View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Collection: Paul A. Volcker Papers Call Number: MC279  Box 25  Preferred Citation: Correspondence File: General, 1987; Paul A. Volcker Papers, Box 25; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collections/MC279/c155 and haps://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. They further agree to request permission of the Princeton University Library (and pay any fees, if applicable) if they plan to publish, broadcast, or otherwise disseminate this material. This includes all forms of electronic distribution. Copyright The copyright law of the United States (Tide 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Under certain conditions specified in the law, libraries and archives are authorized to furnish a photocopy or other reproduction. One of these specified conditions is that the photocopy or other reproduction is not to be "used for any purpose other than private study, scholarship or research." If a user makes a request for, or later uses, a photocopy or other reproduction for purposes not permitted as fair use under the copyright law of the United States, that user may be liable for copyright infringement. Policy on Digitized Collections Digitized collections are made accessible for research purposes. Princeton University has indicated what it knows about the copyrights and rights of privacy, publicity or trademark in its finding aids. However, due to the nature of archival collections, it is not always possible to identify this information. Princeton University is eager to hear from any rights owners, so that it may provide accurate information. When a rights issue needs to be addressed, upon request Princeton University will remove the material from public view while it reviews the claim. Inquiries about this material can be directed to: Seeley G. Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 609-258-3385 (fax) mudcl@princeton.edu   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  THE SECRETARY OF THE TREASURY WASHINGTON  August 31, 1987  Dear Paul: It is my pleasure to invite you to the annual luncheon of the U. S. Savings Bonds Volunteer Committee scheduled for October 22, 1987 in the historic Cash Room at the Department of Treasury. We will honor the 1987 Committee and its National Chairman, John Creedon, for their leadership of this year's bond campaign. We will also install next year's Committee, which will be led by John F. McGillicuddy, Chairman and CEO, Manufacturers Hanover Corporation. .  Q 11  Ps, tç  I  If you can attend, you should plan to arrive by 11:30 A.M. and use the Pennsylvania Avenue entrance. The luncheon will be preceded by a reception. If the President's schedule permits, we will visit with him at the White House after the luncheon. We should be finished by 2:00 P.M. Please let me know if you will be able to attend. You may telephone Mary Ann Brooking of the Savings Bonds Staff at (202) 634-5040. Sincerely,  James A. Baker, III The Honorable Paul A. Volcker c/o Federal Reserve Board 20th and Constitution Avenue, N.W. Washington, DC 20551   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  08,19/1987   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  16:23  GEOFFRE1 BELL CO.  212  NY  GEOFFREY BELL. AND COMPANY. INC. 7E10 THI110 AVE Trt EPWONL  NEW YOrili. N.Y  '212) 000 VP(;)  TGLCk  10017  22020*  see 3707  r.U.,  INSTITUTE FOR INTERNATIONAL ECONOMICS 11 Dupont Circle, NW, Washington, DC 20036 (202) 328-9000 Telex: 248329 CEIP C. Fred Bergsten, Director  July 24, 1987 BOARD OF DIRECTORS Peter G. Peterson, Chairman Anthony M. Solomon Chairman, Executive Committee Raymond Barre W. Michael Blumenthal Douglas A. Fraser Alan Greenspan Alfred Herrhausen Reginald H. Jones Frank E. Loy Donald F. McHenry Saburo Okita S. Suliman Olayan I. G. Patel Karl Otto Pohl Edmund T. Pratt, Jr. David Rockefeller Donna E. Shalala Mario Henrique Simonsen Louis von Planta Dennis Weatherstone Marina v.N. Whitman Andrew Young Ex officio C. Fred Bergsten Richard N. Cooper Honorary Director George P. Shultz ADVISORY COMMITTEE Richard N. Cooper, Chairman Robert Baldwin Lester R. Brown Rimmer de Vries Juergen B. Donges Rudiger Dornbusch Robert J. Flanagan Isaiah Frank Jacob A. Frenkel Gottfried Haberler Mahbub ul Haq Arnold C. Harberger Dale E. Hathaway Nurul Islam Peter B. Kenen Lawrence R. Klein Ryutaro Komiya Lawrence B. Krause Anne 0. Krueger Paul R. Krugman Roger M. Kubarych Robert Z. Lawrence Assar Lindbeck Harald B. Malmgren Rachel McCulloch Richard R. Nelson Joseph S. Nye, Jr. Rudolph A. Oswald Jacques J. Polak Jeffrey D. Sachs Ernest Stern Philip K. Verleger, Jr. Henry C. Wallich Alan Wm. Wolff   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The Honorable Paul A. Volcker Chairman, Board of Governors of the Federal Reserve System 20th & C Streets, NW Washington, DC 20551 Dear Mr. Chairman: The focus on American trade policy will probably become even more intense in the fall, as the trade legislation approaches final decisions and the negotiations in the Uruguay Round intensify. The Institute will be holding a one-day conference on a number of the central issues in this debate on Monday, September 14 and I hope that you will be able to 'WrEFET7—XE—almost-complete agenda is enclosed. High-level officials from the Administration, Congress and abroad will address the conference: Secretary of Commerce Malcolm Baldrige will speak at dinner, former German Economics Minister Count Otto Lambsdorff will talk at lunch, USTR General Counsel Alan Holmer and Under Secretary of Agriculture Daniel Amstutz will participate in the panels, and I am hopeful that Senator Bentsen and one or two others will join us during the day. Senior staff from both the Administration and Congressional committees will be participating throughout the day. The conference itself will have four sessions, each focused on a major aspect of the issue: the overall outlook for US trade policy (particularly the pending legislation), proposed changes in the US approach to import controls, agriculture, and textiles and apparel. Each component will be introduced by a presentation based on (but going beyond) a new study which the Institute will be releasing on that date, copies of which will be provided to all participants:  1  Page Two  o  The Politics of Antiprotection by I. M. Destler and John Odell;  o  Auction Quotas and US Trade Policy by C. Fred Bergsten, Kimberly Ann Elliott, Jeffrey J. Schott and Wendy Takacs;  o  Agriculture and the GATT: Dale Hathaway; and  o  The Future of World Trade in Textiles and Apparel by William R. Cline.  Issues in a New Trade Round by  After each presentation, the discussion will be launched with brief comments by two experts on the respective topics. Per the enclosed agenda, we will then have about an hour for general discussion of each. Coffee and rolls will be served at 8:30 am, and the conference will begin at 9:00 am sharp on the eighth floor here at 11 Dupont Circle. We will continue through the working lunch and the two afternoon sessions until about 5:30 pm, when we will break for refreshments before resuming at 6:30 pm with Secretary Baldrige. Please RSVP via the enclosed card, indicating whether you will be able to attend for the entire day or only for the lunch or dinner sessions, or call Capathia Adams at 202-328-9000. As you well know, the debate on trade policy is likely to continue at a very intense level in the fall. We hope that our session on September 14 will help set the tone for that discussion, and hope that you will be able to contribute to its doing so. I look forward to seeing you at that time. Sincerely,  Fred Bergsten Director Enclosure   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  y!  THE OUTLOOK FOR AMERICAN TRADE POLICY A Conference Hosted by the INSTITUTE FOR INTERNATIONAL ECONOMICS Eighth Floor 11 Dupont Circle Washington September 14, 1987  8:30 am  Coffee and Rolls  9:00 am  Welcome and Introduction C. Fred Bergsten Director, Institute for International Economics  9:15 am  THE TRADE POLICY OF THE UNITLD STATES:  AN OVERVIEW  Presentation:  I. M. Destler Senior Fellow, Institute for International Economics Professor at the School of Public Affairs, University of Maryland  Discussants:  Charles Levy Meyer, Brown and Platt Alan Wt. Wblff Dewey, Ballantine, Bushby, Palmer & Wtod  Background Study:  10:45 am   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  IMPORT CONTROLS:  The Politics of Antiprotection I. M. Destler and John Odell  PROPOSALS FOR REFORM  Presentation:  C. Fred Bergsten  Discussants:  Alan Holmer General Counsel, Office of the United States Trade Representative Janet Nuzum Subcommittee on Trade, Committee on Ways and Means, US House of Representatives  Background Study:  Auction Quotas and United States Trade Policy C. Fred Bergsten, Kimberly Ann Elliott, Jeffrey J. Schott and Wendy Takacs  PAGE 'IWO  12:00 noon  Lunch THE VIEW FROM EUROPE Count Otto Lambsdorff Former Minister of Economic Affairs, Federal Republic of Germany  2:30 pm  AGRICULTURAL TRADE POLICY Presentation:  Dale Hathaway Vice President, Consultants International Visiting Fellow, Institute for International Economics Former Under Secretary for International Affairs and Commodity Programs, Department of Agriculture  Discussants:  The Honorable Daniel G. Amstutz Under Secretary for International Affairs and Commodity Programs, Department of Agriculture Sir Roy Denman Representative of the European Commission to the United States  Background Study:  4:00 pm  Agriculture and the GATT: Dale Hathaway  Issues in a New Trade Round  TEXTILES AND APPAREL Presentation:  William R. Cline Senior Fellow, Institute for International Economics  Discussants:  Felipe Jaramillo (invited) Ambassador of Colombia to the GATT Chairman, International Textile Negotiation Bureau Jack Sheinkman President, Amalgamated Clothing and Textile Wbrkers Union  Background Study:  The Future of World Trade in Textiles and Apparel William R. Cline  5:30 pm  Break and Refreshments  6:30 pm  THE VIEW FROM THE ADMINISTRATION The Honorable Malcolm Baldrige Secretary of Commerce  8:00 pm  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Dinner and Closing Discussion  August 20, 1987  Mr. Robert P. Black President Federal Reserve Bank of Richmond 701 East Byrd Street P.O. Box 27622 Richmond, Virginia 23261 Dear Bob: I have the note on Bob Tate -- and he will go on the list for consideration. But I have to say that now we have many more suggestions than we can possibly take. Thanks again for all thht support and generous words. Keep the ship of state sailing. All the best,  Paul A. Volcker PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF RICHMOND  ROBERT R BLACK PRESIDENT  August 17, 1987  Mr. Paul A. Volcker Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Paul: Bob Tate, a former chairman of the Board Directors of our Baltimore Office, is quite inof terested in being named to the National Commission on the Public Service, so I am sending you his biographical sketch with the hope that he might be considered. He is quite a capable man and has an extremely high level of interest in such issues, and I think he would make an outstanding member of the Commission. Accordingly, I would be quite grateful if you could review his resume and share it with any others who will have an input in the SttS)S selection of the members of the Again, let me tell you how much all of those of us remaining behind in the System are going to miss you. I cannot conceive of how you could have done a more effective job, and I shall always consider it an honor to have been a member of the System team while you were chairman. In my judgment, your eight years as chairman represent the System's "finest hour." Sincerely yours,  Enclosure   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  New York University A private university in the public service Graduate School of Business Administration 100 Trinity Place New York, N.Y. 10006 Telephone: (212) 285-6000  August 18, 1987  Mr. Paul A. Volcker Former Chairman Board of Governors of the Federal Reserve System Washington, D.C., 20551 Dear Paul: I wanted to wait until all the parties and dinners and other festivities were over to write my thanks to you for what you did for all of us. I don't think that any of your predecessors could have done any better in the tough environment of 1979-87 in beating inflation and in restoring confidence. So, once again, thanks. Cordially, /-1 ? Ernest Bloch Professor of Finance EB/sr   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 3, 1987  Mr. Richard M. Block President Edgewood Industries, Inc. 3 Forest Lane Scarsdale, New York 10583 Dear Mr. Block: I have your letter of July 27, but at this point do not contemplate the need for any services of the kind you describe. I do appreciate your comments. Sincerely,  Paul A. Volcker PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  \ EDGEWOOD INDUSTRIES, INC. 3 Forest Lane, Scarsdale, New York 10583 • (914)472-4655 Telex: 646364 BLUME SCDL  0  July 27, 1987 PERSONAL & CONFIDENTIAL  Chairman Paul Volcker Board of Governors Federal Reserve System Washington, DC 20551 Dear Mr. Volcker: I would like to offer my services in helping you to select the most suitable position for a man with your extraordinary talents. I understand that you plan to work part-time as chairman of the National Commission on Public Service. In addition, you will undoubtedly have many speaking engagements and will probably spend a part of your time writing. I would like to help you fill the balance of your schedule by negotiating on your behalf with the types of firms and organizations that might appeal to you. It is often easier to have an intermediary search out executive positions rather than to make the approach on one's own. In that way, it might save embarrassment on the part of both parties if the offer and the requirements were far apart. It also will enable them to work together in the future in a non-employer/employee relationship. Naturally, all expenses that I would incur on your behalf would come from fees paid by the client that hires you assuming that I am successful in my search. I bring to the table many talents. In addition to being a member of Mensa, I have twenty-five years of diversified business experience including a great deal of negotiating experience with top level executives. I have been described as incisive, decisive, articulate, tactful, very intelligent, industrious and aggressive. I also have a commanding presence although I am only six feet three and a half inches tall. My company, which is rated 3A1 with Dun & Bradstreet, does quite a bit of personnel placement in addition to providing other financial services. I would handle this assignment personally and would devote whatever time and energy is necessary to find the proper position for a man who has done so much for his country. It would be a great honor to meet with you either in New York City or in Washington, DC to discuss the possibility of my representing you.. I look forward to hearing from you. Very truly yours,  0/1 1011)ft  17( ov RMB:cl  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  teu (w/q.AA'rti"  J  Richard M. Block President  They Brookings Institution0 1775  MASSACHUSETTS  AVENUE  N.W.  / WASHINGTON  D.C. 20036 / CABLES: BROOKINST / TELEPHONE: (202) 797-6000  Economic Studies Program  September 3, 1987  Mr. Paul A. Volcker Federal Reserve Board Room B-2406 Washington, D.C. 20551 Dear Paul: I hope you will be able to join us for the meeting of the Brookings Panel on Economic Activity on September 10 and 11. An agenda is enclosed. You should feel free to come and go as your own schedule permits.  for  The only thing we need to know in advance is whether you can join tails and dinner on Thursday, September 10.  incerely,  / eorge Perry Senior k'e low  Enclosure  RSVP:   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Florence Montas 7 4-6283  Columbia University in the City of New York I New York, N.Y. 10027 Uris Hall  GRADUATE SCHOOL OF BUSINESS Office of the Dean  August 12, 1987  Mr. Paul Volcker 151 East 79 Street New York, NY 10021 Dear Paul: As I peruse the most recent issue of Hermes, I discover that you had indicated plans for a summer reading of "Shogun." I mentioned this cheerfully to our leading Japan scholar, Hugh Patrick, who approved of your studying Japanese history in this fashion, but felt that I should warn you of Mr. Clavell's inaccuracies. He and his wife, Barbara, (a Japanese scholar in her own right) provided me with a copy of a summary prepared to update those who read or saw the television show of Shogun. I thought you might be interested and I send it along herewith.  Ct  I was pleased to hear that you would consider making an appearance at the American Assembly on competitiveness if your next assignment did not interfere. We are happy to wait until September to see whether you can fit in this appearance. I do want to assure you that as Arthur Burns Professor of Competitive Business Enterprise, this type of assignment would be exactly the thing which we would hope you would do from time to time. While I have nothing new to offer other than enthusiasm, I do want you to know that I continue to feel very strongly that Columbia Business School would be an excellent home and base of operations for you and I remain happy to talk with you further,if it would be a help to your decision-making process. I will be in New Hampshire for the two weeks before Labor Day and . my phone there is Warm personal regards to you and Barbara. C  ally,  John C. Burton Dean  JCB/if   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  STATE OF OHIO OFFICE OF THE GOVERNOR  COLUMBUS, OHIO 43215 RICHARD F. CELESTE GOVERNOR  July 22, 1987  The Honorable Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D.C. 20551 Dear Mr. Volcker: I have the honor of hosting this fall the 19th Annual Joint U.S.-Japan Association and the Conference of the Midwest Japan-U.S. Midwest Association here in Columbus. The theme of this year's Conference is "Timely New Opportunities for Trade and Investment Relationships," and, in addition to our guests from among Japan's highest ranking business representatives, we expect to draw together over two hundred participants from both business and government in the Midwest region for two days of discussion on mutual opportunities in trade, investment, and technology. I am writing to request your presence as the Conference Keynote Speaker at a luncheon on September 21. It is difficult to imagine a more distinguished' or appropriate speaker for this event, and I hope you will agree that this gathering would be an U.S.-Japan excellent opportunity for you to address a key audience on the current trends in the economy. Your role in the Ohio thrift crisis in 1985 was crucial and Since I know first hand how effective enormously constructive. you can be and how much the Conference participants would benefit from your expertise, I especially look forward to welcoming you to the Conference. With best regards,  /1) Richard F. Celeste GOVERNOR RFC/ecl   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  /ui  vl/N  %meow atonatonag, Ont. 2162 Wisconsin Avenue, N.W Washington, D.C. 20007 (202)833-2344  August 19, 1987  Chairman Paul Volcker Federal Reserve System 20th & Constitution Avenue, NW Washington, DC 20551 Dear Mr. Volcker: I very much appreciated the opportunity to meet with you last week and this letter would have gotten to you a bit sooner had I not been on a short sailing trip. Very rarely does anyone have the opportunity to "call the shots". In your case, that is just the situation. Judging from our conversation, I suspect you would rather do less dates than more, which means that we should be able to get the maximum dollar per engagement ($25-30,000) for those engagements you wish to accept and charge a standard fee. 6 I recommend that you use a format allowing for 10-15 minutes of provocative statements and overview followed by 20-25 minutes of Q&A. This will minimize the amount of total preparation you need to make and yet keep the entire presentation rather spontaneous and lively. As I look at the list of organizations with a firm (written) commitment to having you on their program - over 60% are the corporate-type audiences of 100 or less in attendance. Please feel free to call me at home Very truly,  fAt5-2Joseph E. Cosby JEC:led   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Rept/m.4019 Opedwis  4 A-wiz.  rtalringtrat31.(1. 2007) (202) 835-5507 TIMOTHY C. COUGHLI N PRESIDENT AND CHIEF OPERATING OFFICER  August 24, 1987  The Honorable Paul A. Volcker Board of Governors of the Federal Reserve System Washington, D.C. 20551 Dear Mt. Volcker: On behalf of Mt. Allbritton, who is currently on vacation, I would like to share some thoughts with you concerning Riggs' plans for a dinner to be held in Washington, D.C. this fall. We are tentatively scheduling an economics dinner for Thursday, October 15, a date which would be convenient to our directors who will attend Riggs' October Board meeting the previous morning. Invitees would include several hundred guests from the public and private sectors. If available, we would like you to be the after dinner speaker. We would be particularly interested in your addressing the economy and outlook for interest rates in the United States in relationship to worldwide economic activity, as well as discussing any other topical subjects you night feel appropriate. We are, of course, prepared to provide for your speaking engagement fee in this regard. At this point, we have not finalized our plans, and there could be some flexibility if the October 15 date does not fit into your schedule. In any event, we look forward to hearing from you with respect to whether our fall dinner plans might fit with yours. With best regards.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Sincerely,  C. Timothy C. Coughlin  September 3, 1987  Mr. Kempton Dunn The Ambassadors' Roundtable 5 Landmark Square Stamford, Connecticut 06901 Dear Mr. Dunn: I apologize for not responding to your August 12 letter sooner -- I will simply have to attribute it to transitional problems. Those same problems lead me to want to avoid commitments of the sort you suggest for the time being, however intriguing the group. Perhaps at some other -- And considerably later -- time. Sinceraly yours,  Paul A- Volcker PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  47:M  THE FORUM  THE AMBASSADORS'ROUNDTABLE  FOR  WORLD  AFFA/RJ  kk%1//1 m42A UpV'j  August 12, 1987  The Honorable Paul A. Volcker Chairman, Board of Governors Federal Reserve Systems 20551 Washington, D.C. Dear Paul:  51!  iv a  e6e  ri  oiou-6  o4-fb 44-0A1  In my extra-curricular, voluntary capacity (unrelated to my poon at the Council on Foreign Relations) as a director of The Forum for World Affairs in Stamford, Connecticut and co-chairman of its Ambassadors' Roundtable, I would like to Specifically invite you to address the Roundtable this autumn. S. that you could speak to the group at a dinner meeting we or 18. The session, from 6:30 on Wednesday, November to 9:30 p.m. with a reception preceding the substantive session from 7:30 to 9:30 p.m., would be held at The Landmark Club in downtown Stamford. Like the meetings format at the Council, your formal remarks preferably would last approximately 20 minutes followed by a question-and-answer period for the remainder of While your remarks presumably address the role the evening. If the U.S. in the world economy as from your unique point and tenure at the Fed., naturally, the choice of a topic is entirely your prerogative. Now celebrating its 41st year, the Forum for World Affairs has an impressive record of presenting distinguished speakers ranging from Eleanor Roosevelt and John J. McCloy to Paul Henri Spaak In recent years, Zbigniew Brzezinski, and Henry A. Kissinger. J. William Fulbright and David Rockefeller have been among those who have addressed large audiences at the Forum. The Ambassadors' Roundtable, launched last fall, is a new and important initiative of the Forum involving leaders from the public and private sectors in Fairfield and Westchester counties who have a special intellectual interest, experience, expertise As you will note and involvement in international affairs. from the enclosed materials, the Roundtable has enlisted a distinguished group of senior executives, professionals, scholars Given that this region is hom and former government officers. headquarters of Fortune 500 multinational nearly 30 world to firms, the Roundtable's members would be particularly interested in your insights and observations concerning monetary and fiscal policy and other aspects of international trade and finance.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  5 LANDMARK SQUARE, STAMFORD, CONNECTICUT 06901 •(203) 356-0340  LiA  ^  Page 2  The Roundtable sessions, open only to selected individuals, provide an unusual opportunity for members to hear and talk with invited guests from the United States and abroad. For the 1986-87 inaugural program year, for which the program is enclosed, those who addressed the group included Larry Eagleburger, Bruce Smart and Bob Roosa. In its first year, the Roundtable generated strong interest throughout the area (as reflected, in part, by the Advisory Council roster attached) and enrolled We would anticipate and excellent turnout at your 125 members. November dinner. We earnestly hope that your schedule, quite probably just as hectic in your "retirement", will permit you to address the Ambassadors' Roundtable. It would certainly highlight our entire season. 1 look forward to hearing from you at your convenience.  Enclosures   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  THE AMBASSADORS' ROUNDTABLE 1986-1987 Program Date  Speaker & Topic  Presider  Wednesday December 17 Dinner  The Honorable S. BRUCE SMART, JR. Under Secretary of Commerce and Former Chairman, The Continental Group  David T. Kearns Chairman Xerox Corporation  The U.S. Trade Deficit: Causes and Cures Wednesday January 21 Breakfast  Richard Salant Former President, CBS News & NBC News  J. RICHARD MUNRO Chairman Time Incorporated The First Amendment: Domestic and Foreign Limits on Dissent  Wednesday February 25 Breakfast  The Honorable LAWRENCE S. EAGLEBURGER President, Kissinger Associates and Former Under Secretary of State  Robert E. Pursley Lieutenant General U.S. Air Force (Ret.)  Future Challenges to American Foreign Policy Wednesday March 18 Breakfast  The Honorable L. PAUL BREMER, III Ambassador at Large for Counter-Terrorism and Former United States Ambassador to The Netherlands  John N. Irwin, ll Counsel, Patterson, Belknap, Webb and Tyler Former U.S. Ambassador to France  International Terrorism Wednesday April 22 Dinner  MICHAEL E. MANDELBAUM Senior Fellow & Director, East-West Relations Council on Foreign Relations  Stanley R. Resor Partner, Debevoise & Plimpton Former Secretary of the Army  STROBE TALBOTT Washington Bureau Chief, Time Inc. and Former Diplomatic Correspondent, Time Magazine Reagan and Gorbachev: Summitry and Beyond Wednesday May 20 Breakfast  SUSAN KAUFMAN PURCELL Senior Fellow & Director, Latin American Studies Council on Foreign Relations  Kenneth W. Dam Vice President IBM Corporation Former Under Secretary of State  Latin America: Prospects for Debt, Development and Democracy Wednesday June 3 Breakfast  The Honorable ROBERT V. ROOSA Partner, Brown Brothers, Harriman & Company and Former Under Secretary of the Treasury International Financial Stability  Norwick R. G. Goodspeed Chairman, People's Bank   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  V  r  tve ke9rb - c-ra_ clot(c°1 ) , 04-14-ic_r_ "corm, t--1  — é7cne  weed ocirl-,  wit(  el/ I ee)  , 6-/a6c1A/  It eafttTh ice. -174icikce, less /kovd ke/  efrdic,  ilidoslky /KOK-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ?k42/ -)  iVeriltiVe  lOkett  kiedaeli ate4  ciave lati /(1°J7Pie 4fr r Sec-virile i'avtk  scee  410.1.  f4CJ16 a16911-  (I) (2)  Crk ic,(4  --AoCodl io,ezz  ckitV' k//AZ I;  x-e  OCCeel -  /  /rcii;te,  ,e/ , 30.4c c Y41, )  •  '  ,,•   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .  c  f)  / e Teji  c  ,  )/. 71 , 1  '1 • .  / kedi  ....  pc;17 ,0 f?  ,  190:ti l i 6 ,i 2..,- 1 4,440,0 71_, ',,/:../ etf4 p boatt. r1c  0f  tift alhit ..,  2174iie lea ii/q, ,7 ' /it? bi of , 4.  .54 ‘ ,/,41 7„  -,.., tae //07,rit-,. %._  ,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ce t  'C WYL,  4tit ‘,6z 04_  7-41,r poreotpi n w. hak) 327  04-7e(A driv  -I- act° 3  aletici0/01eat‘. leikevic  /4 iv,  •  (ce ifc,/afr6caztG/)e ire. 7tt r- coNe fitruc rev -4ce  eco geue6,  cok4,kc tv'e-  k,e 1" . //4101  0 11  a lit  rde,c  litc.  1,C-P 1444110,-T  Z,fr  .scIteie;/y  cok fftleitt.cC7P rAe Woox  e liete 014 rvq/  kCgt APatif  c  aJer-4724/  "fel  k  1- et duo.,  1.1/4 /  /0(/  A )tot/  ( 1 r  54` i/  (-/fvi nT  lave r  A lok COOk1di  CC)Ple Ate1/1) k 6&I/al  fcei/c  r G5  17 4 : ..W:41-6( 1  -  J  „I Dry/pie so  t  yty  waV  „  1;  .„'"A  • 2(i  ?()  4.14  41.fe.. -7  kmii:fe 0 • 44'`I/Cia  X- w /74-ibil:  _7 —  y'../;4 11 7-4c fre,  (1/   https://fraser.stlouisfed.org 1. Federal Reserve Bank of St. Louis  ,Cd  44e eke1WC--- 7  of  /iffmwAec„  /ifi0  ,  .44a.le'  rhpv  frie„ , 41°4" 13,k/:/ei  letr  /rTcT  Cv* Pfk- fire/1y ( 7 7'v46'(74  -,;  /, „.•  —  /4,  c44-  47,11  August 20, 1987  Mr. John M. Hennessy Grianan Tuxedo Park, New York  10987  Dear Jack: What's this Grianan business? Back to the Gaelic roots -- in a summer palace! It ain't the pbtato famine. I'm jealous as hell of everybody else catching salmon, but I appreciate reading about it? How long are you around? talk before Labor Day.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  We ought to have a  All the best,  Paul A. Volcker  ii  G RIANAN TUXEDO PARK , NEW YORK 10987 914- 35.1- 5517  (Lc •1-ki e  SolAdt(_  r'&C CIL  CC1_  4t:  LL4  Q.AD  rN,)  C1A-ce..4_U  -  --  L  ,--- r  0  " - VIA c-:2 (  -obv\-..)  NO tkAkrk ot   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ,S tLea LA  ,--'  xCiLL)---t -eiv , tA.A.(11  111  ce,c2  ARTHUR C. HOLDEN, FAIA BOX 182, WASHINGTON, CONN. 06793  TEL. 203-868-7063  August 18, 1987  Dr. William G. Bowen Princeton University Princeton, New Jersey  08544  Dear Bill: I can detect in what Chairman Volcker says sa note of hope. He seems to feel that a chance to think at Princeton might help us to find ways for improving money so that it should have a better chance of correctly measuring many complicated industrial and social relationships of our present day. I feel that it is time that a great nation such as ours should put its first effort into trying to bring money "up-to-date." I leave it to you to deal with ways and means, but I know there must be Princetonians ready to help financially. Very sincerely,  Arthur C. Holden ACH/rec Enclosure:   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Copy of Volcker letter  1  August 12, 1987  Mr. Arthur C. Holden Box 182 Washington, Connecticut  06793  Dear Arthur, I appreciate your further letter, and I have had a chance to read the interesting essay on Nicholas Biddle -- in one sense a predecessor of mine in office. Soon I'm going to have to decide about what to do, and I will be talking to Bill Bowen in that context. Sincerely,  Paul A. Volcker PAV:gy   https://fraser.stlouisfed.org AmmiP Federal Reserve Bank of St. Louis  ARTHUR C. HOLDEN, FA1A BOX 182, WASHINGTON, CONN. 06793  TEL. 203-868-7063  August 4, 1987  Chairman Paul A. Volcker Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear "Mr. Chairman:" Thanks heartily for your letter of July 27th.  I wanted to  answer it immediately but, unfortunately, I get into a hole when my secretary isn't available. I have talked to a few other Princetonians, one of whom said that if your fellow Princetonians could persuade you to live for a few years in Princeton it would be a very good thing, but that the University might need additional funds to pay you for the financial sacrifice.  He  went so far as to say that he had some classmates that he wanted to get interested in compensating for the"financial sacrifice."  I wanted you  to know that right away, even thought I haven't heard further, and to CLC .5e,  know that there are others who have taken up the idea. I am not sure, but I think Bill Bowen takes his vacation after college closes, so I don't know what he is presently up to.  I sent him  a copy of the letter I sent you and I thought it might be wise if I could recover the xerox sheets of title pages and tables of contents of the eleven books that I think "every banker ought to have read." After mailing the letter to you, I got out Sir Norman Angell's book called The Story of Money.  This time I started reading intensively  the chapters XI to the end, giving the sort of attention that long ago I gave to the earlier chapters and to the particular work of Alexander Delmar. Thus, I confess, that I didn't have the two closing chapters accurately in my memory. I say this because Angell gives a wonderful summary near the end in which he emphasizes the disparity of ideas.  He points out that with so  many differing opinions among the experts, it at least assures us that analytical as well as synthetic thinking is needed.  That brought back to  me vividly the interview I had with the late James Perkins, when he assured me that he believed we were on the eve of taking one of the most   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  2. Chairman Paul A. Volcker  August 4, 1987  important financial steps in the development of human history.  I cannot  forget Mr. Perkin's sincerity and kindness with which he told me that my thought that we needed a Capital Reserve System, which differientiated respecting the extension ofA cr6dit from our short term system of credit extension under our existing Federal Reserve Board. Sometime a(3 I sent to the Board a xerox copy of an article written by Guy  Greer in Harper's Magazine called Wanted, Real Banking  Greer was far ahead of me in his thinking in 1933. I accused him rcr of delaying progress by sticking for a long range development. He felt  Reform.  that all the different types of finance should be worked into a system of over-all financial coordiantion able to manage the measurement of the many differing types of activity of modern human beings. It is time for me to stop and apologize for trying to say too much. I am, however, anxious for you to read that Biddle article of mine, as well as to get a view of why I thought the eleven books that I tried to connect through xerox reproductions were of the utmost importance.  Forgive me,  again, if I press you because,that evening I had a chance to observe you at the Princeton Club I felt that you were a man who, if given the time and freed of executive work, could do thinking which would be of the greatest value to the rest of the financial community.  I am serious about  this. With the best of wishes and hopes, Very sincerely,  Arthur C. Holden ACH/rec   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ARTHUR C. HOLDEN, FAIA BOX 182, WASHINGTON, CONN. 06793  TEL. 203-868-7063  July 30, 1987 Mr. Paul A. Volcker Chairman Federal Reserve Board #B 2046 20th & Constitution Ave. NW Washington, D.C. 20551 Dear Chairman Volcker, I carry in my memory that it was not I alone who had the "hunch" that it would be good for Princeton University, as well as perhaps you yourself, if it could be made possible that you could spend the next few years at Princeton. It would give you an opportunity to think of what must have been a very revealing experience in the Chairmanship of the Board of Governors of the Fed.  When one  .cupied with the routine of executive responsibilities ,one gets a real opportunity to think. really analytical.  Sometimes the change makes possible thinking that is  Too many of us are held in a groove where we have to use our  best thoughts to meet the everchanging current situation.  This may be a  wonderful training and it may even save many a present situation. We do not always have time, however, to look back.  It is necessary for present  situations to turn into the past for us to give them the analysis necessary.  It  takes time and re-consideration to broaden our understanding. A few years at Princeton might give you the opportunity to do both for yourself and for the coming generation something extraordinary. When this idea first came to me I shuddered a bit because I wanted to urge it upon my friend, Bill Bowen, and I feared to suggest anything that might tend to interfere with the freedom of action and decision of his successor, Dr. Shapiro. If, however, things could be done in the right way there is always chance for success. With sincere regards and hopes,  Arthur C. Holden ACH/j cc Dr. William G. Bowen President Princeton University   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 30, 1987 Dr. William G. Bowen, President Princeton University Princeton, NJ 08644 Dear Bill: Several years ago I can remember writing a letter to the Hon. Ron Paul who was then a member of the Banking and Currency Committee of the House of Representatives. I had been told by a friend of mine that he was the brainiest member of the committee.  I attempted, therefore, to strike up a correspondence with him.  1 remember that I sent him a letter saying that there were eleven books that I considered most essential for the understanding of money.  I bound up, at that time,  xerox copies of the title pages and table of contents of these particular eleven books and sent one bound copy to you.  I don't think you ever mentioned it, but  i had hoped you had put them in the Princeton Library. about it.  I heard nothing further  if you still have it and it is of no further use, I would be glad to  huve you return it. The first book mentioned in it was by the late Sir Norman Angell which he called The Story of Money".  It was through Angell's book that I first learned of the  very significant work by Alexander DelMar. an evening with Sir Norman Angell.  Later I had the pleasure of spending  I remember telling him that most people thought  that his "The Great Illusion" was a great book and his best. however, that his "Story of Money" was the best.  I told him 1 thought  He replied that he had felt that  the "Story of Money" wan perhaps his worst, meaning, I think, that it had never sold well. Years ago I studied the 1:irst part of Angell's book very thoroughly.  In the last  week I have been reading the latter part of it which deals particularly with the history of money since the lounding of our American Aepublic and I have been reimpresaed with its importance.  I have always wished that I had the time to  discuss Sermiinrman Angeli'a work with you. I am enclosing herewith a ietter I have sent this motning to one of the Sons of Nassau Hill, namely Paul A. Volcker.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I wish that Nicholas Biddle were alive today  4 •  -2-  to work aad think with Paui A. Volcker.  i still have hopes that perhaps  you ‘;ould ialluence a somewhat extended staybby him at Priaceton.  A/ways sincerely, your friend  Arthur C. Aolden ACkilj  cc 2au1 A. Voiciter   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 27, 1987  Mr. Arthur C. Holden Box 182 Washington, Connecticut 06793 Dear Arthur: I appreciate that long letter and the material on Nicholas Biddle, which I shall read with interest. Sincerely,  Isl Paul A. Volcker  PAV:nlf 7/27/87   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ARTHUR C. HOLDEN, FAIA BOX 182, WASHINGTON, CONN. 06793  TEL. 203-868-7063  , 1987  Paul A. Volcker, Chairman Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Chairman Volcker: I got "another" surprise this morning.  It was a letter from Bill Bowen  of Princeton, a copy of which I enclose. It appears that President Bowen had an idea similar to one I had: namely that you have an adequately open mind)for you to have "another" future. I think President Bowen must realize, as well as you may realize, that when a great number of executive responsibilities are thrust upon a man, it is almost impossible for him to make use of "all" of his intellectual capacities. When I read your letter of July 7th, it appeared to me that there is perhaps still enough time to "urge you a little more."  That open mind that I  speak ofi could, in the atmosphere of Princeton, take in a great many things and by letting them revolve in the mind, find ways for developing their significance. You have just completed a phenominal experience, which must have left you with many impressions, which you would like to take time to re-examine. Many years ago I happened to come upon a very brief phrase from the writings of Cicero: anymore.  "MENS DISCENDO ET COGITANDO."  I don't think I need to say  Cicero has said it better than I can.  I don't propose to write you a "long letter" but I feel the need of saying a little more. Did you ever know Elgin Grosclose?  He was for some time president of a  small organization known as the Institute for Monetary Research. one day to get in touch with Ron Paul, who was  He wrote me  representative in Congress for  Texas and a member of the Banking and Currency Committee of the House. me that he felt Mr. Paul to be the brainiest member of the committee.  He told After  making his acquaintance, I compiled for him a list of "Eleven Books Important For The Understanding of Money." I bound up xerox copies of the title pages and tables of contents of these eleven books and they seemed to take on new significance.  I enclose a copy of  my transmitting letter and a list of the titles, as well as the material which  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 13, 1987  2.  Paul A. Volcker, Chairman  was xeroxed of Sir Norman Angell's "Story of Money."  Later I had the pleasure  of meeting Sir Norman, who is principally known for producing a particular book entitled "The Great Illusion" published at the time of the First World War.  It  has been my feeling that Angell's "Story of Money" is today of far the greater significance. Back in the 1930's I directed some research in the finance of construction and real estate.  It was for the Land Utilization Committee of the New York  Building Congress.  One day I got a telephone call from a friend, who told me  that a banker friend of his was going to call me up and find out what I had been up to.  This was in about 1938 or 39.  James Perkins, then about to retire.  The banker turned out to be the late  He asked if w1t we had been attempting IivrisqcQ.  to do was not really a search for a seventh great ste p. I confess that we felt /C that we had found indications that perhaps a Capital Reserve System was needed. I was very insistent in saying that we were at that time most backward of all in the field of real estate finance.  This was before I had read  Sir Frederick Pollock's book called "Land Laws" (1883).  In it Pollock regretted  that the mort-gage had been used as the instrument to secure a debt on land, rather than the equally ancient instrument of vif-gage.  The latter, he said,  put the responsibility for repayment of the debt upon the income from real estate. Mr. Perkins showed sympathy with my concern for what I called backward real estate finance, but he insisted that the step which he envisioned was far more comprehensive.  He said he was sure that he would never live to see it,  although he asserted:  "You younger men may and it will be fully as important as  when metal money came into use as a supplement to barter." Since then almost all the nations of the world have been forced off the gold standard.  In the last 20 or 30 years we have witnessed all kinds of  financial institutions attempting to reach out and experiment in the field where other financial institutions were formerly recognized as "The Specialists." After I retired from the practice of architecture, and I found that my mind was relieved of calls to satisfy daily routine, I found I could still think. I happened to turn seriously to the study of the life of our fellow Princetonian, Nicholas Biddle (1801).  I discovered that after President Jackson vetoed the  re-charter of the Bank of the United States, Biddle in 1834 was asked to address the Alumni of Nassau Hall at the time he was given an honorary degree.  I found  out that John McLean had recommended that Biddle's address on that occasion be published verbatim.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  I wrote to Princeton and was sent back a xerox copy of  Paul A. Volcker, Chairman  Biddle's address.  3.  July 13, 1987  Perhaps they would do the same thing for you.  It is worth  n It states in unmistakable terms that the broadest possible educatio specialists. is necessary as a background for the education of any and all a man who Particularly the specialist who accepts political office, or for reading.  attempts the position of potential leadership. to do work It is my feeling that if you go to Princeton, you will be able that you even more important than that which you have so far completed, and young people will leave a record which will be significantly important to the to you. of the coming day. I say all this very sincerely and humbly President I want you to know that I am sending a copy of this letter to which cost Bowen. I enclose herewith a copy of the article on Nicholas Biddle me months of trial and revision. Always with sincere regards,  Arthur C. Holden ACH/rec cc:  William G. Bowen, President Princeton University  encl.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Nicholas Biddle -- Princetonian Hero of American Finance   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Princeton University  Princeton, New Jersey 08544 President's Room  July 9, 1987  Mr. Arthur C. Holden Box 182 Washington, Connecticut 06793 Dear Arthur: Thank you for your letters of June 23 and June 29. I am very glad to have the revised copy of your essay on Nicholas Biddle and the problems of banking that extend from his day to ours. I learned a great deal from your paper, and I appreciate your sending me a copy of it. Also, I am very pleased that you wrote to Paul Volcker in the way that you did. In my judgment, he is one of the great public servants of our day. You may be interested to know that I have already been talking directly with Paul about the possibility of his teaching and doing research at Princeton. I do not know what will come of these conversations, but your letter to him can only help our cause. With best personal regards, as always, Sincerely,  William G. Bowen WGB:lc  /reelvosi  A te  re-Ae tw://1 /64W if-ra`z  4±1"-  NICHOLAS BIDDLE -- PRINCETONIAN HERO OF AMERICAN FINANCE  I. THE ACQUISITION OF UNDERSTANDING  In the class that graduated from Princeton back in the year 1801, there was an especially inquisitive student by the name of Nicholas Biddle. Through membership in the college's Cliosophic Society, he seemed to have found a way to keep his studies "in tune" with outside activities. ating at the age of fifteen, he was class valedictorian.  Gradu-  Biddle's name and  services to his country,ought to be better known today, as well as better understood, than they yet seem to have been. James Monroe, fifth President of the United States, recognized Biddle's special abilities.  In 1819, President Monroe appointed Biddle as one of the  five Federal directors on the Board of the Bank of the United States.  In  his letter of acceptance, Nicholas Biddle wrote that he could not decline the request to represent his nation's interest in the bank although he had already declined an invitation to become a director, representative of the stockholders.  Biddle's desire to devote his life to a public purpose is  evident in this letter.  Biddle, untimately, elected President of the Bank  of the U. S. was to render services that still tower like a lighthouse in the history of American banking. To most of us, however, the name of Alexander Hamilton is far better known as the man who put the United States on firm financial foundations.  Had  Hamilton not been lost by death in a duel, supposedly to protect the name of a woman, he and Biddle would probably have been associated in our memories today as the "Fathers of American Finance."   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  2. Alexander Hamilton had served as Secretary of the Treasury, when Thomas Jefferson had been Secretary of State in Washington's administration. Later, when Jefferson  He and Jefferson then had differences of opinion.  became President of the United States, he appeared to have retained his unsympathetic attitude toward banking in general.  Despite this fact, Jefferson  had made an excellent choice for his Secretary of the Treasury, namely Albert Gallatin, who later supported Biddle's policies. In 1791 Hamilton had insisted that the new nation needed a National Bank to serve purposes beyond the scope of local banks. of the U. S. was allowed to lapse.  This initial Bank  In 1816, after the expensive naval war  with England, a second National Bank was chartered. this new Bank of the U. S. was Langdon Cheves.  The second president of  He was both intelligent and  strong enough to put the bank on firm foundations.  In this, Cheves found  his strongest support in the energy and understanding of Nicholas Biddle. In 1823, when Cheves retired, Nicholas Biddle was elected by the Board of Directors to be President of the Bank of the U. S. Let us try to realize the phenominal task which he faced.  So far as  the public was concerned, it is probable that Hamilton was then less remembered for his financial genius, than as the man who had "enriched" the speculators whohad bought up the depreciated "Continental" notes, that had been issued by the Congress during the Revolutionary War.  Most people  sympathized with the depressed soldiers,who had had to sell the bills they had been paid for a few cents on the dollar.  Hamilton knew that integrity  in banking depended on a strict adherence to legal obligations. man, such as Jefferson, certainly recognized this.  A scholarly  President Jefferson had  emphasized the duty of government to protect the interests of the people with the same consideration as given to those who had acquired wealth.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  3. The Continental Congress had been compelled to pay its soldiers with paper money. notes at par.  It became the duty of Congress, ultimately, to redeem these The soldiers had not been able to wait.  Those who had bought  the certificates for a few cents on the dollar benefited. It was the loss then which the soldiers suffereclahich/appeared to cast a suspicion upon banking methods in general. presidency offered  It was this suspicion which at the beginning of Biddle's a puzzling  obstacle to real banking reform.  The sincerity of Thomas Jefferson and Alexander Hamilton, even if recognized, was of little help to Biddle.  Few of the liberals who followed  Jefferson's political leadership, could match his scholarship.  In the early  attempts to regulate banking, especially in the efforts to shape the policies of the National Bank, men of inferior mental caliber sought political advantage by joining the "popular" political party, then known as Republican. People of. this type were in those days causing a great deal of confusion. All bankers tended to be denounced politically because bankers had seemed to support the "speculators" in continental currency.  The self-interested  politicians warned the people about the "danger" of a tyranny of the "rich." Biddle had come into contact with an opportunist politician while serving a single term in the Legislature of Pennsylvania.  When, in the  closing days of the session of 1810-11, it happened to be Biddle's 25th birthday, Jacob Hodgate suddenly moved a denunciation of the efforts then underway to had prepared himself. He improve the banking situation. Biddle/succeeded in getting the floor and delivered a surprising and comprehensive address on the principles of banking. It was this speech that seemingly had first marked Biddle as an "authority" in the field of banking.  The speech did not prevent the Pennsylvania Legis-  lature from passing the motion critical of the Bank of the U. S.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  It did secure  4. the revision of the preamble, which had been so offensive to the sincere group seeking better understanding of banking on the part of the public. This effort must also have taught Biddle much about need for intelligent "enabling" legislation in order to provide for effective administrative action.  The special studies in financial and economic thought, which his  speech had required in its preparation, probably helped to divert the focus of Biddle's life from the more routine practice of the law and its precedents, to the need for analytical intelligence in the profession of banking, than then seemed to exist.  II. PRESEDENT OF THE BANK OF THE UNITED STATES  When Biddle, in 1823, found himself President of the Bank of the U. S. he had had sufficient experience to realize that in the inter-relations between politics and business and finance, unbounded intellectual integrity was the most essential factor needed. A banker is first of all a trained professional, whose task it is to devise and supervise the ways and means of payment for the exchange of goods and services between the members of a society, and/or the members of varied societies.  A banker is the arbiter of the uses of money, which measure the  values of the goods and services exchanged.  The banker's task also requires  a knowledge of the character and value of the varied tasks which citizens undertake to produce and to interchange.  A banker must have imagination  enough to be able to meet the exigencies of change, when men discover that some contracts are unlikely to be or cannot be executed as originally designed. A banker needs imagination as well as analytical ability.  A banker must be  able to recognize and to influence the adjustment of time factors in exchange,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  5. that must be reflected in the ways and means of payment that can be made available in terms that are understandable. Nicholas Biddle was as well prepared as any American could be when he assumed the presidency of the Bank of the U. S.  He had had the advantages  of European travel, as well as his excellent academic education.  No doubt  he had a knowledge of the successful operation of the Bank of England, which over nearly a century and a half, had built up enormous financial resources. It had established itself as a great financial institution on which the far flung needs of Great Britain could depend. In contrast, the United States had had little nationwide financial leadership.  The position of the Bank of the U. S. was still questionable.  had not yet succeeded in establishing a uniform currency.  It  The uncoordinated  activities of state banks had produced only unrealistic circulation for the reason that the notes of many of these banks were accepted only at varied depreciated values.  In the larger cities there were a few outstanding and  dependable banks, but, in general, financial exchange could be described as haphazard. While it was by no means widely realized, Biddle's task was threefold. In the first place, he had to create a coordinated and workable National Banking System.  This was very little appreciated.  The Bank of the U. S. and  its Branches were permitted to handle private as well as the public accounts. As such it unfortunately created the appearance of being a competitor of existing banks already created by charter in the various states.  In the  second place, Biddle's task was to strengthen these state banks sufficiently to bring them to a standard of dependability.  In the third place, he faced  the need of improving the caliber of bank officials of the Bank of the U. S. and its Branches.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  In order to attract the type of men who might become  6. "understanding leaders" in banking, Biddle sought the advice of those recognized as "leading citizens" in different parts of the country.  His action  was seized upon by the self-interested type of politician, who was urging President Jackson to go further and further to protect the "poor" against exploitation by the "rich and prominent."  Most of Biddle's attempts to  strengthen the financial competence of our young country seemed to be seized upon and to be misinterpreted. When Biddle pointed out that "deposit banking" should not be pushed too aggressively in the west, and that first attention whould be given to strengthen the financial structure in the larger cities, his attitude was also criticized. Biddle did strengdenthe Bank of the U. S. and its Branches as well as the State To create a stable currency he insisted that all banks must be in a  Banks.  position, when, if called upon, they must be able to meet their obligations by specie payments within a week's time. Deposit Banks were denied credit or deposits from the Bank of the U. S. unless the sum total of their loans averaged less than sixty days to maturity. It is to be regretted that Biddle's phenominal accomplishments were so misinterpreted in his own day.  Biddle certainly knew what he was doing,  especially the difference between what was then called a "National Bank" and a "Deposit Bank."  The term "Central Bank" had not then come into use.  more of us today understood this difference, we might be better off. still face many of the problems which confronted the bankers of the  If  we _830's.  Even today confusion is created when a bank spends too much of its energies trying to outstrip its competitors.  Biddle seems to have foreseen that  intelligent human judgment was a factor more important than rules. talk about it directly.  He must have realized that it might have opened new  opportunities for ambitious pretenders to put themselves forward.  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  He couldn't  It is to  7. be regretted that he did not undertake to leave behind him his personal memoirs ,which would let us see into the difficulties which then retarded financial progress. A Deposit Bank must have an acquaintance with its depositors, at least sufficient to know their capabilities and reliability.  It must know enough  of its depositors to recognize whether or not their individual promises can be trusted.  Deposit Banking is based on the assumption that through mutual  participation, effectiveness can be increased, from which all can benefit. Depositors tend to vary in their calls for and their use of money, especially in the frequency and size of withdrawals.  If the bank can provide for the  satisfaction of their respective average needs, it ought to be able, by retaining adequate reserves, to satisfy these average needs as well as additional specialized needs of its depositors. As an additional protection, it is an advantage to Deposit Banks to cooperate with what we have come to call "Central Banks."  The effectiveness  of reserves is increased on a far wider scale than it is possible for a local Deposit Bank to handle.  Central Banks are today recognized as Bankers' Banks.  In its charter the Bank of the U. S. was authorized to serve specifically as a depository of the Nation's funds and as the fiscal agent of the National Government.  Biddle's skill and vision may be said to have been, probably, far  in advance of most of the bankers of his day.  The Bank of the U. S. received  exceedingly large deposits from the Federal Treasury.  Under Biddle's direction,  these funds were not used to satisfy, either the needs of the "first comer" or the needs of the applicant,who was willing to pay the most profitable rate of interest.  Biddle insisted, when he found himself strong enough, that  the funds be distributed by deposit among its Branches as nearly as possible in accordance with the industrial and social needs of the nation, as these might vary from time to time.  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  8. It was Biddle's belief that, as the pooling of funds through the Banks of Deposit tended to develop new credit, that it was the function of the National Bank (Bank of the U. S.) to help to increase the usefulness of credit extension by moving its deposits from branch to branch in different localities. For example, Biddle was particularly solicitous to increase the deposits in Southern branches so as to provide the reserves needed to finance credit that made possible the harvesting and marketing of the cotton crop.  At  particular times industrial New England or commercial New York needed special attention.  The Bank of the U. S. also recognized that special types of  financial aid were needed to assure the intelligent development of the new Western Territories and States. Biddle was farsighted enough, however, to recognize that there was a difference between long term capital finance and short term finance. a farsighted warning that the advances carried too far by American banks.  He gave  for capital purposes should not be  Our young nation faced capital demands  both for the improvement of steamboat lines, as well as the development of newly invented railroad traffic.  For the coming demands, he saidl investors  must look for assistance from an older industrial country such as England which had already accumulated excess funds seeking long term investment.  POPULAR AND POLITICAL IGNORANCE BRING OPPOSITION  Such policies, of course, provoked criticism.  Complaints were directed  to the administration in Washington, that the Bank of the U. S. was showing "favoritism."   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Thus the charge of political favoritism was made an issue.  9. It was furthered by sectional rivalries.  New York had for some time been  successfully challenging Philadelphia as the financial center of the nation. New York, even to a greater extent than New England, was becoming politically "Republican."  Unfortunately, President Jackson did not possess the scholarly  understanding of former Republican President Thomas Jefferson.  He was,  therefore, easily influenced by the opportunist type of politicians who ., surrounded him.  Accordingly, when in 1832, the bill came to him from Congress,  authorizing the recharter of the Bank of the U. S., Andrew Jackson willingly and "ignorantly" prevented the continuance of enlightened financial progress by his Veto. Nicholas Biddle had taken pains to open the Banks books for public investigation.  He felt that he had kept the President informed.  Biddle had  won the support of such distinguished financiers as Alexander Dallas and Albert Gallatin. Biddle had found popular understanding of banking and credit was in such an embryonic state, that no matter what he himself might undertake to do, would be misunderstood and thus of little avail.  Biddle was criticized  when he made arrangements to reprint articles from newspapers, which he felt gave a correct view of the function and policy of the Bank of the U. S. He was criticized also because the Bank paid for the preparation and mailing of material of this type. Biddle did undertake to provide for continuance of the Bank by incorporation in the State of Pennsylvania.  It was in vain.  The federal deposits  were removed, and deposited with selected local Banks of Deposit.  The  favored banks were characteristically dubbed "pet banks" by the minority political party.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  National financial policy soon got out of control and the  10. nation found itself in the throes of the great financial crisis known as the Panic of 1837.  IV. BIDDLE'S VISION OF THE LIBERAL EDUCATION  Between the veto and the Panic, there was an extended period of vehement and confused discussion about the bank and its fate, mixed with political wrangling from which Biddle tried to keep aloof.  He declined invitations  to express himself publicly, except an address to the Sons of Nassau Hall ; at the Commencement of 1835, when he was invited to receive an honorary degree from Princeton.  Biddle used this opportunity characteristically.  mention of the confused financial hysteria.  He made no  His address was a phenominally  able statement of the advisability of a broad academic education, as an essential preparation for a specialized or professional life.  Biddle  stressed that it was particularly important that broadly educated men should accept public and political position because they were able to understand ) and differentiate between measures that were basically sound and helpful, in contrast to measures which appeared to be momentarily popular. It was no other than John McLean who insisted on the publication of Biddle's "full" address.  In this address, a mature Biddle showed wisdom  and sincerity fully as great as the younger Biddle had put into the preparation of the address on banking and credit which he had given before the Pennsylvania Legislature on his 25th birthday.  Were it possible today to  read Biddle's address to the "Sons of Nassau Hall" at the graves of Woodrow Wilson 1879,and Dean Andrew F. West)1874, it is my fancy that those two great proponents of the broadest possible education, in spite of their // apparent quarrel over the Graduate School at Princeton, would try to find   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  11. a way to incite all modern Princetonians with the appreciation of the genius  more  and the integrity of Nicholas Biddle. In their day Wilson and West had spoken than other Americans emphatically/in favor of broader academic education.  V. WILSON THE SCHOLAR IN POLITICS  As the Class of 1912 was entering college in 1908, Woodrow Wilson, then President of the University, had been invited to address the American Bankers' Association,at its meeting in Denver, Colorado. His subject was the improvement of our Banking System.  Five years  later, as President of the United States, Woodrow Wilson was to insist that Congress pass the legislation that had been framed to authorize the creation of our Federal Reserve System. Between 1836 and 1913 the United States had been without the services of a coordinating Central Bank.  To remedy the chaotic financial situation  caused by the Civil War, an attempt had been made to strengthen the national currency by permitting designated "National Banks" to issue notes which became known as "Greenbacks."  Although insufficient, this device  did furnish a needed expandable "paper" currency.  The National Banks were  put under the supervision of the office known as Comptroller of the Currency, created in 1863 as a war measure. In spite of this, the phenominal and far-sighted leadership which had been shown by Nicholas Biddle seemed to have been in eclipse until that other Princeton "Scholar" Woodrow Wilson _came on the scene.  Again, it was the  broad training which apparently helped Wilson to recognize that something very similar to the concept of banking for which Biddle had worked, was How otherwise essential, / pr0:e the greatness of which the United States was capable of achieving in the Twentieth Century2  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  12. Between President Jackson's veto of the recharter of the Bank of the U. S. in 1832 and the formation of the Federal Reserve System in 1913, our nation had been subjected to a series of disastrous panics.  These had  occurred in 1837; 1857; 1893; and 1907. Following the "Trust Company" Panic of 1907 the Congress had authorized a National Monetary Commission to study ways and means for improving the increasingly complicated financial "system" of the United States.  Although  the Commission, under the chairmanship of Senator Nelson Aldrich, delivered a voluminous report in 1911, nothing significant resulted. It was Princeton that had prepared Nicholas Biddle, or at least had helped prepare him for his phenominal advance of America's first "Central Bank."  Princeton must have also furnished "something extraordinary" to  another of her sons of the Class of 1879, Woodrow Wilson.  VI THE FEDERAL RESERVE SYSTEM  Had it not been for Woodrow Wilson, the understanding scholar, the report of the National Monetary Commission mgiht have died in its pigeonWith the legislative assistance of Carter Glass, later Secretary of  hole.  the Treasury, the Federal Reserve System was formed to coordinate our Deposit Banking System. Apparently to assure passage through Congress of the Federal Reserve legislation, the public was given the impression that the Federal Reserve System would be an almost certain protection against the periodic "panics" to which the nation had been subject.  In fact it was pointed out that the  stability of the currency required the ways and means for the distribution   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  13. country of the differing parts purposes to for productive of the currency  aid at both times and places of need.  Instead of one single Central Bank,  the nation was divided into 12 Federal Reserve Districts, each with its district Federal Reserve Bank to provide for the financial needs of each particular district.  Thus it was hoped that through the coordination of the  12 Federal Reserve Districts that adequate protection could be given against harmful or exaggerated concentrations of money flow to any particular point, such as the New York Stock Market.for avowedly speculative purposes. It is unfortunate that the advent of the First World War, almost immediately after the formation of the Federal Reserve System, was to require one of the greatest and most immediate concentrations of finance that had taken place in the United States, namely to raise funds adequate to provide for America's participation in World War I.  The Federal Reserve System was,  in its early years, virtually looked upon as one national system of finance. full The/functioning of the twelve Federal Reserve Banks was postponed to such time as the nation could afford to think about diversified productivity and distributive needs, rather than unified national defense. By the year 1918, when the war ended, huge sums had been borrowed by the United States Government for the prosecution of the war. drawn from the savings of the people. from war to peace-time production.  These had been  The problem became one of conversion  Almost immediately the New York Stock  Market seemed to become the most useful and powerful of all financial institutions.  Savings from all over the nation were drawn to New York City  to provide for needed readjustments.  Apparently nothing that could be done  through the 12 Federal Reserve Banks, could check the increase in apparent market values and the speculation which led to unreasonable inflation. Then in the fall of 1929 came a sudden recognition that the United States had brought upon itself the greatest panic and ensuing depression ever encountered.  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  14. In 1929 a few Americans may have remembered the promises made in 1913 that under the new Federal Reserve  System Americans would be "protected"  In the confusion which followed, the American  against periodic depressions.  public of the 1930's, appeared to be no better prepared for the understanding of what had happened than was the public, when it had been confronted with the depression of 1837 that followed the destruction of the Bank of the U. S. Assuredly, however, we Americans have no greater need than the need of understanding.  VII. HUMAN JUDGMENT AND  INTEGRITY - A FUNDAMENTAL FOR BANKING  In 1979, another Princeton man, Paul A. Volcker, of the Class of 1949, was to find himself Chairman of the Board of Governors of the Federal Reserve System.  He has been confronted with the seemingly separate problems of  inflation and of foreign exchange in their relation to the policies of the Federal Reserve System.  He has shown an appreciation of Biddle's attitude;  banking cannot be subjected to "exact rules," but must depend on intellectual judgments and human integrity. It was in 1935 that the Congress, recognizing the need for strengthening the directional controls of the Federal Reserve Board, passed legislation creating what became known as the "Open Market Committee." This committee was given the power to buy and sell securities, especially government securities, in the open market.  By this means, aggregate bank  deposits could be diminished or be increased.  When administered narrowly  and according to formula, this policy has shown shortcomings.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  , 15. Mr. Volcker has had the wisdom to temper the control of the monetary aggregate, by variations dependent upon specific conditions and specific needs.  In other words, if the Open Market Committe had set what it calls  specific "targets" with respect to time and total money supply, Mr. Volcker has made clear that, to attain a target, the rate of approach may, and perhaps should be varied considerably, according to specific needs or conditions that may currently prevail. It is appropriate that Princeton men should go out of their way to express their gratification and appreciation for the originality and integrity of Nicholas Biddle.  A popularization of Biddle's financial under-  standing should be a public service at the present time.  We must also try  to increase popular understanding of the function of the Federal Reserve. As Princeton men, we should recall the part that Woodrow Wilson played in its creation.  Certainly greater appreciation than has been yet shown would  reinforce the efforts which Mr. Volcker is capable of making as a broadly educated Princeton man, now the Chairman of the Federal Reserve Board. Thomas Payne Govan, as long ago as 1959, wrote the outstanding life of Nicholas Biddle, published by the University Press of Chicago. should be kept on the night-table of every wide awake Princetonian.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  A.C.H. 6/18/87  A copy of it   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  /\4nkicEL EVEN Eoo tc S Itv(PCYR TAN T ftt9 flE - TA\ NDE\W  wq  F  N, cOrnr;ike4e  g2  kt?  L" aAa P rtfegadi41" t-t li AP)c 3 7 th.4444,L ti*s4,d; r; g°  Iv. 3 it-c-  .1,  ARTHUR C. HOLDEN, FAIA BOX 182, WASHINGTON, CONN. 06793 CONSULTING ARCHITECT  TEL. 203-868-7063  June 29, 1983 Hon Ron Paul United States House of Reprisentatives Yashington,• DC 20515 Dear ConprEssman Paul, This letter transmits Xerox prints with title pagr.-s and tables of contents of Oeven selected books by various authors written apparc-ntly to stimulate t- oitter undcrstandinc of money.  list of the 7.1ven se1ected titlPs is enclosed.  am numherinn these in an if I wr  order  selrcted in which  reading them for tha first timr.  I  I would like to read thsr today  In brief paraoraDhs below, I tried tb  :xrlain t:hv I fet1 the particular book important with an attempt to hint at why it seris to hold particular sionificance to mE.  "ELL: TF.E sTory OF roru "hil_ T  srvin9 in '!lashington as an adviser to the Division of Research Plannln-., I cam upon Aorman Angell's book and found it espr:cially  illuminating for Li . overall picturi- which it aave. nrz:v=T t.ard of tn, work of Alexander Del k.:ar.  Until I came upon it, I had  I think that the story of the financ-  ing of -;.hi CurnsEy market is hztter explained in this book than any other account I  COfl  2.  uDon.  CHARLES RIST:  HISTORY OF TNEY AND CREDIT THEORY  As a historical outline of the development of the understandinp of credit, I think this book invaluable.  Too few Americans seem to be able to differentiate  between credit and money and how credits advanced come to be equivalent to money.  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  6/29/83  -2-  Paul  3.  IRVINO FISHER: THE THEORY OF INTEREST  Fisher wrote more voluminously on interest theory than did Del Nar. possessed an almost complete set of  Fisher's work.  of loney" would have been a better volume to includE.  I once  In a sense, his "Purchasing Power It is more imnortant in the over-  1 ork of Fisher's toward which Anderson directs his all nicture and is the particular , principal criticism in his 'Value of ronsy." "The Theory of IHterest" however, stands alone as a work of fundamental importance.  4.  DENJArIN  . A'iDEPSON:  THE VALUE OF rOVEY  It was this book from which I derived the illuminating idea that qualitative controls for money were really far more important than attempts to control the quantity of money in circulation. The table of contents seems to rfl, inadequate, to describe the importance of the book.  I never met Anderson althouch I did have the pleasure of  mel:ting both Sir Norman Ang7.11, as well as Irving Fisher.  AndErson appears to me to  hay: possessed an imaainativr intPllsct and a ohenomnally sound judgment.  I wish that  I might hav: met him and learnd fror him, uhat he thoucht of the work accomplished by icholas niddls as president of thc second Sank of the United States.  S.  Pl!ARD v,ELLn: LArn2. A"M OTPER CAPITAL  This is a book which makes very difficult readina.  Back in l3, when the book  appeared, it seems appartnt that its main sianificance was overlooked because so many of Kr:110gg's contemporaries were frightened by the remedies he offered, especially respecting note issue.  It was Kellogg's work that particularly called my attention to the damage tnat  can be caused to any economy by allowing the total of debt in all forms to grow beyond a Point where the annual charges for carrying debt may exceed the annual increment of the Gross iational Product.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Paul  -3-  C.  'ALTER BAGEHOT:  6/29/83  LO"rARD STREET  For a lona timc:,  Bag,Fhot edited the London Economist.  His great book  which might also he said to hav.,_ been misnamed, "Lombard Street" is a revealing description of the diffrence bPtween central banking and local commercial banking and th. necessity for an overseeing aTency in the form of a hanker's bank, that peTforms for banks in general, the sl,xvicr..s vihich individual local 1)anks perform for their dE.positers.  7.  STEPHEN COLUELL:  WYS AND ;TANS OF PMENT  An almost forgotten book v,hich is still capable of inspiring an enlightcne,d understanding of the banking function.  S.  ALEXANDER DEL MAR:  MONEY AND CIVILIZATION  Del Mar, although the son of a mining engineer and a mining enainwir hims0f, believed that human integrity could Lc made a better guaranteE of thF. integrity of mon E- ., than an,;, pr=vious  1-1 -? ':as a nhenomnal researcher.  commc.mts unon early banking  and tht d.?-vclonmnt of banking throughout the ages are invaluahle.  9.  nmorAs  PAYNE COVAN:  NICPOLAS.  IDDLE  This biography of perhaps, the- most far-sight€A of all American tankers, is worth clost study.  Thc-- table of conterits is too brief to givi: much idea of th,.; importance of  the book.  10.  BRAY HA7D: FANKS AHD POLITICS IN AMERICA, FROM THE REVOLUTION TO THE CIVIL PAR  Bray Hammond served as an advisory economist to the Federal Reserve Board hack in the 1930's at which time, I first knevi him.  I believe that he was one of the early editors  of the general handbook that is issued on the Federal Reserve System by the Board of Governors.  He did not live to finish his history, but his notes were put together for  a shorter second volume carrying through the Civil War period.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Pis history is full of  6/29/83  -4-  Paul  illuminatinn criticism  11.  FREDERICK SODDY: ITALTH, VIRTUAL YEALTH AND DEBT  This book was called to my attention just after my brief sErvics with the :lational Recovery Administration.  Soddy was a Nobel Prize winner for chemistry.  His analytical  abilities when applied to finance eneled him to think about financ( in a way that it is regrtable that most bankers s.-m to have been incapeile of anproaching.  Soddy's  diffr,:ntiation hrtween ral :ath and virtual vtealth and the sionificanct: of debt as we:11 as th  lack of understanding of the significancs of dsbt, should rscsive far Nroadr_r  considtration than it has yet mceived.  I do not know enouoh about chemistry to know  Dr. Soddy's qualifications for the re'0 r-rize in that field.  I do, however, rFcognize  from what I know about long term finance, that Tealth, Virtual 1!?alth and Debt" as analyzed by Dr. Soddy reveals him as a man worthy of receivino the Nobel Prize for economics.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Arthur C. Holden  LIFT  TITLES  1. !iorman Ann=11:_ Th,. Story of !on -:y, 1°22 2.  Charl?s Pist:  3.  Irvinn Fisher:  4.  P, :nja7-An ". And=rson:  5.  Ed:!ard K-.11onn: Labor and nths-n- Canital, Th Rinht of Each Scurd and thc Hronqs of Roth Fradicatfd,  C. 7.  Yal•vr Bacyzhot: t7.phen P  0.  T P Theory of Intsrst, 123n Ths Valu  Lontard Strs-.1,  of "onev, 1n17  12An  D,scrption of th= rony rarkFA, 1273  l "ar: :Ion -v and Civilization, 1285  Thomas Ravn 1r). Pray Pammend: To 11.  ristorv of rontary and Credit Th.eprv, 1232.  "a"s and "s,ans of Reavnint Full 1,na1vsis of the Cr:dit Systs.m, 1359  ,".1,xandlr  rovan. 'icholas Piddle, Nationali1tand Pu blic Pankcr, 1250 Ranks and Politics in rmorica, rrom th  FrAirick Soddy: "L.alth, Virtual "alth and Dcht Th Solution o'f th rconoMic Paradox, 19:TT—   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  nr  P,folution  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: Book excerpt Citations:  Number of Pages Removed: 8  Angell, Norman. The Story of Money. New York: Garden City Publishing Company, 1929.  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  VETERANS OF FOREIGN WARS OF THE UNITED STATES  THE EXECUTIVE DIRECTOR  September 1, 1987  Honorable Paul A. Volcker Chairman, Board of Governors Federal Reserve System Washington, D. C. 20551  Dear Mr. Volcker: Just a note to express the appreciation of our entire membership for your participation in our 88th National Convention in New Orleans. Immediate Past Commander-in-Chief Norm Staab was honored to have you in attendance for the purpose of accepting the 1987 VFW Americanism Award. I wish to assure you that the officials of the Veterans of Foreign Wars are most pleased with the outcome of this year's Convention. Realizing that much of the credit for this success must go to individuals such as you who contributed so much to the event, I want to take this opportunity to express our deep appreciation for your participation. Our organization was honored by your presence and is most grateful to you for taking the time from your busy schedule to join us in New Orleans. If there is ever anything we can do to be of assistance to you, please feel free to contact us. Sincerely yours, ,  )  CO PER T. HOLT Ex cutive Director  CTH:nlp  * WASHINGTON OFFICE * VFW MEMORIAL BUILDING • 200 MARYLAND AVENUE, N.E.• WASHINGTON, D.C. 20002-5799 • AREA CODE 202-543-2239   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  s i  August 20, 1987  Mr. Albert R. Hunt Washington Bureau Chief The Wall Street Journal 1025 Connecticut Avenue, N.W. Suite 800 Washington, D.C. 20036 Dear Al: Thanks for sending along some of those letters -- a couple of which I will file for Commission use. And I was reminded of how good Larry Woodworth was as the archtypical Congressional career staffer. I reported to Barbara your bargain -- no more crabbing. She agrees. So everybody's happy. All the best,  Paul A. Volcker PAV:gv   https://fraser.stlouisfed.org MI Federal Reserve Bank of St. Louis  THE WALL STREET JOURNAL.  DOW JONES & COMPANY,INC. Publishers 1025 CONNECTICUT AVENUE N. W. SUITE 800 WASHINGTON, D. C. 20036 •-•  ALBERT R. HUNT WASHINGTON BUREAU CHIEF  SO rlir.i4  it' e ua_t_k  (A 1  tt st (  ZttAV r  i `  0Lo A.0  ..t ) Oe   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  00-0  C•  adt>1 )4 4  Elena Schmid 1709 Markham Way Sacramento, CA 95818  July 28, 1987  Mr. Albert Hunt, Chief Washington Bureau Wall Street Journal 1025 Connecticut Avenue, N.W. 20036 Washington, D.C.  Dear Mr. Hunt: I am prompted to write this letter of appreciation after reading your article in the July 24, 1987 edition of the WSJ entitled "Paul Volcker, The Ultimate Public Servant." As one who has made the conscious choice to become a public service and has learned to live with the ridicule that goes with it, it renews my faith in my decision to read of Paul Volcker's commitment. I appreciate you pointing out the good that is in public service. It is manna for those of us surrounded by the daily realities which give bureaucrats a bad name.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Sincerely,  Elena Schmid  LAW OFFICES  moRTIMER M. CApLIN•  DOUGLAS D. DRYSDALE  ROBERT  THOMAS A. TRoYF.R  RLA.YMAN  ROBERT H. ELLIOTT. JR. • ELIHUINSELBUCle  H. DAVID ROSENBLOOM• RONALD B. LEWIS  WALTER B. SLOCOMBE  CONO R  RICHARD H. SEILLMAN•  DANIEL B. ROSENBAUM•  PATRMIAG.LEwIS .  RICHARD  riAiton•  °HAHNE W. HUSH'  8c  DRYSDALE  CHARTERED  MYRON c. DAUm• OF COUNSEL  RALPH A. MUOIO•  PETER VAN N. LOCEWOOD•  BERNARD S.  CAPLIN  ONE THOMAS CIRCLE, N.W.  NEW YORK OFFICE: 10 EAST 53RD STREET  NA.MORATO•  WASHINGTON, D.C. 20005 (202)862-5000  STUART L. BROWN STAFFORDSMILEY .  GEOFFREY JUDD VITT  wENDY S. RUDOLPH  FRANK K. CHAPPER  RICHARD M. LENT  Scott D. MICHEL  OLENN R. CARRINGTON  NEW YORE, NY 10022 (212) 310-7125  H. TIMBIE•  TELEX 004001 CAPL IJR WSH TELECOPIER (202) 296-28E16 wRITER'S DIRECT DIAL NUMBER  JULIE w. DAVIS  RICHARD C. SHEA  TREVOR H. SwETT III  BETH SHAPIRO KAUFMAN  MARLIN RISINGER, III  JULIA I.. PORTER  NANCY FOX KADEN  EILEEN M. MALLON  202/862-5050  ETHAN V. FINNERAN +  • ADMITTED IN D.C. & N.Y. + ADMITTED IN N.Y. ONLY • NOT ADMITTED IN D.C. OR N.Y.  July 28, 1987  Mr. Albert R. Hunt The Wall Street Journal 1025 Connecticut Avenue, N.W. Washington, D. C. 20036 Dear Al; Congratulations on your very fine column on Paul Volcker and public service. It deals with a theme close to my heart. Your sons might be interested in my post-Watergate speech delivered to the students at the University of Virginia. Its founder, Thomas Jefferson, deeply felt that there is "a debt of service due from every man to his country." Clearly, we all have a stake in seeing that the best of our young people are attracted to government at some time during their careers. With best regards. Sincerely,  4,, 41'71 Mortimer M. Caplin  Enclosure   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ELW000 N.THOMPSON   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  COOPER PLAZA  LINCOLN, NEBRASKA 6E1508  July 31, 1987  Mr. Albert R. Hunt Wall Street Journal 200 Liberty St. New York, NY 10281 Dear Mr. Hunt: Your tribute to Paul Volcker in your column on Friday, July 24, certainly was appropriate. The reference to General Marshall was particularly apt; having worked under him in the State Department, I can also testify that he was one of the rare "great ones". With your interest in these examples of genuine public service you would enjoy the recently published book, The Wise Men, tracing the dedicated public service of such wartime and postwar leaders as McCloy, Kennan, Bohlen, Lovett, Acheson, Marshall, etc. As a onetime aspiring reporter I especially enjoy your evenhanded treatment of the news, rather rare these days, both in print and on television Sincerely,  E.  Thompson (A-vi-e•Z  -A{).  R. J. Reynolds Tobacco Company Winston-Salem, N. C. 27102 F. Hudnall Christopher, Jr. Executive Vice President   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 3, 1987  Mr. Albert R. Hunt, Jr. Washington Bureau Chief The Wall Street Journal 1025 Connecticut Avenue NW, Suite 800 Washington, DC 20036 Dear Al: Your editorial in the Journal on Paul Volcker was excellent. I couldn't agree more with your comments. The move of Planters + Life Savers' corporate headquarters to Winston-Salem and our leasing about a third of Corporate Headquarters have given Tom Hearn some needed "breathing room." It's good for all concerned. Best regards, and I look forward to seeing you this fall. Sincerely,  ttQ F. Hudnall Christopher, Jr. FHC:na  1  INSTITUTE T TE OF INTERNATIONAL EDUCATION  NATIONS PLAZA, NEW YORK, N.Y. 10017 I 11 8O N9 UNITED 1 =1 illi  (212) 984-5425  July 29, 1987  BOARD OF TRUSTEES Charles H. Percy Chairman Richard M. Krasno President and Chief Executive Officer Joe L. Allbritton Robin Chandler Duke Donald M. Stewart Vice Chairmen Henry Kaufman Chairman, Executive Committee Peyton F Carter Treasurer Mrs. Howard Ahmanson Arthur G. Altschul Jack H. Barnard Michel L Besson Ralph E. Boynton Thornton F. Bradshaw Roy P.M. Carlson Stephen P. Duggan, Jr. J. Wayne Fredericks Victor J Goldberg Alexander Hehmeyer Letitia Baldrige Hollensteiner Stephen Horn Bruce W. Hulbert Roger Lewis Mrs. John L Loeb Mrs. Jean W. Mahoney Peter L. Malkin Madeline H. McWhinney Martin Meyerson Philip Oxley Diane J. Paton Robert L Payton Kent Rhodes Frederick P. Rose Ralph H. Smuckler Monroe E. Spaght Yoshio Terasawa James W. Vanderbeek On leave Samuel R Pierce, Jr   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Albert R. Hunt Wall Street Journal Washington Bureau 1025 Connecticut Avenue Washington, D.C. 20036 Dear Al: As just one of your millions of readers, I want to personally thank you for that beautiful article about Paul Volker, "The ultimate public servant". It was much deserved and the entire theme of the article is much needed. My wife Loraine particularly appreciated it, inasmuch as her two brothers are both in public service, and have been most of their lives. Her older brother, David, serves as president of Save The Children, and her younger brother serves in Sri Lanka as Country Director of Asia Foundation. Before that, he was director of the Peace Corps in Bombay and then Country Director for the Peace Corps in Afghanistan. I am pleased at the very high proportion of our family members that are in positions of public service. We were all assembled last weekend around my mother here in Washington to celebrate her 95th birthday. Hers also has been a life of service. Thanks again for your very well deserved article on Paul Volker. I thought his tribute to Arthur Burns at the funeral service was also great. We have both been privileged to know well both of these men. Should you ever want me to talk to your young sons anytime in the next decade about public life, I would be happy to meet with them. Warmest p rsonal  Charles H. Percy Chairman CHP/pmt  41alds,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  7N,  UNITED STATES TAX COURT  CHAMBERS OF  JUDGE HERBERT L. CHABOT  9v/V a-4JciL /'i, ( 7 7  /92L  4  ai, (re/  ,4 (r„A  Lci -t-4-/a c:a16  to.rt clAd=1  ,44  7/4- (°/.,por  I  2 `1 127 LifiHen PHIL'? J.  L BC AT  fiHito16 rt.  -IN fir] Ps  foz  A  1, Ci(E  /  RricLe  EL2A7  5  ti U (JL  pl  r  WHO  Jj3J  OL1 -r  Phr H  —  her  PorzE  Nor  QuieniciEk  Er/ ityceir  1 -T Ei‘ -  (4411114i-  Tti C  Ato 'THE  LE 611711/ff  tE tou c /9  F  -rile  PherY  — MY sfEl) 117 1711 1.s co_Ataigz )+ErP voto:_eR / BokAgen#9_5 cot-IPI9Pof  IH1EPID  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FALL  1-1iE)t  Pt/eAktAx  FEDEAAL  l< imp Lit  1.) 0 D  iffnettory  4_iL  pi9v6i17-Eit  idugiED  eet.  fri  fri aft  7-lif  6r  )3TCf1L1JE  sys -rrti  ritgs-r  iJ-JE  QO  ILA S  v c_f  C LiILL  OF  _4(3__EThe"  fLLi  toikir Alif < ittrr  E  f E  Poty'r  4 ty  ELOI  7 West 66th Street  ABC News  New York, New York 10023 Telephone 212 887-4040  Peter Jennings Anchor and Senior Editor WORLD NEWS TONIGHT  18 August 1987 Dear Mr. Volcker, As the Assistant to Peter Jennings, I wanted to take this opportunity to write on behalf of the Washington Speaker's Bureau. As you are probably aware, they represent Mr. Jennings exclusively and have for the last three years. From the very beginning, both Mr. Jennings and I were highly impressed with the presentation that was made by Harry Rhoads and Bernard Swain. And, I can freely state that our first impressions have been borne out throughout our working relationship. Because Mr. Jennings' time is so limited, the majority of his speaking engagements must be within easy distance of the New York area. The Washington Speaker's Bureau is extremely careful to focus on those engagements that he can do. There are times when we have had to call at the last minute due to 'breaking' news to cancel a speaking engagement that has been made as long as a year prior. We have never felt pressured by this organization. Our relationship is characterized by sensitivity, grace under pressure, and, above all, integrity. I know that Mr. Jennings will agree with me when I say that we cannot recommend the Washington Speaker's Bureau more highly. i  erely your.§_t_  Gr tchen Babarovic q Assistant to Peter Jennings The Honorable Paul Volcker Federal Reserve System 20th E1 Constitution Avenue Washington, D.C. 20551   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FA>4..b T-D >/00  .1u L--y  17/0  moira johnston July 16, 1987  aPv  017  Mr. Joseph R. Coyne Assistant to the Board Federal Reserve Board Washington, D.C. 20551  /In  Dear Mr. Coyne: You have been discussing with my sister and associate Sheilagh Simpson the possibility of an interview with Mr. Paul Volcker when I am in Washington next week. At your request, I am writing now to flesh out my request with more information on both me and my book project. I am a nationally-recognized author writing a major book on American banking. My focus will be on the Bank of America. I hope, however, to paint B of A's dramatic story on a canvas as large as the global financial system, and to make the book a revealing portrait of a time of change and challenge that touches us all. As Mr. Volcker is arguably the most influential figure in any portrait of the American economy - and the role of the Federal Reserve Board so integral to the functioning of banks in this nation, I am most eager to have his voice heard directly in my book. It was clear, in researching my book on corporate takeovers in Wall Street two years ago, that his policies and actions are a constant force and presence both here and abroad, and I have heard enormous praise (as well as some dissent!) for his remarkable years at the Fed. If Mr. Volcker is gracious enough to consent to an interview - and can fit it into his demanding schedule - the book will be immeasurably enriched. He will be in good company. I will be meeting Walter Wriston in New York on Monday, one of a number of world-rank financial men who are contributing their experiences and insight to my book. Even Tom Clausen, with his enormous pressures, has agreed to meet with me. To give you a little more background on my project, my book will examine the Bank of America's struggle to redefine itself for survival in an environment which is transforming the very image and meaning of the word 'bank.' I will use B of A as a window into that explosively deregulating, globalizing world which challenges not just the Bank of America, but the entire American corporate, industrial and economic system. Mr. Volcker's powerful role at the very heart of the economic process would be invaluable. In fact, no truly authoritative book on the subject could be written without his contribution. My book will be a very human telling of the tale, with motives  112 walnut street san francisco, ca 94118 Digitized for415-922-1578 FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  5/,, 4 t„li iz )  Olt  and characters fully developed. But I will be examining BankAmerica, too, as a revealing mirror on events that go beyond the drama of personalities, conflicts of vision, flawed judgements and 'war stories' to touch the seminal issues of the decade: the boardroom as crucible for reexamination of the roles of directors, management and shareholders; paradigm changes in corporate cultures and management styles; productivity and America's international competitiveness; the entrepreneurial 'free market' versus a regulated bureaucratic system; the conundrum of third world debt; competing theories of governmental manipulation and intervention in the economy (part of Mr. Volcker's purview), and so on. The book is an outgrowth of my most recent book, 'TAKEOVER: THE NEW WALL STREET WARRIORS,' published last fall and named by Business Week as one of the ten best books on business and economics of 1986. I have signed a superb contract with Weidenfeld & Nicholson, the new but already well-regarded New York publishing house formed by Lord Weidenfeld (the British publisher) and Ann Getty. My editor is one of the best in New York, and ambitions for the book are to make it a major non-fiction event of early fall 1988. I have built a national reputation on bold investigative, but also balanced and objective, journalism. My expose of the Firestone 500 tire in New West Magazine led to recall of the tire and won me the prestigious National Magazine Award. On the other side of the corporate coin, I was the first writer permitted inside Intel to write a story on the U.S./Japan semiconductor trade wars. In TAKEOVER, I described the Unocal, Crown Zellerbach and TWA corporate control struggles each from a different perspective: the corporation's, the raider's, and the pilot/employee's respectively. The force and importance of this book will lie not in excoriating whipping-boys, but in tracing today's problems to their roots and laying bare the intricate web of cause. For even the most controversial Judgements are made in the context of the corporate system, the social and political climate of the time, and the irresistible events of history. I believe in presenting events in these contexts, and intend my book to be a fair and balanced forum for all voices. I am fully aware of the constraints forced on many of the book's key subjects by legal, economic and political considerations. None of the material I gather now will see print until publication at least a year from now, and will be held - on or off the record - in strictest confidence. In addition to the enclosed clippings, it may interest you that mine was the cover story on the May issue of California   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .  magazine (an essay on the aftermath of the takeover wars), and that my story on the Queen Charlotte Islands in the July issue of the National Geographic appears to have contributed to the creation of a new national wilderness park in Canada. I have upcoming profiles of Sanford Weill in the New York Times Magazine, and of Edgar Bronfman Jr. in the October issue of Vanity Fair. I am the author of four previous books, including THE LAST NINE MINUTES, an investigative report on the Paris Air Disaster, reviewed on the front page of the New York Times Book Review on publication. I plan to be in Washington July 22 through July 27. It would be a privilege to meet with Mr. Volcker during that time. I look forward to hearing from you as soon as possible, and thank you for your help.  Very best regards,  _   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  James W Kack F7  /1" 42  -  ((  tt SI2eitiO  r Paul A. Volcker August 20, 1987  TO:  Albert J. Kubeluis  Thanks for the memo.  By coincidence,  just this morning I got another strong recommendation for Mr. Burke for similar reasons.  He is now on my list!   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  P.A.V.  BOARD OF GOVERNORS OF THE  ?  FEDERAL RESERVE SYSTEM  &.P 0  ffr.Lvg  ixt L  WASHINGTON, D. C. 20551  'V cA 1 V3-jyt/tl  • • •  DIVISION OF FEDERAL 1111ESCPIVE SANK OPERATIONS  1' 4..,,  )6"(  .•RAI. RES' ••s•-•  7  August 13, 1987 To: Chairman Paul A. Volcker) From: Albert J. Kubeluis Subject: National Commission on Public Service I participated in the President's Executive Exchange Program in 1984-1985 going from the Board to Johnson & Johnson and was very impressed by the company's ethics, quality, and long-term success.  When I read that  you were becoming chairman of the National Commission on Public Service, the thought occurred to me that the values and experiences of J&J may be of great help to your Commission. You may know Mr. James E. Burke, chairman and ceo of J&J.  Mr. Burke was also chairman of the President's  Commission on Executive Exchange. him regarding the Commission.  You may want to contact  Mr. Burke could provide good  insights into public service because J&J has public service as an explicit philosophy and operating principle. The attached credo states J&J's responsibilities to their customers, employees, communities, environments, businesses, and stockholders.  I saw this credo reflected in  operations, planning, crisis management, and key decisions at J&J.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  6  U./  J&J has invested considerable effort over the years in order to infuse the principles of its credo in its employees.  In 1975, some J&J executives became concerned  over whether J&J was practicing what it was preaching.  A  meeting of managers from their United States and foreign companies was held to challenge the credo.  This began a  series of credo challenge meetings to recommend whether to get rid of the credo, rewrite it, or recommit to it. Clearly, J&J has remained committed to its credo.  The  success and reputation of J&J, the quality of its products, its handling of the Tylenol crisis, its staying in and helping the New Brunswick, New Jersey community, and its participation in education programs are evidence of J&J's commitment to the high principles of its credo. Mr. Burke has led J&J for many years and has a wealth of experience which may be valuable to your Commission.  I have not discussed this matter with Mr.  Burke, nor do I have any knowledge of his interest and availability.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Good luck in your new work.  2  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: Advertisement Citations:  Number of Pages Removed: 1  Johnson & Johnson. "Our Credo."  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  111  August 20, 1987  Mr. Gerard Cameron Lacey Senior Development Officer Northwood Institute 19111 W. Ten Mile Road Southfield, Michigan 48075 Dear Mr. Lacey: I appreciate your letter 7- and your tuition efforts. I sympathize with anyone plowing through "Purposes and Functions" from a standing start. Maybe some day I'll write my book. Meanwhile, keep up all that good work. Sincerely,  PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Paul A. VolcXer  16.  GO  NORTHWOOD INSTITUTE 19111 W. Ten Mile Road Southfield, Michigan 48075 (313) 353-1360  GERARD CAMERON LACEY SENIOR DEVELOPMENT OFFICER   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  11.  /3, /58  ,9lis /114  /11. 44ei et-to,e4wa_ Aç /1"-r,w, Cc›?c'  c.2  /t/a.d4,4-(7 71.0.-se, 4e:  0-eada_  frtz ofee-gor --440.4e-444  40-el  tYg•e  " Ve-ofr 0941  7 1 -  de.t4e,  Ael  Aeite L41d 74  /0.4.444.4e  I4J  E  flefota.Lir/  44.P.t..)..4.44Le-44 '' C  // 1 Cee4cJt  • 4.4.€  7/ c' 2' P - C J./" ,e,L;AAsigie ,  Co-eie9.e 1°01i-71  pet-7  ec4-1.0e  /at4-4-4-e  et,/  •  -0-0-dwe 7 - -e,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Z,  At,  VeL44, L  __Yr?  CI Z )  ‘ 0, p*i.o.,e4L4.4y ,42.44-61  Lit.e-gt-ta NORTHWOOD  •  33  Peld.  4.‘A  /4-e47  gt14 - ,g,c2-piesoqgh, 11-li  .:4*,••t.  9..e. 444A,  ad  19111 W. Ten Mile Rd. - Suite 169 Southfield, Michigan 48075 Telephone 313-353-1360  /04A:4A-4 .1e Cee-etl.e INSTITUTE  ci  44-10.07111"1.117 1114111•""  7•111   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  IC  yr77 4rrw apcwf1 9 -1W 7 ea  la-p-p-on7 1fr-70-v, ve7ira.24  "70 , r,ir  1,„yy . 02 ,1  , 54  Zr7.vp  /)0-3W frrS.41/Pb  07 2r77  7e/n  i7y7Z  ol-V Y./  7e)o-V  •44-) ? . ?9-ur-,v7r77 ,1-a-p-z„9 r-rpo i7)412  •  cv  y cP7  4"7W.0F , +7 4"- PAV  Ayr,'  2  *-t2-.7-"Ayc7  " 4"° trA-VP  P-ae. -7;evis-7fy Ar?‘4, „  ' 1 Y 147"  1^4 '  1° / 1 1C7 47"7"''W !  A ir )P7WV  / a-•-ap-avzs•r• 29s,  110V  0GPec.0  r1"2,  idts  ? /.4v•-17  #rAA/ €  (ber,47•tf)  a-14 4 -a-94  4e$77-74-217• ?-  -wax,  i-4?"--,P-, 4  /envy Iv  „icy..? • r  fA7  .AvVr ‘  • 1,1--xy oac•  4,9  •z444/  7.4,,  ir-frla.47  4-4P-  vs•-"  IP'',D4aP7  • az-7cl.oe  'z  3. Ji4„on elajjal  7- 78 .  AAA.  e  a 9.124^ 1  .2"  J-c4-41V  -41-4°1 "  COLA-iaA.tAi-CA-4  OL-4  4.4&44  b4A4.1 2.41114  CLA& cf  IAALeL, • Ai  +  A.s.v%  a-a-AA  ../1-0-e-e-44  61-4 .4ef  .  "+;(A.4. 4U.A0s•  ..e.$414:-JuA  ure;L --rowaito .4.(A41 A.-6-etAp4  bo.4,4A4.4...f.  ert et.  LY,0-1.14.4JkA  CL.6  Ja• -dt4i  41'.1.4•"'t("j  f114  <1414fr"--1-4:-e•  ja... , 5  *44  cr •0 oj. T.  true-  Gu.e_  or-6-et -4L4-11  4i9  4Ze•CL.4414  p-e4L-e-e_  et_  4-1 t,  L4 00 &LC.xL—pa.44-•  CI  A  LL).44..t  1-iAk-  TJL-ZeiL ex-e  ct.•t.  0-4AA  /1_4L-410L I  v e.t,  bA,  re. ^ovtk_  dai.4.  L.)4,t4a  •  •  qaX.•L-A V i'le_  +es  /v“  +it%.7Lx5-4."A‘o-c.ctrLL4  o.f'4  0..•4.4  "7-  cd-c_,LJL4  71a..Je  I  ._,6  C414.2_  atAY:ftlittjeft"  OL-Cia  4P-s4, 0  --4,  1q79 -&z,.  hi  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  /4\et-eg-tl Idc•4440-L tAJ0.0-ree_ t#0. 1 0 Jed - Sa44.4 /67 if07S.0-4-4Z4p-eot)  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  Associated Press. "Hart Wins Montana Caucus."  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  LEIGH  August 26, 1987  BUREAU The LEIGH Bureau W. Colston Leigh, Inc. 1000 Herrontown Road Princeton, NJ 08540 (609) 921-6141   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Paul Volker c/o Federal Reserve 20th & Constitution Avenue, NW Washington, DC 20551 Dear Mr. Volker: We are a large lecture bureau in business since 1926; we focus specifically on representing individuals who are known for the power of what they have to say, who have impact on their audience by the vision which they convey, rather than merely the celebrity of their past accomplishments. Your career is undergoing a radical shift, flow being renowned chiefly for your power to renowned chiefly for your ideas. Thus, our aim for you would be to ensure that over five years, lecturing accomplishes what you want, not merely in the source of income, but as a source for public contribution to the major economic and broader issues of our day. In short, lecturing must be handled in a way consistent with your past accomplishments of public service and your goals for the future. You will want to turn down many times the number of engagements which you are going to want to accept. Engagements must always be consistent from time to time with your business or academic commitments, while at the same time providing you independent forums for expressing your thoughts to key segments of the population here and abroad. Our goal for you would be to establish the specific criteria for engagements, audience, to avoid excess travel, and to see that your lectures were promoted by the sponsor for what you have to say, rather than merely your glory shining on the sponsor. The attached memo indicates some of the problems and opportunities which this field may have for you, and should indicate to you our approach. I look forward to the opportunity of meeting with you in Washington, New York, or elsewhere at your convenience and am holding next Thursday to visit you in Washington if that is appropriate.  7  t)  LEIGH  August 26, 1987  BUREAU To: Paul Volker The LEIGH Bureau W. Colston Leigh, Inc. 1000 Herrontown Road Princeton, NJ 08540 (609) 921-6141   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Flom: Bill Leigh  ANALYSIS As far as public addresses are concerned, your career is making a radical shift, from a man known chiefly for the power of his actions, to a man known chiefly for the power of his ideas. Thus, handling lectures for you is not the business of locating customers who can pay you a large fee; it is handling public appearances so that, five years from now, your stature as a public figure and as a thinker will be reinforced and enhanced. Thus, one must ensure that your lectures are viewed as part of a systematic program and not as immediate predictions (in the style of Henry Kaufman) nor as reflections of a sometime great man (in the style of Henry Kissinger). Thus, we do not believe your interests are well served by simply exploiting your past. It is the design of your future with which we are concerned. Systematic choice and promotion of lectures for their development of a systematic view of economic governance is the proper end. Our job is to set the stage for a multi-year plan of lectures on key themes which do not deal simply with short-term policy or economic issues. We would promote a multi-year plan (parallel to a prospective book) based on a broad theme, e.g., economic governance. We will see that audiences focus on your long-term views of the economic good which public and private policy seek to achieve. From our point of view, the contents of your first lectures are paramount; they should set the agenda for Paul Volker for the future, and it should be clear that they are received by all significant audiences, in the lecture field, in the press in that way. Indeed, in my judgment, the dangers of your position in lecturing are serious, for they can harm your overall interests unless handled with discretion and competence.  LECTURE-INDUSTRY SPECIFIC PROBLEMS 1. If you simply accept engagements without a pattern, without a firm plan of what you wish to accomplish from lecturing, then your criteria are limited simply to the richest groups. This approach  LEIGH BUREAU The LEIGH Bureau W. Colston Leigh, Inc. 1000 Herrontown Road Princeton, NJ 08540 (609) 921-6141   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  can conflict with your public service history. Such groups are frequently of great interest, but the principles should be what the lecture brings to you in addition to the fee. Thus, you need control over the publicity, the context of the remarks, and the audience, both by type and in terms of its needs as it relates to your overall career. Careful attention needs to be paid to avoid excessive travel. In other words, lecturing must serve your nonfinancial agenda as well as your financial agenda. SOLUTION -- You must proceed actively to select the audiences and occasions which serve your needs. The solution to these problems is two-fold: careful planning of audiences which it will serve your interests to address. All groups need to be investigated (which any large agency can but many are not trained to do), and the promotion of your addresses must be carefully monitored. Everyone here is trained to think of these issues in dealing with our extensive customer base. Otherwise you are going to be perceived for shortterm sensationalism (interest-rate predictions) and/or celebrity soft-shoe. 2. Many groups sound innocuous, but in fact are funded through sources of which you should be aware before you accept an engagement. Under no circumstances should you accept any engagement where all you know is the ostensible name of the group, the predicted composition of the audience, and the like. You wish to know who is actually paying your fee, the nature of the publicity that the sponsor will do; then you can evaluate a prospective lecture in relation to your overall career needs. Many lecture programs are in fact designed to promote the image of the sponsor, something which you must be careful you wish to do. Lectures can, inauspiciously handled, be turned into implicit endorsements of the sponsoring organizations' particular self-interests and public policy goals, which, again, you need to investigate. SOLUTION -- Know your audience in its full context. We are geared always to protecting all aspects of your interests, not simply finding good fees. 3. Naturally, there will be enormous public interest in your first lectures, but this focus on your past is entirely incorrect, and they should be aimed, promoted, and designed to promote your new agenda. Hence, you will want to turn down most offers.  In short, if you do not exercise active control over how you are publicly perceived, you will be constantly perceived as a man of the past rather than a man of the future, and you will simply be enjoying a seven-figure income at the expense of your long-term advantage. Without caution you can become the celebrity endorser of corporate or industry themes which do not serve your long-term interests.  LEIGH BUREAU  LECTURE-INDUSiRY OPFORIUNITIES  The LEIGH Bureau W. Colston Leigh, Inc. 1000 Herrontown Road Princeton, NJ 08540 (609) 921-6141  Despite these disadvantages, lectures have several advantages to you:   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1. They provide you independence front institutions, as an individual whose persona is not simply the persona of an investment banker or academic. Lecturing can provide you a forum for independent intellectual visibility, not limited to your connections with any financial institution. 2. TO reinforce your reputation as a thinker, you need an opportunity to find significant forums, and different forums, within the intellectual base of this country. Thus you should speak to a variety of types of groups, in accordance with spreading your message to the most significant constituencies here and abroad.  3. Provides a chance for you to make a potential future transition in your career by going from the financial community to a university or vice versa. This freedom and this control over your own future are the key elements, and the only way this selection can take place is through long-term planning of your goals in relating lecturing to your total career.  OUR BACKGROUND We think first of the client's, not the customer's, overall longterm interest -- haw, in particular, lecturing can assist in the development of a long-term career. By choice, we have always represented on an exclusive basis a very small number of clients worldwide, starting years ago with Eleanor Roosevelt and today working for the most part with speakers known for their ideas. Thus, we work with academics and CEOs, and we regularly coordinate their business, university, and publishing needs (you will see that the overwhelming majority of our clients are authors). Lecturing is a minor part of a career, yet one with disproportionate potential harm or value depending on skill and discretion. Our training is always to focus on the long-term benefit to your career as we negotiate each opportunity. More than any other trait this focus represents our unique talent for serving your interests.  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: Brochure Citations:  Number of Pages Removed: 16  W. Colston Leigh, Inc. "Exclusive Management: Leigh Bureau." 1987.  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  13:58  1987-09702  01 601 4953  GPS, Bank of England  P.02  ,SXI,uhyp 891f2M Age  g4XperliR,  2 September 1987  Mr Paul A Volcker Board. of Governors of the Federal Reserve System Washington DC 20551 USA • 1 •  I have just returned from lava to find your letter of I t,  11 Auguit.  it was extreme'y good of you to find time on your t  vou 'last 4ay in office to .4.4tp to John Whitehead about Palau. Your letter captured very p leciaely the nature of my own concerns We have not yet had about this extremely unfort 'nate precedent. any indication that the Adm nistration as a whole has adopted a helpfUl position on this po nt. may have passed a plebiscit  Indeed, now that the Palauans  endorsing the Compact it would appear  to require rather an activi t approach by the Administration if I would, therefore, the matter is to be resolve satisfactorily. be grateful if you could fi&I just a moment to brief Alan Greenspan on the matter in  lie midst of his many other  pre-obcupations so that he  gn  lend his weight if it is needed in  1  later' discussions.  Claw vt'itry pleased to learnj that you were going to continue to work with Alan for a short debt problems, and  ime, particularly on international  certai ly appreciate your offer to make  yourself available if there46 anything on which we need help. •  lam   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  looking forward to see ng you at Basle!  4/4  August 20, 1987  Mr. Nicholas G. Lieberman Bona Fide Mortgage, Inc. 701 Parkcenter Drive, Suite 110 Santa Ana, California 92701 Dear Mr. Lieberman: I appreciate that warm and long letter -with its ambitious proposal. I confess I, inevitably, am leaving the Federal Reserve (physically, literally today) with some mixed feelings, but my ambition has to be a little freedom and financial repair, not a presidential campaign! At the same time, the kind of confidence you express means a great deal as I return to New York. Thanks so much for writing,  Paul A. Volcker PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  • r  BONA FIDE MORTGAGE, INC. Residential and Commercial Mortgage Loans  Mr. Paul Volcker 20th and C Street N.W. Washington, D.C. 20551  701 PARKCENTER DRIVE, SUITE 110 SANTA ANA, CALIFORNIA 92701 (714) 54 7- 1282  August 11, 1987  Dear Chairman Volcker: I write a weekly column about interest rates for the Orange County Register business section. As you might imagine, your name has appeared regularly in my column in past years.  ((  I have enclosed a copy of my August 3, 1987 column in which I suggest you as a candidate for president of the United States I hope you will seriously consider pursuing the job. in 1988. I am thirty-three and have never been active in a political campaign, perhaps because I've never been truly enthused by any presidential candidate. By contrast, I am greatly impressed with your credibility, statesmanship, strength of character and intellect. I find myself surprised that an American leader could inspire in me the kind of confidence you have I suppose being surprised at finding quality and integrity in leadership is a sad commentary. But the truth is that there's an entire generation of post-Watergate, rather cynical Americans with a similar perception of political leadership. You seem to be the antithesis of what has turned off Americans. You have the substantive qualities voters respect and the star quality it takes to win an election where the television set is a primary place of battle. I have actually seen very little of you on television - some of your reports to Congress over C-SPAN and some news coverage on the networks and CNN - but I think you come across with a humility and down to earth quality that is winning. On a purely pragmatic, public relations basis, I firmly believe that you have the right stuff for electability. But, I ask myself if the presidency is really something Paul Volcker would want or feel comfortable with. Upon reflection, I must answer in the affirmative. Your uncommon dedication to public service exposes patriotism, a commitment to this nation, which makes me think you would take on the presidency if convinced it was in the best interests of our country. Admittedly, I know nothing of your views outside a certain economic sphere, but I believe you are a sensible man and an   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Paul Volcker August 11, 1987 Page two  honest man. Naturally, I am very interested in your views in all areas, but my point is that I like what I see about your basic values system. Pending explanations of your positions on everything from first amendment issues to foreign policy, I feel comfortable supporting you based on what I've seen about your character as a whole. By virtually all accounts, you've been superb at your post the last eight years. Because your responsibilities as fed chairmain were almost "presidential" in scope, in the sense that your daily decisions were substantially impacting upon the nation and the world, you are proven as a man that can handle awesome power and responsibility. No other American, aside from former presidents, have known the degree of sustained pressure and responsibility that you did the past eight years. In 1988, Americans will straighten out the country's U.S. more business minded to economy. You seem the stand fronts.  be looking for a president who can budget deficit problem and make the better compete in the global out, natural choice to lead on those  I think your background and credentials are such that you could be democrat or republican and be successful in either party. When I spoke to Peter Coyne two weeks ago, he advised that you were a democrat in 1979 when appointed to head the Fed. He also advised that it was out of the question that you would be a presidential candidate. With all due respect, I can't see why you wouldn't see yourself as the strongest, most capable candidate, certinaly within the democratic party. No one can touch your stature, your integrity, and your charisma. Can you honestly name a better man or woman to manage the nation's fortunes the next four to eight years? I realize that its already relatively late to start a campaign for president. But given the lack of any formidable democratic party candidates, I would think astute party leaders would welcome and support your candidacy virtually anytime. In simplest terms, you are the "mensch" the democrats need but don't have.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Paul Volcker August 11, 1987 Page three  I have recently written to democratic party leaders asking them to think about Paul Volcker for president in 1988. I myself would be proud and excited to participate in working toward that goal. I congratulate you on your sterling accomplishments as fed chairman. As you now leave that post, I can only hope that the passion you poured into the fed can now be redirected into service to the United States as our chief executive. Whatever course you adopt, I wish the best for you and family and I thank you for your courage and your class in representing this nation over the years.  Sincerely yours,  Nicholas 8. Lieberman  NGL:vrc enclosure   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  your  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  Lieberman, Nicholas. "Volcker May Be the Right Man in 1988." Orange County Register (Anaheim, California), August 2, 1987.  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  SQL M  LINOWITZ  ONE FARRAGUT SQUARE SOUTH WASHINGTON, D. C. 20006  August 4, 1987  Dear Paul: Now that Alan Greenspan has been approved by the Senate, you may want to have a chat about some of the things we discussed earlier. If so, please don't hesitate to give me a call and we'll go out to lunch together and talk about all manner of things. Warm regards, Sincere  Sol M. Linowitz  The Honorable Paul A. Volcker Chairman, Board of Governors Federal Reserve System Washington, D. C. 20551   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  TIME  399 BOYLSTON STREET BOSTON, MASSACHUSETTS 02116 (617) 262-7551  INCORPORATED  TIME-LIFE NEWS SERVICE  August 11, 1987  Dear Chairman Volcker: Catherine Mallardi passed on your message that you haven't yet addressed the question of whether to commit yourself to a book and would prefer to talk about it later next month. It does make sense for you to decide whether you want to do this after you have left the pressures of office. All that I will add now is that editors have reinforced my belief that the viewpoint you have to convey and the story you have to tell would be hugely instructive. One editor says: "Volcker can tell us in a concrete way how things really work--and how they can be messed up. This can be done in a dignified way, and it would be a terrific book." (Bismarck's dictum about laws and sausages is outdated in modern democracies.) I should also point out that it would not be published until after the present administration is out of office. I can certainly wait to hear your decision, although I hope you will permit me to talk with you if you are considering any literary commitments. In any case, this might be an interesting--and relaxed--discussion when you are settled early in the autumn. I will call you after I return on Sept. 20, and meanwhile, you can always reach me through this office. Yours s ncerely,  Lawren_ralkin The Hon. Paul Volcker Board of Governors Federal Reserve System Washington, D.C. 20551   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  / /I  July 31, 1987  Mr. Lawrence Malkin Time Incorporated 399 Boylston Street Boston, Massachusetts 02116 Dear Larry: Yes, I received the letter. I didn't answer for a simple reason. I'm not at all sure it's a good idea, but I didn't want to say ao preemptorilly, particularly after seeing your book! Why don't you call me here before you go to Spain. Sincerely,  PAV:ccm   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ,/  (7,  TIME INCORPORATED  399 BOYLSTON STREET BOSTON, MA 02116 (617) 262-7551 TIME-LIFE NEWS SERVICE  July 27, 1987  Dear Chairman Volcker: I assume you have received my letter of June 10 and will be replying after leaving public office. This letter simply is to inform you of my plans for the summer if you wish to contact me. I tentatively plan to leave here Aug.20 for one month's vacation in Spain, where -T—FaVe------b a summer house. I can be reached there by phone (3471-639-159), or if the connection is difficult, through this office, which will relay messages through Ms. Julie Peterson. If you wish to discuss this before Aug. 20, I will be here and can come visit you. Needless to say, if your reaction to my proposal is positive and urgent, I would be pleased to change my summer plans. If Al Hunt's piece in the Wall Street Journal last week is any guide, the comparison I made in my book between you and General Marshall is gaining circulation and credence.  Your  sincerely,  Lawreface Malkin  The Hon. Paul Volcker Chairman, Board of Governors Federal Reserve System Washington, D.C. 20551   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  TIME  399 BOYLSTON STREET BOSTON, MASSACHUSETTS 02116 (617) 262-7551  INCORPORATED  TIME-LIFE NEWS SERVICE June  10, 1987  Dear Chairman Volcker: Now that you are returning to private life, I want to propose formally a collaboration on a book of your memoirs. As I wrote in April, I believe it would fulfill an important public purpose. A copy of that letter is enclosed. People want to know what it was like to be the most important individual in the U.S. (if not the world) economy during a dangerous period. They want to know what the issues were (and are) and how you saw them when you were in the eye of the storm. There would be a sizeable readership for a book giving your account of how the personalities and issues intersected. Markets, nations, and society as a whole depended on decisions you made and things you did. People want to know how and why they happened. Given the uncertain outlook for the world economy through the end of the decade, your memoirs would be timely and instructive. You may well wish to undertake them without assistance. But if you seek someone to gather information and help organize and refine the manuscript, I offer a combination of advantages: numerous mutual friends and contacts to help refresh your recollections, long experience writing about the domestic and international economy and politics, and success in journalism and publishing. For a straightforward and well written book with style, we are talking about an advance sum of seven figures (although the commercial failure of Stockman's book has depressed the market somewhat). It would be wise to negotiate jointly through an agent, and there could be considerable advantage in going to Little Brown (Time's publishincr house, which successfully handled Kissinger's memoirs). I would be able to work on this with you for a year or more, with Time's support. I have some ideas on how to put together an outline proposal to tell the story without compromising your integrity. Are you interested in exploring this privately? I expect to be in Washington June 18-19 to promote my own book and would welcome an opportunity to talk with you. We might be able to start on a proposal that would be offered after you leave office. Or you may prefer to wait until after you leave, perhaps for several months. In any case, I hope to hear from you. : Yo rs sinaerely Lawre2ce Malkin The Hon. Paul Volcker Chairman, Board of Governors Federal Reserve System  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  SUITE 850 1050 CONNECTICUT AVE. N.W. WASHINGTON,D.C. 20036 (202)861-4092  LEE SMITH WASHINGTON EDITOR   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  •  CENTEP NE7V1.0,K, N (212) 841-2.157  MARSHALL LOEB MANAGING ED!!OP  L.  August 3, 1987  The Honorable Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D.C. 20551  5: 1 2--  ;?.. I t  •  Dear Mr. Volcker, Like so many others, I was saddened by your decision to step down as chairman of the Fed. It does, however, give me an early opportunity to ask you something I've been wanting to ask for some time. I'd like to have you do an article for Fortune on your stewardship of the Fed, or, if you prefer, any other subject that is on your mind. I know you must have received many similar requests, but I believe Fortune is the best channel through which to speak. Ours is a sophisticated readership, not only of business leaders but also of economists, attorneys, professors and policymakers to whom you can communicate important ideas without having to oversimplify them. We can offer you as much space as you would like and also a format of your choice. What I have in mind at the moment is an article by you of anywhere from 1,000 to 5,000 words, or more if you wish. Alternatively, the article could appear as a series of questions and answers, or perhaps some other format that you might propose. Our readers have strong ideas about what Paul Volcker has meant to the national and global economy over the past eight They woula be fascinated to Ica= what Paul 7olcker thinks years. his accomplishments have been. And what he might suggest to policymakers now. I hope you won't mind if I follow up this letter with a phone call. Thank you very much. Sincerely,  bcc:  4  6170& Dick Armstrong Allan Demaree Lee Smith   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Marshall Loeb Managing Editor  )v) 1.1vc  9/2 Mr. Coyne -This letterhead looked vaguely familiar -- is this something I typed for you the other day and you regretted?   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  gail  4.5/ LAn'-?  •  c7_..ell  e4cei ?/770.) LT,r)  J nrci;led.  4e/)66-21  76 yak   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ccioy ,y , 624 ; 7*}&4?eco.  26  LA44d (Aici  yolict licyne  /0e-t  j/*7 (ace.. al  1t /  e'- ce61e2C  c_S—e)c-exe6) &atOatt  NATIONALPUBLICRADIO  July 29, 1987  Paul Volcker, Chairman Federal Reserve Board Washington, D.C. 20551  Dear Chairman Volcker:  National Public Radio has always tried to cover economic issues with a bit more imagination than the financial press. We try hard to captivate our millions of listeners; it's not always easy. But I think I can fairly say that our listeners would be fascinated by an interview with you. Would you consent to tape an interview with NPR after you have left the Federal Reserve Board? It would be an excellent opportunity for NPR to explain to our audience the critical issues that you have faced as Federal Reserve Board chairman, how the Board made many of its key policy decisions during your tenure, the limits on the Board's range of influence, the political pressures that you may have experienced as chairman and any particular frustrations you may have had in the job. As you may know, NPR is committed to comprehensive reporting. For example, when our legal affairs correspondent interviewed William Brennan, the interview aired as two parts on consecutive days, each segment lasting twenty two minutes. I hope you will agree to an interview. in a few days to check.  Best regards, /&C Barbara Mantel Business and economics reporter  801 Second Avenue Suite 701 New York NY 10017 Telephone 212-490-2444  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MANTEL 801 Second Avenue Suite 701 New York NY 10017  PAUL VOLCKER 151 E. 79TH STREET NEW YORK, N.Y. 10021  CAPITAL SPEAKERS INCORPORATED 770 National Press Building • Washington, DC 20045 • 202-393-0772.  August 1, 1987  The Honorable Paul A. Volker Chairman, Federal Reserve Board of Governors 20th Street and Constitution Ave., N. W. Washington, DC 20551 Dear Mr. Volker: On  you asking that you permit my firm to clients as a speaker after you step down as Fedhairman. I also pointed out what we bel disadvantages of entering into a contract wit bureau on an exclusive basis and suggested thaent be informal and non-exclusive. III  I:  The president of our firm, Ms. Phyllis Corbitt, and I would very much appreciate an opportunity to discuss this matter with you. We will be out of the country until August 19. Could you give us an appointment on the 19th or as soon thereafter as convenient? Thank you very much.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Sincerely,  Frank E. McKenzie Chairman  C"`  Mayo Foundation  Rochester, Minnesota 55905  S. C. Johnson, Chairman W. E. Mayberry, M.D., President R. R. Waller, M.D., Vice President R. W. Fleming, Vice President G. Orwoll, Secretary D. A. Barnes, Assistant Secretary J. H. Herren, Treasurer A. W. Putnam, Assistant Treasurer  Telephone 507 284-2511  August 13, 1987  Mr. Paul A. Volcker Chairman, Board of Governors Federal Reserve 20th and C. Street Washington, DC 20551 Dear Paul: We were pleased to learn that you can attend the meeting of trustees scheduled for Friday, August 21st. The meeting is scheduled to begin at 8:30 a.m. as usual. Clinic cars will be at the west door of the Kahler Hotel at 8:15 to take public trustees to the Foundation House for the meeting. The meeting should end at noon and will be followed by a picnic luncheon on the grounds of the Foundation House. Former internal trustees and their spouses have been invited to attend. I am enclosing the following: 1.  Minutes of the following meetings: --Board of Trustees, May 15, 1987 --Executive Committee, May 27, 1987 --Executive Committee, June 17 and June 18, 1987 --Executive Committee, July 2, 1987 --Executive Committee, July 15, 1987 --Executive Committee, August 12, 1987  2.  Quarterly financial report for the quarter ending June 30, 1987.  As I mentioned in my letter of July 22nd, Gene and Jane Mayberry will be hosting a reception and dinner at their home beginning at 6:30 p.m. on Thursday evening, August 20th. Clinic cars will be available either at the west entrance of the Kahler or across the street from the west entrance of the Kahler in front of the Damon Parkade shortly before 6:30 to take public trustees and spouses to the Mayberrys. Return transportation, of course, will be available. Clinic cars will be at the west entrance of the Kahler Hotel at approximately 11:15 a.m. on Friday to take spouses of public trustees to the Foundation House for the reception and picnic luncheon. Transportation will be available at the Foundation House following the meeting and the luncheon to meet your transportation needs.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Established in 1919 by Dr. William I. Mayo and Dr. Charles H. Mayo for the advancement of medical education and research  If there are any changes in your plans, we would appreciate it if you or your secretary would call Dee Gill (507-284-2221) to let her know of them. We look forward to seeing you. Very truly yours,  Gregg GO/pi Encs.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  oll  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 internal or confidential information.  Citation Information Document Type: Meeting minutes & documents Citations:  Number of Pages Removed: 34  Minutes of the Quarterly Meeting: Board of Trustees of Mayo Foundation, May 15, 1987. Minutes of Mayo Foundation Executive Committee, May 27, 1987. Minutes of Mayo Foundation Executive Committee Special Sessions, June 17-18, 1987. Minutes of Mayo Foundation Executive Committee, July 2, 1987. Minutes of Mayo Foundation Executive Committee, July 15, 1987. Minutes of Mayo Foundation Executive Committee, August 12, 1987.  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  August 20, 1987  Mr. Arthur R. Miller Harvard Law School Cambridge, Massachusetts  02138  Dear Mr. Miller: Thanks for the note on the Washington Speakers Bureau. It seems to be a very competitive business, but I'm not yet fully convinced I want anybody! Sincerely,  Paul A. Volcker PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  HARVARD  LAW SCHOOL  CAMBRIDGE • MASSACHUSETTS • 02138  August 18, 1987  The Honorable Paul Volcker c/o Catherine Mallardi Federal Reserve Board 20th and Constitution Avenue, N.W. Washington, D.C. 20551 Dear Chairman Volcker: I wanted to write to you to wish you the very best upon your departure as Chairman of the Federal Reserve Board. I am certain I am among countless Americans who admire what you have done for us over the past eight years. I also would like to take this opportunity to recommend my lecture agency, the Washington Speakers Bureau, to you in the highest terms. After dealing with a number of agencies, I have concluded that many of them make a lot of promises or live on their reputations. In my case, only the Washington Speakers Bureau has lived up to every promise and expectation. Since I am certain that the demands on your time will be even greater than mine seem to be each semester, the Washington Speakers Bureau has the unique ability to make the engagements I accept both logistically convenient and rewarding experiences. Furthermore, its personnel are true professionals at their craft. The Washington Speakers Bureau has been extremely effective for me. I recommend them without qualification. If you have any questions about them, I hope you will call me (617-495-4111). Sincerely yours  Arthur R. Miller ARM:dja   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  '1 21A)  Aki*J1)'RA 60,)J4°1  August 20, 198  Ms. Elaine J. Mittleman 2040 Arch Drive Falls Church, Virginia 22043 Dear Ms. Mittleman: I hardly know how to carefully respond to your letter since my recollections of particular events in 1980 with respect to the Chrysler Loan Guarantee program are hazy at best. Certainly, there were many doubts, questions, and difficult decisions at that time, and a good many people were working under strong pressure. In the end, the purpose seems to have been successfully achieved, and I am sure close monitoring of Chrysler's performance played a key part in that success. I am afraid I have little recollection, and had no first-hand knowledge, of the events you describe. Sincerely yours,  Paul A. Volcker PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ELAINE J. MITTLEMAN ATTORNEYATLAW  2040 ARCH DRIVE FALLS CHURCH, VIRGINIA 22043 TELEPHONE (703) 734-0482  August 15, 1987 Paul A. Volcker Board of Governors of the Federal Reserve System 20th & Constitution Av., N.W. Washington, D.C. 20551 Dear Mr. Volcker: My congratulations on your retirement from the Federal Reserve. It can only be hoped that you are not totally irreplaceable. In any event, the economy has fared quite well on your watch. I am writing to you concerning the Chrysler Loan Guarantee program. I worked at the Treasury on the Loan Guarantee Board staff from May 1980 until I was fired in January 1981. (See enclosed New York Times article, dated March 6, 1981.) As I am certain you recall, the Chrysler loan guarantee program was highly visible, and, particularly in 1980, the numbers were quite unsettling. I can remember one Board meeting in which you asked the Ernst & Whinney partner about the forecast. As you pointed out, very astutely, if you divided Chrysler's projected sales by projected industry volume, the result was about a 15% market share for Chrysler. That share was wildly optimistic. (The Ernst & Whinney analysis did not include this calculation.) The Ernst & Whinney partner could not reply to your inquiry. You answered something like, "Well, I'm going to have to vote yes, but not based on the numbers." As 1980 wore on, it was my job to be certain that Chrysler was submitting the appropriate documents. I was concerned about the difficulties we were having with the documents, and I was also concerned about being in compliance with the Operating Plan, given the ever-worsening loss projections. I tried as best I could to raise these issues, but my asking questions did nothing except get me into trouble. When I was threatened with termination, I went to the Treasury Inspector General. The I.G. basically investigated me, rather than the concerns I raised.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Unfortunately, not only was  I fired, but  I was falsely  Paul A. Volcker, page 2  accused of a number of things and was not confronted with these accusations. Several years later, I sought a Schedule C position at Commerce, and these allegations were raised again in the Office of Personnel Management full-field investigation. Because of the continued existence of these documents, I have initiated a law suit to clear my name and amend the record. As an example of the accusations, Mr. Driggs stated that I leaked a transcript of a Chrysler Loan Board meeting to The New York Times. I have letters from former Secretary Miller, Bill Kovach, formerly of The Times, and Joseph Laitin, Ombudsman of The Washington Post, which I believe prove that the allegation is baseless. As I am certain you can understand, my reputation and career have been severely hampered by these accusations. I have no presumption whatever that you know who I am or could provide any information as to these accusations. I am contacting you for any recollection you might have about the events of 1980 and Chrysler's compliance with reporting requirements. At the Treasury, I was simply trying to insure that we really complied with the procedural requirements, so that, if we had to go to Congress, we would not be embarrassed. In no sense was I attempting to harm Chrysler's chances of recovery. Unfortunately, my good intentions ended up causing me a lot of difficulty. I would very much appreciate learning your comments on the Chrysler Loan Guarantee program, and appreciate your uprightness and analytical ability. Sincerely,  Elaine Mittleman Enclosures   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Removal Notice The item(s) identified below have been removed in accordance with FRASER's policy on handling sensitive information in digitization projects due to copyright protections.  Citation Information Document Type: Newspaper article Citations:  Number of Pages Removed: 2  Crittenden, Ann. "Treasury's Ousted Chrysler Critic." New York Times, March 6, 1981.  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  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 internal or confidential information.  Citation Information Document Type: Reports, correspondence Citations:  Number of Pages Removed: 9  Report of Investigation, U.S. Office of Personnel Management, 1985. Letter to Elaine Mittleman from Bill Kovach, New York Times, May 24, 1985. Letter to Elaine Mittleman from Joseph Laitin, Washington Post, March 20, 1987. Letter to Elaine Mittleman from G. William Miller, January 6, 1987. Memorandum of Interview, Robert F. Cahill, undated.  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  1755 South Jefferson Davis Hwy. Arlington, Virginia 22202 Telephone:(703)685-2134  MUTUAL BROADCASTING SYSTEM  August 14, 1987 RON NESSEN Vice President News  The Hon. Paul A. Volcker Chairman Board of Governors Federal Reserve System Washington D.C. 20551 Dear Chairman Volcker: I understand that you have recently met with Harry Rhoads and Bernie Swaine of the Washington Speakers Bureau to discuss their proprosal for managing and arranging your speaking schedule after you leave the Federal Reserve Board. I want to offer my strong personal endorsement of Harry, Bernie, and their organization. I have known them since shortly after I left my position in the White House as Press Secretary to President Gerald R. Ford. Their skills and innovation as lecture agents is obvious from the success of the Washington Speakers Bureau and the long list of top-caliber speakers they represent. However, more important to me has been the well-deserved reputation of Harry and Bernie for absolute integrity and honesty. (And these qualities are not always present with some agents in the lecture business!) They are always scrupulously honest and fair; they always live 0 to their word. They would rather do the right thing than the most profitable thing. Harry and Bernie are true gentlemen in the old-fashion sense of the word. And for that reason I consider them my friends as well as professional associates. You could not do better than to entrust the management of your speaking schedule to the Washington Speakers Bureau. If you have any questions about my experience with Harry and Bernie (and other speakers bureaus) please don't hesitate to call. Good luck on what I suspect will be a very busy "retirement," Yours truly,  Ron lessen VP News and Special Programs RHN:ssn  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 20, 1987  Mr. Ron Nessen Vice President - News Mutual Broadcasting 1755 South Jefferson Davis Highway Arlington, Virginia 22202 Dear Mr. Nessen: I confess that I am very doubtful that I would want to tie myself down to a daily, or even less frequent, radio commentary. In want to else is talking  any event, I still haven't decided what I really do as my main commitment. Until I do, everything in abeyance, so I don't really think it is worth about your idea more.  But I do appreciate your initiative in bringing it to my attention. Sincerely,  Paul A. Volcker PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  • 1755South Jefferson Davis Hwy. Arlington, Virginia .' Telephone:(703)685-2134  MUTUAL BROADCASTING SYSTEM  4/  141 tv August 18, 1987 RON NESSEN Vice President News  The Honorable Paul A. Volcker Chairman Board of Governors Federal Reserve System Washington, D.C. 20551 Dear Chairman Volcker: Now that you are about to leave the Federal Reserve Board, like to propose that you consider undertaking a regula rly scheduled program of economic commentary on the Mutual Broadcasting System. (I wrote you recently endorsing the qualifications of Harry Rhoads and Bernie Swain of the Washington Speakers Bureau; your impending availability for speeches persuaded me to write you again to determine your availability for broadcasting.) As you may know, Mutual is the world's largest radio network, with more than 900 affiliated stations, and one of the oldest. Mutual's parent company, Westwood One, is in the proces s of acquiring the NBC Radio Networks. This combination will create an even larger audience and stronger lineup of affili ate stations for our programs.  '1\  In addition to broadcasting four newscasts per hour, Mutual also carries the daily "debate" program between Senato r Edward Kennedy and Senator Robert Dole, called "Face-Off." Mutual's best-known personality is Larry King, whose all-ni ght talk show is one of the most listened to programs on radio. Daniel Schorr is a regular commentator on Mutual's "The Newsbreakers" panel show. Another popular Mutual program is the "Changing Times Personal Financial Report," produced in cooperation with the Kiplinger organization. And in November we will launch a 13-week series, "The Next President," featuring David Frost and interviews with all major presidential candid ates as well as former Presidents Ford and Carter.  Ce1.  Additionally, Mutual broadcasts three business news programs each day. We have won virtually every major broadcast award for outstanding news programming, including a Peabod y, a Gabriel, a Gold Medal from the International Radio Festival and two Janus awards for business reporting.   CHICAGO LOS ANGELES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  DETROIT  WASHINGTON, D.C.  NEW  YORK  1 ONDON  SYDNEY  1 OK  1(  I believe a daily Paul Volcker program of economic commentary on Mutual would reach a large audience of Americans with important news, information, and analysis. During your service on the Federal Reserve Board you did so much to raise the level of public awareness about vital economic issues. You can continue and expand that educational process on Mutual. Obviously, we would work out compensation and logistic arrangements totally agreeable to you. After you've had time to consider this proposal, I'll phone to arrange a meeting to discuss it further. Yours truly,  Ron Nessen Vice President News  RHN/bab  cc:  Harry Rhoads   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF BOSTON  FRANK E. MORRIS  BOSTON, MASSACHUSET S 02106 TELEPH  PRESIDENT AND CHIEF EXECUTIVE OFFICER  E (61 ) 973- 3630 X  August 18, 1987  The Honorable Paul Volcker Board of Governors of the Federal Reserve System Washington, D.C. 20551 Dear Paul:  CABL  FEDRES BSN  )61,  pi tui -  I am writing to invite you to a major economic conference sponsored by the Federal Reserve Bank of Boston on October 12-14, 1987. The conference topic is The Merger Boom, and our agenda includes papers exploring why we are having a merger boom now, the effects of mergers and acquisitions on the U.S. economy, and how policy should respond to the current wave of mergers. I have included an agenda for your information. The conference will be held at the Bald Peak Colony Club, Melvin Village, New Hampshire from Monday afternoon, October 12 through Wednesday, October 14. Conference sessions are scheduled to end after lunch on Tuesday and Wednesday, leaving Tuesday afternoon free for golf and tennis. Spouses are invited to the conference, and many have attended our conferences in the past. The daily rate at the Bald Peak Colony Club is about $105 per person, full American plan. The Airport Airport p.m. on details  Bank will provide bus transportation for all attendees between Boston's Logan and the conference site in New Hampshire. The bus will depart from Logan at 1:00 p.m. on Monday, October 12, and will arrive at Logan Airport about 5:15 Wednesday, October 14. If you accept our invitation, we will send you further as soon as they are available.  This conference will be the 31st in a series that we have sponsored on current economic issues. All have brought together eminent authorities on a variety of public policy issues, and the published proceedings have been widely distributed. We expect that many people will want to attend this conference and space is limited. Therefore, we would appreciate it if you would let us know as soon as possible if you will attend. I do hope you will accept this invitation, and I look forward to hearing from you. Sincerely yours,  Frank E. Morris  Enclosure   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 3, 1987  Mrs. Judity Kooker Paulus  Dear Judy: I appreciate your letter on a number of counts -- including the interest in the National Commission. This is a shoestring operation, and will remain that way. But one possibility is some regional meetings. All I can do now is to make sure we have you "on file" should some need arise for help in the Mid-West. Thanks for writing. Sincerely,  Paul A. Volcker,  PAV:gy   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  JUDITH KOOKER PAULUS  Mr. Paul A. Volcker Chairman Emeritus The Federal Reserve System 20th and Constitution Avenue, N.W. Washington, D.C. 20551 Dear Paul: Congratulations appear to be in order on any number of counts-- your brilliant tenure at the Fed, your graceful exit to the private sector, and the legacy of respect and affection you leave behind. We're all watching to see which of the many opportunities available to you you'll choose. As you might recall, I left the Treasury in 1978 to work for Bob Malott, the Chairman of Chicago-based FMC Corp. I believe you dealt with him quite regularly during the early Continental Bank crisis days. Anyway, he's been a good mentor and the corporate experience has been very valuable. I resigned from FMC in 1985 for family reasons, but continue to work on a free lance basis for Bob and other business leaders here. I was intrigued with our local report that you'll be heading a new commission on public service. If you need any aides outside of the New York/Washington corridor, I'd be delighted if you'd call on me. As someone at mid-career, I find the trade-offs between the private and public sectors quite challenging. With best wishes to you, Sincerely, --...2.44  .-----JUdi  K. Lulus  Enclosure   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Removal Notice The item(s) identified below have been removed in accordance with FRASER's policy on handling sensitive information in digitization projects due to copyright protections.  Citation Information Document Type: Newspaper article Citations:  Number of Pages Removed: 2  Neikirk, William R. "Volcker's Valedictory Adds A Theme: Service." Chicago Tribune, July 24, 1987.  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  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 personally identifiable information.  Citation Information Document Type: Resume Citations:  Number of Pages Removed: 2  Resume, Judith K. Paulus, August 1987.  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  Washington Speakers Bureau, Inc. (703)684-0555 Old Town Alexandria Virginia 22314 123 N. Henry Street (212) 541-7980 New York, New York 10106 888 Seventh Avenue  *** Exclusively * * Representing  August 14, 1987  * Peter Jennings * George Will * Hugh Sidey * Art Buchwald  Hon. Paul A. Volcker Board of Governors Federal Reserve System Washington, DC 20551  * Lou Holtz * Paul Laxalt  Dear Chairman Volcker:  *Chris Wallace * Roger Mudd * Willard Scott * John Palmer  It was a pleasure to meet you this week. Bernie and I greatly appreciate your allowing us the opportunity to meet with you and to express our interests in managing your outside speaking activity.  * John McLaughlin * McLaughlin Group * Mark Shields * Nicholas Daniloff * Jim Valvano * Julius Erving * Tom Sullivan  On a separate note, I visited with my good friend, Ron Nessen this morning. As Vice President of News and Special Programs for Mutual Broadcasting (the nation's largest radio network), he is producing new business programming for the network. And, he expressed his interest in speaking with you about the possibility of your involvement in this new programming effort.  * Dick Vitale * Joe Theismann * Robert Novak * James J. Kilpatrick  I'm sure you will be hearing from him soon. I have great respect for his business acumen and trust you will find his proposal of interest.  *Carl Rowan  Thank you for this consideration.  *Charlie Plumb * Arthur Miller  Si cerely,  * Nancy Austin * Stew Leonard, Jr. * Robert Townsend * Marvin Cetron  Harry Rh I. d , Jr. President  * Patricia Neal * John Gavin * William Freund * Robert Krulwich *Tim Johnson * Robert Waterman   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  HR:ml  71:"  September 3, 1987  Mr. Robert H. Riley Chairman of the Board U.S. digital Disc Corporation 14 Holland Road Middletown, New Jersey 07748  Dear Bob: It sounds as if you are off on an intriguing and potentially exciting challenge. At this point, without knowing what I am going to be doing more generally, I can't possibly think of taking on a commitment as a director. In a few months maybe we could talk. But I certainly would not delay any decisions you should make on a long shot. In any event, I can certainly wish you Godspeed and good luck.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Regards,  Paul A. Volcker  4, 4  S.  U.S. Digital Disc Corporation 14 Holland Road, Middletown, NJ 07748  August 21, 1987  Mr. Paul A. Volcker Board of Governors of the Federal Reserve System Washington, D.C. 20551 Dear Paul: Last year, as an outgrowth of what started as a consulting assignment, I became chairman and chief executive officer of a start-up business, U.S. Digital Disc Corporation, which will make its initial public offering in about four to six weeks. Therefore, going from the extreme of macroeconomics to that of a very microeconomic situation, I wonder whether you would have any interest in being a director of the Company. This is definately not a lucrative offer. The Board will meet about four to eight times a year, and outside directors will be paid a fee of $500 for each meeting, and also receive an option to buy 10,000 shares of the Company's common stock at the public offering price (representing no more than .4 percent of the shares outstanding). The Company will manufacture compact discs -- both those used for reproducing music and those employed for recording all kinds of databases and designs, as well as provide related consulting services. The Company's factory is being built in the Bathgate Industrial Park operated by The Port Authority of New York & New Jersey in the Bronx (near the Cross Bronx Expressway). Offices also will be located in Manhattan. Besides proceeds from the public offering, to be underwritten by D. H. Blair & Company, additional financing is being provided by The Port Authority and the Financial Services Corporation of New York City. We hope, within three years, to create about 175 jobs in the City. There are currently five directors, including myself, who are all insiders, but we must have two outside directors. One outside director most likely will be Malcolm Corrin (President, Interracial Council for Business Opportunity). As the other outside   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  . Ili  P. Volcker  -2-  August 21, 1987  director, I first considered Chuck Fiero, but he is unavailable for a year due to a contractual obligation incurred with Sachi & Sachi when the Hay Group was acquired. As a result, Chuck is on our Company's Advisory Board. In any event, if you have interest, I can send you a copy of a draft of the prospectus and other related background materials. Best regards. Sin  rely yours,  N Rob t H. Riley Chairman of the Board RHR/jz   https://fraser.stlouisfed.org , Federal Reserve Bank of St. Louis  August 20, 1987  1 Mr. Pierre A. Rinfret Rinfret Associates, Inc. 641 Lexington Avenue New York, New York 10022 Dear Pierre: I have the message, but I'm not fully convinced. A lot depends upon whether I decide upon some academic connection. But, in any case, I appreciate the urging as an indication of interest. Sincerely,  Paul A. Volcker PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  die 110  1 •E c0 ' '  0 RAI s fr,_ .cte4P  RINFRET ASSOCIATES, INC.  August 13, 1987  The Honorable Paul A. Volcker Board of Governors of the Federal Reserve System Washington, D.C. 20551 Dear Paul: As you may know, my mentor was a fine of Dr. Lionel D. Edie. He had worked as an unofficial consultant, and then became President, Dr. Edie acted as a 1932 to 1935.  yentleman by the name for President Hoover when Franklin Roosevelt consultant to him from  The New York Herald printed a headline in 1933, which headline said "Dr. Edie sees President Roosevelt". I used to plead with Dr. Edie to write up his memoirs of having worked for President Hoover and then moving to the opposite side and working for President Roosevelt. You have to admit that that combination was unique, but the sad fact of the matter is that Dr. Edie refused to even consider writing his memoirs. The involvement, knowledge and perspective of Dr. Edie was lost irrevocably, and we will never have the advantage of his insights at a crucial stage in the evolution of the United States. You have lived through an incredibly crucial stage in the evolution of a global economy. You were at the helm of the Federal Reserve when the international debt crisis reached its peak. That crisis is past us and all the dire predictions of world financial collapse have proven to be untrue. You owe it to history to write your memoirs. To fail to do so would be a catastrophe and you would be short-changing the American people. You have the responsibility to put on paper the evolution  RINFRET ET BENBASSAT  RINFRET ASSOCIATES, INC 641 Lexington Ave  New York, N Y 10022  8, Place Camolett,  RINFRET ASSOCIATES FRANCE 11 bis, Blvd F-laussmann 75 Paris IXe, France  1207 Geneva. Switzerland  Telephone (212)688-2620 Telex 284646 RAI UR (RCA)  Tel (022)86 38 38  Telephone Paris 770 90 BO  Telex 28500 MBEZ CH  Cable Address FORECAST NEW YORK  Telex 842 65949  Economic and Financial Correspondents Johannesburg  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Hong Kong  London  Melbourne  Montreal  Perth  Rio de Janeiro  Tokyo  Toronto  III O.  a .ctGY *EC0  -7,o RAI 1 RINFRET ASSOCIATES, INC. cs.Fit•W  The Honorable Paul A. Volcker August 13, 1987 Page Two  of the global economy while you were at the helm of the Federal Reserve. We must have the insights, the knowledge and the tensions involved in the crucial years of the global economy. Students of the future will read your memoirs with great interest and will derive great value from those memoirs. I have probably read the biography of Benjamin Strong a dozen times. You will recall that he was first President of the Federal Reserve of New York, and his biographer had access to his papers.  %  Those of us who are fortunate may leave a legacy of intellectual knowledge which is far more valuable than mere money. I suggest to you, as an old friend and as an admirer, that you should put on paper as soon as possible your memoirs, particularly as they regard the years 1979 to 1987. As always, I send you my best regards, and assure you that I have no vested interest in your writing your memoirs other than to know that without them we will be short-changed. Most sincerely yours,  Pierre  PAR:mq   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  it.AAAL A. Rinfret  ,-,"711r1711,  September 3, 1987  Mr. David Rockefeller North American Chairman The Trilateral Commission 345 East 46th Street New York, New York 10017 Dear David: As I try to sort things out in terms of future commitments, I'm prepared to accept your invitation to rejoi n the Trilateral Commission and become a member of the Execu tive Committee provided I understand your letter correctly -- that is the Executive Committee only requires two meeti ngs a year, one of which coincides with the plenary. rt,a, I look forward to seeing you long before Tokyo! Sincerely,  Paul A. Volcker PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The Trilateral Commission 345 EAST 46th STREET, NEW YORK, N.Y. 10017 • (212) 661-1180 Cable: TRILACOM NEWYORK • Telex: 424787  David Rockefeller  Isamu Yamashita  GeorgesBerthon  North American Chairman  Japanese Chairman  European Chairman  J. H Warren  Yoshio Okawara  Egidio Ortona  North American Deputy Chairman  Japanese Deputy Chairman  European Deputy Chairman  7  July 29, 1987 Charles B Heck North American Director  Paul Revay European Director  Tadashi Yamamoto Japanese Director  EXECUTIVE COMMITTEE Giovanni Agnelli Henrik N Boon Zbigniew Brzezinski Nerve de Carmoy William T Coleman. Jr. Paul Delouvner Horst Ehmke Alan Greenspan Takashi Hosomi Yoshizo Ikeda Robert S Ingersoll Yusuke Kashiwagi Lane Kirkland Henry A Kissinger Robert S McNamara Yohei Mimura Saburo Okita Keichi Oshima Sir Michael Palliser Charles W Robinson Henry Rosovsky Volker Ruhe Kuchi Saeki Jose Antonio Segurado Lord Shackleton Henri Simonet Luis Solana Myles Staunton Niels Thygesen Otto Greg Tidemand AntOnio Vasco de Mello Otto Wolff von Amerongen  The Honorable Paul A. Volcker, Jr. Chairman The Federal Reserve System The Federal Reserve 20th Street and Constitution Avenue, N.W. Washington, D.C. 20551  Dear Paul: As I mentioned at dinner on July 13th, it would mean a lot to all of us if you felt disposed again to become a member of the Trilateral Commission and also to join its Executive Committee. You know so much about the Commission that I won't try any further persuasion, much as we would like to have you. Perhaps I should add, however, that we ordinarily have two meetings of the Executive Committee each year, a late morning and lunch meeting in the summer in New York or Washington, usually Washington, for the North American members of the Committee, and a breakfast meeting for the members of all three regions at the time of our plenary session, which, next year, will be in Tokyo, April 9-11. If you could join the Commission and its Executive Committee, we would all be delighted. I am enclosing the minutes of our last Executive Committee meeting in Washington to give you an idea of what we discuss at these meetings. You have already done a great deal for us, both as a member and as a speaker, and I might add that I really can think of no one in recent years who has done more for the Trilateralism we all espouse. Hopefully,  •  David Rockefeller  . :rhm at•\  e•—•-3  EUROPEAN OFFICE 35, avenue de Friedland, 75008 Paris, France   JAPANESE OFFICE Japan Center for International Exchange, 4-9-17 Minami-Azabu, Minato-ku, Tokyo, Japan https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 2, 1987  Mr. Klaus Ruege Corporate Offices Montgomery Ward Montgomery Ward Plaza Chicago, Illinois 60671 Dear Mr. Ruege: Given the uncertain natur.e of my plans at present, I will have to decline your invitation to address your Chicago group in January. Sincerely,  .  Paul A. Volcker  rc)  G‘ (\  PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Montgomery Ward Corporate Offices Montgomery Ward Plaza Chicago, Illinois 60671  Corporate Offices 312-467-2000  August 17, 1987  The Honorable Paul A. Volker Board of Governors Federal Reserve System 20551 Washinoton, D. C.  Dear Mr. Volker: On January 27 and 28, 1988, the Chicago Association of Direct Marketino will host "Chicago Direct Marketing Days" in the Chicago Hilton Hotel. This annual event draws over 2,000 attendees. Each year a main speaker is featured at the luncheon in the filled-tocapacity Grand Ballroom. Although our attendees come mainly from the Chicago Metropolitan Area, we have ouite a few visitors from throughout the Midwest. Many of the attendees are owners of small service organizations, a good number are highly placed executives of some of the best known corporations in America. Usually the period from 1:00 to 3:00 p.m. is set aside for the luncheon/presentation activities with the main speaker being featured at approximately 2:00 P.M. Presentations usually range from twenty-five to thirty-five minutes with a limited number of questions allowed. Media coverage by Chicago newspapers, trade publications and one or two of the major television networks can be assumed.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Speakers have ranged from Dr. Kissinger to Bears' Coach Mike Ditka. They have been given a free hand in the selection of their topics. The audience has reacted well to presentations dealing with the nation, the economy, the foreseeable future, i.e. comments that would give them a perspective of issues/events having the potential of affecting their business. As Program Chairman for this gathering, I'd like to ask you whether your would be willing to address our group on January 28. 1988 and if our date fits into your schedule. Could your let us know whether the possibility of your presence exists? As always, time is of the essence in order to prepare the necessary advertising/promoti al campaign.  Sincerely yours,  Ji  Wet.elx  Klaus Rueoe  Montgomery Ward  a Mobil company  FREDERICK H. SCHULTZ 118 WEST ADAMS STREET JACKSONVILLE, FLORIDA 32202  August 5, 1987  The Honorable Paul A. Volcker Chairman The Federal Reserve System 20th & Constitution Avenues, N.W. Washington, DC 20551 Dear Paul: Regretfully I will be unable to attend the dinner for you on August 18th. We have a Barnett Bank's Board meeting and Audit Committee meeting early the next morning. Since I am chairman of the Audit Committee, it is important for me to attend. I am, therefore, doubly delighted that I could attend the dinner at the State Department last week. It was truly a memorable occasion. The Florida Council of 100 continues to push me to try to get you down here for the Florida Economic Seminar next January. I will give you a call in a couple of weeks to see how you are coming with your plans for the future. Perhaps you can give me some kind of answer for the Council of 100 then. Nancy and I both appreciate your letter very much. Please give our best to Barbara and Jimmy. Sincerely,  //f, Frederick H. Schultz FHS:gs   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 19, 1987  Mr. and Mrs. David Sellin  Dear Mr. and Mrs. Sellin: Since last November I have had the pleasure of enjoying the loan of the Homer "fish" painting. It has been hanging in my office to the right of my desk to remind me of the pleasure angling presents. Now, in theory, I will have more time to catch my own salmon, but, alas, without Homer by my side. But my purpose is to thank you both for the loan in the support of the Board's Fine Arts Program. Sincerely,  Paul A. Volcker PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MILLER, ANDERSON & SHERRERD TWO BALA PLAZA • BALA-CYNWYD, PENNSYLVANIA 19004•215-668-0850  August 7, 1987  The Honorable Paul A. Volcker Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Paul: I am sure that there is no shortage of people with business proposals for you to consider. A Princeton classmate of mine by the name of Peter Battin contacted me as someone he assumed knew you with an idea. I assured him that I did not know you well, but I did listen to his thoughts. The only reason I bring this to your attention is that Peter emphasized so strongly that a fundamental part of this idea is that you would have a major say in virtually all aspects of it. Peter feels confident that he can bring substantial backing to a possible business venture of this kind. The general idea would be to form what he believes could become a substantial financial company with significant equity ownership in your hands. Whatever form this venture would take would have to be completely compatible with your ideas. The directors would be approved by you as would be the sources of capital. In other words, as I understood Peter, you would have primary say over virtually all important matters and you would be the CEO. One other probably important point for you, the backers would understand from the outset that you would probably want a reasonable amount of time to pursue other personal interests. I realize, Paul, that I have not told you much about a proposal, primarily because those who would like to start something like this want your thoughts. The question, it seems to me, is whether the general idea of your involvement with a new financial company has any appeal to you if the organizers are people with whom you would like to be associated. Unfortunately, I cannot be helpful in commenting on the people beyond Peter.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  \c/  t •  The Honorable Paul A. Volcker  -2-  August 7, 1987  I will be away next week, returning to my office on Monday, August 17. If you have any interest in meeting with Peter, could you either drop me a note or call me when I return. In any event, I look forward to seeing you at Princeton this Fall. With best regards. Sincerely,  John J. F. Sherrerd cc:  P.S.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Peter C. Battin Jim just started with us on Monday. He is clearly going to be a great addition to our firm, no news to you.  Burke, Haber & Berick A LEGAL PROFESSIONAL ASSOCIATION  300 NATIONAL CITY BANK BUILDING 629 EUCLID AVENUE CLEVELAND, OHIO 44114-3042 (216) 771-2700 TELEX 980131 WDMR CABLE BURKELAW  AUTOMATIC TELECOP1ER  ROBERT D. STOREY  (216) 771-4073  August 10, 1987  Mr. Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D. C. 20551 Dear Mr. Volcker: Thank you very much for your letter welcoming me to the Board of Directors of the Federal Reserve Bank of Cleveland. I look forward to service in such capacity, and to meeting other new directors as well as members of the Board of Governors. On this occasion, too, I join the persons in America and abroad who have your years of distinguished service as Reserve System. You guided the nation through some very difficult times.  company of the many, many expressed gratitude for Chairman of the Federal both wisely and well  Best wishes to you in your future endeavors. Sin erely,  Robert D. Storey RDS:ea   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  7"K)  September 3, 1987  Mr. James D. Sutherland President Meredith Village Savings Bank Lock Drawer 177 Meredith, New Hampshire 03253 Dear Mr. Sutherland: I appreciate those comments all the more from a savings banker who, I suspect, had some difficult years. Sincerely yours,  Paul A. Volcker PAV:gli   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -  AA  MEREDITH VILLAGE SAVIN'GS BANK LOCK DRAWER 177• MEREDITH, NEW HAMPSHIRE 03253  August 18, 1987  Mr. Paul Volcker Federal Reserve Board 20th & Constitution, NW Washington, DC 20551 Dear Mr. Volcker: Just a note of sincere thanks for the job that you did as Chairman of the Fed. I think none of us really wanted to know what you knew during the early 80's. It did hit our business hard but, in my view, your action was overdue. The alternative was chaos. We are fortunate indeed to have selfless public servants such as yourself in our Government. Sincerely yours,  OA, James D. Sutherland President  JDS:nkf  MEREDITH 279-7986  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ASHLAND 968-7103  MOULTONBORO 253-7303  Washington Speakers Bureau, Inc. Old Town Alexandria Virginia 22314 (703)684-0555 123 N. Henry Street New York, New York 10106 888 Seventh Avenue (212) 541-7980  *** August 31, 1987  Paul Volcker 151 East 79th Street New York, NY 10021 Dear Paul:  1  Great Western Savings just told me that you have accepted their invitation for October 26, 1987, in Palm Springs, California. While we have numerous invitations for you to consider including many from Institutional Investor Magazine, would you now consider the invitation from Barry F. Sullivan, Chairman of the Board, and Richard Thomas, President, of the First National Bank of Chicago for Monday evening, November 23, 1987, in Chicago. This is their forum for business executives throughout that region of the country. Thank you for your prompt attention. regards,  Bernard L. Swain Executive Vice President BLS:bbh  2f //11W   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  brYN WA/  Washington Speakers Bureau, Inc. (703)684-0555 Old Town Alexandria Virginia 22314 123 N. Henry Street New York, New York 10106 (212) 541-7980 888 Seventh Avenue  ***  August 25, 1987  Honorable Paul A. Volcker Federal Reserve System 20th & Constitution Avenue, N.W. Washington, D.C. 20551 Dear Paul: Thanks for your note. I never want to be unfair, but, there are certainly times I need an advantage. Also, please keep in mind that whether you accept many opportunities, or you evertually accept only a very few, we can best serve you. We have only your best interests at heart.  With best regards,  Bernard L. Swain Executive Vice President BLS:lao   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 20, 1987  Mr. Bernard L. Swain Executive Vice President Washington Speakers Bureau, Inc. 123 N. Henry Street Alexandria, Virginia 22314 Dear Bernie:  Unfair advantage!  Sincerely,  Paul A. Volcker PAV:gv   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Washington Speakers Bureau, Inc. (703)684-0555 Old Town Alexandria Virginia 22314 123 N. Henry Street New York, New York 10106 (212) 541-7980 888 Seventh Avenue  ***  August 14, 1987  Chairman Paul A. Volcker Federal Reserve Board 20th & Constitution Avenue, N.W. Washington, D.C. 20551 Dear Chairman Volcker: I thought we might want to suppliment contest. I am ready to go when you are.  your  speaking  with  est regards,  Bernard L. Swain Executive Vice President BLS:lao enclosure   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  eQi.'wok  A/4  this  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: Brochure Citations:  Number of Pages Removed: 2  Maryland Department of Natural Resources. "Maryland's Catch-A-Fortune Sportfishing Contest 1987." 1987.  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  Washington Speakers Bureau, Inc. Old Town Alexandria Virginia 22314 (703)684-0555 123 N. Henry Street New York, New York 10106 (212)541-7980 888 Seventh Avenue  ***  August 20, 1987  Honorable Paul A. Volcker Federal Reserve Board 20th & Constitution Avenue, N.W. Washington, D.C. 20551 Dear Paul, It is important to realize that the letters you receive about us are being written not because we have asked for them to be sent, but because these people care about the decision you will make. When you read these letters, you can tell that these people have strong opinions based on their past experience and intimate knowledge of other agencies (lecture agencies have changed in the last five years). These letters are your truest way to separate fact from fiction. The Washington Speakers Bureau will annually schedule more speakers than any agency in America. Among speakers and among corporations, the Washington Speakers Bureau has the best reputation of any agency in America. We care about you and we want to represent you. With best regards,  Bernard L. Swain Executive Vice President BLS:lao enclosure   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  • 114,  FINANCIAL AWARENES5 INSTITUTE  Education in Personal Money Management  August 17, 1987  The Honorable Paul Volker, Chairman Board of Governors of the Federal Reserve System Washington, DC 20551 Dear Chairman Volker: I hope that you found our concept of objectively educating consumers about deregulation of the financial services industry This concept offers the potential for tremendous intriguing. monetary and social rewards. Imagine the positive impact you could have upon the entire world if you decided to educate the masses about the evolving globalization of our world economy. Our entrepreneurial venture offers the opportunity to realize the same monetary rewards as Wall Street offers, in addition to the personal satisfaction of knowing that you continue to make the world a better place in which to live, even after you leave office. I would like to discuss this opportunity with you in more detail. I will call in the near future. Sincerely,  Gary Ta meier, PRESIDENT GT/bd  900 Jorie Blvd., Suite 110  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Oak Brook, Illinois USA 60521  312/963-7000  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: Brochure Citations:  Number of Pages Removed: 2  Financial Awareness Institute. "Education in Personal Money Management and Financial Planning." Illinois: Financial Awareness Institute, 1987.  Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  • Representing DISTINGUISHED PLATFORM PERSONALITIES  THE HARR  -  ER AGENCY,INC. 1 PENN PLAZA  NEW YORK, NEW YORK 10119  (212) 563-0700  TELEX 423211 WALKTALK  August 27, 1987  The Hon. Paul A. Volcker Federal Reserve System Washington, D.C. 20551 Dear Mr. Volcker: The INSTITUTIONAL INVESTOR has been one of our best clients for many years. We have had almost all of our important speakers for their meetinas, not only in the United States, but all around the world. They have had people like Dr. Henry Kissinger, President Valery Giscard d'Estaing, Chancellor Helmut Schmidt, The Rt. Hon. Malcolm Fraser, Ambassador Sol Linowitz, The Rt. Hon. Edward Heath, Ambassado Abba Eban, r etc. They are having two meetings that they would like you to consider. The first is on Thuu.s• day_Eriday, & Saturday, October 15, 16. & 17, 1987, but their preferred k. date is Thursday, October 15. This will be held in Naples, FL.f at which there will be ' approximately one hundred chief executive officers of'U.S. corporations in attendance. The honorarium would be $30,000, less our commission, plus all of your expenses. The second meeting is for their chief executive officers International Roundtable r„/ sometime in June, 1988, to be held in El/mpg. The location and exact dates are to be determined. This will be for approximately one hundred chief executive officers of European corporations. The honorarium would also be $30,000, less our commission, plus all of your expenses.  N )0  \1::  I hope that we will have a chance to meet once again to discuss your plans for the future, and that you will accept some of these invitations I have submitted to you. Cord Ily yours, ' 1 1 Harry Walker HW/jc   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .iCIE© International Roundtable  THE CEO INTERNATIONAL ROUNDTABLE RTHE CEO AS THE GLOBAL STRATEGIST'  April 17-19, 1986 Villa d'Este Lake Como, Italy  Final Program   488 Madison Avenue, New York, NY 10022 (212)303-33(X) TELEX: RCA 234988/11T 428162 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Investor  \  THURSDAY APRIL 17 7:00 P.M.  Registration and Cocktail Reception Foyer/Ballroom  8:00 P.M.  Welcome Verandah   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Gilbert E. Kaplan Chairman INSTITUTIONAL INVESTOR Dinner and Special Address The Evolution of European Politics  Introduction John M. Diefenbach President and Chief Executive Officer . LANDOR ASSOCIATES Presentation His Excellency Valery Giscard d'Estaing FORMER PRESIDENT OF THE FRENCH REPUBLIC  -1-  %  FRIDAY APRIL 18 7:30Breakfast 8:30 A.M. Verandah 8:30The CEO as the Global Strategist 9:30 A.M. Empire Room How are chief executives positioning their corporations within a new business climate characterized by global What competition and rapid changes in technology? creative strategies are they employing to capture and maintain a leadership position in their selected markets? J. Donald Hanson, moderator Managing Partner, U.K. ARTHUR ANDERSEN & CO. Thomas Wachtmeister President ATLAS COPCO AB Rand V. Araskog Chairman and Chief Executive Officer ITT CORPORATION John M. Diefenbach President LANDOR ASSOCIATES Fuat Suren Chairma.n TRANSTURK HOLDING A.S. 9:30Intermission 10:00 A.M.Terrace 10:00Discussion Groups 11:00 A.M.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  There will be two simultaneous discussion groups to facilitate an exchange of ideas and experiences. Participants select the session they wish to attend.  -2-  Discussion Group I Competing in America: Cinema  Barriers and Inroads  The pressures for protectionist legislation and other restrictions to foreign business entry into the U.S. What is the market have increased in the past year. current state of these limitations and their likely What are the strategies employed by future course? successful corporations to gain market share in the U.S.?  Harry W. Strachan Vice President RAIN & COMPANY Klaus Luft Vice Chairman NIXDORF COMPUTER AG  Discussion Group II Examining Critical Issues for Mergers and Acquisitions Gallio How do CEOs maximize the profitability of mergers, What is the latest acquisitions and divestitures? and other practical goodwill valuation, about thinking What key financial practice? corporate of this aspects and acquisitions? mergers successful strategies underlie Michael Oaten Partner ARTHUR ANDERSEN & CO. Nahum Vaskevitch Managing Director MERRILL LYNCH CAPITAL MARKETS Alain Chevalier President - Chairman MOET-HENNESSY  Discussion Groups 11:1012:10 P.M.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  There will be two simultaneous discussion groups to facilitate an exchange of ideas and experiences. Participants select the session they wish to attend. -3-  Discussion Group I Global Marketing: Cinema  Adding Imagination to Strategy  How do CEOs communicate corporate goals creatively and clearly in an increasingly intricate business world? How can they capitalize on rapid change and position their firms and products for long-term competitive advantage? Philip M. Durbrow Executive Vice President and Managing Director - U.S. LANDOR ASSOCIATES Peter Farnell-Watson Associate Group Director LANDOR ASSOCIATES  Discussion Group II Today's Business Opportunities in China Gallio Recent political and economic changes in the People's Republic of China have spurred greater activity by many corporations. What types of projects are encouraged by What financing alternatives the Chinese government? session will identify the This are now available? successful strategies that companies are using to forge business deals in China. Fong Chi Managing Director MERRILL LYNCH ASIA-PACIFIC 12:10Luncheon and Panel Discussion 2:30 P.M.Empire Room   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The Shifting Power Balance in Global Politics Many contemporary thinkers have identified two signifipolitical cant trends that are shaping our world: fragmentation and economic integration. This distinguished panel will explore the former trend and will analyze the changing relationships between the super-  -4-  powers, the apparent rise of neutralism and isolationism, and the impact of these forces on the global balance of power. Introduction J. Donald Hanson Managing Partner, U.K. ARTHUR ANDERSEN & CO. Presentation William G. Hyland, moderator Editor, Foreign Affairs THE COUNCIL ON FOREIGN RELATIONS The Right Honorable Malcolm Fraser, C.H. FORMER PRIME MINISTER OF AUSTRALIA The Right Honorable Denis Healey FORMER CHANCELLOR OF THE EXCHEQUER OF GREAT BRITAIN 2:30 P.M. Afternoon is free for private discussions, sightseeing and tennis.  Cocktail Cruise on Lake Como 6:308:30 P.M. 8:30 P.M. Dinner and Special Address Verandah   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The World Financial Scene:  Balancing Risks and Rewards  Introduction Sir Campbell Fraser, FRSE Chairman, International Advisory Committee METRA PROUDFOOT INTERNATIONAL S.A.  Presentation Dr. Preston Martin Vice Chairman UNITED STATES FEDERAL RESERVE BOARD  -5-  z  SATURDAY APRIL 19 8:00Breakfast 9:00 A.M. Verandah 9:00Focus on Two Business Priorities: Creating a Global 10:00 A.M.Financial Strategy and Building Management Consensus Empire Room Two of the most important issues facing CEOs as they compete in volatile markets will be discussed in this session. First, what are the implications of global financial markets and which strategies allow multinational corporations to capitalize on this new environment? Second, how can CEOs build commitment to corporate priorities to effectively execute strategy, particularly at the crucial operating level of the multinational firm? Harvey D. Shapiro, moderator Contributing Editor INSTITUTIONAL INVESTOR Jack Chiarapurk Chairman and Chief Executive Officer JACK CHIA-MPH LTD. Sergio Orlandini President KLM ROYAL DUTCH AIRLINES Stanislas M. Yassukovich Chairman and Chief Executive Officer MERRILL LYNCH EUROPE LIMITED Patrick J. Mcivor Vice President, International METRA PROUDFOOT INTERNATIONAL S.A. 10:00Intermission 10:30 A.M.Terrace  10:30Discussion Groups 11:30 A.M.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  There will be three simultaneous discussion groups to facilitate the exchange of ideas and experiences. Participants select the session they wish to attend.  -6-  •  .  1  o   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Discussion Group I Productivity Management for Renewed Corporate Vitality Gallio The CEO constantly faces the challenge of effectively managing fundamental corporate resources. Particularly in the current competitive environment, the efficient use of production capacity and human resources is How can chief essential to expanding profitability. executives reduce wasted internal resources to enhance their corporations' dynamism?  B.N. Gilson Executive Director METAL BOX PLC Allen Borucke Vice President, International METRA PROUDFOOT INTERNATIONAL S.A. Patrick J. McIvor Vice President, International METRA PROUDFOOT INTERNATIONAL S.A. Discussion Group II Competitive Advantage: How to Attain Industry Leadership Cinema How can chief executives profit from changing competitive forces within their industry? How long can technological and product innovations sustain competitive advantage? What are the principles employed by leading CEOs to successfully differentiate their companies in an increasingly cluttered marketplace? Ali I. Ghandour Chairman and Chief Executive Officer ALIA-THE ROYAL JORDANIAN AIRLINE Arthur S. Liss Consulting Partner, U.K. ARTHUR ANDERSEN & CO. Michel J. Falcotet Consulting Partner, France ARTHUR ANDERSEN & CO.  -7-  Discussion Group III A Strategic Approach to Mergers and Acquisitions Sala Ciani What are the important trends and developments that are shaping the rapidly changing world of mergers and acquisitions? How do they fit into a corporation's And, based on both successful strategic objectives? and unsuccessful cases, what are the "dos and don'ts" of mergers and acquisitions? Kenneth H. Miller Managing Director MERRILL LYNCH CAPITAL MARKETS Nahum Vaskevitch Managing Director MERRILL LYNCH CAPITAL MARKETS  11:40Special Address 12:30 P.M.Pino Room The Future of Private Enterprise in Space Exploration Introduction Philip M. Durbrow Executive Vice President and Managing Director - U.S. LANDOR ASSOCIATES Presentation James A. Lovell Executive Vice President CENTEL CORPORATION Former United States Astronaut 12:30Cocktail Reception 1:00 P.M.Terrace 1:00Luncheon and Panel Discussion 3:00 P.M.EmpiTe Room   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -8-  •  The World Economy in Transition  Can European corporations succeed against American and Asian competition in technology and entrepreneurship? What are the political and economic realities that will shape the financial order of the future? This panel of distinguished leaders and outstanding thinkers will identify the fundamental forces driving the world economy. Introduction John B. Theroux Director BAIN & COMPANY Presentation Dr. Heinz T. Thanheiser, moderator Dean INSEAD (EUROPEAN INSTITUTE OF BUSINESS ADMINISTRATION) vx/  His Excellency Raymond Barre FORMER PRIME MINISTER OF THE FRENCH REPUBLIC Dr. Martin Feldstein FORMER CHAIRMAN OF PRESIDENT REAGAN'S COUNCIL OF ECONOMIC ADVISERS His Excellency Helmut Schmidt FORMER CHANCELLOR OF THE FEDERAL REPUBLIC OF GERMANY  3:00 P.M. Roundtable Concludes   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -9-  00  1986 European International Finance Seminar "The Challenges of Globalized Decision-Making"  April 1.5-16, 1986 Noga Hilton Geneva, Svvitzerland  PRELIMINARY PROGRAM  Institutional Investor 488 Madison Avenue New York, New York 10022 (212)303-3300   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Institutional Investor  Sponsoring Organizations The 1986 European International Finance Seminar ;s sponsored by Institutional Investor and the following organizations:  Tuesday April 15 8:00 Registration and Coffee A.M. 8:40 Opening Remarks  Arthur Andersen & Co. Banque Nationale de Paris Chase Investors Management Corporation The Long-Term Credit Bank of Japan, Ltd. Smith Barney, Harris Upham International Swiss Bank Corporation Yamachi Securities Co. Ltd.  8:45 Panel Discussion "World Economic Outlook: Stepped-Up Recovery or Malaise? Will the European. U.S. and Japanese governments adapt more growth-oriented policies? Or will concern over budget deficits continue to dominate government thinking? How will plunging oil prices affect global economic growth? What are the prospects for the U.S. economy? What consequences will growing protectionist pressures have on Europe s recovery? How will European governments cope with the persistent high levels of unemployment? What business sectors ana economies will fare oetter in the year ahead? Distinguished speakers will tackle these questions and share their forecasts for the year ahead. 9:45 Coffee intermission 10:00 Three Simultaneous Workshops (Delegates may select the session 'hey wish to attend.) Workshop I Emerging Financial Markets and Products: Implications for Corporate Borrowers and Investors (This session will be repeated at 3:45 p.m today)  Noga Hilton 19. Quai du Mont Blanc CH-1211 Geneva 2 Switzerland TELEPHONE (022)31 98 11 TELEX 289704 FitG   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Stock index futures and options. interest rate capping agreements and over-the-counter currency options are just a few of the new products flooding the financial arena today. Getting the most out of these innovative techniques requires a thorough understanding of their mechanics. distinctive risks and thewpracticai applications. Experts will take a close look at some of the more creative products recently developed that enable corporations to protect or enhance portfolios and financings  z  Workshop II Local Capital Markets' International Foray Corporate borrowers are witnessing the transformation of local capital markets into major players on the international landscape. Indeed. The Big Bang is spreading to money centers worldwide. This session will explore deregulatory moves in the British. French, Swiss, Japanese and other capital markets. Speakers will discuss the regulatory structure that will result from London's Big Bang and assess the wisdom of today's accelerated deregulatory pace. Workshop Ill Steering Your Corporation Through Today's M&A Maze This session will cover the most critical questions to consider when entering the merger and acquisition arena, including: When looking to diversify, what are the key legal, regulatory and financial considerations in launching a successful bid? How can buyers avoid paying too much for an acquisition? What's ahead in the way of transEuropean and trans-Atlantic merger and acquisition activity? Once a transaction is completed. how should the acquirer go about assimilating a different corporate culture'? And when should you consider a development pact. minority investment or joint venture as an alternative to a fullscale acquisition'? 11:25 Panel Discussion The CFO Forum: Innovative Approaches to Worldwide Financing The globalization of capital markets may have its most lasting impact on corporate financial officers who now face a mind-boggling number of financing alternatives. The CFO Forum will present leading executives who will discuss creative approaches for today's worldwide financial marketplace. 12:30 Reception and Luncheon PM.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4  2:30 Three Simultaneous Workshops (Delegates may seiect the session they wish to attend.) Workshop I Averting a Hostile Takeover Aggressive takeover tecnniques. once rare in Europe. are now increasing the vulnerability of many publicly-held corporations. Only a welldevised defensive strategy can ensure that a corporation maintains its independence. What specific steps can corporations take to deter unwanted predators? And how can you analyze expected shareholder reactions to your defensive moves? Workshop II Tapping Japan's Capital Sources Over a year has passed since the MOF liberalized its capital markets. leading to a proliferation of yen-linked financra options for ccrcc, ,ratiors worldwide ,Nhat level of saytnas can be realized by tapping the Euroyen market and what capacity does this market offer today? Is the Japanese market really ready to absorb shogun and other more innovative forms of financing? Are dualcurrency issues a viable borrowing alternative'? And which of the new yen-related instruments will find a permanent place in the international capital markets? Workshop III Leasing's Ongoing Benefits for Corporations The !easing market continues to undergo marked expansion. offering numerous advantages to corporations despite restricted tax benefits What are the latest tax rulings affecting lessees in the U.S., Scandinavia, U.K and other major European countries? What are the structural complexities of the more sophisticated cross-border. leveraged and operating leases, as well as similar arrangements such as bare boat charters'? How can 'essees decide which structure best suits a given transaction? As leasing becomes less of a taxdriven activity. what other benefits does it offer industry'? How do exchange control regulations ana insurance considerations affec:.easing arrangements? What acccun:,ng treatments do the various techniques require?  5  • C:45 Three Simultaneous Workshops Delegates may select the session they wish :o attend.)  7' 30 Dinner and Keynote Address "East-West Relations: A Current Perspective"  Workshop I Managing Diversed Groups: Can Information Technology Resolve the Dilemma?  His Excellency Helmut Schmidt Former Chancellor of the Feaeral Republic of Germany  Centralized control or divisional autonomy. These conflicting philosophies are critical to the management of diversified groups of companies. Where should control be exercised? How does strategic financial planning relate to the corporate structure? What are the critical performance measures? How can they be measured and used for motivation? Can head office contribute towards group profitability? Should information technology respond to or drive corporate strategy? And what are the opportunities for competitive advantage arising from the imaginative implementation of information technology? Experts will discuss how information technology can heip management monitor and improve performance within a variety of diversified group structures.  Chanceilor of the Federal Republic of Germany from 1974 to 1982, Helmut Schmidt remains a dynamic and popular figure in the economic and political arena.  Workshop II ECUs in the Eurobond Market: An Update  Mr. Schmidt came to the chancellorship as an economist who studied the workings of German economic policy first-hand, as Joint Minister of Economics and Finance. and as Finance Minister in earlier governments. Helmut Schmidt was one of the founders of the Economic Summits, which started in 1975 in order to coordinate the policies of the maior western nations Mr Schmidt was the only statesman who rook part in ail eight sum.mits from '975 to 1982. He has received the U.S. Medal for Distinguished Service as well as honorary c...octorate degrees from Harvard, Johns Hopkins. Oxford and the Sorbonne.  In today s fast-moving world of new financing schemes and products, the ECU may prove to be one of the products with the greatest staying power. This update of the ECU and Eurobond markets will cover- What are the prospects for continued rapid growth of the ECU market? As the market develops. how can the investor base be broadened? Which of the more innovative financing formulas will appear on the market? How will the advent of futures contracts affect the market? What structures currently have most appeal for investors in the Eurobond market today? Workshop I I I Emerging Financial Markets and Products: Implications for Corporate Borrowers and Investors (Repeat of session held today at 10.00 a.m See earlier description ) 6 45 Cocktail Reception   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  6  7  Wednesday April 16 8:00 Coffee A M. 8:40 Panel Discussion The Keys to a More Competitive Europe: Technology, Leadership and Productivity Europe is at a crossroad. Competition for markets at home, as well as abroad has skyrocketed in recent years and European organizations must regroup if they are to meet the challenges posed by industrial powers in other countries. What steps should European organizations take to upgrade their technological levels? What are Eureka's prospects? What role should this project play in Europe's future? How can various alliances and strategies augment the search for technological and global advances? What are the ingredients to a genuine -global vision' for future corporate growth? And what traditions and habits must be cast aside to make way for more productive, innovative corporate entities? 9 45 Two Simultaneous Workshops (Delegates may select the session they wish to attend.) Workshop I The Philosophy of Treasury Management While treasury management is receiving an increasing amount of attention from the corporate sector. much of this attention is focused solely on the mechanical aspects of what instruments to use in certain situations. But for those executives who are planning to install or revamp their treasury management systems, it is critical to also examine the broader fundamentals of exposure management and the identification of risk. This workshop will take a look at the underlying philosophy of treasury management as experts discuss the following issues: How do you define and identify an organization's "Base • currency? How should you deal with transaction, structural and investment exposure?   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Workshop II The Global Equity Market: An Idea Whose Time Has Come? Japan's enormous pool of savings is shifting attention to foreign investment for higher returns: 24-hour trading is firmly entrenched: link-ups between markets now dot the f inanciai landscape: and governments everywhere are opening their markets to foreign capital. Where does the hype surrounding the global equity market end and the realities of reaching investors abroad begin? What investor relations programs are vital to increase understanding of a corporation among investors in diverse cultures? How can international equity issuers, investment managers and other intermediaries anticipate and control flowback problems? How lasting will the trend toward non-voting shares be? What regulatory moves are needed to oversee a global equity market? 11 00 Coffee Intermission 11 25 Two Simultaneous Workshops (Delegates may select the session they wish to attend.) Workshop I Swaps: The Ultimate Global Market The intricacy of many of today s swap transactions challenges the understanding of even the most sophisticated borrowers. The possibilities are seemingly endless in the swap market and are equalled only by the questions surrounding these transactions. Who are the new players and how are they changing the character of the market? What currencies can this market accommodate today? What are some of the more creative deals seen recently? How serious are the risks associated with the lack of procedures in this market? How deep are the secondary markets for swaps and what opportunities do they afford the financial executive? These and other questions will be explored by experienced players in the swap market.  • Workshop H The Maturing of the Euronote Market: Added Benefits for Corporate Borrowers How is the investor base for Euronotes changing? And how can these facilities broaden a corporation s investor profile? What cost benefits will continue into the future? How will Euro-commercial paper programs compare and compete with their U.S. counterpart? Will Euronote facilities become viewed as tradable securities? Even more critical, how will the placement and pricing mechanisms evolve for this burgeoning market? 12:45 Special Address PM. "Prospects for Global Economic Growth: A Report from the Federal Reserve Board" Preston Martin Vice Chairman FEDERAL RESERVE BOARD Vice Chairman of the Federal Reserve Board since 1982, Dr. Martin previously held a wide variety of executive positions in both the public and private sectors. He was chairman of the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation ana the Federal Home Loan Mortgage Corporation. Dr. Martin has been chief executive officer of a group of Sears Roebuck companies and founded a private insurance company. He holds a Ph.D. in Monetary Economics from Indiana University and was a professor of Finance at the University of Southern California.  Partial List of Guest Speakers E. John P Browne Group Treasurer THE BRITISH PETROLEUM COMPANY PLC Javier Monzon de Caceres Deputy General Manager COfv1PANIA TELEFONICA NACIONAL DE ESPANA, S.A Jean Maurice Reboul Deputy Financial Manager GAZ DE FRANCE Peter Ehmanns Vice President KLOCKNER & CO Daniel N. Regolatti Senior Vice President-Finance NESTLE S.A. Loukas Tsoukalis Uniyarsity Lecturer and Fellow ST ANTONY'S COLLEGE. OXFORD  130 Cocktail Reception and Buffet Luncheon 3:00 Seminar Concludes   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  10  11  11:30 Financing strategy: A CEO perspective  Thursday December 9 6:45 Registration and welcome reception 7:45 Dinner The new geopolitical environment Henry A. Kissinger Former U.S. Secretary of State •  U.S. foreign policy and the Soviet threat  Chiefexecutives will participate in small discussion groups to facilitate an exchange ofexperiences and ideas.  Zbignivw Brzezinski Former U.S. National Security Adviser  12:45 Intermission 1:15 Luncheon and Panel Forum: Five critical issues facing major corporations William D. Mulholland Chairman and CEO BANK OF MONTREAL  Friday December 10 8:00 Breakfast [8:30 Is U.S. foreign policy on the mark? Alexander M. Haig Former U.S. Secretary ofState 9:30 Intermission  7:30 Reception and Dinner  Simultaneous discussion groups  Albert J. Tahnioush Chairman and President FRANK B. HALL1x CO., INC.  William Batten Chairman  SaIii rday December 11 8:00 Breakfast 8:30 Energy: Surplus or shortage and U.S. energy policy John R. Hall CEO and Chairman ofthe Board  THE NEW YORK STOCK EXCHANGE  ASHLAND OIL, INC  Pierre Ilaas Chairman  James E. Lee Chairman ofthe Board  PARIBAS INTERNATIONAL  GULF OIL CORPORATION  David M. Roderick Chairman  James L. Ketelsen Chairman ofthe Board and CEO  UNITED STATES STEEL CORPORATION  TENNECO,INC.  10:00 Rethinking corporate strategy • The new environment  3:15 Discussion groups Participants will select the session they wish to attend.  John F. McGillicuddy Chairman and President  • Strategic planning and the CEO  MANUFACTURERS HANOVER TRUST CO.  • Minimizing political risk  J. Perry Ruddick Executive Vice President  • Profiting from the new legal and regulatory environment  SMITH BARNEY, HARRIS UPHAM & CO.  • Controlling environmental liabilities  • Asset redeployment Donald E Kelly President and CEO ESMARK, INC.  Edwin A. Gee Chairman and CEO INTERNATIONAL PAPER COMPANY  • Operating structure Robert P Straetz Chairman and CEO TEXTRON, INC.  • Information Victor E. Millar Managing Partner—Consulting  9:15 Meeting the challenge of foreign competition Yoh Kurosawa Managing Director THE INDUSTRIAL BANK OF JAPAN, LTD.  George Weissman Chairman ofthe Board and CEO PHILIP MORRIS, INC.  4:15 Dealing effectively with shifting government policy Robert D. Kilpatrick President and Co-Chief Executive Officer  Robert E. Kirby Chairman ofthe Board and CEO WESTINGHOUSE ELECTRIC CORPORATION  10:00 Intermission  CIGNA CORPORATION  Leon Silverman Partner FRIED, FRANK, HARRIS, SHRIVER & JACOBSON  W. Paul Thayer Chairman ofthe Board and CEO  10:15 Discussion groups: Frontiers Participants will select the session they wish to attend. • Tapping new pools of international capital • Containing employee benefit costs • The new information technology  THE LTV CORPORATION  Thornton Bradshaw Chairman ofthe Board and CEO RCA CORPORATION  • Minimizing political risk 11:30 Can Western strategy meet the challenges of the 80s? The Right Honourable Edward Heath Former Prime Minister ofGreat Britain  ARTHUR ANDERSEN & CO.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  11.  12:15 Intermission 12:45 Luncheon The next issues in U.S. foreign policy  DECEMBER 9 10 11 1982  Daniel Patrick Moynihan United States Senator  • 2:00 Mergers and acquisitions: The tactics to win and prevail Simultaneous discussion groups 3:00 The new power balances in the Middle East and Asia  PALM BEACH The Breakers The CEO International Roundtable is sponsored by Institutional Investor and the following institutions:  Prince Bandar Bin Sultan Bin Abdulaziz MINISTRY OF DEFENSE, SAUDI ARABIA  Allen S. Whiting Professor ofPolitical Science UNIVERSITY OF ARIZONA 7:30 Reception and Dinner  Arthur Andersen & Co. Bank of Montreal CIGNA Corporation Fried, Frank, Harris, Shriver & Jacobson  A tour of the world's trouble spots  Frank B. Hall & Co. Inc.  Peter Jennings ChiefForeign Correspondent AM ERICAN BROADCASTING COMPANY  Kuwait International Investment Co. S.A.K.  The Industrial Bank ofJapan, Ltd. Lloyds Bank International Ltd. Manufacturers Hanover Trust Co. New York Stock Exchange  Wives' Program  I menial hum'I I{ouiuhahle  Paribas International Smith Barney, Harris Upham & Co.  Preliminary Program As an early guide for delegates, this preliminary program indicates the topics that will be covered at the CEO International Roundtable.  The Impact of Your Communicating Style In special workshop sessions, Institutional Investor will introduce a new technique—Communicating Styles Technology. Participants will come away with a far greater understanding of their own communicating style, as well as a concrete—and better—approach to both personal and professional relationships. Larry Bledsoe, who will conduct these sessions, is a Vice President of Paul Mok & Associates, a firm that specializes in consulting to organizations on communications. Ile is the co-author of The Strategic Woman. Workshops will take place from 9:00-12:00 on December 10th and 11th. Participating wives may attend on either day.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Institutional Iiivemor 488 Madison Avenue New York, New York 10022 U.S.A. telephone:(212)832-8888 telex: INSINVI 66385(VIA) • list 23.1988(RCA)  investor  Princeton University  International Finance Section Department of Economics, Dickinson Hall Princeton, New Jersey 08544 Tel. 609-452-5493 (or 4048) Ellen V. Seiler Editor  August 19, 1987 Mr. Paul A. Volcker Board of Governors of the Federal Reserve System Washington, D.C. 20551 Dear Mr. Volcker: Thank you for submitting so promptly your "Introduction" to the group of essays in honor of Henry Wallich. I enclose for your approval a printout of the keyboarded and edited version. It has been dated July 31, 1987, and you will be identified in the Foreword as Chairman of the Board of Governors of the Federal Reserve System (1979-87). To see the minor wording changes I have made, you will have to compare this printout with your original copy. Disregard such odd signs as open quotes ("") and close quotes ("). They are signals for the computerized typesetter and will appear normal when printed. Two queries have been printed out right in the manuscript, indented and set off in red at the point queried. Answer right on the page or in an accompanying note. Please read the manuscript carefully to make sure I have not altered your meaning, and return it promptly. Remember that authors will not see proof, so this is your last chance to make changes. Under the provisions of the copyright law, we must ask you to complete and sign one of the statements enclosed and return it with the manuscript. The duplicate is for your files. Your ten complimentary copies will be sent to your New York address as you requested. Sincerely yours,  +/\ Cc: Mr. Edwin M. Truman   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Nei\ Ellen Seiler   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ASSIGNMENT OF COPYRIGHT  I, Paul A. Volcker, as author of the Introduction to an essay entitled INTERNATIONAL MONETARY COOPERATION: ESSAYS IN HONOR OF HENRY C. WALLICH, grant and assign to the International Finance Section, Princeton University, the full and exclusive right during the term of copyright to publish or to cause others to publish my work in all forms and all languages throughout the world, subject only to my statutory right to terminate the agreement after the number of years specified by law, by serving written notice at least two years prior to the termination date as required by law. I authorize you to register the copyright in the name of International Finance Section in the United States and in other countries if yo think it advisable.  Author  Date  e  il  Princeton University  International Finance Section Department of Economics, Dickinson Hall Princeton, New Jersey 08544 Tel. 609-452-5493 (or 4048) Ellen V. Seiler Editor  August 19, 1987 Mr. Paul A. Volcker Board of Governors of the Federal Reserkle System Washington, D.C. 20551 Dear Mr. Volcker: Thank you for submitting so promptly your "Introduction" to the group of essays in honor of Henry Wallich. I enclose for your approval a printout of the keyboarded and edited version. It has been dated July 31, 1987, and you will be identified in the Foreword as Chairman of the Board of Governors of the Federal Reserve System (1979-87).  _  To see the minor wording changes I have made, you will have to compare this printout with your original copy. Disregard such odd signs as open quotes (") and close quotes ("). They are signals for the computerized typesetter and will appear normal when printed. Two queries have been printed out right in the manuscript, indented and set off in red at the point queried. Answer right on the page or in an accompanying note. Please read the manuscript carefully to make sure I have not altered your meaning, and return it promptly. Remember that authors will not see proof, so this is your last chance to make changes. Under the provisions of the copyright law, we must ask you to complete and sign one of the statements enclosed and return it with the manuscript. The duplicate is for your files. Your ten complimentary copies will be sent to your New York address as you requested. Sincerely yours,  Ellen Seiler  cc: Mr. Edwin M. Truman   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ..   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ASSIGNMENT OF COPYRIGHT  I, Paul A. Volcker, as author of the Introduction to an essay entitled INTERNATIONAL MONETARY COOPERATION: ESSAYS IN HONOR OF HENRY C. WALLICH, grant and assign to the International Finance Section, Princeton University, the full and exclusive right during the term of copyright to publish or to cause others to publish my work in all forms and all languages throughout the world, subject only to my statutory right to terminate the agreement after the number of years specified by law, by serving written notice at least two years prior to the termination date as required by law. I authorize you to register the copyright in the name of International Finance Section in the United States and in other countries if you think it advisable.  Author  Date  INTRODUCTION Paul A. Volcker In his long career as an economist. Henry C. Wallich has had many roles--researcher, professor, journalist, policy adviser, and policymaker. Two strong threads have run through all those roles, his interest in education and his talent for clarification. This group of essays by a small sample of his many students, friends, and colleagues is designed to reflect the diversity of Henry's interests and the range of his influence in order to honor in some small way his contributions to his profession, to his adopted country, and to international cooperation. Like so many economists, policymakers, and other serious students of public policy, each of the authors in this tribute has been educated by Henry Wallich--some in the classroom or through his writings, and others by professional interaction in academic or policy forums. Indeed, it is a measure of Henry's experience and influence that several of the authors have been both his student and his professional colleague. All of them proudly count him as a friend. The central subject of these essays is international monetary cooperation. This is, of course, just one of many important issues about which Henry has thought and written extensively, but, looking back at his career, I perceive it to be a major recurring theme of his work in public service. Indeed, when I first met Henry Wallich almost forty years ago at the Federal Reserve Bank of New York, he was already professionally concerned with analyzing problems of international finance. As I noted on the occasion of his retirement from the Federal Reserve Board, his work in the area of international monetary arrangements and financial diplomacy during his term on the Board stood as a  Tape 1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  N4g‘.  .7•\.1k"  2 lasting contribution to international cooperation among central banks. In an autobiographical essay published in June 1982 in the Quarterly Review of the Banca Nazionale del Lavoro,  I have used this form of citation here as an exception in order to avoid a one-item "Reference" section at the end of your Introduction. I think it '  provides enough information to enable a reader to find the essay.  Henry leaves the impression that he believes he had a somewhat misspent youth. But I must disagree. After all, learning about the dangers of inflation in interwar Germany and how to drink sherry at Oxford would seem to be important preparatory steps to a career in central banking and international finance! Be that as it may, after his early education in Europe and a spell as an exporter in Argentina, Henry made his way to New York, and eventually Harvard University, where he completed his formal education in economics. Even before he had written his dissertation, Henry became involved in public policy when he took a job at the Federal Reserve Bank of New York. There he specialized at first in the problems of Latin America--problems that were to continue to exploit his talents in later years. And his experience at the New York Reserve Bank led to another important milestone--his marriage to a research colleague, Mable  \!lu: Spelling 01 ,C, or Mabel (usual spelling)? Brown, who became his partner not only in raising a family but also in some of his professional work.  Tape 1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  3 In 1951, Henry took a professorship at Yale, which subsequently served as his "home base" until he was appointed to the Federal Reserve Board in 1974. During that twenty-three-year period, he never lost his dedication to public service, as evidenced by stints as an adviser to President Eisenhower, Assistant to the Secretary of the Treasury, chief economic consultant to the Treasury, consultant to the Federal Reserve Board, and, in 1959-61, member of the President's Council of Economic Advisers. Shortly after leaving the Council, Henry broadened his audience to include the general public as well as students and policymakers by adding journalism to his professional repertoire. His work with the media, which began with editorials for the Washington Post and ended with a regular column in Newsweek magazine, continued until his appointment to the Federal Reserve Board. At the Federal Reserve Board, Henry was of course involved in all the policy and regulatory issues that confronted the Board during a period of turbulent change. For much of his thirteen years on the Board, he was the senior member, providing an element of experience and continuity that added to his intellectual leadership. Henry's contributions during that period were particularly noteworthy in two areas. He was certainly the most persistently vocal and prescient among the Board members in calling attention to the dangers of inflation, and his voting record reflected his strong commitment to price stability. That commitment was related in part to his theoretical studies and in part to practical experience in the area of international economics and finance. Henry is by nature a true internationalist, never doubting that peace and prosperity for the United States must be found in the context of a stable international economic order. During his tenure on the Board, Henry readily accepted, and urged others to accept,  Tape 1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4 that international considerations were becoming increasingly important to the formulation of U.S. economic policy. Henry ably represented the Board at innumerable international meetings, forming close professional relationships and personal friendships with many central-banking leaders in all parts of the world. Throughout Henry Wallich's career, he continued to educate, whether in the confidential settings of meetings at the Federal Reserve or the Bank for International Settlements or through the public medium of one of his many articles or speeches. His is the career of an immensely talented intellectual dedicated to public service. In his 1982 essay noted earlier, he set down two rules that he tried to abide by: the general rule that "an economist has an obligation to accept a call to public service if and when it comes" and the personal rule that he "would not do something purely for the money that might be in it if there was not sufficient intellectual interest." I trust this small volume is a testimony to how well he followed those precepts--and in doing so served and honored us all.  July 31, 1987  Tape 1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ;  Is,  August 20 Mr. Volcker -This invitation is for you -- tley have also invited Mr. Greenspan. They have acceptances from 20 CEO's, 35 Congressmen, Secretary Baker, and Under Secretary of Commerce Bruce Smart. They hope you will be able to attend.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  gail  Y  V.  THE HOUSE WEDNESDAY GROUP 386 HOB Annax #2, Washington, D.C. 20515 (202) 226-3236  August 14, 1987  The Honorable Paul Volcker Chairman Federal Reserve System 20th Street & Constitution Ave., NW Washington, DC 20551  Dear Chairman Volcker: As you may recall, the Wednesday Group has periodically initiated informal dinners and roundtable discussions designed to provide some perspective on major issues of the day. As chairman of the Wednesday Group, I hope you will be able to attend our next dinner, to be held on September 15, 1987 at 6:00 p.m. in Room 2237 of the Rayburn House Office Building. The theme of our "off-the-record" discussion will be-wNew CE-6-11enges to Old Structures: Responding to the Changing Face of Global Economic Competition." A number of my Wednesday Group colleagues and chief executives from many of the country's major corporations and financial institutions are expected to attend. In past years, we have met with groups from the financial and business communities for similar informal dinners and discussions. These have included the corporate leadership from Citicorp, Bank of America, Exxon, Pfizer, and Westinghouse, to name a few. The dinners have been highly successful, and we are hoping that this year's will be no exception. Your presence will contribute to that end. The topic for this year's dinner was suggested to us during a recent weekend conference held by the Wednesday Group on "A Post-Reagan America." At that time, policy experts such as Zbigniew Brzezinski, Alan Greenspan, and Robert Reich suggested that critical challenges lay ahead for the United States in the areas of social, economic, and security policy. Meeting these challenges, they went on to say, might require a substantial rethinking of long established policies and programs in each of these areas. As we considered the agenda for this year's meeting with business leaders, we kept this theme in mind.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ." page two , August 14, 1987  The specific question which we would like to discuss during the seminar is the following: If it were possible to begin from scratch in structuring policies critical to America's economic future, how would we do it? What, for example, would optimum fiscal, monetary, and exchange rate policies look like given current international economic realities? It is my hope that an exercise such as this, which we might define as "zero-based," will provide clearer targets for our legislative efforts. We hope you share our enthusiasm for this event. Please let us know at your earliest convenience whether you will be joining us by contacting either Gretchen Pagel or John Anelli at (202) 226-3236. We look forward to your response.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Sincerely,  IKA.  )'dAdiiii*U4iare.  Bill Gradison Chairman  TRAVEL VOUCHER V°.\ 95/\  FR 239 (Rev. 12-70)  Voucher No  (Prepare in Duplicat•) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 Official Headquarters  Payee Address  B-2064 Eccles Building. (.S..t.g.12 49) For reimbursement of travel and other expenses incurred in th• discharge of official duty under dated Auguc t 17 19 87  DATE  authorization No.  AMOUNT  Itinerary and Expenditures  8/16 (Sun.)  FRBank car to airport LV New York (LaGuardia) at 3:00 y.m. on CO 879 AR New Orleans at 5:05 p.m. FRBranch car provided transportation to and from airport Hotel expenses paid by host (Veterans of Foreign Wars)  8/17 (Mon.)  Speech and acceptance of award in morning LV New Orleans at 4:20 p.m. on United 1066 AR Washington (Dulles) at 7:40 p.m. Board car at airport Per diem:  1-1/2 days @ $46  69.00  a  2/  JL v q491. tul TOTAL AMOUNT CLAIMED  (Continue on Reverse Side if Necessary)  $69.00  Differences  Account verified correct for charge to Division a/c 15. Pay.. (Signature)  Title  Credit Advance, a/c 319  Consultant, Office of Board Members TO TRAVELER  Initials  MEMORANDUM Approved for payment: (Authorized Signature) )CONTROLLERS OFFICE)  TRANSPORTATION REQUESTS ISSUED  _ DATE  POINTS OF TRAVEL  NUMBER ISSUED  0 17 1426111888   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FROM—  Washington  TO—  _ MODE AND CLASS OF SERVICE  NY-New Orleansmixed air Washington Washington-NY portion not used and attached for refund  AGENT'S VALUATION OF TICKET  $928.70  Board of Governors of the Federal Reserve System  Travel Authorization  To:  Joseph R. Coyne  Date  To be addressed to division head, Controller or Staff Director for Management, as prescribed in Board's travel regulations  August 12,  1987  1. Authority is requested for proposed travel on official business of the Board as follows: Name and title  Paul A  Vol rker (enn qui tar t)  Person for whom authorization is requested  Duration of travel  Sunday p.m.. August 16 - Monday, August 17 Give approximate dates  New York to New Orleans, La. to Washington, D.C.  Itinerary  Indicate departure, destination, and stop-over points  2. Statement of purpose of proposed travel  To accept award from Veterans of Foreign Wars  3. a. Travel within continental U.S. will be performed on the basis of actual necessary transportation expenses and:  17,  Current per diem rate plus actual cost of room, or Actual expense (explain circumstances; special approval required)  b. Foreign travel will be performed on the basis of actual necessary transportation expenses and:  El Locality per diem rate, or  r1 Actual expense  4. Commitment authorization Division code  Object/Sub-Object  5. If an advance of funds is necessary, state:  Program  Estimated commitment  Division representative  Amount requested $ Date required  Travel authorized: Signature  4WV  Following approval, forward to Office of the Controller. If an advance of funds is requested, present Travel Authorization to the Cashier, Room M-1221. FOR USE BY OFFICE OF THE CONTROLLER ONLY Amount paid  Check no.  Date paid  Initials  Travel Advance Commitment No. See Summary Regulations on reverse.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FR 649 (Rev. 4/81)  Itinerary -- Paul A. Volcker  Thursday, August 13, 1987 2:30 PM 3:30 PM  Depart National on PA Shuttle Arrive New York  NY Fed car will meet you and take you to Mr. Roosa's office (car should go to the side door of Brown Brothers Harriman @ 20 Exchange Place where Mr. Roosa will meet you) Meeting followed by dinner (Mr. Roosa's phone: 212-493-7844) Car to pick you up and take you home.  11:00 12:00  r. Cathcart & Mr. Welch (Mr. Cathcart-212-510-3139)  _)  Frank Zarb (phone: 212-373-4514) & Joe Fowler (@ FED Lunch - John (I.ii Bill Bowen (phone: 609-452-6100) New York Fed Softball Game ??? (with Mrs. Volcker)  Sunday, Au ust 16 3:00 PM 5:05 PM  Depart New York (LaGuardia) on CO #879 Arrive New Orleans  ou a taiAe l you New Orleans Branch car will meet yndi csi,j—iiilton Hotel (phone: 504-561-0500)  Monday, August 17 11:15 AM  4:20 PM 7:40 PM  the  -sCo  Award of 1987 VFW Americanism Award @ South Hall of Rivergate Convention Center Depart New Orleans on UA #1066(dinner) Arrive Dulles  Car will meet you   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  (with Joe Coyne)  igt)  I-  VETERANS OF FOREIGN WARS OF THE UNITED STATES  July 28, 1987  THE EXECUTIVE DIRECTOR  Honorable Paul A. Volcker Chairman, Board of Governors Federal Reserve System Washington, D. C. 20551 Dear Mr. Volcker: National Commander-in-Chief Norman Staab was delighted to learn of your acceptance of his invitation to attend the 88th National Convention of the Veterans of Foreign Wars to be held in New Orleans, Louisiana, for the purpose of accepting the VFW Americanism A ward. I have been assigned the pleasant responsibility of coordinating the appearance of distinguished guests and Commander Staab has asked me to assure you our organization will do everything within its power to make your visit to New Orleans as enjoyable as humanly possible. The presentation of the Americanism award is scheduled for Monday Aug 11:15 A.M. in the South Hall of the Rivergate Convention Cen er. en minutes have been allocated for your response to the presentation. For your information, our Distinguished Guests Banquet is scheduled for 7 P.M. on Monday, August 17, preceded by a reception at 6 P.M. If your schedule permits, we would be delighted to have you attend the Banquet as a head table guest. Summer tux is recommended for head table guests. flom  .16  As soon as your trip to New Orleans is finalized I would appreciate receiving a copy of your travel itinerary. Upon receipt of this information I will make the necessary hotel reservations for you at the New Orleans Hilton Hotel and will arrange for a member of my staff to meet you upon your arrival at the airport. Our organization will, of course, be happy to provide travel and incidental expenses incurred in connection with your visit to New Orleans. We can either forward an advance check for your air travel or you can submit your airline voucher for payment following your visit to our Convention. Please advise how you wish this to be handled. Your hotel expense while in New Orleans will be charged to our master account. We are certainly looking forward to having you in attendance at our Convention. If you should have any questions regarding your visit, please feel free to phone me at 543-2239. LI I Sincerely yours,  ,  atf 'A l  A  COOPER T. HOLT Executive Director CTH:4 * WASHINGTON OFFICE * Nim MEMORIAL BUILDING • 200 MARYLAND AVENUE, N.E.• WASHINGTON, D.C. 20002-5799 • AREA CODE 202-543-2239   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  51522 ITINERARY FOR: VOLCKER/P A01 INVOICE NBR: 30753 8 188 611 TICKET NBR: 007 142 TO LEAVE FROM FL/CL AIRLINE DATE EASTERN  WASH/NATIONAL  879 F  NYC/LAGUARDIA  300P SNACK  NEW ORLEANS  505P  NEW ORLEANS  420P DINNER  WASH/DULLES  740P  2 I6AUG SU 1I7AUG MO   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CONTINENTAL 2A SEAT  1066 F  UNITED SEAT IA  JJ  U  NYC/LAGUARDIA  OPEN U  1 u.  1<  I0  2..  <on.  Printed in U.S.A.  I  PAGE 01 USDI003.00 ARRIVE  SUMMER & FALL 1987  INTEREST-BEARING NOTES BOARD  OF  GOVERNORS  "In the face of hysteria Volcker remains unflappably impassive. His words and manner are mild. But he argues with quiet force and conviction . . ." Time March 8, lgS2  "Growing up, I thought vacation meant going fishing," he says. That led to a major miscalculation 28 years ago when he scheduled a Maine bass-fishing trip for his honeymoon. People magazine May 1982  "He is the most revered economic leader of his era . . .By most accounts Volcker ranks as the bestknown chairman in the Fed's history." Time June 15, 1987  "Paul Volcker 'was born to be chairman of the Fed,' says an old friend, First Boston Corp. Economist Albert Wojnilower."  OF  THE  FEDERAL  RESERVE  MESSAGE FROM CHAIRMAN VOLCKER TO THE BOARD'S STAFF me, leaving the Board is a difficult personal experience. I will certainly miss the challenges and the excitement of dealing with the changing and sometimes intractable problems that crossed my desk and confront us all. But I also leave with a deep sense of satisfaction in having represented a highly respected institution that can work and does work at a time when so much is questioned.  "For  In very large part, that's all a  Chairman can really do—represent an institution that others build and serve. The traditions, the ethics, the talents are mostly inherited—and if they are in working order, we all benefit. And, in turn, we each can try to do our bit to keep it that way.  Institutional Investor May 1987   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  L.— NI.IN  4f  That seems to me what the Federal Reserve at its best is all about—and its best means the best in town! For that, my thanks to all of you who have helped me and supported me and, more appropriate and important, worked so effectively toward the public purposes we serve, To those who regulate and to those who deregulate; to those who feed us and to those who protect us; to those who think and to those who do; and to those that manage both—I'll miss you all!"  , ..•al.....  FOR CONTENTS OF THIS ISSUE, SEE PAGE 3  SYSTEM  "Making big money though, has never had much appeal for the Fed who has had plenty of chances to cash in on his government service. Once an associate told him he could easily earn $1 million a year in the private sector, 'How boring,' the Fed chairman replied." Business Week March 30, 1987  "He can be quite funny especially at his own expense. He once came to a Washington costume party dressed as the Jolly Green Giant—a nickname he had won for being so tall." Newsweek  February 24, 1986  Weidenbaum, a longtime friend, explained how serious Volcker took his job:  "Volcker, in the midst of a relaxed, but intense monologue on monetary policy, was flickering ashes from his ever-present cigar into Weidenbaum's wastepaper basket and the basket began burning. V Volcker continued his discourse oblivious to the fire. It was only after Weidenbaum jumped and began to smother the flames that Volcker realized what was happening." Business Week December 3, 1982  "Usually he was the last to speak; after listening to a wild array of arguments, he would dryly remark, 'Well, we really don't have many differences today', and the whole committee would break up with laughter. Business Week May 1984  2  WASHINGTON PAYS TRIBUTE TO ARTHUR F. BURNS 1904-1987 BY MICHAEL A. WHITEHOUSE  I  t was truly a sad occasion for the Federal Reserve System. The July 22 memorial service for former Federal Reserve Board Chairman Arthur F. Burns, was a memorable, if not momentous, event. Presidents Ford and Nixon delivered moving eulogies. Chairman Paul A. Volcker, Senator Peter V. Domenici and economist Milton Friedman also paid special homage. Secretary of State George P. Shultz sang a touching song he wrote for Dr. Burns. The distinguished gathering, which also included White House officials, members of the Washington diplomatic corps, and many of the nation's past and present economic policymakers, was certainly evidence that the Federal Reserve and the nation lost one of its most eloquent spokesmen and gifted minds. But the service at the Adas Israel Synagogue, in Northwest Washington, D.C., was also testimony that the students of the eminent professor, Arthur Burns, were many, his lessons welllearned, and his legacy everlasting. r. Burns served as Chairman of the Council of Economic Advisors to the president and in several other official advisory roles to Presidents Eisenhower and Nixon throughout the 1950s and 1960s. While he was perhaps best known for his position of greatest influence, Chairman of the Federal Reserve Board from 1970 to 1978, in 1980, at the age of 77, he accepted an appointment from President Reagan to become the U.S. Ambassador to West Germany. Dr. Burns died at age 83 on June 26 following heart surgery performed in April. He is survived by his wife Helen and two sons.  D  message sent by President Reagan summarized the ambassador's public service career: "His career spanned more than three decades of service under five presidents, and there is scarcely a single government institution of importance in the area of financial and economic policy today that does not bear the mark of his intellectual force and presence." Milton Friedman spoke of Dr. Burns's academic contributions he made to the country, recognizing him as the world's leading authority on business cycles. Friedman said that as far back as the 1930s, when he first studied under Burns, that he displayed "force of character, the maturity of judgment." These qualities later led people to realize that "no matter what job Burns holds, where Arthur sits, there is the head of the table." "There was never much doubt that on the main issues he was like a great oak under which we all could take intellectual and moral shelter," said Chairman Volcker. Secretary of State George Shultz noted that "Arthur's scholarship was truly of biblical scope.  A   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  "Helmut Schmidt [former Chancellor of West Germany] called him the pope of economics," noted Shultz. If Dr. Burns was the pope of economics, then the service was more than just a solemn event for the Federal Reserve—it was a hallowed meeting that brought together, for a special moment, the Federal Reserve's past, present and future. In addition to outgoing Chairman Volcker, Federal Reserve System representatives included the Board's new Chairman Alan Greenspan and the remaining Governors and five Federal Reserve Bank presidents. William McChesney Martin  Jr., the 80-year-old former Board Chairman (1951-1970) and a number offormer Board Governors, were also at the observance. The temple ceremony was in one sense a reflection on central banking tradition and a passing of the torch. "The Fed, under Arthur's strong leadership, strove mightily—and in the process the institution was attacked, probably more strongly than at any time in its history," said Chairman Volcker in his remarks. "And it was the defense of the Federal Reserve—an institution that he saw as central to any realistic hope of monetary stability—that aroused all of Arthur's formidable fighting instincts. He was fond of comparing the Federal Reserve to the Supreme Court. But he knew very well our independence was not a matter of divine right, or even Constitutional provision; it was something that would have to be defended, and justified, and earned, year after year. And it was certainly not a partisan matter."  resident Gerald R. Ford also made note of Dr. Burns's strong convictions on central bank independence. "The Fed, all of you know, is an independent body and its chairmen historically, zealously guard their independence from presidential direction. So did Arthur Burns." President Ford went on to reflect on Burns's power of persuasion. "He often protested that he was not a politician. Let me say on this point he was dead wrong," said President Ford. "In its finest form, politics is the art of persuasion and principled compromise of addressing the complex problems and contradictions of society with reason and resolving them with justice and compassion. The mind of Dr. Burns was truly one of God's masterpieces. His intellect was a very special order. We have all known many people in our lives who thought they were very smart and actually were. Arthur was very special to me because he never pretended to be as smart as he really was."  p  peaking last and without any prepared comments President Richard Nixon delivered a memorable testimonial, perhaps best summarizing  S  the old professor's most admirable quality and the depth of his contribution to the country. ". . . Old age is not usually kind to most great men," said President Nixon. "All of us . . . can he thankful that was not the case with Arthur Burns. You see, he refused to get old. To the very last he lived life right up to the hilt." "How then do we want to remember him? We could remember him as a wise counselor; we could remember him as a great central banker; we could remember him as a great economist; we could remember him as a skilled diplomat. But above all, and I think he would like this, Arthur  Burns was a great teacher. His students are his best memorial. And along with so many others in this room, I was privileged to be one of them."  A  rthur Burns' own words taken from his last public statement, March 18, 1987, best state his philosophy: feel moved to share with you a few "Ithoughts on a problem that characterizes much of mankind across the world—indifference to violation of human life, indifference to violation of human dignity, indifference to violation of human freedom. . . . There is no better cure of apathy than Micah's noble rules. They sum up, of course, what the entire Bible teaches and what theologians and moral philosophers have taught across the ages. Closer attention to moral and religious values in our homes is vital if the evil of apathy is to be subdued. But what we do in our homes needs to be supplemented by what we do in our schools and universities. In their zeal to prepare students for successful careers in business and professions, there is a danger that educators are neglecting the paramount need of helping young men and women appreciate the moral values of Western civilization, the importance of ethical conduct, the necessity of understanding peoples of other countries and working harmoniously with them. . . . It is deeply encouraging [when] . . . the scholars and leaders assemble not only to assess the current state of science, technology and finance throughout the world; but also, and mainly, in the interest of a moral and harmonious international order, to seek ways of promoting 'the ideal of the open society, based on the values of human dignity, freedom and truth." •  3  NEW DIRECTIONS FOR  IRM ADOSS • HerS • AT BY DONNA  Applications Development and Statistical Services programmers. Photo by Helen Gebhardt.  M. HILL  "The mission of Information Resources Management is to provide quality, effective, efficient, timely, and professional state-of-theart automation services in support of all applicable Board requirements."  A  The goals were set as part of an annual planning exercise. To ensure that goals are met, several task forces have been developed to implement this. Specifically, some of the goals are as follows: . Manage the Board's information resources and provide cost-effective and efficient, central and distributed automation products and services to attain overall Board objectives; . Position the organization to introduce and respond to change by enhancing the efficiency, productivity, effectiveness, and flexibility of IRM functions in support of the Board; and . Provide leadership and support the introduction of proven state-of-the-art technology to meet the automation requirements of the Board and the Federal Reserve System.  t first reading, this mission statement doesn't seem too complicated. But in the computer field, where the environment is changing so rapidly that noncomputer professionals are learning to use personal computers in the office, such a mission is quite formidable. Yet IRM staff feels this task is within reach because the organization has gone through a series of major changes over the last two years designed to improve its ability to perform work needed to meet user requirements. Since IRM's reorganization, it has had several These changes culminated in April 1986, when major accomplishments that indicate staff are on the old Division of Data Processing became Infortrack with expectations. mation Resources Management. The chief comn 1986, for example, )) ponents of the new orthe Division of Hard(DOITRIGHTTHEFIRSTTIME ganization include the ware and Software Sysfollowing: tems replaced computer ese words are the key to the Quality Improvement equipment Process implemented in support of by Information . Office of Executive Resources Management. IRM staff have received computer its upgrade Director for Informatraining in this process that will improve the qualeffort; contributed autotion Resources Manity of products delivered by IRM. Staff was taught mation background and agement, which prothat quality is defined as conformance to requireexpertise to the Division vides guidance and ments; that quality is the first among the equal of Research and Statisdirection to the other considerations of cost and schedule; the perfortics' Request for Proposals components (headed mance standard is "zero defects;" and that any (RFP)for high-level workby Allen Beutel). problem that prevents staff from reaching that stations; and supported standard must be eliminated. The quality process . Division of Applicabegins with clear requirements for any task to be the implementation of tions Development accomplished by staff. office automation systems and Statistical ServOnce staff was trained in the process, procebased on a token-ring ices, which develops dures were implemented to ensure that the essenand maintains mainnetwork throughout the tial elements to achieving quality are maintained frame applications Board. on a continuing basis. Betsy Riggs, assistant direcsoftware and collects Also in 1986, the Ditor of the Division of Hardware and Software and processes statistivision of Applications Systems, is the officer currently in charge of the cal and regulatory data Development and Staquality process. (headed by William tistical Services made Jones). significant accomplish. Division of Hardware and Software Systems is ments: evaluated and installed productivityresponsible for the planning, acquisition, operenhancing automation tools including Transation, and maintenance of computer and data form, an applications program generator, and communications equipment and operating sysXPEDITER, a program testing and debugging tems; and manages a Contingency Processing facility; reviewed vendor qualifications and estabCenter for the Board and the Federal Reserve lished basic ordering agreements that will allow System. Acting Director is Steve Malphrus. procurement of contract programming services on . Applied Technology is responsible for new techa timely and flexible basis; and successfully met 97.5 nology testing and evaluation, graphic producpercent of the approximately 3,700 Statistical Servtion, and support for end-user computing and ices deadlines for delivery of edited data files and office automation. Acting director is Bruce reports to end users. Beardsley. But those accomplishments are only what IRM management expect to be the beginning of a rePrhe goals of the new organization clearly indinewed commitment to fulfilling the expectations cate what staff want to accomplish. of the Board user community. "We plan to introduce proven technology that "We all have different functions," concludes can increase our efficiency and effectiveness in Jones, "but we're working toward the same goal meeting the needs of our user divisions," states Bill of delivering efficient and effective information Jones. services to our automation users." •  I  Contingency Processing Center, Culpeper, Virginia. Photo by Helen Gebhardt.  Hardware and Software Systems.  Th  CONTENTS ...  Applied Technology Branch.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CHAIRMAN VOLCKER BIDS FAREWELL DR. BURNS: A MEMORIAL IRM: NEW DIRECTIONS ASIAN-PACIFIC HERITAGE CELEBRATION 25-YEAR SERVICE AWARDS THE BOARD'S BARD RECITES SECRETARIES MOVE UPWARD PEOPLE AT THE BOARD ACTIVITIES CALENDAR  IBN is published quarterly for the employees and retirees of the Board of Governors of the Federal Reserve System.  1 2 3 4 5 5 6 7 8  Editor: Lizzeth Brown • Designer: Barry E. Huber Contributing Authors: Donna M. Hill, Michael A. Whitehouse Readers are invited to submit news and feature articles, suggestions, and comments to the editor. Please address correspondence to Editor, Interest-Bearing Notes Board of Governors of the Federal Reserve System Washington, D.C. 20551  4  ASIAN-PACIFIC AMERICANS CELEBRATE HERITAGE AT THE BOARD  f you were around Dining Room E on May 8, Ibetween p.m., you may have 12:30 p.m. and 2:00  heard the music, seen the dancing, and tasted the delicious cuisine offered at the Asian Pacific American Heritage Celebration. For the first time, the Board's Asian community joined in the national week-long celebration of their heritage and culture. The result was a culture-filled week of a slide presentation on Nepal by Peter von zur Muehlen (Jewel in the Lotus) and specially prepared entrees in the cafeteria that culminated in the dance, feast, and festival on May 8, built around the theme Pista Sa Aming Bayan—Festivity in Our Village. What made the finale so special was that the Board's Asian population, a representative 1.8 percent, united to organize a program. Those involved in the planning committee included Merphil Kondo, Loreta Sarmiento, Susie Taylor, Louella Moreno, Huilun Tsao, Jong Park, Dawson Nan, Lyle Kumasaka, and P.A.V.B. Swamy. Roberto Lizama created a sculpture made of vegetables that displayed coconut trees and other indigenous delights.  he representative countries, in addition to the Asian-Pacific, were Japan, China, Korea, and Vietnam. This was particularly evident in the buffet prepared by members of the committee, which included two types of Sushi (Japanese and Korean), Dim Sum (Chinese Steamed Dumplings), Lumpia (Chinese Eggroll), and Fortune Cookies filled with special FRB messages. The Filipino fare consisted of rice- and coconut-based entrees and desserts, such as Pancit (noodles or rice sticks) and Meriendas (afternoon  snacks of sweetened rice and coconut). The only item in the buffet that was not Asian was the Colombian coffee. The Filipinos have a special brand of coffee brewed from roasted rice. The Spanish, Moslem, and Chinese influence was evident in the song and dance. Board employees were treated to a special presentation of music and folklore by the Estrella family of musicians and the Tanghalang Pilipino (Philippine Theatre) singers, dancers, and actors. The diverse group of performers graced the audience with ballets, plays, and ethnic dances and songs that captured a variety of the 87 Filipino dialects. The singers and dancers enacted the activities of the day with songs such as"My Love, My Love," sung by two courting lovers, "Because of a Flower," and the universally applicable "No Money, No Honey," sung by an eligible village damsel making her criteria clear. Dances included the Moslem courtship dance, Candlelight dance, Waterglass dance, and Bamboo dance, which was so much fun that many members of the audience joined in and danced to the tune of bamboo sticks.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  A work of art: Roberto Lizama's vegetable sculpture.  What do I choose? Where do I begin? There's so much!  Estrella Family of Musicians performs an old ballad.  The photo at top of page framed in kimono silhouette represents Moslem courtship dance. Dancers are wearing Moslem costumes with malong.  A  mid the dancing, eating, and singing was an ambience of good cheer and appreciation for a diverse culture. So, if you weren't around on May 8 to hear the music, sample the delicious cuisine, see the dancers perform, or share in the fun . . . there's always next year. •  Bamboo dancing: skill, style, and fun.  Photos by Helen Gebhardt.  5  TWENTY-FIVE YEAR EMPLOYEES ENTER SELECT GROUP BY DONNA M. HILL  T  ed Jones currently serves as plant n Friday, July 17 at 12:30 p.m., manager for the Duplicating Section (betDirector of Personnel David L. Shannon ter known as the printshop). He worked began the ceremonies that honored four Board employees for completing 25 years his way up from a cafeteria laborer, which of service with the Federal Reserve was his first job in December 1961. Other System. jobs he held included mail clerk, mimeoAmong those that Mr. Shannon graph operator, and foreman-operator. called the "latest of a select group" were Theodore L. Jones, Walter Jordan, Jr., Roberta H. Lear, and Mary L. Scott.(A alter Jordan joined the Board in fifth honoree, James T. Jones, was not October 1960 as a cafeteria laborer. He present at the ceremony.) Mr. Shannon Jones worked for a time in the and Ted said that out of 1,500 employees, only 31 same section—Duplicating Mail Meshad passed the 25-year mark. Twentyand Supply Section. In 1965 senger and ceremony two were present at the Walter went back to the cafeteria as a luncheon. cook trainee and stayed there moving up Mr. Shannon then introduced to his current position of lead cook. Chairman Paul A. Volcker, who expressed his appreciation for the continuity these employees brought to the From left to right: Back row—Vice Chairman Johnson, Chairman Volcker, Governor Kelley, Governor Heller, Governor Angell; Front row—Mary L. Scott, Roberta M. Lear, Walter R. Board. He presented the honorees with Jordan, Photo by Lee Hobson ames Jones began in July 1961 as a mesTheodore L. !ones. certificates and jewelry. The presentation senger. He has served in the printshop of awards was followed by a group photoas a multilith operator, foreman-operator, and graph of the recipients and Board Members, a senior lead operator—his current position. reception, and a luncheon that included other Most of the recipients shared the same two ary Scott, another native Washingtonian, 25-year service employees. statements: they were honored and it didn't seem spent her 25 years in the Office of the Secretary. to have been even close to 25 years. She began in November 1961 as a records clerk "It really doesn't feel like it's been that long," in the Records Section. She held various positions f the five who reached the 25-year mark, said Ted Jones. "I've had some good years here at promoted to until she was her current job of superRoberta Lear was the first to join the Board's staff. the Board." of the visor Minutes Section. Mary was recogA native Washingtonian, Bobbie started in June nized for her role in the Board's Volunteer Tour Several employees who reached 25 years of ser1958 as a clerk-stenographer in the Division of PerProgram. vice retired in 1986 and were not present at the job different assignments, she several sonnel. After Of the other three recipients, each began in ceremony and luncheon. However, Rosemary left the Board for two years and returned in August the Division of Support Services. Ted Jones and Jordan, Jane Wilson, and Carol Harlow are dis1968 as a secretary in the Office of the Secretary. Walter Jordan are native North Carolinians; James She currently is an administrative assistant in the tinguished members of the list of employees who Division of International Finance. Jones is from Bedford, Virginia. gave the Board 25 years of faithful service. •  J  M  O  A  fter participating in a poetry reading as a follow-up to the Board's Black History Month program, Sam Nixon found that others besides himself are interested in his work. Shortly after the reading, Sam was approached by a local publisher who is interested in producing some of his poetry. He told the publisher he'd have to think about it. Not accustomed to sharing his poetry, which he calls a "release of inward expression without constraint," Sam isn't sure it's such a good idea. He has to decide whether he wants to publish material he has already written, or whether he will produce new material. Since he wasn't sure about whether he wanted his poetry published, the publisher said,'Okay,so how about participating in a poetry reading this fall?' "Alright," responded Sam,"I might do that. Let me think about it." Sam is flattered, though, that someone thinks his work is good. He began writing in high school. He had always been interested in writing, but a writers workshop in his school led him to produce short stories and poems. The short stories eventually became a project Sam would resume "someday," while the poetry became an ongoing activity. Besides creating poems for his own expression, Sam often writes poetry and presents them as gifts to family members and friends, mainly for birthdays. Originally from St. Louis, Sam migrated to this area from Boston about 10 years ago. Sam joined the Board's staff in November 1983 as a systems analyst in the Division of Data Processing. He was responsible for developing a personal computer program at the Board. Now, Sam works in the Communications and Software Systems Branch of Information Resource Management. He's now responsible for automation security, developing programs, procedures, and policies. The occasional travel needed in this job leaves Sam with less time for writing poetry. Sam enjoys reading poetry by artists such as James Weldon Johnson and Gwendolyn Brooks. He also enjoys playing chess, basketball, volleyball, and the piano. •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4 • •••••  a, WI  ak  f  Mk ••IN • • •  ••  ••  •  . • ••. .....  •  • ••• ••  It's me, Lord.  ••• •  1  •  •  May I have a word with you?  THE BOARD'S BARD RECITES  (  s  •  9  ,  •  BY DONNA HILL •  III  •  •  I •• •• k.44c• •.•.* II • • •.  ....  •  •  s . od 9 , 4 • /••• %  "IT'S ME, LORD MAY I HAVE A WORD?"  •• t  ••• • • •  UNTITLED  Elements of doubt in a sea of despair, elements of doubt in a sea of despair, speak a word of caution, and whisper a prayer. Elements of doubt in a sea of despair, elements of doubt in a sea of despair, why don't you listen and learn to care? Elements of doubt in a sea of despair, elements of doubt in a sea of despair, Turn from your ways And hear my words in the air. Elements of doubt in a sea of despair, elements of doubt in a sea of despair, touch me, feel me, hearken to a call, it won't be long before you involve all. The time is limited, my message is brief, don't plant those elements of doubt, except you provide a sea of relief!"  Just sitting here wondering about a few things. Can you tell me something? How does life REALLY have to be? Can I truly be free? You know me, Lord. I'm one of your own special creations. It was me that you introduced to the world Back in that October year. My St. Louis beginnings Started right in the middle of things . . . Between the two shores of the foreign country. I came on in but didn't know just where to start. But you did. Tell me, Lord, is it I? Is it I who am privileged to do your will? Will your work grow more and more in me? The mirror of my life already begins to show that you are here with me . . . changing some things around!  Go ahead, Lord, make me anew. It's a privilege, to be in you! I'm like a vessel, here to be filled, with the sweet wine of your spirit, then I can be sealed. Oh, more of your love please do pour in. My life must be full As you work from within. Thank you, my Father, for just who you are My life has now grown and I know you're the star!  6  SECRETARIES MOVING ONWARD AND UPWARD  . . . THE POSITION OF SECRETARY HAS BECOME THE PROFESSION OF SECRETARY. Together we have united our voices and shown our management and managers that we can do more. We have a unique position. We are at the hub of all activity. We see the creation of the workload and are directly involved in its execution and in the finished product. All of you have helped to bring about this change.  T he theme was Color Me Beautiful. The message was "You Can Make a Difference." The event was the National Secretaries' Day Luncheon. The speaker of the day, Gloria McKenzie, Division of Consumer and Community Affairs, set the tone of the luncheon with her opening remarks. She chose an excerpt from a speech by Dr. Martin Luther King, Jr.: "The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy."  It has been a long hard road fraught with mastering many technological advances in the field. We can make a difference. But where do we begin? How can we bring the profession, not only into view, but rather into full view. We can start . . . making . . . strides for ourselves. Set goals for yourselves. These goals should be both short-term and long-term and should be both personal and professional.  Gloria McKenzie, speaker for National Secretaries' Day Luncheon.  Gloria, a senior secretary at the Board, chose this message to express the dynamics of the secretarial job family here at the Board. She stressed that secretaries play significant roles at the Board that involve a great deal of challenge and at times controversy. Secretaries have risen to the demands of their jobs and are taking on more and more responsibility. The position of secretary, therefore, has become the profession of secretary. And, as Gloria describes, is "going onward and coming into view." She feels, however, that in any profession, the continued effort to grow is important and even required. Secretaries must continue moving in the right direction. In her closing remarks, Gloria offered several proven suggestions on how Board secretaries could grow, accomplish their goals, and keep their profession moving onward. . . . "Set goals for yourself. These goals should be both personal and professional. Keep in mind   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  when you set these goals that education and training are the vehicles with which you can achieve. Seek new learning experiences on the job. Ask questions. Get involved. Accept challenges. Remember, even routine tasks can be done more efficiently. Try out new ideas. Discuss ways in which you can enhance your career with your manager.... After you've gathered the experience and knowledge, apply them." Following a tasty luncheon,Director of the Division of Personnel, David L. Shannon, hosted a question-answer forum on secretarial salary issues. In his opening remarks, he gave the secretaries these simple words to remember:Thank you for the year. Thank you for your careers at the Board. Thank you for being here today. You are quality people, and I want you to know how much I, not only professionally, but also personally appreciate your pres• ence and your effort in your work. . .  What better place is there to develop one's skills in planning, prioritizing, and organization. Keep in mind that when you set these goals, education and training are the vehicles with which you can achieve. Explore additional resources to gain experience and knowledge. Seek new learning experiences on the job. Ask questions. Get involved. The quotes above are excerpted from Gloria McKenzie's speech.  P  E  AT  NUMBERS ONE AND SIX The Road Ducks Walk to the Top They Did It Again For The Third Time  T he Road Ducks finished in first place in the Federal Fitness Day walking races. Although the team has been together for only two years, it has won three meets, including this year's victory over some 1,500 feds, who combined for a total of 165 sixperson, coed teams representing federal agencies. According to Richard Ralston, the team's captain, a lot of their success can be attributed to Marie Himel, who trains the Road Ducks for competition. "A month before a major race, the call goes out to those interested in learning how to racewalk and who want to compete. After Marie teaches the techniques and we've practiced for a few weeks, an unofficial race is held to pick the qualifiers for the final race." nly six walkers are chosen—three women and three men—to compete in the 3k walking races. This year the Road Ducks sent their six best to bring home the National Institutes of Health Recreation and Welfare trophy. They brought it home. While exercising and staying fit is the primary motivation for the team, Dick Ralston also added, "In some ways we have a title to defend, too." The Road Ducks, who are always looking for new walkers, practice every Tuesday evening. A local track club, the Potomac Valley Seniors, are usually on hand to teach some of the techniques. So, if you're looking for another way to stay healthy, maybe racewalking is the way to go.  O  ROAD DUCKS Cecilia DeWitt Michelle Link Cynthia Udhiri Richard Ralston Robert Renke Elmer Roddy  •  SNOWSTORM '87 hose of you who find the heat this summer unbearable may want to try remembering the snowstorm this year. Several of our co-workers do. Of those who submitted articles on the Blizzard of '87, here are a couple of the most memorable. ur vanpool was making its daily ride home to Baltimore, which usually takes about an hour. While stopped in traffic, we noticed a pizza parlor across the street and decided to order two pizzas and have them delivered to the van. By the time the pizza was delivered, we had only driven one block. Seven hours later we arrived home.  O  —Bonnie Sprinkel *  W  *  *  hat I remember was the beauty of the snow as it fell. Then later I began to feel anxious about getting home when it started to pile up. The snow started early Thursday morning while I was on the job. Those of us who work in Security had to stay because our replacements couldn't get into work. At first it was fun and excit-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  THE  p  E  BOARD  HELLER AND KELLEY JOIN THE BOARD overnor Edward W. Kelley, Jr., the most rehe man with the distinguished German accent, G T cent member of the Board, was sworn in on May Board's Governor H. Robert Heller, is one of the 26 of this year to fill an unexpired most recent members. You might term which will end on January bump into him on a ski slope or 31, 1990. see him while sailing on the bay. You may have heard that He enjoys the outdoor life. At the Fed he is the Board's Governor Kelley, or Mike as he is nicknamed, was born in EuAdministrative Officer and a gene, Oregon, but there is no member of five major Board doubt that he's a Texan through committees. He is the represenand through. At an early age his tative of the Federal Reserve Sysfamily moved to Houston where tem on the National Advisory he settled. If you listen closely, Council on International Moneyou'll detect a charming Texan tary and Financial Policies. drawl. Governor Heller is a native Governor Kelley received his of Cologne, West Germany. He undergraduate degree in history received his postgraduate educafrom Rice University and his tion in the United States. He MBA from Harvard University. holds an M.A. in Economics Governor H. Robert Heller Upon graduation in 1959, he from the University of Minreturned to the Lone Star state nesota and a Ph.D. from the University of California at Berketo head up Kelley Industries, which was a Houston-based ley. He also taught at UCLA and the University of Hawaii where holding company with subsidihe served as Chairman of the aries including Kelley ManufacEconomics Department. He turing, Data Systems, Co., and came to Washington in 1974 as Covey Corporation. Kelley InChief of the Financial Studies Didustries was later sold, and he bevision of the International Monecame chairman of the board of tary Fund. In 1978 he went to the Investment Advisors IncorSan Francisco to serve as Senior porated. He also served as chairVice President and Director of man of the Shoreline CompaInternational Economic Renies, Inc., and director of Texas search for Bank of America. At Industries, Inc. that time, he continued to teach In addition to these posts, international financial manage- Governor Edward W. Kelley, Jr. Governor Kelley has served as ment at the University of director of several banks includCalifornia at Berkeley. ing West Belt National, WestGovernor Heller is the author of five books wood Commerce Bank, and Southern National on international trade and finance and has edited Bank. several books and published numerous articles in Governor Kelley was serving as Chairman pf economic journals and the financial press. He has the Board of the Investment Advisors, Inc., in also served on the board of several professional asHouston when he was tapped by President Reasociations in banking, business, and finance. gan to fill the unexpired term as a Member of the The Board welcomes Governor Heller, his wife Board of Governors. Emily, and their two children, Kimberly and One should not deduce from Govenor Kelley's Christopher. rapid rise to the top that his success is attributed to all work and no rest. Governor Kelley is a firm believer in exercise and sports. He frequently takes long walks and enjoys fishing and scuba diving. He also teaches the Bible and is active in the St. ing. Most of us came to work. An hour after we Luke's United Methodist Church. arrived, we were told to try to get home before the The Board welcomes Governor Kelley and his weather got worse. Some of us had to stay, so I wife Ellen Louise. • went into my second shift. By Friday morning most of the vending machines were empty. The next worry was how to get more food into the building. News came to us about how Metro service had been severely cut back due to the storm, so we realized that we were probably better off at work. At least we were warm. After 24 hours, I really wanted to get home. The fun was over. Still I could not leave without a replacement. Finally, I was told that someone was coming to relieve me. Then I had to figure out how to get home. I don't have a car and most of he Fed is still on top. The defending champion my friends and family were not venturing out finished its regular season on July 22, with an 11-3 because few had snow tires and/or four-wheel record in its division, which includes teams from drive. the Justice Department, Office of the ComptrolSo, I started walking to the nearest bus stop. ler of the Currency, the United States Navy, and Mostly everyone was walking in the middle of the NASDAQ. Up to the last game, the Fed was tied street because the snow on the sidewalks was for first place with Navy. But Navy lost its game; deeper. Even so, it was slow progress. I remember and the Fed, playing until dark, walked away with waiting a long time for the bus and even longer the tie-breaker and the victory. when I transferred downtown. I can still recall the Playoffs started in early August and will end intense cold and the numbness in my hand and in mid-August with the championship game. Confeet. It was sheer joy to reach home. gratulations on a great season, and good luck to the Fed! —Officer H. V. Green • •  Bsep TBALL UPDATE  T  SUMMER & FALL 1987  ACTIVITIES CALENDAR NOTES  INTEREST -BEARING September  August S  NJ  $iMTW  WIFS  1  1 21 3 4 5 6 7 8 910 11 12 1i14 15 161718 19 2021 2223 24 25 26 2712829 30  1 I 2 a 4 5 6 7 8 1 910111 121314 15 16 1718 1920 21 1 22 23 24 1 30 31125 26 27 28 29 1  November  October I TFS ,  S  MT  % , /•TF  S  S  MISCELLANEOUS NOVEMBER  SEPTEMBER OCTOBER  ?n  1.  FIVPAc meeting 2:30 p.m. B-3234  WF PAC A EAC meeting v10:00 a.m. 10 meeting B-4001 2:30 p.m. B-3234 FWPAC meeting 1 ? BEAC meeting 2:30 p.m. ‘ w 10:00 a.m. B-3234 I M-3234  1 BEAC meeting 1 •-1 10:00 a.m. B-3234  1  1 EAC meeting `.1 10:00 a.m. B-4001  1 BEAC meeting i 10:00 a.m. M-3234  1 EAC meeting 10:00 a.m. B-4001  BEAC meeting 4w V 10:00 a.m. B-3234  WTFS  1 2 3 4 51 6 7 1 8 9 10 11 121 3 14 15 16 17 18 1920 21 22 23 24 25 26 27 28 29 30  1 t 2 3 4 5 6 7, 8 910 , 11,12113 , 141 1 516 17 1819120212212324 252627 28293031  COMMITTEES AUGUST  MT  BEAC meeting 1 C BEAC meeting 7 10:00 a.m. 1 10:00 a.m. M-3255 M-3234  SEPTEMBER  AUGUST  NOVEMBER  OCTOBER  2 PAYDAY 12 Columbus Day 3 PAYDAY  1 1 Toastmasters 1 1. meeting 12:00 noon M-4255  7 Labor Day  19 PAYDAY Toastmasters 21 Area Auction 12:00 noon Dining Room F  Veteran's Day Toastmasters 11 14 meeting 12:00 noon M-4255/4355 ? C Toastmasters 0 Toastmasters hw —1 meeting -7 meeting PAYDAY 12:00 noon 12:00 noon M-4255/4355 M-4255/4355 ?Q Toastmasters PAYDAY 4.e LI meeting 12:00 noon PAYDAY M-4255/4355 ?A Thanksgiving 4 .' "Day PAYDAY 1 1 Toastmasters i --I meeting 12:00 noon M-4255/4355  16  ? C Toastmasters i'w —1 meeting M12 0 noon -:40255  30 PAYDAY 1,  ' '.,  4., 0A40-c•t‘  t‘  kkk ,,NatA00tilreM, :O C k44 q 9 , VitNN VII\ N'cl.AIV46%0t 64451 a % t ..vZ  4i nt t  11. .  s_.'q k  „t4z4tIlii-,',.:4,,,,k%tilA4/4,40.4.7744.0,41r.r1,1 12 0 4 * 41 . if— Nv-\,‘‘ Ntsesi.`i €:(seeireh 'tar\tetN  ••licizs., • 44'• ' N:r• , i‘ 44" I .1 Pv,  A4 a ), 'ittPreV  ,..C..-iii•gc'4."" tk" t%4c . °1 :e 4c-4p-ir.--/O,‘  v / ,.%' - 1•Al(10 or$V3-4141 12!,,,N ,' to 0k4 4, 0 4.r -17,7•..,‘k•. . 2..,7ft7  Zr4111‘1**410' g-'4 G ek°10(it‘ i 1i .-  14Zk;A" ‘ °0"v 44-' '4%17;1s...117S:1' l''' '' ' ' 141k011* t‘ t‘% ft9li.ftti4--  '4- 'Al'  Wilkhzt., 5..  lb&  K/  , .  -  ,  0,- e  IZNIkerda'  /'   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  "(::,"1 7,t4_fillgr ,: Il eVakIP•4.0 s:Tri iitia 7;ir ,4„,  , .:  ,  — Ali  .....--'''' , " ,r .-:.1*1.  7 1# 0oro,"0 r.,:i.,,4-9 0 ,:5 —'_zo r  ‘-. ,  „is.,, t un.  ' ' '  • •4 \  t  1 ,  ' - ' ' •  , i k ilitt.,... .  V .t‘Afir 4'  -  Arire' 1 "47 /441.711;,,,zpo.  It r  •  -- .. Aew  i-•••  ,  AeAreqpg  '  V g .1,a'  dc-gi  4,;,-  id'  NIL  etfr,  t'f‘i ‘e164^ % •110401 $0 v •• . 'L .‘\k‘  I ity F.  .‘  `N  0Wi fitg-  app.,  ;rntlit i---c"A4 rt 0  .ne4ztict..X42,A0,._ ,  ‘L•%  .  e  4; A ''  •  As  NI 1 &"‘ Vqeh N1104 4"9'-'1N4I(NU(47'0109°2-71ev41 41 P,'I 0 i 7 Nb Tli' jko V:• # 0• ie.. cli.. 1 ‘-k&O)AA 9,'  ,,t1  .11401kt'411.  ,11,11yA 0,-1, ,,tzeolktzk‘ z*•, t,, Irotc \ Y  .  44111.4  Nijtiti A  .-  it;  li ki, 1.74  vm- i ....e124L`• "V  t‘ . -4=  A  "'  ,  ,  Iih  I  C . 1  "  li  t. 4  0  ;1///:  j.  f li,1  ,,  .  ifilll ,s. -,..0. It 1. •opriLoic*frztrg t. hy , - • &A/P.4e,..4- 0,W, 1 A% 4 ;ztvetl/V3:40srr 4.14,N --1' lg./ J. ttt‘yr; 171 '1 ,,'-'#-:—V•IW % , ' lo!k4 . : 0< ;-4 •1` 61 % . 1Z;r  .kett. Ai;*•‘4 sc,-.4%41wi.),a, .‘-4140  '''etW4t1-4teP4-A,WPA , . -e ' .14. , vk :v -:-• vs  -*,,j,4, ,..4 .7a  0-14. .  '1,- :-•  . .4,447,-. FRB1-2000-0887  tfol' Twodot Land & Livestock Co. Since 1908 Warren B. Jones Box 268 Harlowton, MT 59036 \) (406)632-4496  Robert O. Jones Box 794 Harlowton, MT 59036 (406)632-4785  \)1  €4[PdAd JAA.141 V1/4-34cs464.,01A, ,s.QJ Q664 0,tpiazeJil "?&_ Mu   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  um9t.tyvi Itae,  If  LL artLAI  William P. Jones Box 769 Harlowton, MT 59036 (406)632-4715  ag i c<A.a tzt4  .4/6- kl4-€ VIU4 114 4  CUP:a414  hoot (14T oaddi QAA P ' A"\- ' uvikv 64(5 Id: oLQ-ttzd %eau 40tikeid kut  (O.\R. kti bittl4 ttAi rti° &Ikkrtkl \   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ktP:k  OWLIO  ,&e-t4  a National Westminster Bank USA 350 Fifth Avenue New York, NY 10118-0110 212 290 1743  (c Amy S. Trapp Assistant Vice President  August 17, 1987  Mr. Paul Volker Former Chairman Federal Reserve 20th & C St. N.W. Washington, D.C. 20551  Dear Mr. Volker i am writing to you as a representative of the Manhattan Chapter of the National Association of Bank Women. Our group consists of 100+ women officers from New York City's major money center banks. We are now planning our fall schedule of luncheon meetings and have overwhelmingly selected you as our first choice guest speaker to launch our 87-88 year. Although is our organization relatively young, we have attracted some noteworthy speakers from the financial world, such as John Reed from Citicorp and Dan Davison from U.S. Trust. We were also pleased to have Mayor Koch as our 1986 kickoff speaker. Since our constituency is very interested in the opinions and outlooks of distinguished political and financial leaders such as yourself, we would be very honored and privileged if you would consider this invitation. I would very much appreciate hearing from you at your earliest convenience (212) 290-1743. We can be totally flexible at this point and schedule the luncheon for a date and at a time convenient for you, when you may already have plans to be in New York City. Thank you very much for reviewing this request. I sincerely hope that our invitation will be looked upon positively.  With Best Regards,  " Jci\Pij Amy S. Trapp Program Chairperson, Manhattan Group NABW Assistant Vice President, National Westminster Bank USA 1472F   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  } Pi U vt:\  co\l‘\  08/24/87 14:12  212 629 795.;  WPLK  TPLK  02  eitt  Burson.:\larsteller  Mr. Harry Walker THE HARRY WALKER AGENCY, INC. 1 Penn Plaza New York, N. Y. 10119  fol  Dear Harry: On behalf of the European division of Digital Equipme T Corporation, a Burson-Marsteller client of long sfan ing, would like to enlist your assistance in forwarding an invitation to The Hon. Paul Volcker to address a group of approximately 100 Chief Executive officers of the larger Europeran corporations at a function that will be sponsored by DEC.  1  The date is Monday, November 16; the place Rrussels, Belgium. A speech by Mr. Volcker, who would be asked to address the international monetary situation as a subject, would be the highlight of an all-day conference. While I do not have all the details at this time (they will soon be forthcoming from our Brussels office), the schedule is such that we can be flexible on the specific timing during the day of Mr. Volcker's address. In addition to making his talk, our client would want to have Mr. Volcker present for at least a portion of a reception that will follow his address. While I suspect that Mr. Volcker has not heard of me or perhaps even Burson-Marsteller, he may want to check with his former associate at the Federal Reserve Bank of New York, Peter Bakstansky, as to our bona fides. I am sure Mr. volcker knows our client, Digital Equipment. As I indicated during our telephone call, I will be in Seoul during the week of August 24. During my absence, will you communicate with my associate, Laura Schoen, (212) 614-4459. Laura is fully aware of the program which is being coordinated by our Brussels office.  ttN,  co'  Ttr'rdvA  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  0  08/24/87 14:12  212 629 7958  WALK TALK  -2 believe that Mr. moth our client and we at Burson-Marsteller program that is the to Volcker would add immense distinction group of tant and impor s being prepared for this prestigiou for any you to on ciati appre European business leaders. My his ble possi g makin in us give assistance you are able to lppearance.  HB:mr cc: tu. Laura Schoen   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  07   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  7
Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102