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The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies. Federal Reserve Bank of St. Louis  Collection: Paul A. Volcker Papers Call Number: MC279  Box 25  Preferred Citation: Correspondence File: Congratulatory Letters, 1987; Paul A. Volcker Papers, Box 25; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: and https://fraser.sdouisfed.orearchival/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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TRT: DEL  •  40 40 40  MAILBOX INDEX NUMBER: 0001 MESSAGE SEQUENCE NUMBER: 0004 ORIGINATOR ANSWERBACK: 80402 COSPS HX TIME RECEIVED: 11-AUG 08:21 RE: OCP: ZEB1310 197668 FEDR MUT 80402 COSPS HX  40  AUGUST 11, 1987 - HONG KONG  40  TO: MR. PAUL VOLCKER CONGRATULATIONS AND THANKS TO YOU ON YOUR OUTSTANDING  • CONTRIBUTION TO THE AMERICAN PUBLIC AND THE INTERNATIONAL  40  FINANCIAL COMMUNITY.  40  I SEND YOU MY BEST WISHES FOR THE FUTURE.  40  RESPECTFULLY, ERIC HOTUNG  • 197668 FEDR MUT  40 40 40 40  •  NNNN80402 COSPS HX NNNN MAILBOX INDEX NUMBER: 0002 MESSAGE SEQUENCE NUMBER: 0005 ORIGINATOR ANSWERBACK: 80402 COSPS HX TIME RECEIVED: 11-AUG 08:26 RE: ZEB1311 197668 FEDR MUT Federal Reserve Bank of St. Louis  September 3, 1987  Mr. Dan Adams 1011 S. Butte Crest Payson, Arizona 85541 Dear Mr. Adams: I appreciate that footnote on your letter to Senator De Concini. I understand the doubts -- but we also have an opportunity and a good Fed Chairman. Sincerely,  Paul A. Volcker. PAV:gv Federal Reserve Bank of St. Louis Federal Reserve Bank of St. Louis  6vvc:41Ltraz.v,_eA_ex„  42  )-Ntt7  qi, L  Lex,GtAfe_  t'QL  _  (./  I  Li  4AA,  e!t2  LhfL,  2  242 Federal Reserve Bank of St. Louis Federal Reserve Bank of St. Louis Federal Reserve Bank of St. Louis  27/01 ___ l&eitfrA42_  , Federal Reserve Bank of St. Louis  September 3, 1987  Mr. James W. Alsdorf Chairman Alsdorf International Ltd. 4300 West Peterson Avenue Chicago, Illinois 60646 Dear Jim: I appreciated that note -- and more your interest and support for both the substantive and aesthetic part of our work. I share that hope that we will be meeting again, in Chicago or elsewhere. Federal Reserve Bank of St. Louis  Best regards from us both to both of you,  Paul A. Volcker  \ ./ Federal Reserve Bank of St. Louis  Alsdorf International Ltd. Established 1911  West Peterson Avenue Chica o,Illinois 60646,USA 4300  August 20, 1987  Mr. Paul Volker % Board of Governors Federal Reserve System Washington, D.C. 20551 Dear Chairman Vthlker: It has been a pleasure serving on the Federal Reserve Art Advisory Council. We on the Committee have certainly appreciated your interest and support. But most of all, I congratulate and thank you for your years of skillfully guiding the Federal Reserve System through one of our country's most critical monetary periods. The System could have rapidly gone from "critical" to "disastrous" without your brilliant program for moderate growth and low inflation. I had hoped to be in Washington for one to you but, unfortunately, that was tributes of the impossible due to conflicting dates. Marilynn joins me in sending our best wishes to you and Barbara as you enter this next phase of your career. After thirty years of outstanding service to our country, perhaps you will have time to travel. If Chicago is on your itinerary, we would be honored and pleased to hear from you. Warmest personal reg Cordially, , ALSDORF  AL LTD.  James W. Arsdorf Chairman JWA/mha  August 12, 1987  Mr. Fred W. Andrew Chairman of the Board Federal Reserve Bank of San Francisco 101 Market Street San Francisco, California 94105 Dear Fred: Many thanks for that warm note from a fellow 60-year-old retiree. You have given long and valiant volunteer service to the Federal Reserve at even less remuneration. Somehow financial and agricultural consultants sound like they should find a natural market these days. Let's hope,  Paul A. Volcker PAV:gv Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF SAN FRANCISCO 101 MARKET STREET, _AN FRANCISCO, CALIFORNIA 94105 August 6, 1987 OFFICE OF  CHAIRMAN OF THE BOARD FEDERAL RESERVE AGENT  The Honorable Paul Volcker Chairman Board of Governors of the Federal Reserve System Washington, D.C. 20551 Dear Paul: Just a note to let you know how much I have enjoyed serving the Federal Reserve with you. We will both have had almost the same tenure. I started with the Los Angeles Branch in 1980, prior to moving onto San Francisco in 1982. I'll finish at the end of this year. I am proud of your accomplishments during those eight years - and also proud to have had a small part in it. Mobil Oil has disposed of all of their agricultural assets, and I have retired at the young age of 60! Should you, in any of your new ventures, need any assistance as a director or consultant please feel free to ask. I built, and ran, an agricultural enterprise of 46,000 acres in two states and several countries, and had 4,000 employees. Sorry to get carried away when I was just sending this note to wish you well. Reg r s  nd best wishes,  Fred  . Andrew  p.s.  I wish I was still in the grape business so I could send Preston Martin a box of sour grapes - although he appears to have enough of his own! Federal Reserve Bank of St. Louis Federal Reserve Bank of St. Louis  .  , DS  INC  AR  CH  983  -0 17 OR 3 389 8 .4. 3 9 , 9 0 1 nia pif r ox ral e B Califo c i f , f t O eld Pos ersfi a B k  M=p  August 12, 1987  Mr. Robert N. Bee ENGLAND Dear Bob: Many thanks for that warm note -- and for the news that the instinct for entrepreneurship still runs in the Bee family. London is a place I intend with some assurance to visit from time to time, so you may find me dropping in! With all best wishes for the new venture and otherwise,  Paul A. Volcker PAV:gv Federal Reserve Bank of St. Louis  /3 ealczai4o ,9;eiezie .=_9n.a4-n W5:6,4e  Mr Paul A Volcker Chairman of the Board Federal Reserve System Washington, D.C. USA 5 August 1987  Dear Paul As you pack up to leave the Fed, I would like to add my voice to the chorus of friends saluting and congratulating you on your enormous contribution to the well-being of the country and the world. During our short span on earth, we all seek, each in a different way, to leave the world a better place than it was when we arrived. Few mortals have succeeded as much as you, and you still have a long way to go! The National Commission on Public Service sounds like an ideal vehicle to which to devote your talent, wisdom and experience. Hoping that it allows ample time for fishing, I wish you every success and happiness in the next phase in your life. As you may have gathered, I recently "retired" from LIB and am now in the process of setting up a new bank with some major shareholders. Dolores and I have decided to stay in London about 5 more years and creating a new (but very small) institution should be fun. I know you will be under heavy demand whenever you visit London but, should your schedule permit, we would be delighted to see you. With best personal wishes. Yours  ROBE Federal Reserve Bank of St. Louis  incerely  BEE  August 12, 1987  Mr. Kerry Berman Senior Vice President First Security Savings Bank 20501 Ventura Boulevard (Suite 220) Woodland Hills, California 91364 Dear Mr. Berman: Many thanks for that generous note on my departure from the Fed. Sincerely,  Paul A. Volcker PAV:gv Federal Reserve Bank of St. Louis  •-•-•,......  FIRST SECURITY SAVINGS BANK Federal Reserve Bank of St. Louis  KERRY BERMAN Senior Vice President Loan Production  20501 Ventura Blvd., Suite 220 Woodland Hills, CA 91364 Office: (818) 715-0445  P  41e31 KERRY J. BERMAN  August 5, 1987  The Honorable Paul Volcker Federal Reserve Board Washington, D.C.  Dear Mr. Volcker: I just wanted to take this opportunity to express my appreciation for doing such a fine job for our country. Your commitment and dedication will for ever be recorded in our history books. When I first wrote you a very nasty letter in June of 1981, you personally took the time to explain to me how the Federal Reserve System works and the objective behind the higher interest rates. It appears as though history is repeating itself based on your final apperance before Congress. I do hope that this time people will heed your words. You have paid the price and now deserve to relax and enjoy. wish you much health and happiness for many years to come.  Sincere  Kerr Federal Reserve Bank of St. Louis  you  B r an  2439 No. Brentwood Avenue, Simi Valley, CA 93063 •(805)522-8080  I  August 12, 1987  Mr. Ben G. Cochran Cochran Brothers Co., Inc. Dublin, Georgia 31021 Dear Mr. Cochran: Many thanks for that note from a surviving small businessman.  That kind of message means  more than a lot of others. Sincerely,  Paul A. Volcker PAV:gy Federal Reserve Bank of St. Louis  •  BENJAMIN G  COCHRAN, PRESIDENT  PATRICIA S. COCHRAN, SECTY  •'SERVING  & TREAS.  MIDDLE GEORGIA • AREA  Cochman, g1401  Compan,v,  Wholesale Distributors DUBLIN,GEORGIA 31021  August 4, 1987  Mr. Paul Volker Federal Reserve Board Washington, D.C. 20510 Dear Mr. Volker: Last night's news indicated that you were making your last official rounds as Chairman of the Federal Reserve. I am one small businessman who could not have survived in the absence of the courageous stand which you took as Chairman of the Federal Reserve Board. I shall always be grateful for your leadership at this crucial point in the economic history of our country. Yours truly,  Ben G. Cochran Cochran Brothers BGC/gk Federal Reserve Bank of St. Louis  Co •  Inc.  September 3, 1987  Mr. and Mrs. John Brodbeck  Dear Mr. and Mrs. Brodbeck: Many thanks for that warm letter on my departure from the Federal Reserve. Sincerely,  Paul A. Volcker PAV:gv Federal Reserve Bank of St. Louis  John & Miriam Brodbeck  August 21, 1987  Dear Mr. Volcker: We thank you for your many years of devoted service Federal Reserve System.  in  the  We find it difficult to believe that it was in March of 1982 your You have left that we last corresponded with your office. those resume will who those for condition, good very in office well in future endeavors. responsibilities, and we wish you Federal Reserve Bank of St. Louis  Sincerely,  %  ,  August 12, 1987  The Honorable Norm Dicks U.S. House of Representatives 2429 Rayburn House Office Building Washington, D.C. 20515-4706 Dear Norm: That was a warm and generous letter on my "retirement," and I appreciate it. With all best wishes,  Paul A. Volcker  PAV:gv Federal Reserve Bank of St. Louis  NORM DICKS  DISTRICT OFFICES:  6TH DISTRICT, WASHINGTON  PIERCE COUNTY SUITE 201 ONE PACIFIC BUILDING 621 PACIFIC AVENUE TACOMA, WA 98402-4620 PHONE:(206) 593-6536  COMMITTEE  APPROPRIATIONS SUBCOMMITTEES: DEFENSE INTERIOR  2429 RAYBURN HOUSE OFFICE BUILDING WASHINGTON, DC 20515-4706 PHONE:(202) 225-5916  Comartm5 of tbe Elnitieb  tatti;  jOotuse of Reprefqntatibess 04! atbington, rkt  KITSAP COUNTY SUITE 307 GREAT NORTHWEST BUILDING 500 PACIFIC AVENUE BREMERTON, WA 98310-1904 PHONE:(206) 479-4011  August 3, 1987  The Honorable Paul Volcker Chairman Federal Reserve Board 20th and Constitution Ave. N.W. Washington, D.C. 20551 Dear Mr. Chairman: Several years ago we had the opportunity to meet over breakfast. I expressed my concern with the economic conditions at that time and the effect of the Federal Reserve Board's policies on my Congressional district. Since then, I have been following the Federal Reserve Board's actions closely. I felt that I would be remiss if I did not write you before you left your position at the Federal Reserve. I believe you have made a tremendous contribution to our country and to the stability of the world economy. Your bold initiatives and firm hand have brought the inflation rate down to under four percent for the last five years. All Americans have enjoyed this period of sustained growth and relief from the large bite that inflation took out of consumers' paychecks. You will be remembered as the man who finally brought inflation under control. Your experience and expertise in international economic affairs has been essential in dealing with the complex problems of third world debt and world financial markets. I wanted to thank you for all of your many years of service throughout your career and for the eight most recent years of experience as Chairman of the Federal Reserve Board. Sincerely,  7/6147.%  4"4010  NORM DICKS Member of Congress NDD:tc Federal Reserve Bank of St. Louis  August 20, 1987  Mr. Thomas E. Dustin  Dear Mr. Dustin: As I leave a (not my) Federal Reserve office for the last time, I want to thank you for writing so warmly -- even if I suspect no living being could adequately justify all those nice words and confidence. Frankly, I am in what to do -- but I'd before I spend all my on the Public Service don't expect to spend  a bit of a quandary about better resolve it soon, time with the Commission for nothing. And I really my time speaking forever!  Your spontaneous expression of interest means a lot. Sincerely,  Paul A. Volcker PAV:gv Federal Reserve Bank of St. Louis  §  At August 14, 1987  Mr. Paul Volcker Federal Reserve Board Washington, D, C. Dear Mr. Volcker: I know basically nothing about banking, finance, or large scale economics; yet, I have always been a great admirer of yours--not really for your enormous achievements as chairman of the Federal Reserve Board, though my perception is that you are probably the greatest chairman in the FEID's history. more to the fact that you are a No, my respect faith, and confidence in you go principled, ethical, courageous and able person, and that you have quite literally given your life to public service. What a sublime example and challenge you have set for us. You could have been president; indeed, how sorely we need a person of your timber. Perhaps it is not too late, though I can almost hear your self-effacing rumble of laughter at such a notion. I don't really think there are many people who understand you, Mr. Volcker; and I would not be so presumptuous as to claim special wisdom in the needed insights for that. But I don't think President Reagan would have the foggiest notion of what you are and what you stand for. This administration has few if any who would. I do not even think the thousands of warm well-wishers who regard you so highly understand you when they now warmly smile in anticipation of your going forth to make millions in the private worlds of banking and finance. They say "he deserves it", after all those years of devoted service at some $85,000 a year. Of course, they are absolutely right, but such well-wishing still fails to understand who and what you are and always will be in your deepest fundamentals, at least as I perceive you. It surprised me not a whit when news was released that you had affiliated with a foundation designed to encourage public service by able people. But I would be very much surprised if you were not offered that new chair recently endowed at Harvard to represent ethics in business. Still, you are not a "preachy" man, and I doubt you would accept it. Your greatest value is the example you set, and I think that may be your intention. Why indeed, should our country be able to produce only one Paul Volcker? Besides, you would be badly overqualified for the Harvard post. You would assuredly be worth millions to any private financial or banking institution, since the institution wouldgain immeasurably merely by identifying with you. But I would suggest that you are now wealthy beyond calculation in a currency that could never be quantified or traded. Please understand, I would not fault you a bit should you now pursue personal financial wealth; I would cheer along with all But I would be surprised. the others Respectfully  Thomas E. Dustin ‘ Reserve Bank of St. Louis Federal  September 3, 1987  Mr. John F. Floberg  Dear Mr. Floberg: I appreciate your letter, and more the feeling behind it. I wish there were more that had such strong -- and to me sensible as well as moral -- instincts. Thanks for writing,  Paul A. Volcker. PAV:gv Federal Reserve Bank of St. Louis  John F. Floberg  c  al0 <S-c . Federal Reserve Bank of St. Louis  C'-L  Lo • 0 .( I  ,  '*---(‘--e , t,.<  et,i-c  -  4c) 1  h s_r_e,_  Zik,_  (rae  st___124.7 L-et.„y_ o„  Fe,t_L 0-(&.e 12-c,12-er a-gx‹, (r‘ ' Federal Reserve Bank of St. Louis  ry*A"Lt  g_Res.r r  i(,  t •  (_  3 cK -  -,, c'—. T-  ,44  J ‘ %-  , Federal Reserve Bank of St. Louis  • •  Gt_cy„ __ st,,f  7 "  r,  6  -t  Lt) -t-le(71,‘Y5  t  ttr:  d„,,‹, tee-, j  D  4/,,,j(--cLA-  L rs4.,j :  k  .7 ( c.:) ( ?S L„  r 0  ;,._j (_ i Federal Reserve Bank of St. Louis  t ek_cdz_ ?  cl-t, (9-4, 1-‘-47 ,  10, o-s ck<-, ,-< C  4-13-zo-4 /cr,,-  August 20, 1987  Mr. Orman L. Graves  Dear Mr. Graves: I appreciated your letter and thoughts on the public service. Your observations are insightful and will find their way into my thinking as the Commission proceeds. Sincerely,  Paul A. Volcker PAV:gv Federal Reserve Bank of St. Louis  July 29, 1987  Mr. Paul Volcker (Retiring) Chairman Federal Reserve Board % Senator Edmund Muskie* (Please Forward) 1101 Vermont Avenue, N.W. Washington, D.C. 20005 Dear Chairman Volcker: I congratulate you on your retirement, including the many fine things said about you in the media! I am particularly intrigued that you plan to spend considerable time in a privately-sponsored group finding ways to "attract able people away from more lucrative professions". This is a tremendous "calling", but are you aware that right among Civil Service retirees themselves there is a small number of people extremely interested in this same issue? I am one of these, and so perhaps you will be interested in a few comments of mine in these regards:** 1.  It has seemed to me for a long time that once comfortable, the level of remuneration of Government employees is far, far down on their list of priorities. And why not? There is such a thing as love of country! This definitely suggests to me that it might be best to let the "sheep and the goats" go their separate ways. Thus, on one hand the "money-oriented" would drift toward being corporate executives, and on the other, the "service-minded" would just enjoy life best by "serving"! During my lifetime, this has been more-or-less the way it is anyway, but, whatever, this might bear study in much more depth. By the way, I happen to have admirable friends at both extremes regarding money and they do look at things markedly different. Again, I am not sure the best performers in public life are those particularly salary - conscious.  * Senator: I simply do not have Mr. Volckner's address. Would you mind, then, seeing that this letter gets to him? Thank You. ** My formal schooling was in engineering, suitable for both the public and private sectors. I also worked in both. Federal Reserve Bank of St. Louis  -1-  2.  How many times must we career people say before someone believes us: The two situations, public and private, are quite different, and so require markedly different administrative techniques! Or, put more bluntly: Private businessmen tend to make fools of themselves with the quite understandable attitude that "Government should be run just like a business". And I think I have the right to say - "Only those who have had experience in both areas should judge". I say such things with considerable knowledge of the foibles of Government entities--all over--it's just that far too many businesses on the American scene do no better, or even do worse!  3.  Somehow in the design of our Government, we missed the simple idea that the President himself should have real background in both systems, too, for above all, he himself should know whereof he speaks as he directs his'brand'of Government. Other countries have at least tried to conquer this problem; for on-the-job training is not appropriate for such vast responsibilities.  4.  In these times, younger people may not realize that the quite apparent administrative problems within Government are in no way new! They were experienced decades ago, and solutions were found for most, even then. So I argue history could provide many lessons in regards to making modern-day Government work well, if only studied closely. My impression is that "good Government" reached a peak in the 1930's, and Government was not "all that bad" during WW-II, or even in President Truman's day. How else would FDR have guided world war on two fronts, and won? And we should not lose sight of the fact that President Roosevelt cut his "eye teeth" in Government for more than ten years (of major responsibilities) before his being elected President!  5.  The old "Merit System" worked, and it worked well before it was destroyed by personal politicing years after WW-II.  But finally and most importantly, if one wants good, effective and efficient Government, there must be (a) leadership, (b) there must be Statesmanship, and (c) there must be great extents of inspiration! Unless we have these, we Civil Servants may try our hearts out; but, we will not be able to accomplish one thing better! Finally, as I grow older, I am more and more convinced that that old adage is still most true: "Look to the Top!" With due respect, Chairman, I believe I have said a few things worthwhile. Once again I wish the best for you in those retirement years to come! Federal Reserve Bank of St. Louis  -2-  IP  .  P.S. You may be interested in that in my time I have worked under utterly splendid men - in both secotrs! And I have known a few of the world's best (but generally unknown) scientists who preferred the Government as their employer despite their modest salaries! Federal Reserve Bank of St. Louis  -3-  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  Vickery, Hugh. "Volcker: Government Talent On Decline." The Modesto Bee, July 24, 1987.  Federal Reserve Bank of St. Louis  August 12, 1987  Mr. N. Berne Hart Chairman of the Board United Banks of Colorado, Inc. One United Bank Center 1700 Lincoln Street Denver, Colorado 80274-0010 Dear Berne: Many thanks for that generous note on my "retirement." I've appreciated our contacts and your work with the Fed and I trust our paths may cross again. Sincerely,  Paul A. Volcker PAV:gv Federal Reserve Bank of St. Louis  #  , I  R  One United Bank Center 1700 Lincoln Street Denver, Colorado 80274-0010 Telephone: (303) 861-4700  NA United Banks of Colorado,Inc.  WO  N. Berne Hart Chairman of the Board  August 6, 1987  Mr. Paul Volcker Chairman Federal Reserve Board Washington, D.C. 20551 Dear Paul: As a practicing banker and citizen, I would like to thank you for your long and devoted service to our country as chairman of the Federal Reserve Board. At the time you stepped into that office, our country was on the road to financial distress; and we have made such fine improvements under your leadership that you should feel very pleased with your contributions. Sincerely, .•...1.42...A.A...e , N. Berne Hart Federal Reserve Bank of St. Louis  August 12, 1987  Mrs. Ruth M. Harwell  Dear Mrs. Harwell: Many thanks for that note and your good wishes as I leave the Federal Reserve. Federal Reserve Bank of St. Louis  Sincerely,  Paul A. Volcker  atige  e7_164t.r-  e4./  ,r;  1(/77`.  00/44--2ee--  alf-ce4c#  14c-E6  -4-1-rt4r-  rrLA  Mrs. Ruth M. Harwell  Atilx Federal Reserve Bank of St. Louis  August 12, 1987  The Honorable R. A. Johnston Governor Reserve Bank of Australia 65 Martin Place Sydney 2000 AUSTRALIA Dear Bob: Many thanks for that warm letter. As you can imagine, I've had a lot of mixed feelings about this whole thing, even though I was convinced the time had come. The negatives were clearly leaving that thin line of central bankers around the world who grope with similar problems and can only turn to each other for sympathy! Someday, I hope I do make it back "down under" and swap war stories over again. With all best wishes,  Paul A. Volcker PAV:gv Federal Reserve Bank of St. Louis  4  65 MARTIN PLACE SYDNEY 2000  RESERVE BANK OF AUSTRALIA  PHONE 234 9333  R. A.Johnston GOVERNOR  31 July 1987 Mr P.A. Volcker Chairman Board of Governors of the Federal Reserve System WASHINGTON, DC 20551 USA Dear Paul, I have purposely stayed in the background at various international gatherings recently knowing how many people there were who wished to speak with you at the point of your retirement from Chairmanship of the Board. That does not signify in any way that I, or this Bank or, indeed, the Australian community, would yield to anyone in appreciating the immense contribution to world order (if that is the right word!) you have made through the application of good sense and your tremendous powers of endurance. For many of we lesser central bankers faced with familiar problems though on a smaller scale, you have been both a shield and a sword against the enemies of sound policy. It goes without saying that we wish you all success in whatever you decide to tackle next. If that should bring you to Australia again at any time, you may be assured of a very warm welcome. Most sincerely, Federal Reserve Bank of St. Louis  August 12, 1987  Mr. David M. Jones Senior Vice President and Economist Aubrey G. Lanston & Co., Inc. 20 Broad Street New York, New York 10005 Dear David: I particularly appreciate your letter because it gives me a chance to thank you for your consistent and sensible (I'd like to think they are synonymous) support over these past years.  My wife, much more than I, is the television watcher. But I can't write how many times she has told me, "There was David Jones defending you again." Obviously, these things get personalized in the Volcker household! And naturally I appreciated it all the more from one with your special status as "Fed watcher." I'll wait for the letter from Art Carlson and then we'll see. With best regards,  Paul A. Volcker PAV:gv Federal Reserve Bank of St. Louis  CD  AUBREY G. LANSTON & CO.INC. SPECIALISTS IN  VNITED STATES GOVERNMENT AND  FEDERAL AGENCY SECURITIES NEW YORK • CHICAGO • BOSTON  LONDON  DAVID M.JONES SENIOR VICE PRESIDENT AND ECONOMIST  TWENTY BROAD STREET NEW YORK, N. Y. 10005  212-943-1200  August 4, 1987  Honorable Paul Volcker Chairman Federal Reserve Board of Governors 20551 Washington, D.C. Dear Paul: Congratulations on a job well done! You have set the standards by which future Fed Chairmen will be measured. Not only was your technical expertise in the formulation and dayto-day implementation of monetary policy unmatched, but, perhaps even more importantly, your instinctive sense of policy timing has been unsurpassed among your Fed Chairmen predecessors. It was truly an honor to be a "Fed Watcher" during your era. On another matter, Art Carlson, an old friend of mine who runs the Trust Department at Valley National Bank in Phoenix, Arizona would like you to be his key note speaker at their annual trust conference this October. I have spoken at this conference several times and recommend it highly. Art said he would be happy to throw in some vacation time for you (and family) along with the other items such as honorarium and expenses. I told Art to contact your office directly with his request. Thank you for gracing this country with your long and highly successful public service. Best wishes for a long and prosperous future. Sincerely,  C)J2-fzi-e DMJ:mk Federal Reserve Bank of St. Louis  August 11, 1987  Mr. Kermit A. Mahlum President Independent Bankers of Minnesota 7650 Metro Parkway Bloomington, Minnesota 55420 Dear Mr. Mahlum: Thanks very much for adopting and writing about that nice resolution. I appreciate it -- and recognize all the Independent Bankers have done legislatively this year. Sincerely,  PAV:ccm Federal Reserve Bank of St. Louis  .sidett KERMIT A. MAHLUM President First National Bank St. Peter, MN 56082 (507) 931-4000  1st Vice President EDWARD ZAPP Vice President Zapp National Bank St. Cloud, MN 56301 (612) 251-7110  2nd Vice President GENE LAFRANCE President Elysian State Bank Elysian, MN 56028 (507) 267-4326  Treasurer G. JACK HILLSTROM President Maplewood State Bank Maplewood, MN 55109 (612) 777-7700  111DEPEI1DEIIT nanmEns OP minnEsara 7850 Metro Parkway•Suite 211 Bloomington, Minnesota 55420 (612) 854-9200 NORBERT A. McCRADY, REESE DOFFIN'  '  August 8, 1987  The Honorable Paul Volcker Board of Uovernors of the Federal Reserve System 20th and Constitution Avenue N.W. Washington D.C. 20551 Dear Mr. Chairman: our governing Executive On August 5, 1937 during the regular meeting of unanimously adopted: Council the following resolution was proposed and hip to a Whereas Paul Volcker has provided outstanding leaders relationship with troubled world economy, has maintained a proper carried out the has the various political forces in our nation and exemplary most a considerablP responsibilities of his office in manner. of Minnesota Now therefore be it resolved that Independent Bankers upon bestow by action of its Executive Council, does hereby sincere with along Mr. Volcker its highest recognition and honor world. the and thanks for exceptional service to our nation  Signed this _8th_ day of August, 1987, A.D. ' by  Kermit A. Mahlum (it's President)  a good fishing state P.S. We hope you won't forget that Minnesota is still wet a line creeps to ,rge the when and that you can honor us with a visit up on you. Federal Reserve Bank of St. Louis  Regards,  Kermit A. Mahlum  August 12, 1987  Mr. William D. Mulholland Chairman of the Board Bank of Montreal First Bank Tower First Canadian Place Toronto, Ontario M5X 1A1 CANADA Dear Bill: Thanks for those generous remarks and I regret missing the salmon expedition all the more if you had even "respectable" results, which is more than I can claim this year. Out of office, but still preoccupied for a few weeks at least with the debt problem -- which, I sense, is going to need a little tender loving -- and coherent -- care in the next month or two. With best wishes,  Paul A. Volcker PAV:gv Federal Reserve Bank of St. Louis  , Ma/nA,I,Yarekea/ 01434e0100 A -  Yol-vmk-,624  _Ala'  July 31st, 1987.  Dear Paul, I am sorry we did not have your company on the salmon waters this year. The weather was unusually warm but the results were respectable if not spectacular. Meanwhile, I would not wish your retirement as Chairman of the Federal Reserve Board to go unmarked by me. Even for those of us who know your work well it is not easy to adequately express our appreciation for the distinguished character of your service to the United States and the world community. What we know is that it was vital. We know as well that the struggle for economic stability and progress goes on and, in that, Alan Greenspan carries our high hopes and good wishes. But you will be sorely missed. At the personal level, may I say how much I have valued your counsel and confidence, your friendship and your unfailing courtesy. Yours sincerely,  Mr. Paul A. Volcker, Chairman, Federal Reserve Board, 2nd Floor, Room 2046, Eccles Building, 20th & C Street N.W. Washington, D.C. 20551. U.S.A. Federal Reserve Bank of St. Louis  Marina Pacific Investments of AmeriCa If We Don't Spoil You, Who Will?  Motor Cars, Land Development, Strategic Marketing  Arthur A. Smith President Corporate Office 4475 Jurupa Ave., Suite H  California 92506 / Riverside, (7/i2  Federal Reserve Bank of St. Louis  _  f7-144-644-34-00• f2b4 276 .1600 Hours 8 - 6 M - S  Vcrinc  Pacific  Inv stm n s of Am rica  If We Don't Spoil You, Who Will?  Motor Cars, Land Development, Strategic Marketing  August 17, 1987  Mr. Paul A. Volcker Chairman Federal Reserve Board 20th Constitution Ave. NW Washington D.C. 20551 Dear Mr. Volcker: The term you have served as Chairman will go down in history as one of the most effectively executed terms ever. Congratulations on a job well done. As you join the new commission please include Marina Pacific Investments of Los Angeles on your mailing list for dinners, luncheons and literature pertaining to your industry. Thank you in advance and best wishes for continued success. Sincerely,  Arthur A. Smith  Corporate Office • 4475 Jurupa Ave., Suite H, Riverside, California 92506 •(714) 547-3100 Federal Reserve Bank of St. Louis  •
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