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http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 0 Voicker Correspondence -- 197 A Collection: Paul A. Volcker Papers Call Number: MC279 Box 23 Preferred Citation: Volcker Correspondence, 1970; Paul A. Volcker Papers, Box 23; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collections/MC279/c411 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 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) firstname.lastname@example.org http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis October 1, 1970 Dear Dr. Ikle: Thank you for your letter of September 21, letting me know that you plan to be in Washington October 1921.I shall be in Paris October 19 and 20 for meetings of Working Party 3 of OECD, but will be back in Washington on Wednesday, the 21st, for meetings with our Advisory Committees on our next quarterly refunding. I will, however, be free in the late afternoon on Wednesday and would be happy to see you at 4:00 p.m. on that day. Unhappily, Secretary Kennedy's time is already fully committed on the days you will be in Washington, but should there be any change in his schedule, his secretary will let me know. Sincerely, (Signed) Paul A. Volcker Paul A. Volcker Dr. Max Ikle Talacker 50 8001 Zurich Switzerland 2 copies of inc. & reply to Mr. Petty (one set to be forwarded to appropriate other OASIA official). 1 copy inc. & reply to Mr. Willis http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ft Dr. Max Ik14 Talacker 50 8001 ZUrich Switzerland _DF2. MA.X 8001 Zurich, September 21, 1970 Talacker 50 nC_LE A. GENERALDIREKTOR. DER. SCHWEIZERISCHEN NATIONALHANK Mr. Paul A. Volcker Under-Secretary of State of the Treasury Department Washington U S A C Dear Mr. Volcker, I intend to come over to the United States in the middle of October and plan to be in Washington between October 19 - 21. My purpose is to study the repercussion of the recent American inflation on the balance of payment and the monetary system. On that occasion, I should welcome the opportunity of a call on you. You would oblige me by letting me know if you are in Washington at the time in question and when a visit of mine would suit you best. If the secretary of the Treasury, Mr. Kennedy, should be at that time in Washington it would be a honour for me to pay him a short visit. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis With kindest regards, Sincerely, ia4 JUN 1 197l1 THE INTERNATIONAL INVESTMENT CORPORATION FOR YUGOSLAVIA, S.A. St. Albans House Goldsmith Street, Wood Street London, E.C.2., England Telephone: 01-606 1201 886122 Telex: 26th May, 1970 Mr. Paul Volcker Under Secretary for Monetary Affairs U.S. Treasury Washington, D.C. U. S. A. Dear Paul: I am sufficiently close in memory to the way things work in Washington to realise the limited practicality of the following proposal. However, here it is. First, there is a strong view in European banking circles that unless the President of the U.S. takes some action There will be a serious worsening of the international financial crisis. Stock markets here and in Japan are going to move downwards as Wall Street does. Given the inflation—recession dilemma and limited freedom of movement that the FED and the Administration possess in the present situation, the question of confidence can in my view be construc— tively influenced by some non—financial and non—economic leadership initiatives by the President. This is not only my view but when I have advanced it in European banking circles there have been very strong endorsements. Basically this would be strong Presidential initiatives in the Salt disarmament talks and the Paris discussions to increase world confidence in Washington leadership and prospects of internal stability in the U.S. There may be tactical advantages in our present Salt postures if one looks at the projections of John Foster and the other Pentagon strategy boys in the narrow frame— work that they use (although my own experience over quite a few years with the bias of the technically semantically impressive snow jobs we got out of Foster and his group makes me sceptical), and there may be some posture advantage in not taking an initiative in Paris-but even if both these are true, the right answer for the Administra— tion comes out different when one sees the world desperately looking toward Washington for general leadership on all the issues that are http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis .a r — 2 — playing a key role in confidence and financial stability. You may feel that this is outside your area of responsibility but I still remember the major economic and financial error that Joe Fowler made as Secretary of the Treasury when he did not attempt to influ— ence the President on the Viet Nam issue because it was outside of his area of Cabinet responsibility. Sincerely, Anthony M. Solomon P.S. What chance of quietly persuading a prestigious Wall Street house to organize a takeover of IOS? The feeling here is that if IOS goes, there will be a real panic. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 6 (' ,o2 ' / fr,4, • / 7 ) 1f1 * APR 3 0 1976 Dear 7,7,,r. doquetr This in in v?ferelr.e to your lett-A- cf Februery 9 tc 1ry Woods axprossing your intt in 1,ing miss Po inc1ude6 in. the U. S. delegatior to the arrual mt2eting of the Intcrnational NoneAsry Fund a.r, World ria.r. in Ccvenhager this fall. / am afraid it would not 1.4,1 pow:air, for you to be 1nclud6 in the delouation since the r.;e1cgatior is always liPlited to senior officials of tht,. V. S. governmort, only exception node to this is for former Secretaris of tht. Treasury, who in recent years have boen invitc!ei to iyarticipate!, as honorary it-Ambers, limito4 number of privetin citienv from the various !n.(3 the meetings , member countries are formally invitee to attt te.,ch year, gc. nerlAlly 39nior executives of finacial institutions. These invitationn, howvver, are exterdpd by the International Monetary Fun6 ;me World Dank themselves, and ;lot by the merober governmert3. Sincerely (Signed) Paul A. Volcker Paul A. Wicker Mr. Peter W. Hoguet Econometric Forecasting Corccration 15 West 55th Street 1no19 Now York. Nvw or °ASIA. OIPPCO ziiFReynolds:mas/arn http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 4/29/70 APR P rtrt70 SECRETARY OF LABOR WASHINGTON APR 2 7 1970 Dear Paul: I noticed with great interest the reports of your remarks about flexible exchange rates and the importance of pursuing various versions of that general idea during the current calm in international monetary waters. I heartily support your point of view and congratulate you on the effort you are making. Sincerely yours, George P. Shultz Honorable Paul W. Volcker Under Secretary, Monetary Affairs Department of the Treasury Washington, D. C. 20220 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis March 13, 1970 Dear Joe: Thanks for sending along your preliminary outline of a D. C. Development Bank. As a technical matter, I see no great problems. Some question could be raised as to whether this would support or compete with a strong and independent D. C. Government -assuming the latter is our objective. Otherwise it strikes me that success or failure would hinge very heavily on the President of the Bank. Sincerely, Handwritten note added: It's a Joe Barr-type job: /s/ Paul Paul A. Volcker Mr. Joseph W. Barr President, American Security and Trust Company 15th Street and Pennsylvania Ave., N.W. Washington, D. C. 20013 Enclosures http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis March 13, 1970 Dear Bob: I understand Joe Barr has talked to you a bit about an idea of a D. C. Development Bank. I asked my people to look at his outline to see if they saw any real roadblocks. The simple answer is that they don't)except for some concern about its possible relationship to a strong and independent D. C. Government. I am enclosin9 a copy of their quick reaction. Hy own feeling is that there is no reason for us to discourage Joe's selling effort at this stage. Do you have different thoughts? Sincerely, (Signed) .?,a4i, Paul A. Volcker The Honorable Robert P. Mayo Director, Bureau of the Budget Room 252, Executive Office Building Washington, D. C. 20506 Enclosure cc: Mr. Barr Office of the Secretary of the Treasury Office of Debt Analysis Date To: March 6, 1970 Under Secretary Volcker From: Edward P. Snyder/ 1. I would be a little concerned about the relationship between the thing Joe Barr is proposing and a strong and independent D. C. Government. 2. Since the latter is not yet in the cards, and in view of the problems Barr outlines, I am inclined to think serious consideration should be given to the proposal. 3. I suppose by the fact that I Indian Development to be looked at as http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis my sentiment is colored helped work up an American Bank and the District has some kind of a reservation. 5010-106 OPTIONAL FORM NO. 10 MAY 1962 EDITION GSA GEN. REG. NO. 27 UNITED STATES GOVERNMENT Memorandum TO FROM Mr. Snyder The Department of the Treasury Washington, D.C. DATE: March 6, 1970 : Mr. Cavanaugh SUBJECT: Proposed D. C. Development Bank. The preliminary proposal by Mr. Barr isn't in sufficient detail to pinpoint any specific problems from the standpoint of Treasury's financial interests. The only indication of Federal financial participation in the Bank is the "Treasury put -- $6 million" shown as item 2B under the proposal. It is not clear whether this is intended to involve a subsidy or whether it would be an advance repayable with interest at a nonsubsidized rate. There is no indication whether the proposed $40 - 50 million debentures issued by the Bank would have some form of Government guarantee, apart from the $6 million of Treasury funds which would presumably be subordinated. It appears that the debentures would be taxable, since the Bank would apparently be wholly privately owned. Since the Treasury's $6 million would apparently not be in the form of stock ownership, there should be no question of including the expenditures of the Bank in Federal budget outlays. The proposed 6 percent dividend to be paid eventually on private equity in the Bank might raise some question so long as there is Treasury capital, especially if there is no provision for interest on Treasury capital. One possible problem: We are currently working with D. C. and Budget Bureau on draft Presidential legislation to authorize D. C. to borrow in the private market, instead of the present borrowings from Treasury, on a taxable basis with a Federal guarantee and interest subsidy. This legislation is due to go to the Congress shortly. While the D. C. capital facilities to be financed under this authority appear not to include the potential activities listed in Mr. Barr's proposal, there might be some overlapping. There may be some feeling, however, in keeping with the spirit of a stronger D. C. government, that D. C. should use its proposed new borrowing authority to fund some of the activities proposed to be included in the Development Bank, especially since D. C. would be able to borrow at alower net interest rate. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Buy U.S. Savings Bonds Regularly on the Payroll Savings Plan 2 I would assume that anything done in this regard for D. C., because of its special proximity to the Federal Government, need not be viewed as a precedent for similar Federal assistance to other communities. As to the likelihood of depend entirely upon the one whether the resources of the effectively in this way than Office of Debt Analysis http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis success, it seems to me that it would individual who is running the Bank as to community could be mobilized any more in any other. AMERICAN SECURITY AND TRUST COMPANY 15th STREET AND PENNSYLVANIA AVENUE, N. W.,WASHINGTON, D. C. 20013 • 783-6000 JOSEPH W BARR March 5, 1970 President The Hon. Paul A. Volcker Under Secretary The Department of the Treasury Washington,D.C. 20220 Dear Paul: I chatted with Bob Mayo on thi.s subject after my discussion with you. He concurred with your suggestion that I put the proposal on paper and I am doing so. If you have any suggestions let me know and in the interim I am going to try to get thi.s sold to the Administration. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Sincerely, resident Memorandum to Hon. Robert P. Mayo, Director Bureau of The Budget Subject: D. C. Development Bank Background I have been a private banker in the District for just one year. I offer these observations. 1 - The Administration is obviously determined to improve the social and economic climate of the District. 2 - Substantial funds have been made available to the Di.stri .ct from HEW, HUD, 0E0, Transportation, etc. 3 - In addition to the federal funds nearly every foundation in the nation seems to have a D.C. project. 4 - As a result there seems to be plenty of money and good intentions available and yet results are sparse. 5 - WHY? A. There are possibly too many projects. B. Many of these projects --- either federal or foundation --- requi re private seed money for activation. This has been difficult to obtain. C. The non-profit orientation of many grants has produ ced peculiar results. D. The business community has never learned to pull together as they do in Chicago, Dallas or Los Angeles. E. Financial institutions are relatively small and quite conse rvative. F. The .technical approach to many programs by the local groups has been either faulty or unrealistic. The Proposal 1 - Go to the Congress and get a charter modelled after the World Bank and the various development banks we have helped create in developing nation s. - Capitalization A. Equity capital ---,$2 million, 1 million paid in --1 million callable --- market for shares ---D.C. banks, S. & L's, mortgage banke rs, insurance companies, retailers, publishers, utilities and perhaps a few nation al corporations with D. C. offices. B. Treasury put - $6 million C. Line of Credit - $6 million by D.C. banks. D. Debentures - up to 40 - 50 million on basis of Equit y capitalplus --- Treasury Put and Bank lines. Organization 10 directors (no real need for odd number --- decisions should be unani mous or nearly so.) 5 government directors --- Secretaries of Treasury, HEW, HUD (or possibly 0E0), plus Mayor and Chairman of City Council. 5 private directors elected by shareholders. Operating Management 1 - President --- Vice President 2 - Loans - 2 - 3 loan officers 3 - Legal - 1 - 2 lawyers 4 - Accounting - 1 - 2 accountants 5 - Engineering --- 2 construction engineers 6 - Analysis --- 1 economist 7 - Public Relations- 1 8 - Community Relations - 1 9 - Project Direction - 1 - 2 Funding - 5 year evolution Until reserves equal Treasury put and bank is on sound basis. 1 - No dividends paid on equity capital. 2 - After reserves equal Treasury put, pay 6% (Fed. Reser ve) dividends. 3 - For evolutionary period A - Pay Pr esident and Vice President from returns on paid in capital. B - Banks and S & L's supply loan officers and secretarial help on rotating (1 year 2 year basis). C - Legal firms supply lawyers. D - Accounting firms supply accountants. E - Construction and utility firms supply engineers. F - IMF supply economist G - Newspapers supplyp ublic Affai.rs Officer. H - World Bank supply project engineer. r--- Potential Activity 1 - Minority Loans - Business 6 - International Center -- Chancelleries,etc. 2 - Rehab. - Housing 3 - Urban Renewal 4 - 235 - 236 - Housing 5 - Ghetto Unions - Credit This is a partial and preliminary list. With the advent of the subway system, I am certain that the challenges and the opportunities would be huge. Conclusion It seems to me that this Development Bank could pull together the capital and the expertise of the private community to provide for an organized approach to the problems of economic development in the District. It could undertake projects carryi.ng more risks than we would care to a.ssume as individuals. It -would pool the community's technical expertise which i.s so sadly missingin our individual approach to these problems. It could demonstrate the faith of the private sector in the future of this town. It could provide an organizatinn of competence to perform government contracts. It could provide a traini.ng ground for minority citizens who could work as alternates w th the division heads. It could move the District from its current proliferation. of plans and studies i.nto an action ,*f. Unless I am sadly mistaken it would be welcomed with open arms by the Congress which probably shares our current confusion as to what should be done in the Di.strict, and is looking for some enlightened interest (not just bellyaching) from the private sector. writing any I have described this proposal to Paul Volcker but told him that I was not to Secretaries papers until I had cleared through you. I now propose to try to sell thi.s program it briefly discuss to and Romney, and Finch, plus Messrs. Brown, Moynihan, and Rumsfeld would probably with Senators Sparkman, Bennett and Congressman Patrnan & Widnall who have jurisdi.ction. I will keep you posted as to my progress. Joseph W. Barr http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis February 16, 1970 Dear Frazar: Thanks for your letter of February 9. I understand and share your sense of frustration. Some developments suggest the prospects for better payment may be improving, but we are still a long way from a satisfactory solution. I understand that the proposed Gleason sale was not approved. This is a matter of political judgment, apparently beyond the influence of economic considerations. Movement in that area is very slow. Best wishes. Sincerely, PN-d1 Paul A. Volcker Mr. Frazar B. Wilde Connecticut General Life Insurance Company Hartford, Connecticut 06115 rrt3I 1970 Hartford, Connecticut 06115 eTt ACG -T,___TM 11-7- 1\7 C G.- 7E C 1%/I , 1E Frazar B. Wilde Chairman Emeritus February 9, 1970 The Honorable Paul A. Volcker Under Secretary of the Treasury Treasury Department Washington, D. C. 20220 Dear Paul: As a taxpayer and because of some familiarity with balance of payments, I am greatly concerned about our foreign military expenditures. I particularly resent the European situation because I think that if we can't take troops home, Germany should pay us substantially more than it does and not just by buying paper. I have the same approach to Asia. It seems to me ridiculous for us to defend Japan by maintaining troops in Korea and other Southeastern Asia posts, such as Taiwan, while Japan escapes scot-free from any costs, as far as I know. I realize that this is supposed to have something to do with the defense of America, but this is hard for me to see. I know that this is a State Department issue in large part, but the Treasury is also fundamentally interested. The matter was stirred up in my thinking by The Wall Street Journal of February 5, page 28, in which the subject of revaluing the yen was discussed. What struck me especially was the fantastic trade surplus which Japan has generated. The Japanese are entitled to credit for their hard work and good technology. At the same time they ought to share a larger burden in the defense of Asia. Sincerely yours, FBW:evl http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis "V' February 3, 1970 Dear Joe: Attached are the facts, free of newspaper filtration. Since I don't have the defense of blindness, you can only accuse me of stupidity. Obviously, I have a certain intellectual sympathy with the point that I assume Henry is trying to make in terms of breaking the "gold mystique." But, as I have told him directly, I have grave doubts about his practicality. Specifically, I have felt we had a good deal more to lose than to gain from trying to enforce Reuss "purity" on the Basle group, and the agreed arrangement is preferable to the possibility that European central banks, individually or collectively, would in fact provide a market floor. Perhaps there was a third alternative. Maybe we could have strong-armed the Europeans into letting the price drop substantially without support, but I am certain we could not have done that without the kind of pressure and confrontation that would carry considerable risks for an orderly transition to a "less golden" world. Negotiating with South Africa is no one's brightest hour, but it did seem to me unavoidable and useful in the circumstances. Sincerely, Paul A. Volcker Mr. Henry H. Fowler Goldman, Sachs & Company 55 Broad Street New York, New York 10004 Enclosures http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis February 3, 1970 Dear Joe: Attached are the facts, free of newspaper filtration. Since I don't have the defense of blindness, you can only accuse me of stupidity. Obviously, I have a certain intellectual sympathy with the point that I assume Henry is trying to make in terms of breaking the "gold mystique." But, as I have told him directly, I have grave doubts about his practicality. Specifically, I have felt we had a good deal more to lose than to gain from trying to enforce Reuss "purity" on the Basle group, and the agreed arrangement is preferable to the possibility that European central banks, individually or collectively, would in fact provide a market floor. Perhaps there was a third alternative. Maybe we could have strong-armed the Europeans into letting the price drop substantially without support, but I am certain we could not have done that without the kind of pressure and confrontation that would carry considerable risks for an orderly transition to a "less golden" world. Negotiating with South Africa is no one's brightest hour, but it did seem to me unavoidable and useful in the circumstances. Sincerely, Paul A. Volcker Mr. Henry H. Fowler Goldman, Sachs & Company 55 Broad Street New York, New York 10004 Enclosures http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis GOLDMAN, SACHS te CO. 55 BROAD STREET • NEW YORK, N.Y. 10004 • 212-676-8000 Henry H.Fowler PARTNER 212-676-8322 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis January 26th, 1970. Dear Paul, Since I like to follow important events authoritatively and don't rely entirely on the newspaper analysis of an exchange of letters between two such redoubtable characters as Volcker and Reuss, would you please send me copies of your recent letter exchange with Henry that was the subject of a report in the New York Times of January 16th. When I read the report of those two letters and the analysis of the agreement, contained in such informed organs as the South African Digest, I am convinced that the only relevant story is that of the three blind men describing the elephant on the basis of their feel of different extremities of the same animal. With best wishes, I am Sincerely, li fi The Honorable Paul A. Volcker Under Secretary of the Treasury Treasury Department Washington, D. C. New York • Boston • Chicago • Dallas • Los Angeles • Philadelphia • St. Louis • San Francisco • Detroit • Memphis http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 't-vB Dear Andy: Thanks for sending along a copy of your recent letter to the President. Dr. Vocke's letter is both eloquent and right. Best wishes. Sincerely, ?IV 1:14;2114 Mr. Andrew N. Overby Vice Chairman of the Board The First Boston Corporation 20 Exchange Place New York, New York 10005 1916 THE FIRST BOSTON CORPORATION February 17, 1970 ANDREW N. OVERBY 20 EXCHANGE PLACE NEW YoRK,N.Y. 10005 CABLE: FIRSTCORP,N.Y VICE CHAIRMAN OF THE BOARD 00516 Honorable David M. Kennedy Secretary of the Treasury Department of the Treasury Washington, D. C. 20220 Dear Dave: I think you may be interested in the attached copy of my letter to the President and the copy of a letter I received today from Dr. Wilhelm Vocke of Germany. All the best. Sincerely yours, Enclosures http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE FIRST BOSTON CORPORATION February 17, 1970 ANDREW N.OvERBY VICE CHAIRMAN OF THE BOARD 20 EXCHANGE PLACE NEW YORK,N.Y.10005 CABLE: FIRSTCORP,N.Y The President The White House Washington, D. C. Dear Mr. President: With reference to my telegram to you of November 22nd regarding your talk at the "Briefing for Business" at the Sheraton Park Hotel on November 21st, and with reference to your kind letter of December 2nd enclosing a transcript of your talk, I feel I should pass on to you the attached copy of a letter, dated February 13, 1970, from Dr. Wilhelm Vocke of Germany, to whom I took the liberty of sending a copy of your speech. I enclose also a typed reproduction of Dr. Vocke's letter for easier reading. Dr. Vocke was for many years head of the Deutsche Bundesbank and one of the really great architects of the monetary reconstruction of Germany and contributed greatly to the later monetary stability and the spectacular progress of Germany. In view of all of the besetting problems and criticisms you receive, I am sure, from many sources, I thought you might like to hear a voice of admiration and support from an elder statesman in Germany who has been through the "wars." With my high esteem, and very best wishes, I am, Sincerely yours, . iv/-Overby Enclosures http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis COPY OF HANDWRITTEN LETTER Frankfurt Am Main Georg Speyerstre 9 Dr. Wilhelm Vocke Geheimer Finanzrat 13.2.70 Dear Mr. Overby, I was very glad to get post from you. I had lost your address and could not answer your kind seasons' greetings. Now I send you my late but sincere - good wishes. The papers you have sent me are very impressive, even fascinating. I admire President Nixon. He has the courage to fight the pest of inflation, to fight crime, etc. He will need courage, strength, good nerves - and even to be reckless, to go his way, even if it is not the soft way and not the popular way. Popularity will be the fruit of the battle at the end. My view was and is: you cannot have a hard money by soft ways and methods. His task is: to reestablish stability, to regain confidence and respect for U.S.A. This is what the world expects from America's leadership. There is no alternative. I sincerely wish full success for your country and its courageous leader. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis With best regards, Yours, /s/ Vocke peRANKFURT AM MAIN./ .DR..WILHELM VOCKV oZmvimzEt PINANZRAT dt ci ci Az ; irt,c("A 71.0' e;.,2 dea3 (, 14 p,ze„cr, /4.41€ b fa-/if e rg7,i fr. erwh,,,g_65 714 yaw xes-/P4,2 a4-11 tL4e Ar .3.(2. GEORG SPEYERSTR. zIta-eZizzaz at/ " 2 _ - o l ze, hal 4 1 i 4Ap44( alee_ pt-ia rie.44.64 - a,/4 , p kiv 44 , 1, f r-ivg ri,(4/, co ,y1,e h af,y(-4, 1-‘i h 41/ Af,f.,7/kid/ h(Li r kawin,49-7-z.." aik& c°f-a47- 64' "I A ; Lyi> rs 7.aPrnej_ 1eai 4j// c771,,t,:f/;1L4/ http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 74Lia e ie-e7 214C14 P--ke f4g-i 444-' •-&" .0 1 -.71t1,.4 ‘e. çt ; ( tL7 a4. 7 a Date: MEMORANDUM FOR: February 25, 1970 The Secretary Paul A. Volcker/0 From: Subject: The attached letter for your signature acknowledges Andrew N. Overby's letter to you in which he forwarded a copy of a letter he received from Dr. Wilhelm Vocke of Germany. Initiator Surname PAVolcker Initials http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Reviewer ., Reviewer Reviewer Reviewer Exec.Sec. , Treas. Dept. OS Form No. .3053 FER 2 4 (Rev., 11-64) v 1970 EXECUTIVE SECRETARIAT CORRESPONDENCE ROUTE SLIP Action For the Secretary Or The Under Secretary Date -. Volcker TO: 2/24/70 No. 516 z, JA.44,"‘,i lease prepare reply for: B. Please prepare reply on behalf of: (C ) Secretary's Signature ( ) The Secretary ( ) Under Secretary's Signature ( ) The Under Secretary ( ) Acting Secretary's Signature Prepare Salutation: Dear Prepare Complimentary Close: Andy ( ) Sincerely yours, ( ..[) With best wishes, Sincerely, PROMPT HANDLING IS IMPORTANT. If it is not feasible to complete final action by 3/3/70 notify the Director of the Executive Secretariat (Ext. 2471). Copies of attached correspondence have been sent to: Secretary Under Secretary C. For Action Indicated: ( ) For appropriate handling ( ) For information ( ) Other http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis EI,10'1" AN E.W A Y 1-30-70 Pt the request of Pierre Haas. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis , fit 1 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: Newspaper article Citations: Number of Pages Removed: 1 Janeway, Eliot. "European Financier Confident in Dollar." Chicago Tribune, January 15, 1970. Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org