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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
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https://fraser.sdouisfed.orearchival/5297
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TO: MR. PAUL VOLCKER
CONGRATULATIONS AND THANKS TO YOU ON YOUR OUTSTANDING
•
CONTRIBUTION TO THE AMERICAN PUBLIC AND THE INTERNATIONAL
40
FINANCIAL COMMUNITY.
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I SEND YOU MY BEST WISHES FOR THE FUTURE.
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RESPECTFULLY,
ERIC HOTUNG
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September 3, 1987
Mr. Dan Adams
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.
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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.
Best regards from us both to both of you,
Paul A. Volcker
\ ./
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 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!
.
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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
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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
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
•-•-•,......
FIRST SECURITY
SAVINGS
BANK
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
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
•
BENJAMIN G
COCHRAN, PRESIDENT
PATRICIA S. COCHRAN, SECTY
•'SERVING
& TREAS.
MIDDLE
GEORGIA
•
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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
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
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
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
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
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
§
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
http://fraser.stlouisfed.org/
‘ 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
John F. Floberg
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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
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.
-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!
-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!
-3-
Removal Notice
The item(s) identified below have been removed in accordance with FRASER's policy on handling
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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
https://fraser.stlouisfed.org
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
#
,
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
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.
Sincerely,
Paul A. Volcker
atige
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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
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,
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
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
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
.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.
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
,
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.
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,
http://fraser.stlouisfed.org/ (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
•
@FedFRASER