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http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis .. L. ir __ i mimmma .. . BALTIMO il R i8 BR /A 8 CH DEDIC ATION , s Collection: Paul A. Volcker Papers Call Number: MC279 Box t3 Preferred Citation: Baltimore Branch Dedication, 1982 November 18; Paul A. Volcker Papers, Box 13; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collections/MC279/c227 and 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 Nlanuscript 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 agree to request permission of the States. 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Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 609-258-3385 (fax) muddaprinceton.edu http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L 21; 47 1/ PROGRAM AC- I " 1. 7,•i • trç Invocation The Reverend Edwin Schell, Pastor Old Otterbein United Methodist Church 1st .%11111—kkill! -__IWicSIAKt- Presiding _ C flL- '46.cs - • '! . I 1 111A1.__ 44 --.0104e."'";: ;11,V1 :!,1 I ftl'IK lij • j i de ,' fir7:7-----,-- irmirrtif • , .1.,,e --:7-5-t-f- I i ( 1 1 I 1 li • .,-.____ • II Trmfrint ,tn_r_i-r rr•: e ; 77-'11:7;77 • 1 ' ".--,. .`'-' •••••-i-'•-.,... ,.. ,_ .'''V''-._ -•-•..y,._ --: 7 ••-•-___-,...-s_.Qr --_, • ...1 11:1 7 ,' .:. LI -t• it . -"-- .•-.-..-'-'*-;P•'-•-,,,...4-',. .!_ -:--L, '!Th34:-- ..--2_'•-__ ,i '-. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Steven Muller, Chairman, Board of Directors Federal Reserve Bank of Richmond Remarks Robert D. McTeer, Jr., Senior Vice President Baltimore Branch Federal Reserve Bank of Richmond Robert P. Black, President Federal Reserve Bank of Richmond ' 1 t'L.--• A CaiT L Edward H. Covell, Chairman, Board of Directors Baltimore Branch Federal Reserve Bank of Richmond I BALTIMORE BRANCH Dedication Address Federal Reserve Bank of Richmond Paul A. Volcker, Chairman Board of Governors of the Federal Reserve System DEDICATION Reception ---- November 13, 1982 Tours following the ceremony SIXTY-FOUR YEARS OF GROWTH: A HISTORICAL REVIEW OTTERBEIN HISTORY The growth of the Baltimore Fed may be appreciated from a consideration of the following comparisons: In 1919, the first full year of operations, the number of checks 2 million; last year the figure was 370 million. Over / handled was just 71 the same period of time, the amount of currency and coin received and counted jumped from $160 million per year to $4 billion per year, the amount of reserve deposits handled increased from $18 million to $110 million, and the size of the staff grew from 29 to 457. As the volume of business swelled, larger working quarters were required. The first facility, when operations began in 1918, was a beautiful marble building (which still stands) at the northwest corner of Redwood (then German) and South Streets. By 1924, however, additional space was necessary. The Money Department moved to the Customs House at the corner of Gay and Water Streets while check operations went to the Hearst Tower Building at Baltimore Street and Guilford Avenue. Then, in 1927, a new six story building was constructed at the northwest corner of Calvert and Lexington Streets (our recent downtown location). Designed by the firm of Parker, Thomas and Rice, the facility housed all operations, gave the appearance of Italian Renaissance while harmonizing with the surrounding architecture, and contained a unique tunnel leading to what used to be the main post office. In the mid-1950's, four additional stories were added to accommodate expanding operations. Additional space became imperative in 1976. Check collection and data processing operations were moved to a leased facility at Rutherford Industrial Park in Woodlawn. Two years later, construction began on this $31.6 million structure covering 279,000 square feet at 502 South Sharp Street. Blending with the architecture in one of Baltimore's oldest communities, this new facility will house all operations, provide for more efficient service, and allow for future expansion. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis several former city The Federal Reserve's property is situated on of the city as a whole. blocks reflecting the general historical trends the end of the Development in this area, called Otterbein, began at eighteenth century. the Otterbein The name Otterbein was assigned to the area from was named for one of its first Church. The church, completed in 1786, the corner of Conway and pastors, Philip William Otterbein. It stands at Sharp Streets. early 1800's; all Houses on the blocks were few in number in the th century, the entire area faced Sharp Street. By the end of the nineteen intermixed with dwellings was nearly complete. Store fronts and saloons company had located on Barre made up the Sharp Street skyline; a fire most of the block south of Street; and the Baltimore Fruit Exchange covered the surrounding businesses or Lee Street. The inhabitants were workers in general laborers. western edge The Baltimore and Ohio Railroad began buying the expansion of their railyard. of the blocks in the early twentieth century for and demolished the entirf: By the 1920's, the B&O Railroad had purchased yard was purchased by th block for use as a railyard. During 1979, the . Federal Reserve Bank for construction of new facilities Durinc Ground breaking took place on December 7, 1979. ions to houses datins excavations, the Bank uncovered numerous foundat were uncovered. A portion of back to the 1800's. Over 3,000 artifacts display in the main lobby. these have been catalogued and are on ART AT THE BALTIMORE FED FEDERAL RESERVE BANK OF RICHMOND The Art Collection displayed at the Baltimore Fed is one designed to serve two basic purposes: to provide enjoyment, education, and a DIRECTORS stimulating environment for employees and visitors and to give encouragement and support to the arts. The artists were selected primarily from our regional area, which includes Maryland, Washington, D. C., and West Steven Muller, Chairman of the Board President The Johns Hopkins University and Hospital Baltimore, Maryland Virginia. The works were chosen by a committee within the Bank with invaluable guidance from an Advisory Collection Group composed of Fred Lazarus, President of the Maryland Institute; Roberta S. Emerson, Director of the Huntington Ga!Tories; and Bennard B. Perlman, Chairperson of the Art Department, Community College of Baltimore. Paul E. Reichardt, Deputy Chairman of the Board Chairman of the Board Washington Gas Light Company Washington, D. C. James A. Chapman, Jr., Chairman of the Board and Chief Executive Officer Inman Mills Inman, South Carolina The collection is confined primarily to wall pieces, although some sculpture was included where the building design allowed. The majority of the works are paintings in oil, acrylic or water color. Other media include collage, prints, quilts, glass and photographs. The subject matter ranges William M. Dickson, President and Senior Trust Officer The First National Bank in Ronceverte Ronceverte, West Virginia from nonrepresentational to fully depietive still-life and natural scenes. Within this latter category, we attempted to select works representational of our regional life. Major works in the collection were executed by such prominent area artists as Grace Hartigan, Eugene Leake, Herman Mari!, Keith Martin, Gladys Goldstein, Peter Charles, Babe Shapiro, and JerraId Balance. Approximately 150 works comprise the collection displayed throughout the building. The majority of the works may be seen on tour or by special request. EXHIBITS An exhibit of 18th century artifacts found during excavation is located in the Main Lobby. A coin and currency exhibit is located in display cases in the Atrium adjacent to the Cash Department. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Leon A. Dunn, Jr., Chairman, President and Chief Executive Officer Guardian Corporation and Subsidiaries Rocky Mount, North Carolina Joseph A. Jennings, Chairman and Chief Executive Officer United Virginia Bankshares, Inc. and United Virginia Bank Richmond, Virginia William S. Lee, Ill, Chairman of the Board and Chief Executive Officer Duke Power Company Charlotte, North Carolina Paul G. Miller, Chairman of the Board and Chief Executive Officer Commercial Credit Company Baltimore, Maryland J. Banks Scarborough, Chairman and President Pee Dee State Bank Timmonsville, South Carolina •••• • r • arm BALTIMORE BRANCH DIRECTORS Edward H. Covell, Chairman of the Board President The Covell Company Easton, Maryland BALTIMORE BRANCH Federal Reserve Bank of Richmond Pearl C. Brackett, Deputy Manager Cross Baltimore Regional Chapter of American National Red Baltimore, Maryland http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Joseph M. Gough, Jr., President The First National Bank of St. Mary's Leonardtown, Maryland Thomas H. Maddux, Executive Vice President and Chief Operating Officer Easco Corporation Baltimore, Maryland A. R. Reppert, President The Union National Bank of Clarksburg Clarksburg, West Virginia Hugh D. Shires, Senior Vice President The First National Bank of Maryland Cumberland, Maryland Robert L. Tate, Chairman of the Board Tate Industries Baltimore, Maryland Location West of the Otterbein Renewal area — an eight acre site bounded by Sharp, Hill, and Conway Streets, and the new 1-395 highway. • Architect Hellmuth, Obata and Kassabaum, Incorporated St. Louis, Missouri Construction Consultant/Manager The Whiting-Turner Contracting Company Baltimore, Maryland Interior Design Ford & Earl Design Associates, Incorporated Warren, Michigan Size 279,000 square feet http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BANK OF RICHMOND RICHMOND. VIRGINIA 23261 February 16, 1982 41,LP11 The Honorable Paul A. Volcker Chairman, Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Paul: Would it be at all possible for you to speak at the dedication of our new Baltimore office this November? We would like to schedule the dedication for two o'clock on the afternoon of the joint Board meeting of our Richmond and Baltimore offices at the new branch. The tentative dates we have for the meeting are November 12 and November 18, but we shall be glad to shift the date if there is some other time that would suit you and the directors better. We hope very much you can attend a dinner with the directors the night before but, if time does not permit, you could easily drive up the morning of the meeting. The Board meeting will run from nine to twelve and will be followed by lunch. nid4 Jrci• We plan to hold the meeting inside the new building-probably in the lobby, which will hold about a hundred people. Our list of invitees will include Senators Sarbanes and Mathias, Representatives Parren Mitchell and Barbara Mikulski, Governor Hughes of Maryland, Mayor Schaefer of Baltimore, a number of prominent civic and business leaders from Baltimore, and as many as possible of the chief executive officers of member banks and other depository institutions in the Baltimore territory. Hope very much you can make it. It's always a treat to have you with us, and it would be particularly good to have you present on this very special occasion. Sincerely yours, Dicti Robert P. Black President tve FEDERAL RESERVE BANK OF RICHMOND February 19, 1982 ROBERT P. BLACK PRESIDENT http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The Honorable Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D. C. 20551 rn Dear Paul: Certainly was delighted to receive Joe Coyne's phone call saying that you can participate in our Board meeting and the dedication of our new Baltimore Branch on November 18. The directors will be quite pleased and so will the invited guests when they learn who the speaker is going to be. I'll be back in touch with you regarding the details of the arrangements as soon as they are finalized. Hope very much that you can have dinner with our directors and some of our staff members the night before, but we're well aware of the enormous load you carry and shall certainly understand if you can't spare that much time. Sincerely yours, PP` ....... •.0VG0t, • 'o o • '.9tALREs Paul A. Volcker APPOINTMENTS Friday, November 19 8:00 Breakfast - Dr. Poehl, DR "A" 9:15 Mr. Langoni 10:30 Mr. Fernandez Hurtado 1:00 Lunch - Ambassador Burns, DR "A" 3:00 Alan Walters 5:00 Depart National Airport on Shuttle 7:00 Reception & Dinner - Princeton Associates @ Waldorf-Astoria (PAV talk after dinner) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Itinerary -- Chairman Volcker Thursday, November 18, 1982 10:45 AM 12:00 N 1:00 PM Drive to Baltimore by Fed car Luncheon at Baltimore Branch Dedication Ceremony Hotel reservation at Hyatt Regency (301) 6:30 10:00 528-1234 Reception & Dinner (speech) Johns Hopkins University Evergreen House on North Charles Street (adjacent to Loyola Campus) Drive to Washington GUVERTICRHnc - fiC e0AR0 CF ltiE OF ',';1 1;• 1EDERA1. RESERVE S'f flHflI IrN\ /prQ0-\, -3 214 1981 JUS 29 MI 17: RECEIVED CHAIRtA.M.1 OFFICE OF flIE June 28, 1982 Mr. Paul Volcker Board of Governors Federal Reserve System 20th & Constitution Ave., N.W. Washington, D.C. 20551 Dear Paul: I hate to impose on you, but I have a special and personal favor to ask. Is there any chance that you might visit The Johns Hopkins University to speak informally to a small but highly influential group of citizens who are this University's most generous supporters? Four years ago this group was established as the President's Club, the criteria for membership being that each member contribute at least $5,000 in unrestricted gifts to the University. I know you are aware how important such support is to a private institution. We currently have 60 members in the group. r•al http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Both to thank and to give the members an opportunity to meet and hear - off the record - someone of your stature, we annually hold a small dinner at Evergreen House of The Johns Hopkins University, immediately adjacent to Loyola College's campus on North Charles Street. It would give us enormous pleasure and pride if you would join us for that dinner. It may interest you to know that James Schlesinger was our guest last year. We have traditionally held this dinner in mid-November and have scheduled it this year for the evening of Thursday, November 18, the day you will be in Baltimore to dedicate the Fedn-ral 'Reserve Building. It is not a long or onerous evening -roughly from 6:30 to 10 p.m. It would not be necessary to prepare a formal address. Relatively brief comments and response to questions would be most appropriate. I know how besieged you are with invitations. I hope, however, that you might find this one attractive. I would do http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Mr. Paul Volcker June 28, 1982 Page 2 everything in my power to make it a pleasant and worthwhile experience for you. Do please let me know as soon as possible whether we may have the privilege of your presence - it would be marvelous to welcome you here. Sincerely, SM:sek P.S. There is an honorarium for this, but I guess that is not relevant in your case. If I am in error, do please advise.