Motel Association. According to the association, travelers may be substituting tips to the fair for excursions to the Grand 01' Opry, Opryland Park. Nashville and other country music sites. The association notes that Tennessee travel fell off before May 1 because people postponed visits until after the fair's opening. Hotel occupancy in Knoxville, Nashville and Memphis fell during the first four months of 1982, according to the New York accounting fin-n of Panne!, Kerr and Forster. But that cutback may be traced to the recession, which has dampened business travel nationwide. Tennesee tourism traditionally has attracted a large percentage of blue-collar auto and steel workers from the industrial heartland, where the recession has been most severe. Spending at the World's Fair is higher than Fair officials projected, and that fact may force attending families to cut back on their vacation spending elsewhere. Tourist officials in Alabama. Georgia. Mississippi and North Carolina say they regard the fair's effects as negligible. A Kentucky tourism representative notes some improvement in travel spending, primarily along the 1-75 corridor leading from the Great Lakes through Knoxville to Florida O