Full text of Paul A. Volcker Papers : Congratulatory Letters : 1979, B, Box 7, Item c111

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CONGRATULATORY LETTERS - B

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Federal Reserve Bank of St. Louis

Collection: Paul A. Volcker Papers
Call Number: MC279

Box 7

Preferred Citation: Congratulatory Letters: "B", 1979; Paul A. Volcker Papers, Box 7; Public Policy
Papers, Department of Rare Books and Special Collections, Princeton University Library
Find it online: http://findingaids.princeton.edu/collections/MC279/c111 and
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August 31, 1979

Dear Bob:
I greatly appreciated your personal note on my
appointment.

The best part of this has been hearing

from so many old friends and associates, and knowing I
have some sympathetic ears as the problems mount.
the real work begins!
Best regards.
Sincerely,

Paul A. Volcker

Mr. Robert Baldwin

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

August 9, 1979

Dear Joe:
It's nice to get copies of your letter
s -- people
will find out soon enough

that I don't walk on water:

Best regards.
Sincerely,

Paul A. Volcker

Mr. Joseph W. Barr

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JOSEPH W. BARR

July 30, 1979

The President
The White House
Washington, D. C.

20500

Dear Mr. President:
Your decision to nominate Paul Volcker as Chairman of the
Federal Reserve Board is wonderful news! As one of your
early supporters and an ex-Secretary of the Treasury
(Lyndon Johnson) I can assure you that Paul is the very
best.
We served together in the Treasury in the Kennedy and Johnson
years, so I have had an opportunity to foLm my opinion at a
very close range. He is a skilled and highly professional
practitioner of federal finance in both its domestic and its
international application. He knows the Fed, the Treasury,
the Congress, and most of the financial leaders in the
United States and the world. His judgment is sound, and
above all, he is a wonderful human being.
You have my congratulations and my thanks on this appointment.
Faithfully yours,

Joseph

cc:

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Federal Reserve Bank of St. Louis

Hon. Paul Volcker ,/
Mr. Jack Watson

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Federal Reserve Bank of St. Louis

August 23, 1979

Dear Harry:
Many thanks for the note--however belated the
reply.

We will try and hope for the best.
Sincerely,

Paul A. Volcker

Mr. Harry P. Barrand, Jr.

HARRY P. BARRAND. JR.

Mr. Paul A. Volcker, President
The Federal eserve Bank of New York
38 Liberty Street
New York, N. Y. 10038
Dear Paul,
The announcement of your appointment as Chairman of
the Federal Ueserve Board is most welcome in these days of
otherwise unsettling news on the national economic and
financial scenes!
I should like to add my congratulations and best wishes
to the myriad of others from your many friends and admirers.

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Federal Reserve Bank of St. Louis

With best regards,
Sincerely yours,

. •

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AUG

2 1979

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ANSWERED
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Federal Reserve Bank of St. Louis

August 16, 1979

Dear Antonio:
;iany thanks

or the warm note. Hy memories of

Spain and your tinny kindneseee ere full -- always kept fresh

by those pictures of bullfighting!
Barbera joins ma in sending our best.
Sincerely,

Paul A. Volcker

Mr. Antonio Barrera de Irimo
Banco Hispano Americano
Plaza de Carolejas 1
P.O. Box 238
Madrid, Spain

PAV:mhw

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Federal Reserve Bank of St. Louis

TRANSLATION

Mr. Paul Volcker
Chairman of the Federal Reserve
Board Building
Constitution Avenue & 20th Street, N.W.
Washington, D. C. 20551
Please accept the expression of my most sincere congratulations
for your appointment to such an important position.
fondly in Spain.

We remember you

Greetings to Barbara.
Very cordially,

Antonio Barrera de Irimo

Translated by:

quit

Ms. Cora Flaifel
August 14, 1979

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WASHIN'ITTN: ,).C.20551

A.Ci.?T'E _A EXPION YE 11 FELI7,IT ACION:
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SU V.A3RA1IEN0 ?ARA• TAN ALTA RESPONSABILIDAD
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Federal Reserve Bank of St. Louis

CO% AFECTO STOP S ALUDOSP ARA,
9ARRERA 'DE IRTMO

FEDERAL RESERVE BANK OF NEW YORK
NEW YORK, N.Y.10045
AREA CODE 212 791-6173

PAUL A. VOLCKER
Pries:DENT

August 1, 1979

Dear Rod:
. • .........

Now I know what I have to do
to relocate old friends! I remember so well
and have sometimes wondered what happened to
you.
Thanks for the note--may our
paths cross again.
•............................................

Best wishes.

..........................................

Sincerely,
.............

. .....

.....................................

Paul A. Volcker

Mr. R.A. Barrett
Controller
Ford Parts and Service Division
Ford Motor Company
3000 Schaefer Road
P.O. Box 1902
Dearborn, Michigan 48121

..............................

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

Ford Motor Company
3000 Schaefer Road
P.O. Box 1902
Dearborn, Michigan 48121

R. A. Barrett
Controller
Ford Parts and Service Division

July 261 1979

Mr. Paul A. Volcker, Chairman
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045
Dear Paul,
Congratulations and best wishes from your chum of long, long
ago. The news of your appointment made me nostalgic about
some very happy school days and summers we spent together in
Teaneck in the early 140s. Through the media, I have followed
with interest your career in Washington and New York, and
speaking as a businessman involved with financial matters,
I am delighted that an individus.1 of your stature and experience has been chosen for this most important post.
Again, I wish you well and hope that we shall have the
opportunity to meet again.
Sincerely,

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Federal Reserve Bank of St. Louis

August 16, 1979

Dear Dave:
Many thanks for the warm note.

In the

last analysis, I guess I couldn't resist a challenge.
I know something of the problem, but we can wish for
a little luck:
Best regards.
Sincerely,

Paul A. Volcker

Mr. David J. Barry
Executive Vice President
Manufacturers Hanover Trust Company
44 W 11 Street
New York, New York 10015

PAV:tb

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Federal Reserve Bank of St. Louis

IVI

MANUFACTURERS HANOVER TRUST COMPANY

3IMIE

44 WALL STREET, NEW YORK , N. Y.10015

DAVID J. BARRY
EXECUTIVE VICE PRESIDENT

August 8, 1979

The Honorable Paul A. Volcker
Chairman of the Board of Governors
Federal Reserve System
Constitution Avenue and 20 Street, N. W.
Washington, D. C. 20551
Dear Mr. Chairman:
I would like to add my heartiest congratulations to:
71;
those of your many friends who are delighted to see.
you occupy the Chairmanship of the Federal Reserve
Board at such a critical time in our economic life.
The high quality of public service, which you have
already rendered your Country, has been admired by
me for many years. That admiration is increased by
your personal sacrifice in responding to the President's
request that you return to the Washington scene at a
point when confidence has been shaken. I know that
your presence will be regarded in a constructive light
not only by the Central Bankers throughout the world,
but by most financially oriented people at home.
I wish you much success as Chairman of the Board of
Governors and sincerely hope that you and your family
will enjoy good health.
With kind personal regards.
Cordially,

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Federal Reserve Bank of St. Louis

August 16, 1979

Dear Hood:
Thanks so much for the warm note.
Obviously, my second priority (you know the
first) is to deal with those membership burdens that
the "loyalists" have been carrying.

I hope I don't

delude myself in seeing some daylight, and a wide area
of common interest with the banks.

We'll need, in any

event, your sympathetic understanding, as we have had
it in the past.
Best wishes.
Sincerely,

Paul A. Volcker

Mr. Harry Hood Bassett
Chairman of the Board
Southeast Banking Corporation
/008buth Biscayne Boulevard
Miami, Florida 33131
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Federal Reserve Bank of St. Louis

Southeast Banking Corporation
Harry Hood Bassett
Chairman of the Board

August 7, 1979

Mr. Paul A. Volcker
Chairman
Board of Governors
Federal Reserve System
Washington, D.C. 20551

.1.1.0•111.

Dear Paul:
Congratulations on your appointment as chairman of the
Federal Reserve Board. The President could not have
picked a better qualified man for the job, and I for
one am terribly enthusiastic about your selection in this
critical time in our economy.
If there is any service that we might perform that would
be of help to you or other members of the Board, please
do not hesitate to call on us. We have been and are
enthusiastic members of the Federal Reserve System and
will do our best to continue to make it work well.
Again, my heartiest congratulations.

Harry Hood Bassett
Chairman of the Board

100 South Biscayne Boulevard

Miami, Florida 33131

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Federal Reserve Bank of St. Louis

August 9, 1979

Dear Mil:
Many thanks for the warm note--and even more the
offer of assistance.

Let's remain in touch.

Best regards.
Sincerely,

Paul A. Volcker

Mr. William M. Batten
Chairman and Chief Executive
Officer
The New York Stock Exchange
Eleven Wall Street
New York, New York 10005

THE New York Stock
Exchange

William M Batten
Chairman and
Chief Executive Officer

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Federal Reserve Bank of St. Louis

August 3, 1979

The Honorable Paul A. Volcker
Chairman, Board of Governors
Federal Reserve System
Federal Reserve Building
Constitution Avenue
Washington, D. C.
20551
Dear Paul:
I want you to know how pleased I am to see you
become Chairman of the Federal Reserve Board.
The wide acclaim your selection has received is
a reflection of the special qualities and experience you bring.
As we all know so well the inroads of inflation
are taking a toll nationwide on the fabric of our
society. We at the New York Stock Exchange are
particularly concerned about this as evidenced
in the findings of our studies of productivity
and investing.
It is most reassuring to have you in this key
position at such an important time. I hope you
will not hesitate to let me know any time you
feel I might be of assistance to you.
Kind regards,

•
New York Stock Exchange. Inc.

Eleven Wall Street

New York. New York 10005

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Federal Reserve Bank of St. Louis

August 22, 1979

Dear Bill:
I appreciate the note.
all those nice comments.

It's been easy so far, reading

Now the work begins:

Best regards.
Sincerely,

Paul A. Volcker

Mr. William B. Bateman
Senior Vice President
Bank of Montreal
United States Division
2 Wall Street
New York, New York 10005
PAV:smk

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Federal Reserve Bank of St. Louis

BANK OF MONTREAL

1979

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DIVISION

(-1J 2 WALL Si+REET
NEW YORK, N. Y.10005

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WILLIAM

B. BATEMAN

SENIOR VICE PRESIDENT

August 14, 1979

Dear Paul:
Even though it is somewhat belated, because I
was on vacation, I would like to extend to you
my heartiest congratulations upon your appointment as Chairman of the Federal Reserve Board.
It was, in my opinion, a ten-strike on the part
of the President. The markets' reactions and
the Senate's quick confirmation certainly tend
to confirm my opinion. I know you will do your
usual outstanding job.
Kind regards.

Mr. Paul A. Volcker
Chairman
Federal Reserve Board
Washington, D. C. 20551

‘.

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Federal Reserve Bank of St. Louis

August 20, 1979

Dear Ray:
I do appreciate your note--the
more your support.

arty--andmuch

Under order, I will say no more.

Best regards,
Sincerely,

Paul A. Volcker

Mr. Raymond W. Bauer
Chairman and President
United Counties Trust
Company
Hillside Avenue at Route 22
Springfield, New Jersey 07081

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Federal Reserve Bank of St. Louis

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UNITED COUNTIES TRUST COMPANY
Hillside Avenue at Route 22, Springfield, New Jersey 07081
Raymond W Bauer
Chairman and President
(201)931-6715

August 15, 1979.

Dear Paul:
Since the day of our first meeting you have added much
excitement and interest to my life. The privilege of
sitting on your Board at the New York Bank has
proven a
most rewarding and educational experience for me.
I have
admired greatly the apparent ease with which you resol
ve
the knottiest of problems -- and always with such consumma
te
logic and skill. Your departure poses a great challenge
to the next president because of the level of confidence which
the Board and Bank's officers felt in your administration.
Congratulations, Paul, on your great record of service in
all functions at the New York FED. The operations of the
Bank improved substantially under your direction and many
of the sound management principles you introduced will have
significant and lasting influence.
The Bauers were delighted to participate in the dinner which
honored you and Barbara. Mary appreciates now the rationale
for my conviction that the President persuaded the best man
in the world to undertake one of its toughest jobs. Thank you
again, Paul, for your help and friendship.
Very si

ely,

14'

The Honorable Paul A. Volcker
Chairman, Board of Governors
Federal Reserve System
Washington, D. C.
P. S. Please no acknowledgement -- your time and trivia
cannot now be mingled.
RWBsm v

FEDERAL RESERVE BANK OF NEW YORK
NEW YORK, N.Y. 10045
AREA CODE 212 791-6173

PAUL A. VOLCKER
PRESiDENT

August 1, 1979

Dear Ray:
Thanks for your telegram of congratulations and
good wishes:

I tried to reach you by telephone to let you

know of my decision, but learned that you were away from the
Bank on vacation.

I hope it was a pleasant one for you.

I am looking forward to continuing our pleasant
association.
With best wishes.
Sincerely,

Paul A. Volcker

Mr. Raymond W. Bauer
Chairman and President
United Counties Trust Co.
142 Broad Street
Elizabeth, New Jersey 07207

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF NEW YORK
NEW YORK, N.Y. 10045
AREA CODE 212 791-6173

PAUL A. VOLCKER
PRESIDENT

August 6, 1979

Dear Rex:
I appreciate the note and best
wishes--all the more from an old associate.
Hope all goes well.
4

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Federal Reserve Bank of St. Louis

Sincerely,

ad
Paul A. Volcker

Mr. Rex Beach
Vice President
Wells Fargo Bank
420 Montgomery Street
San Francisco, California

94144

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Federal Reserve Bank of St. Louis

WELLS FARGO BANK
NATIONAL ASSOCIATION

REX BEACH

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SAN FRANCISCO
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MAILING ADDRESS

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Federal Reserve Bank of St. Louis

August 7, 1979

Dear Abe:
Many thanks for the warm note.

You know something

s all
of the pleasure and pain of public office, so it mean
the more.
Sincerely,

Paul A. Volcker

Mr. Abraham D. 1;eame
Chairman of the Advisory Board
UMB Bank and Trust Company
Rockefeller Center
630 Fifth Avenue
New York, New York 10020

Telephone:(212)541-7670
Telex: 666 557
Cable: UMBBANK

UMB Bank and Trust Company
Rockefeller Center
630 Fifth Avenue
New York, New York 10020

UMB
BANK

Abraham D. Beame
Chairman of the Advisory Board

and Trust Company

July 26, 1979

Hon. Paul Volcker
President, Federal Reserve
Bank of N.Y.
33 Liberty Street
New York, N.Y. 10045
Dear Paul:
I was delighted to hear of your appointment
by the President, to be Chairman of the Federal
Reserve Board.
Congratulations!
I want to wish you every success possible
in this very sensitive and important post.
Sincerely,

Abraham D. Beame

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JUL 3 1 1979
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WENDED TC1„,„,„ .....
........

Subsidiary of United Mizrahi Bank Ltd.

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Federal Reserve Bank of St. Louis

August 9, 1979

Mr. Robert N. Bee
Managing Director and Chief
Executive Officer
London Interstate Bank Limited
Bastion House
140 London Wall
London EC2Y 5DN
ENGLAND
Dear Bob:
I appreciate your good wishes.

Please do share

the insights--you know the hazards of insulation in this
job, and I need to keep those odds on my side.
Sincerely,

Paul A. Volcker

LONDON INTERSTATE BANK LIMITED
REGISTERED OFFICE

TELEX 884161
FX TELEX 884162

BASTION HOUSE
140 LONDON WALL
LONDON EC2Y 5DN
REGISTRATION

TELEPHONE. 01-606 8899
DEALERS 01-606 2833/4

ENGLAND 992750

ROBERTN.BEE

2nd August 1979

MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER

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Federal Reserve Bank of St. Louis

Mr. Paul A. Volcker,
Chairman - Designate,
Board of Governors of the Federal
Reserve System,
21st and C Streets NW,
Washington, DC 20551,
U.S.A.

Dear Paul,
During the entire postwar period, it would be
difficult to recall an appointment in Washington that has
received more universal and enthusiastic acclaim than
I would like to record my personal enthusiasm,
yours.
and to wish you an abundance of strength, luck, good humour
and success in your new demanding role.
It seems certain that your tenure as Chairman will
be a historical one; you will either preside over the
Federal Reserve while the country experiences its worst
ever peace time inflation, or you will turn the tide. I'm
betting on the latter.
If there is any way I can help by feeding you
reactions or perspectives from the Eurocurrency market,
or otherwise, I would be delighted to do so.

Sincerely,

Bank:
Shareholders: First National Bank of Atlanta; Hamburgische Landesbank-Girozentrale; Indiana National
Bank.
National
Keyser Ullmann, Ltd; Maryland
Secretary: R. W. Kempen A.C.1.S.

7:1

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Federal Reserve Bank of St. Louis

September 12, 1979

Dear Jim:
Flying the Atlantic, I have a chance to catch
up on correspondence.and thank you for the note on
my appointment.
by now

I suspect the "honeymoon" is over

and I'll soon be needing the assistance!
Best regards,

Paul A. Volcker

Mr. James M. Beggs
Executive Vice President
General Dynamics Corporation
Pierre Laclede Center
St. Louis, Missouri 63105

PAV:ccm

GENERAL DYNAMICS CORPORATION
Pierre Laclede Center
St. Louis, Missouri 63105

James M. Beggs
Executive Vice President

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Federal Reserve Bank of St. Louis

314-862-2440

30 July 1979

Mr. Paul A. Volcker
President, Federal Reserve Bank
33 Liberty Street
New York, NY 10045
Dear Paul:
Our congratulations and best wishes for continued success in
your new assignment. The President could have chosen no better man for
the job and the nice press you have received is certainly well deserved.
As always, if there is anything that I can do to assist, please
feel free to call.
Best personal regards.
Sincerely,

James M. Beggs

RECEIVED
AUG :3 1979
ANSWERED,
ATUNDED

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Federal Reserve Bank of St. Louis

August 8, 1979

Mr. Walter A. Behan
Senior Vice President
Reed Shaw Stenhouse
88 Pine Street
New York, New York 10005
Dear Mr. Behan:
Many thanks for your letter and thoughtfulness.
I do not now anticipate any need for change in insurance.
My car is, and will remain, garaged in upstate New York, and is in
fact hardly ever used. my wife will be staying in New York, and I
will be carless (and tiny furnished apartment bound) in Washington.
One thing does occur to me. I let a personal liability
policy lapse time ago. Is it worth reinstating and what does it
cost?
Sincerely,

Paul A. Volcker

REED SHAW STEN HOUSE
OF NEW YORK INC.

INTERNATIONAL INSURANCE BROKERS
88 PINE STREET

NEW YORK, NEW YORK 10005

212483-1183

TELEX: 147107

July 31,1979

Mr. Paul A. Volcker,President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045
Dear M. Volcker:
First of all we would like to add our congratulations to you on
The entire
your appointment as Chairman of the Federal Reserve Board.
in solving
business community will be looking forward to your leadership
some of our country's problems.
changes in
Your relocation in the Washington area will require some
of placing for you
your Automobile Insurance which we have the privilege
us we will
and if you will have your Secretary keep in touch with
expedite any handling which may be necessary.
e we
Also should your transfer involve Home or Household Insuranc
would be very happy to give any possible service.
transactions
Should you find it more convenient, any insurance
cut Avenue
could be handled by our Washington Office at #1140 Connecti
N.W. Washington 20036.
Again our very best to you in the years ahead.

Senior vice President
B:H

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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4.1
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 27, 1979

Dear Mr. Bellanger:
. No one could be
I appreciate your warm note
ing role of foreign
ow
gr
e
th
of
I
an
th
s
ou
ci
more cons
onsibility that implies
sp
re
e
th
d
an
,
S.
U.
e
th
banking in
s of communication
ne
li
e
th
ep
ke
s
t'
Le
s.
de
on both si
open, in New York and here.
Sincerely yours,

Paul A. Volcker

Mr. Serge Bellanger
Chairman
ers
Institute of Foreign Bank
280 Park Avenue
7
New York, New York 1001

PAV:slw

INSTITUTE OF FOREIGN BANKERS
280 PARK AVENUE, NEW YORK, NEW YORK 10017
(212) 490-7373

SERGE BELLANGER
CHAIR MAN

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 20, 1979

The Honorable Paul A. Volcker
Chairman
Board of Governors of the Federal
Reserve System
Washington, D.C. 20051

eglOim•NO•

••••••••••

Dear Mr. Volcker,
On behalf of all of us in the foreign banking community, please
accept my congratulations on your recent appointment to Chairman
of the Federal Reserve Board.
This news was unanimously welcomed in the international banking
world. As ambassadors of foreign financial institutions in this
country, we particularly know how this promotion is well deserved.
We are confident that a central banker of your caliber with such
experience and credentials will make every endeavor to restore a
sound economic climate, both domestically and internationally.
I would like to take this opportunity to express the appreciation
of our membership for your continued support and assistance in your
capacity as President of the Federal Reserve Bank of New York.
Under your leadership, foreign banking in New York and international
banking as a whole certainly expanded at rapid pace on this leading
worldwide market place.
We are pleased that many constructive dialogues initiated in New York
through you and your associates will be carried on at the Federal
Reserve Board level with the same spirit of cooperation and mutual
understanding.
All my best wishes for success in your new endeavor.
Sincerely yours,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 14, 1979

Mr. F. D. Berkeley
President
Graham Vacuum and Heat Transfer
20 Florence Avenue
Batavia, New York 14020
Dear Fred:
I greatly appreciate the note. And from
this vulnerable point, I appreciate even more
the kind of participation and support you and
(Albers provide the Fed.
It's been great for the Bank -- and the
System -- to have you at Buffalo and I hope
the transition to a new President will be
quick and easy.
Best regards,

Paul A. Volcker

PAV:ccm

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

graham
Vacuum and Heat Transfer

F. D. BERKELEY
PRESIDENT

July 31, 1979

Mr. Paul A. Volker, President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045
Dear Paul:
I was both delighted and thrilled to hear of your nomination to the
position of Chairman of the Federal Reserve System. I was extremely
proud and enthusiastic to learn that President Carter had made such an
excellent choice for replacement for Mr. G. William Miller.
I feel that you will be an outstanding Chairman of the Federal
Reserve and that your many years of experience with the Federal Reserve
will be a tremendous asset to our government and the the country in
general.
I am sure you have received many letters of congratulations and
support for this appointment. For this reason I do not want you
to respond to this letter but I want you to know of my enthsiasm for
your appointment and I hope that you will find it possible to accept
this very important position.
With best personal regards,
Sincerely,

F.D.Berkeley
FDB:b

8 1979
. A. .
ANSWERED
Manufacturing Co., Inc., 20 Florence Avenue,atituttirroork 14020
Tel.(716) 343-2216 Telex: 97-8285

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

graham

Vacuum and Heat Transfer

F. D. BERKELEY
PRESIDENT

July 31, 1979

7t-e
F.D.Berkeley
FDB:b

RECEIVED
8 1979
.
V

ANSWERED ......
Graham Manufacturing Co., Inc., 20 Florence Avenueollafrnifritiywr6ork,14020
Tel.(716) 343-2216 Telex: 97-8285

FEDERAL RESERVE BANK OF NEW YORK
NEW YORK, NY. 10045
AREA CODE 212 791-6173

PAUL A. VOLCKER
PRESIDENT

August 6, 1979

Dear

Bunny:
The note of congratulations from Dick LeBlond,

Bill Carlson and you is greatly appreciated, as are your
combined good wishes.
I don't know that I will be sleeping any better
(or longer), but I will try to do my best.
Sincerely,

{
Paul A. Volcker

Mr. Norborne Berkeley, Jr.
President
Chemical Bank
20 Pine Street
New York, New York 10005

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

CI-EMICAL9AW
Norborne Berkeley, Jr.

20 Pine Street, New York, NY 10005
Tel. (212) 770-2165

President

July 25, 1979

Mr. Paul A. Volcker, President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10005
Dear Paul:
Sincerest congratulations to you and the President on
your outstanding appointment as Chairman of the Fed.
Our Nation and friends throughout the world will rest
a little easier and sleep a little better.
Don is away but certainly would join Dick LeBlond,
Bill Carson and me in wishing you all the luck in the
world in that critical job and extend you any and all
support which we can provide down the line.
Warmest regards.
Sincerely,

N. B.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 9, 1979

Mr. Richard B. Bermont
Vice President
Resident Manager
Drexel Burnham Lambert
First Federal Building
One Southeast Third Avenue
Miami, Florida 33131
Dear Dick:
I appreciate the note, even if your memory is
unreliable.
Regards,
Sincerely,

Paul A. Volcker

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

DrexelBurnham Lambert
NC
OF PRINCIPAL STOCK AND COMMODITY EXCHANGES

FIRST FEDERAL BUILDING
ONE SOUTHEAST THIRD AVENUE
MIAMI, FLORIDA 33131
(305)358-7750

August 3, 1979

Mr. Paul Volcker
Chairman
Federal Reserve Bank
Washington, D.C.
Dear Chairman Volcker:
Congratulations on your recent appointment and confirmation.
Your fiscal conservatism, your concern for the plight of
the dollar and hopefully your ability to withstand significant
pressures which will be applied from the Democratic Administration to reflate our economy will enable you to stand out
as an important champion of our American system.
Two editorials from the Journal are enclosed which sum up
the difficult situation we are in.
I am very proud to be able to say that you and I have spent
time together; but, I definitely recall my sailfish was
bigger than yours.
Very truly yours,

Richard B. Bermont
Vice President
Resident Manager

RBB:dd

Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.

ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ
Document type: article

Pages
Removed: 18

Author(s):

Title:

Review & Outlook: The Real Jimmy Carter

Date:

July 17, 1979

Journal:

The Wall Street Journal

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.

ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ
Document type: article

Pages
Removed:

Author(s):

Title:

From Homily to Demagogy

Date:

circa July 1979

Journal:

[The Wall Street Journal]

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•

August 23, 1979

Dear Peter:
sponse.

I appreciate the note, despite the belated re-

I have to report I am steadily declining early
speaking dates--but don't neglect helping to keep me in
touch.
Sincerely,

Paul A. Volcker

Mr. Peter L. Bernstein
President
Peter L. Bernstein, Inc.
509 Madison Avenue
New York, New York 10022

509 Madison Avenue,

Peter L. Bernstein, Inc.

New York, New York 10022
Tel.:(212) 688-1908

Peter L. Bernstein
President

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 1, 1979

Dear Paul:
First of all, I want to tell you that I share the financial community's enthusiasm about your new appointment.
You will shortly be hearing from the Institutional Investor Institute, which publishes Institutional Investor
magazine and the journal that I edit, The Journal of
Portfolio Management. They will be inviting you to
speak at their Chief Investment Officers' Seminar in
Boca Raton in November. My mission is to urge you to
accept. The audience is high-powered and serious, but
also small enough to permit useful and sophisticated
dialogues.
I would of course enjoy the opportunity on my own to
spend some time with you.
Sincere

Mr. Paul Volcker
33 Liberty Street
New York, New York 10045
cc:

Ms. Heidi Fiske

Jbito-Ai`P

RECEIVED
1:,,UG

2 1979

P. A. V.
ANSV;ERED
ATTENDED TO

....
,

Peter L. Bernstein, Inc.

509 Madison Avenue,
New York, New York 10022
Tel.:(212) 688-1908

Peter L. Bernstein
President

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ak/411

1;0
1 1

W)kt , 11"
C)•-•

kej
August 1, 1979

Mr. Paul Volcker
33 Liberty Street
New York, New York 10045
cc:

Ms. Heidi Fiske

RECEIVED
AUG

2 1979

p. . V.
ANSWERED

ATTENDED

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 10, 1979

Dear Herr Birrenbach:
I greatly appreciate your warm note. You can be
sure I will not forget the importance of working with
others--and perhaps most particularly Germany--if what we
do is really to have any chance of success and strengthen
our lasting Western interests. After all, it is you,
yourself, who have helped personify what cooperation means.
Come to Washington and we shall have another walk
around the block.
Sincerely,

Paul A. Volcker

Herr Kurt Birrenbach
President
Deutsche Gesellschaft Fur
Auswartige Politik E.V.
Berliner Allee 33
D-4000 Dusseldorf
GERMANY

DEUTSCHE GESELLSCHAFT FUR AUSWARTIGE POLITIK E.V.
DER PRASIDENT

Berliner Allee 33
D-4000 DUsseldorf
August 3, 1979

Mr. Paul A. Volcker
Chairman of the Board
Federal Reserve System
Federal Reserve Building
Constitution Avenue
between 20th and 21st Streets

'77)

--r-

Washington, D.C. 20551, USA

Dear Mr. Volcker:

I have read in the press that you have been chosen to be
Chairman of the Board of the Federal Reserve System. President Carter was right when ne declared in his statement ot
July 25 that you have "broad economic and financial experience
and enjoy an outstanding international reputation". I am sure
that you will do whatever is possible to strengthen the dollar
abroad and follow the tradition of your predecessors Ches
Martin and Arthur Burns. Your task is not only for the United
States, but for the whole world of outstanding importance.
We all trust in you and hope that you will successfully conduct the American currency policy without forgetting the European interests which are strongly involved in the present
weakness of the dollar. I considered you always at the same
time as a friend of Germany. Therefore your understanding
with your German partners will be easy.

With my warmest congratulati.s and best wishes

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4\-(ilne 0-1,Y1w,\
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(Kurt Birrenbach)
TEL EGRAMMADRESSE: EXTERPOLITIK

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

October 4, 1979

Dear Mr. Bizoz:
I appreciate your note.

You are right

will have
about the work -- but I do hope we
a chance to visit.
Sincerely,

Mr. Henry Bizoz
President
National Bank of Paris
16 Boulevard Des Italiens
Paris, France

PAV:ccm

FEDERAL RESERVE BANK OF NEW YORK

FOR. 77A-6-5/75

FOREIGN DEPARTMENT

TRANSLATION
DATED

Friday

FROM

BANQUE NATIONALE DE PARIS
PARIS, FRANCE

[NOT STATED]

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Mr. Minister:
I was very happy to hear about your appointment you will have much work to do - however- we were
all very pleased to hear about the assignment.
I shall be in Paris as of October

and would be

happy to pay you a visit.
I remain, Mr. Minsiter,
Most respectfully yours,

Henry Bizoz

J. P. HEURTLEY

TRANSLATION RY
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,
;:.9CTOBER'1, 1979
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 21, 1979

Mr. Eugene R. Black, Jr.
One Rockefeller Plaza
New York, New York 10020
Dear Gene:
I greatly appreciate your warm note. Don't put your soul
too much at ease -- we have a few problems natioaally and internationally! But we will try our best.
I read your new paper with interest. The subject is obviously
relevant, and we need to do some urgent thinking. It will be an
important input.
Sincerely,

Paul A. Volcker

PAV:ccm

FEDERAL RESERVE BANK OF NEW YORK
NEW YORK. N. Y. 10045
AREA CODE 212 791-6173

PAUL A. VOLCKER
PRESIDENT

August 1, 1979

Dear Bob:
Thanks for your telegram of
See you soon!

congratulations.

....................... .............................................
.................................................... .................
..........................................
.......................................................................
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..
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.
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.................................................................
...... ...................................................... ...........
.........................................................
.
......................................
......................................................
..................
..................
..................
I
....
..

Best regards.
Sincerely,

Paul A. Volcker

............
.....
...
-1

.....................................

Mr. Robert P. Black
President
Federal Reserve Bank of Richmond
Richmond, Virginia

• .........

......
..........

....................................................................
•

••

..............
............................................................
......
... • .....
............. .

.
. .................
•

.
................
..
.................
..............................

..........

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

...

......

.........

........
.....................

.
........................................................................

....

. ...............

.......
.........................................

...............................

COL 224.1(9/78)

321
ODI
VLCK ER

COkTIJLATI).9]

COULU NOT 3E MORE PLEASED.

LOOK FORWARD

TMARDS w.OPIK 1W3 NITH YOU OVER THE YEARS AHEAD.

BLACK

RECEIVED
JUL 26 1979
P. A. V.
.................
ANSWERED........
ATTENDED. TOMMUMUMuUU

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF NEW YORK
NEW YORK. N.Y.10045
AREA CODE 212 791-6173

PAUL A. VOLCKER
PRESIDENT

August 6, 1979

Dear Bill:
It was good to hear from you.
Thanks very much for your telegram.

appreciate your good wishes.
Sincerely,

/
/

72
,

Paul A. Volcker

Mr. B. Blackie
1 Bush Street - 15th Floor
San Francisco, California 94104

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ICS IPMNQNA NYK
562
TWX 7105815500 FRBOFNY NYK
4-033620S20P 07/27/79
ICS IPMMTZZ CSP
4159813680 TDMT SAN FRANCISCO CA 12 07-27 1240? EST
PMS HONORABLE PAUL A VOLCKER PRESIDENT FEDERAL RESERVE BANK RPI DL'
NEW YORK NY 10045
ABSOLUTELY DELIGHTED OVER YOUR APPOINTMENT ST04-' SINCERE
CONGRATULATIONS AND VERY BEST WISHES
BILL BLACKIE 1 BUSH ST 15TH FL SAN FRANCISCO CA 94104
1 BUSH ST 15TH FL
SAN FRANCISCO CA 94104
1 426 EST
FRBOFNY NYK

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 7, 1979

Lear Chatlie:
Many thanks for your warm words.
can only try my best.
Sincerely,

Paul A. ,Tolcker

Mr. Charles G. Blaine

PAV:ak

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

July 26, 1979

Dear Paul,
I was enormously gratified and pleased to
learn that the President has nominated you for the
Chairmanship of the Board of Governors of the Federal
Reserve System; for I share the view of the overwhelming
majority that you unquestionably are the most qualified
person for that position.
I have some small idea of the personal sacrifice
which you must make in assuming this responsibility.
If the country at large was aware of it, our appreciation
for you would be all the greater.
Your task will not be easy, but the nation
will be the better for you.
Best wishes and God speed.
Sincerely yours,

Charles G. Blaine
RRo
Paul A. Volcker, Esq.
33 Liberty Street
New York New York 10045

r•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 3, 1979

Dear Mrs, Blakey:
I appreciate your note, and have asked my staff to
examine your proposal.

Thank you for writing.
Sincerely,

7.1au1 A. Volcker

Mrs. Dorothy M. Taakey

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

July 28, 1979

Mr. Paul A. Volcker, Chairman
Federal Reserve Board
Washington, D. C.
20000
Dear Mr. Volcker:
Congratulations on your appointment as Chairm
an of the
Federal Reserve Board. There couldn't be
a better qualified person than you!
I am taking the liberty of enclosing a cop
y of
sent to the President. You are the key person a letter I
on interest
rates, and I hope you will find that my sug
gestion has
merit. Social security beneficiaries are
because of the obsolete method of figuri in a real bind
ng benefi
a person's benefit is figured from 1937 the max ts. If
imum was
1% of $3,000 for 14 years (They now take the
tot
and divide by 9 years - but the amount is still al amount
Then came years at $4200 - $4800 - $6600 - $78 very small).
00 - all far
below the present maximum. Young people wil
l som
lect almost as much as the lowdr-paid civil ser e day colvan
the older you are the worse off you are. Inflat ts; but
ion has made
these low benefits unrealistic.
Low interest rates on refinancing homes would giv
e us a chance
to receive some cash to supplement social security
benefits
and to make monthly payments.
Very truly yours,
s. krothy M. 81akey

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

July 20, 1979

Hon. Jimmy Carter
The White House
1600 Pennsylvania Av.
20000
Washington, D. C.
Dear Mr. President:

Re: Reduced home loans for Senior Citizens

Many Senior Citizens have paid-off homes but can't afford to live in them
any more because of exorbiteInt property taxes and utility bills. Why not
set up a fund similar to the New Mexico Mortgage Finance Authority (NMMFA)
program which allows 7 3/4 mortfage loans? Instead of making this a program
for everyone earning $21,000 a year or less, the federal program could be
for low-income Senior Citizens on social security and could be used to help
them refinance their present home and/o5 to purchase a home.
Such a program would be a lifesaver especially to Senior Citizens like me
whose benefits are fipured from 1937 instead of from 1951.
Where would he the money come from? In New Mexico it was from a surplus in
the state treasury. In the federal government the money you are considering
for a tax cut or tax refund could be used. The tax refund would go to people
who are working or who have enough retirement income to pay taxes - i.e.,
people who are comparatively well off. The 7 3/4% mortgage interest would
help people near or below the poverty level - people who really need help.
A possible guideline for the 7 3/4% rate is an income of $600 a month or
less.
Very truly yours,
),

.a
\-te%i-t;7")
— )
Mrs. DorothylM. kit
Blakey-Q Leizt

111

'FEDERAL RESERVE BANK OF NEW YORK
NEWYORK,N.Y.10045
AREA CODE 212 791-6173

PAUL A. VOLCKER
PREsilDENT

August 1, 1979

Dear Ernie:
Many thanks for your kind
...... ............................................

words.

I'll do my best.
Best regards.
Sincerely,

•.....................................................

Paul A. Volcker

..............................................................
...........
..................................
.......
..................................................................

Professor Ernest Bloch
New York University
College of Business and Public
Administration
Department of Banking and
Finance
737 Tisch Hall
Washington Square
New York, New York 100003

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

New York University
College of Business and Public Administration
Department of Banking and Finance
737 Tisch Hall
Washington Square
New York, N.Y. 10003
Telephone: (212) 598-2222

July 26, 1979

Mr. Paul A. Volcker, President
Federal Reserve Bank of New York
New York, N.Y.
10045

Dear Paul,
I was delighted to read of your nomination to be Chairman
of the Board.
All the best for the future.
Cordially,

c(cA
Ernest Bloch
Professor of Finance

RECEIVE
JUL 27 1979
PA. v.
ANSWERED
ATTENDED TO

Ar•,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF NEW YORK
NEW YORK,N.Y.10045
AREA CODE 212 791-6173

PAUL A. VOLCKER
PREsliDENT

August 6, 1979

Dear Henry:
I appreciate your note and best
wishes.

Keep in touch.
Sincerely,

Paul A. Volcker

Mr. Henry Simon Bloch
Adjunct Professor of Law
and International Relations
Columbia University
Faculty of International
Affairs
New York, New York

Tstinithia eitibtrsitp
itithe Tip/AlfE.Pi1119,ork
FACULTY OF INTERNATIONAL

AFFAIRS

XXXXXXXXXXXXX
NEW YO R

, N V.IX=
CABLE: FAINACU

XXX

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

930 Fifth Avenue
New York, N.Y. 10021
July 30, 1979

Mr. Paul Volcker
President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045
Dear Paul:
Board of
Your appointment to the Chairmanship of the
few
Governors of the Federal Reserve is one of the
realize that
reassuring events in recent months. I do
I know that
it means a personal sacrifice for you, and
you have not sought the job.
practitioner
As a citizen, as a friend, as a student and
you and wish
of international monetary affairs, I thank
you success.
Warm wishes.
Sincerely yours,

Henry Simn Bloch
ofessor of Law
Adjunct
and Inte national Relations
HSB/jl
P.S.

nue, New York 10017.
My office address is 277 Park Ave
c/o E.M. Warburg, Pincus & Co., Inc.

FEDERAL RESERVE BANK OF NEW YORK

...

........

NEW YORK.N.Y.I0045
AREA CODE 212 791-6173

PAUL A. VOLCKER
PR ES DENT

August 1, 1979

•

Dear Mr. Boatner:
I appreciate your note and
•

•

......

clippings.

•

.......

•

I can only promise to do my
best, and welcome your support.
Sincerely,
•

...

........

•

........

LUL

.. • •

...

•

.......

Paul A. Volcker

..
.......
....

.......
.......

Mr. Woody Boatner
P.O. Box 2141
Galveston, Texas 77553

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•

...

•

..........

.....

..........

.•
..........

..........

..........
..........

.....

......
......
......

........
•

• ..

........

•••
•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.

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Removed: 1A, 23A

Author(s): Post News Services

Title:

Carter selects adviser; Fed nominee praised

Date:

July 26, 1979

Journal:

The Houston Post

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

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Title:

Volcker considered conservative, 'a pragmatist'

Date:

July 26, 1979

Journal:

The Houston Post

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

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Author(s): [United Press International]

Title:

Mart responds to nomination with big gain

Date:

July 26, 1979

Journal:

The Houston Post

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
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Author(s): Clayton Cox

Title:

'Forceful man' : Local bankers hail selection of Volcker

Date:

July 26, 1979

Journal:

The Houston Post

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

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7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
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Author(s): United Press International

Title:

Dollar strengthens as gold drops

Date:

July 26, 1979

Journal:

The Houston Post

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

September 12, 1979

Dear Dave:
Let me assure you that I welcome the sympathy
more than the congratulations.

I tell myself I am

prepared for the brickbats -- but I also wonder if
one really ever is!

We shall see.

Meanwhile, thanks for writing, and let me know
when we're off the track.
Best regards,

Paul A. Volcker

Mr. David E. Bodner
Senior Vice President
Chemical Bank
20 Pine Street
New York, New York 10005

PAV:ccm

CI-EIVIICALBAIW
20 Pine Strew
New York, NY 10005

Mr. Paul Volcker
President
Federal Reserve Bank
of New York
33 Liberty Street
New York, New York 10045

David E. Bodner
Senor Vice Pres,dent

August 2, 1979

Dear Paul:
A slightly belated note to offer my congratulations
and best wishes on your appointment as Chairman.
I am sure you must find the voluminous praise
that has been heaped upon you and your selection
at once very satisfying but, also slightly
embarrassing. Given the brickbats that generally
go with that job, however, I don't suppose
you will have to suffer this as a long term
problem. Considering the nature of the economic
problems you are walking into, I have to say that
you have not only my best wishest but, also my
sympathy.
West best personal regards,

,
P'"'

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Yours sincerely,

NrAv
th
\•I v, ,,\' '

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 20, 1979

Dear Bill:
Many thanks for the note.

Sometimes I think

I'm crazy, but I guess the challenge is irresistible.
Making money (personally) will have to wait:
Sincerely,

Paul A. Vblcker

Mr. William J. Bowen
Senior Vice PresidentManager
Heidrick and Struggles, Inc.
125 South Wacker Drive
Chicago, Illinois 60606

HEIDRICK

AND

STRUGGLES, INC.

Management Consulting - Executive Selectiog79
BOSTON

CHICAGO CLEVELAND

SAN FRANCISCO

BRUSSELS

DALLAS HOUSTON
FRANKFURT

LOS ANGELES

LONDON

nUG 10

Pr: 4: 18

NEW YORK

MEXICO CITY

PARIS

;.,

ITTrr
WILLIAM J. BOWEN
SENIOR VICE PRESIDENT-mANAGER

August 3, 1979

Mr. Paul A. Volcker
Chairman
Board of Governors of the
Federal Reserve System
Washington, D.C. 20551
Dear Paul:
Heartiest congratulations on your new responsibilities
as Chairman of the Board of Governors of the Federal Reserve
System. Indeed, this is welcomed news to all and I take this
opportunity to wish you the very best for success.
And, on a personal note, I join your many friends in
saying special thanks to you for accepting this awesome
challenge--particularly in view of the personal sacrifice
which you are making.
Best regards.
Cordi

W4liam J. Bowen

/bb

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

125 SOUTH WACKER DRIVE, CHICAGO, ILLINOIS 60606

PHONE: 312/372-8811

CABLE: HEISTREXEC

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

September 24, 1979

Dear Bill:
I appreciate your letter -- and particularly the
point about teaching (and, by implication, practicing)
economics becoming ever more difficult.
only in the thought that less certainty
is the beginning of wisdom.

I take solace
or dogmatism

Meanwhile, we can only try to

hold the fort until the new wisdom fully emerges.
All the best.
Sincerely,

Mr. William G. Bowen
President
Princeton University
Princeton, New Jersey

PAV:ccm

08540

Princeton University

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

PRINCETON, NEW JERSEY 08540
PRESIDENT'S ROOM

September 11, 1979 •

Personal
Mr. Paul A. Volcker
Chairman of the Board of Governors
Federal Reserve System
Washington, D. C. 20551
Dear Paul:
Please accept this belated note of warmest congratulations on
your selection as Chairman of the Federal Reserve Board. (You
would have heard from me sooner, but I was away from the campus
until Labor Day.) Whatever one may think of some of the other
.
events of the summer, your appointment is extraordinarily reassuring
I continue to teach a section of Economics 101 each fall, prisubject
marily for my own satisfaction, and I have to confess that the
er
becomes more difficult to teach each year. I am not sure wheth
parts
it is these events or a clearer sense of the limitations of some
nts
of our theoretical apparatus that make us more humble, but stude
me to
do seem to have a way of asking questions that are harder for
ago. In
answer than the questions I recall struggling with a decade
dealing with
any event, I hope you will take some satisfaction from
dilemmas.
what obviously are extraordinarily important, if difficult,
are to
And I hope you know too how pleased many of us at Princeton
) in this
see a distinguished alumnus of ours (and an able one at that!
I can
important position. If there are ever any small ways in which
be helpful, I hope you will let me know.
With best wishes,
Sincerely,

William G. Bowen

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 20, 1979

Mr. John J. Balles
President
Federal Reserve Bank of San Francisco
San Francisco, California 94120
Dear John:
I appreciate your note on my appointment—but of course
much more the kind of job you are doing

out there.

These are

not going to be easy times in the Federal Reserve, but I feel sure
we can do the job.
Sincerely,

Paul A. Volcker

jmr

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF SAN FRANCISCO
SAN

FRANCISCO, CALIFORNIA 94120

July 31, 1979
JOHN J. BALLES
PRESIDENT

PERSONAL
Dear Paul:
My hearty congratulations and best wishes to you in
your appointment as Chairman of the Board of Governors!
I couldn't conceive of a better appointment, especially
in these troubled times for the Country and the System.
Your wisdom, broad experience, and keen judgment will stand
us all in good stead.
,
I can only guess that in view of
it must have been a difficult decision for you, especially
in view of the major financial sacrifice. I don't believe
that Federal Reserve Bank Presidents are overpaid, but
Members of the Board of Governors and especially the Chairman
are surely underpaid.
If you had forgotten, which is unlikely, you are about
to relearn what "psychic income" is all about!
I will look forward to working under your leadership of
the System. I hope you will call upon me at any time if I
can be of assistance in your challenging new assignment.
With warm personal regards,
Sincerely,
,Wv J

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President
Federal Reserve Bank of New York
Federal Reserve Post Office Station
New York, New York 10045

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

September 24, 1979

Mr. Haig J. Boyadjian
Senior Vice President
Berliner Handels-Und Frankfurter Bank
New York Branch
450 Park Avenue
New York, New York 10022
Dear Haig:
I appreciate your warm note on my appointment.
We have just a few problems -- and as you say a little folly.
But opinion seems to be shifting in the right direction and
we shall see what contribution we can make.
Sincerely,

jmr

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

HAIG J. BOYADJIAN

BHF-BANK

SENIOR VICE PRESIDENT

1979SEP

BERUNER HANDELS- UND FRANKFURTER BANK

NEW YORK BRANCH
450 Park Avenue
New York, N.Y. 10022
Telephone 212- 758-3900

September 13, 1979
PRIVATE

Mr. Paul A. Volcker
Chairman of the Board of Governors
of the Federal Reserve System
Constitution Avenue & 20th Street, NW
Washington D.C. 20551
Dear Paul:
This is a belated congratulatory note on the truly auspicious
occasion of your appointment. One cannot but wonder, particularly
in our magnificently dynamic democracy, how so much folly and
wisdom can coexist. The wisdom, of course, reflects upon the
appointment you received at an exceptionally critical period in
the financial history of the United States.
I still recall my hosting you on your visit in March, 1975 to
Iran with Chuck Fiero and Kermit Roosevelt and our call on Deputy
Governor Jalil Shoraka at the Central Bank. (Jalil is currently
the President of Bank Neill). As you may recall, I was Chase's
Senior Executive at that time in Iran.
I wish you most well in your endeavors for they are of crucial
significance for the present and future, economic health and
structure of our society.
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

September 12, 1979

Ms. Alicia Boyd
3216 Reservoir Road, N. W.
Washington, D. C. 20007
Dear Ms. Boyd:
It was wonderful to see you on Saturday, and
I'm sorry I will be abroad for your dinner.

But, someday

soon we'll get together in Washington, and we won't forget
the offer of help.
All the best,

Paul A. Volcker
PAV;jrg

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 16, 1979

Dear Fernao:
I appreciate your note, but I'm sorry to
learn you have left central banking.
We will do our best.
Sincerely,

Paul A. Volcker

Mr. Fernao Carlos Botelho Bracher

PAV:slw

FERNAO CARLOS BOTELHO BRACHER

So Paulo, July 31, 1979.

Mr.Paul A.Volcker
Federal Reserve Bank of New York
33 Liberty Street
New York, N.Y. 10045

Dear Paul,

I'm very pleased to congratulate you as the new Chairman of
the Federal Reserve Bank.
Although I'm no longer with the Central Bank of Brazil, I'm
sure that private citizens of the world will also benefit from the
policies that you will develop. My thanks in advance.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

With my best regards,

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ATTENDEu
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SAO PAULO

BASIL

FERNAO CARLOS BOTELHO BRACHER

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

So Paulo, July 31, 1979.

Mr.Paul A.Volcker
Federal Reserve Bank of New York
33 Liberty Street
New York, N.Y. 10045

Dear Paul,

/140-

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ATTENDEu

CAIX,t, POSTAL,

SAO PAULO

BRASIL

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.1=1111

August 29, 1979

Dear Mr. Brinas:
Thank you for your letter of August 10
commenting on the visit of Mrs. Carlota P.
Valenzuela. I am glad she found her stay
useful.
I will certainly avail myself of your
kind invitation whenever I visit the Philippines.
Sincerely,

Paul A. Volcker

Mr. Amado R. Brinas
Senior Deputy Governor
Central Bank of the Philippines
Manila, Philippines

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MANILA

OFFICE
07FACE 07- THE SENIOR DEPUTV GOVERNOR

August 10, 1979

The Chairman
Board of Governors
Federal Reserve System
Washington, D. C. 20219

Dear Sir:
This is in connection with the recently concluded visit of
our Deputy Governor for Supervision and Examination Sector,
Mrs. Carlota P. Valenzuela, who met with your staff and discussed
matters involving current issues and new development in bank
supervision.
We consider her meeting with your staff very fruitful. The
numerous enlightening ideas taken up in the meeting may be
applicable toward the improvement not only of the Philippine banking
system but also of supervision of the same. We look forward fcr
more equally beneficial meetings in the future.
In behalf of the Central Bank of the Philippines, may I
extend my thanks for the warm welcome accorded by your office and
staff to Deputy Governor Valenzuela. Should ou happen to visit
wcalazirpa-biLggar Rank %
our
Regards.

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ov430

Very truly yours,
alp

--3-1.046-42.-ept-ca ri;
AMADC R. BRIISIAS
Senior Deputy Governor

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

September 12, 1979

Dear Tore:
Now that the dust has settled a bit, I do want
to thank you for the message on my appointment.

I write

this as I return from my first European trip in office.
It will not be the last, and I hope you will stay in
touch.
Sincerely,

Paul A. Volcker

Mr, Tore Brawaldh
Cive Chairman
Svenska Handelsbahken
Stockholm, Sweden

PAV:mrk

FRBOFNY NYK
W U INFOMASTER
1-013733A207 07/26/79
ICS IPMNQNA NYK
266
TWX 7105815500 FRBOFNY NYK
1-015033C207 07/26/79
TLX NABC NYK
01 NEW YORK NY
JUL 26
PMS FEDERAL RESERVE BANK OF NEW YORK
33 LIBERTY ST
NEW YORK NY

i 473
N ORDICNY 42897/TB 7/26/79
FEDERAL RESERVE BANK OF NEW YORK
FOR PAUL A. VOLCKER
PRESIDENT
YOUR NOMINATION IS WONDERFUL NEWS FOR ALL EUROPEAN BANKERS.
BEST OF LUCK TO YOU.
SINCERELY YOURS,
TORE BROWALDH, CIVE CHAIRMAN
S VENSKA HANDELSBANKEN, STOCKHOLM
N ORDIC AMER BKC CORP NEW YORK
FA

1 3147 EST
FRBOFNY NYK

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

JUL 26 1979
P. A, V.

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Federal Reserve Bank of St. Louis

(

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I

National Gallery ofArt
Washington, D.C.20565
Office of the Director

July 30, 1979

Dear Paul:
The best news in a long time!
Not only is the nation lucky to get you in
the job for which you are pre-eminently qualified,
but we are lucky, too, to have you both back in
Washington.
The National Gallery has almost doubled in
size since the days of your avuncular trusteeship,
and we look forward to having you come by.
•

What is more, I have been serving on the
Federal Reserve's art advisory committee for
some years now, and talked them into hiring a
professional curator, which has worked out very
well.
With warmest congratulations, and all good
wishes,

J. Carter Brown
Director

vkl)4
,

Mr. Paul A. Volcker, President
Federal Reserve Bank of New York
New York, New York 10045

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

September 11, 1979

Dear Carter:
on my letters,
I'm just getting out from under
e on my appointment.
but I do appreciate your not
d at work in so
I've already seen your fine han
look forward to seeing
strange a place as the Fed, and
the National Gallery has
you here shortly. I realize
shape, and I will take the
survived my absence in great
it at other than IMF
opportunity to see something of
receptions!

Best regards,

Paul A. Volcker

Mr. J. Carter Brown
Director
National Gallery of Art
Washington, D.C. 20565
PAV:ccm

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 17, 1979

Mr. Charles L. Brown
Chairman of the Boadd
American Telephone and Telegraph Co.
195 Broadway
10007
New York, New York
Dear Charlie:
Many thanks for the note on my appointment.
I suspect I'll need both the luck and the help:
Sincerely,

Paul A. Volcker

PAV:pg

AT&T
American Telephone and
Telegraph Company
195 Broadway
New York, N Y 10007
212 393-1000

Charles L. Brown
Chairman of the Board

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

•

August 20, 1979

Dear Ms. Brown:
Anything for the family name!
I appreciate both the note and the study.
is very relevant.
Sincerely,

Paul A. Volcker

Ms. Marilyn V. Brown
Chartered Financial Analyst
145 East 16 Street
New York, New York 10003

Imp

MARILYN V. BROWN
CHARTERED FINANCIAL ANALYST
145 EAST 16 STREET
NEW YORK. NEW YORK 10003
PHONE (212) 254-0323

August 3, 1979

Mr. Paul Volcker
Chairman
Board of Governors, Federal Reserve System
Federal Reserve Building
Constitution Avenue between Twentieth and Twenty-first
Washington, D. C., 20551
Dear Cousin Paul:
It would appear that the entire world will now know the
correct spelling for our shared family name.
Congratulations on your appointment as Chairman of the
Federal Reserve System. I am most encouraged that your
leadership will be effective in restoring soundness to our
nation's monetary system and stability to our economy.
If my background and experience in the investment process can be of any assistance, I hope you will feel free to
call upon me. In the interim I have enclosed for your
perusal a study which I conducted last year, comparing investor
returns from various investment alternatives and the effects
of differing tax rates. The procedures used in this study
may be useful as you consider the effects of higher or lower
interest rates.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Best wishes.
..410'
IAN

dp.

Sincerely,

Marilyn Voircer Brown

t'l/144
4
—*c.4

Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.

ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ
Document type: study

Pages
Removed: cover, i-iii, 1-42

Author(s): Marilyn V. Brown, C.F.A.
For the Ad Hoc Tax Committee of the
Financial Analysts Federation

Title:

Investor Returns and Tax Policy: A Study

Date:
Journal:

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•

August 6, 1979

Dear Manning:
I appreciate the warm note.

I don't underestimate

the challenge--inflation won't yield to any one man or institution, so we will need all the understanding you can muster:
Regards.
Sincerely,

Paul A. Volcker

Mr. R. Nanning Brown, Jr.
Chairman of the Board
New York Life Insurance Company
51 Madison Avenue
New York, New York 10010

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

NEW YORK LIFE INSURANCE COMPANY
51 MADISON AVENUE, NEW YORK, N. Y 10010

R MANNING BROWN, JR.
CHAIRMAN OF THE BOARD

July 26, 1979

Dear Paul:

Congratulations on your nomination as
Chairman of the Federal Reserve Board. It
is great to know that you will be at the helm
during these critical times.
You share with so many others a conviction that inflation must be brought under
control, and I wish you every success in the
challenging days ahead. You will do a
masterful job and are aware that you have
many friends who are delighted with the news
and anxious to help in any way they can.

Sincerely,

'4
;
ci1/4"'"
ti
CEIVELf
RLMr. Paul A. Volcker
President
Federal Reserve Bank
of New York
33 Liberty Street
New York, New York 10045

JUL 3 1 1979
P. A. V.
ANSWERED

ATTENDED

..... .. .......

4111

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 7, 1979

Dear Secor:
I particularly appreciate the cartoon to keep me
honest!
Sincerely,

Paul A. Volcker

Mr. Secor D. Browne
Secor D. Browne Associates, Inc.
602 Ring Building
Washington, D. C. 20036

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Secor D. Browne Associates, Inc.
602 Ring Building
Washington, D. C. 20036
(202) 659-5676

Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.

ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ
Document type: editorial cartoon

Pages
Removed:

Author(s): Dick Wright

Title:

Date:

July 27, 1979

Journal:

The Evening Bulletin

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.

ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ
Document type: article

Pages
Removed: 4

Author(s): Secor D. Browne

Title:

A Consultant's View: CAB Acted Without Legal Authority

Date:

May 21, 1979

Journal:

The Journal of Commerce

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

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Federal Reserve Bank of St. Louis

August 25, 1979

Dear Phil:
Many thanks for your note--even if my reply is
belated.
The fun is over, the work begins, and I'd love
to have lunch some day.

Call.
Sincerely,

Paul A. Volcker

Mr. Philip N. Brownstein
Brownstein, Zeidman and Schomer
1025 Connecticut Avenue, N.W.
Suite 900
Washington, D. C. 20036

LAW OFFICES

BROWNSTEIN ZEIDMAN AND SCHOMER
SUITE 900
PHILIP N. BROWNSTEIN
PHILIP F. ZEIDMAN
MORTON W. SCHOMER
PERRY C. AUS BROOK
ARTHUR I. CANTOR
DAVID M. F. LAMBERT
JOHN F. DIENELT
DONALD A. KAUL
DARYL A. NICKEL
KENNETH G. LORE
PETER J. KLARFELD
THOMAS C. EVANS
BARRY P. ROSENTHAL
ELEANOR R. LEWIS
DAVID J. BUTLER
MARGARET P. CRENSHAW
JOHN J. MURPHY
MARK R. DAVIS *
ARTHUR J. SALZBERG *
ANDREW BRANZ
STEPHEN B. BUTLER
SUSAN E. DUVALL
H. BRET LOWELL

TELEPHONE

1025 CONNECTICUT AVENUE, N. W.

202-457-6500

WASHINGTON, D. C. 20036
TELECOPIER
202-457-6573

July 25, 1979

TWX
710-8229772
CABLE ADDRESS
CAVEAT- WSH.
WRITER'S DIRECT DIAL NUMBER

(202) 457-6516

MELVYN N. KLEIN
OF COUNSEL
• ADMITTED IN CALIFORNIA ONLY

Mr. Paul A. Volker
President
Federal Reserve Bank
of New York
33 Liberty
New York, New York
Dear Paul:
The best piece of news coming from the White House
recently has been your nomination. It almost renews my
faith, or perhaps it is more apt to say it nearly makes
me a born again Carter supporter.
In any event, I wish you well in your new undertaking
and look forward to your return to Washington. Hopefully,
when the dust settles we can get together for lunch. As
you can tell, I am confident confirmation will be automatic.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Sincerely,

Philip N. Brownstein

'AUG

2 1970

P. 4. V.
I.NaVERED .............
.........................
,
ATTENDED TO44_,
........................

.....

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Federal Reserve Bank of St. Louis

August 3, 1979

Dear Mary:
Thanks so much for writing.

l'ope all goes well.

Sincerely,

Paul A. Volcker

Mrs. Clifton Bruce
Mast Pine Circle
Sebago Lake, Maine

04075

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Federal Reserve Bank of St. Louis

MRS. CLIFTON BRUCE

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

August 7, 1979

Dear Mrs. Bryant:
I appreciate your note and good wishes.
Sincerely,

Mrs. T. C. Bryant
P. 0. Box 61654
77208
Houston, Texas

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF NEW YORK
NEW YORK. N.Y. 10045

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Title:

Volcker considered conservative, 'a pragmatist'

Date:

July 26, 1979

Journal:

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Volume:
URL:

Federal Reserve Bank of St. Louis

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Mart responds to nomination with big gain

Date:

July 26, 1979

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Volume:
URL:

Federal Reserve Bank of St. Louis

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Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
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Document type: article

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Author(s): Clayton Cox

Title:

'Forceful man' : Local bankers hail selection of Volcker

Date:

July 26, 1979

Journal:

The Houston Post

Volume:
URL:

Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

August 16, 1979

Dear Bob:
Many thanks for the note and the information.
The worm has funny turns and we shall see!
Best wishes,

Paul A. Volcker

Mr. Robert P. Buck
Executive Vice President
Rainier National Bank
Box 3966
Seattle, Washington 98124

PAV:ccm

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Federal Reserve Bank of St. Louis

Rainier National Bank
Box 3966, Seattle, Washt,igton 98124, Phon
e (206)621-4428

Robert F. Buck
Executive Vic-As President

August 8, 1979

-71

Dear Paul:
Your nomination inspired loud huzzah
s around this precinct.
Congratulations and all best wishes
.
Maggi and Scoop recently suggested
to Mt. Carter that I be
appointed to fill one of the two
recent Board vacancies.
I understood his reluctance. But
it would have been good
to serve with you!
Cordially,

Mt. Paul A. Volcker
Chairman
Board of Governors of the
Federal Reserve System
Washington, D.C. 20551

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Federal Reserve Bank of St. Louis

August 7, 1979

Dear Ken:
It was nice of you to write.

I hope I can live up

to some of this--all I can say is that T sat the feet of some
masters.
Sincerely,

Paul A. Volcker

Mr. K. E. Buhrmaster
Chairman of the Board
1st National Bank of Scotia
Mohawk Avenue
Scotia, New York

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Federal Reserve Bank of St. Louis

1ST
NATIONAL
BANK OF
SCOTIA

K. E. BUHRMASTER
CHAIRMAN OF THE BOARD

CE WED
July 30, 1979

A. V.
ANSWERED
ATTENDED TO

Mr. Paul A. Volcker, President
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045
Dear Paul:
The best news that has come to all of us
who respect you so much is that you are to be the
top man at Fed.
This is good news; not only for those of us
in this country, but for the whole world.
You give the Fed the knowledge, expertise
and class that is needed. Please accept my best
wishes to you and yours.
Sin

yours,

K. E Buhrmaster
Chairman of the Board
KEB:cg

MOHAWK

AVE,

TEN

BALLTOWN ROAD AT
1705 CENTRAL AVE., AT

NOTT,

120

ERIE

RD., AT

SCOTIA. NEW

YORK

SCHENECTADY, NEW

YORK

PARK, ALBANY, NEW

YORK

AVE, GUILDERLAND, NEW

YORK

KILLEAN

KARNER ROAD AT WESTERN
240 SARATOGA

BROECK,

GLEN RIDGE, SCOTIA, NEW YORK
BOULEVARD, SCHENECTADY. NEW YORK

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Federal Reserve Bank of St. Louis

September 12, 1979

Dear Hugh:
As I get out from under, I do want you to know
hS w much I appreciate your personal note on my appo
ment.

You know the problem.

I could never for4ive

myself if I didn't try, but we will need lots of help.
Sincerely,

Paul A. Volcker

Mr. Hugh Bullock
Ca*vin Bullock,LTd.
One Wall Street
New York, New York

PAV:ccm

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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HUGH BULLOCK
4
44
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P. 0. BOX 1014
EDGARTOWN, MASSACHUSETTS 02539

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640

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770
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9404/

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Federal Reserve Bank of St. Louis

September 7, 1979

Dear Ron:
I appreciate your note and good wishes. I don't have
many illusions about the problems but I am encouraged about the
way perception and understanding are changing.
Sincerely,

Paul A. Volcker

Mr. Ronald G. Burke
President
Bank Administration Institute
P.O. Box sno
Park Ridge, Illinois 60068
PAV:smk

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1.7: 24
IgSSEP -4
OFFICE
RONALD G.BURKE PRESIDENT

August 30, 1979

Dear Paul:
Congratulations on being nominated by the President
to chair the Board of Governors. It was particularly
gratifying to note the expeditious and unanimous approval
vote by the Senate. I'm confident that their action
accurately reflects the sentiments of our constituency,
the nation's banks.
It is doubted that any incoming Chairman has ever
faced greater challenges nor more pressing issues. Your
familiarity with the Federal Reserve System, monetary
matters and banking supervision should prove invaluable
in your new position. Hopefully you will find it to be
both pleasurable and rewarding.
Bank Administration Institute appreciates the
opportunity to meet and work with the Board and their
staff on any appropriate occasion. We look forward to
future opportunities brought about by our common interests
and concerns.
Sincere*,
/7
onald G. Burke

The Honorable Paul A. Volcker
Chairman
Board of Governors of the
Federal Reserve System
20th & Constitution Avenue, N.W.
Washington, D. C. 20551

to,"1

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Federal Reserve Bank of St. Louis

BURKE 8c BURKE
30 ROCKEFELLER PLAZA
NEW YORK, NEW YORK 10020
(212) 489-0400
TWX:710-581-4001
CABLE.BURPARD

September 13, 1979

1\1:r. Paul A. Volcker, Chairman
Board of Governors
Federal Reserve System
Washington, D. C. 20551
Dear Paul;
I am slow in writing to congratulate you on
your appointment as Chairman of the Federal Reserve Board.
I have enjoyed our friendship over the years from New
York to Clinton and especially at the bank in New York
where you were kind to include me on a couple of occasions.
Your appointment has been very reassuring both
to our country and in countries around the world. Like
many others, I personally rejoice that a man of your integrity, ability, reputation and great skill in monetary
matters is at the helm.
With kindest personal regards,
Sincerely,

September 24, 1979

Dear Coleman:
Thanks so much for your warm note.
We have just a few problems ahead -- but at least
we can make an effort.

I couldn't live with myself

otherwise.
Best regards,

Mr. Coleman Burke
Burke & Burke
30 Rockefeller Plaza
New York, New York 10020

jmr

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Federal Reserve Bank of St. Louis

August 16, 1979

Dear Marshall:
Many thanks for your note. Barbara stays in
New York for the time being, so it will be a bit
hectic for me. But sometime we'll see you.
Sincerely,

Paul A. Volcker

Mr. MarshaX1 Burkes
International Finance Corporation
1818 H Street, Northwest
Washington, D. C. 20433

PAV:ccm

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Federal Reserve Bank of St. Louis

International Finance Corporation

1818 H Street, N.W.
Washington, D.C. 20433
U.S.A.

(202) 393-6360
Cable Address: CORINTFIN

August 7,

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PAVY1/44
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Mr. Paul A. Volcker
President
New York Federal Reserve Bank
of New York
33 Liberty Street
New York, N.Y. 10045

C)%jkl

WV
)

Dear Paul:
Congratulations on the Senate confirmation
of the Chairmanship of the Federal Reserve Board.
I was amused at the minor comments here and there
on political party affiliation. Apparently the
value of the dollar has more meaning these days.
Audrey and I are delighted that you and
Barbara are returning to this city. If we can be
of any assistance, please let us know. In the
meantime, best wishes in your new endeavors.
Sincerely,

R ECEIVED

Marshall Burkes

AUG 1 0 1979
ANSWERED....P.
............................
A.
ATTENDED TO

............

...................... *e.g.,*
..•

ITT 440098 • RCA 248423 • Western Union 64145

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Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF NEW YORK
NEW YORK, NY 10045
AREA CODE 212 791-6173

PAUL A. VoLCKER
PREsuDENT

August 1, 1979

Dear Mr. Burnham:
I appreciate your telegram
of congratulations and I'll do my best to
come up to your expectations.

Thanks so

much for remembering me.
Sincerely,

age
Paul A. Volcker

Mr. I.W. Burnham II
465 Park Avenue
New York, N.Y.

4 2
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1-013822C206 07/25/79
ICS IPMYSNE NYK
1217i EDT
05008 FR YS NEWYORK NY 23 07-25
PMS MR PAUL VOLCKER
FEDERAL RESERVE BANK
NEWYORK NY
T TO THE HEAD OF THE
CONGRATULATIONS ON YOUR APPOITMEN
SURE YOU WILL DO A WONDERFUL JOB
FEDERAL RESERVE BOARD. I AM
BEST REGARDS
I W BURNHAM II

1 313 EST
FRBOFNY NYK

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Federal Reserve Bank of St. Louis

August 9, 1979

Dear Tubly:
Many thanks for the note.

I think I got offered

the job because they thought I was George Washington.
We'll see whether they survive the disillusionment, but
meanwhile we will try our best.
Regards,
Sincerely,

Paul A. Volcker

Mr. I. W. Burnham, II
Office of the Chairman of
the Board
Drexel Burnham Lambert
60 Broad Street
New York, New York 10004

Drexel Burnham Lambert

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Federal Reserve Bank of St. Louis

OFFICE OF THE
CHAIRMAN OF THE BOARD

INCORPORATED

60 BROAD STREET
NEW YORK,N.Y.10004

August 3, 1979

Mr. Paul Volcker, Chairman
Federal Reserve Board
Washington, D. C.

77;
=
.
C

Dear Paul:
Just a line to follow up on my telegram and to
congratulate you on your appointment as Chairman of the
Federal Reserve Board.
After playing the part of George Washington at
Kappa Beta Phi, you are now moving along where it may not
be too many years before your hat is in the ring for the
White House, just like George Washington.
I was tremendously pleased to see you get this
assignment, because I know you are so well qualified for
the job. I would think that you and Secretary Miller of
the Treasury will at least be able to keep monetary policy
on an even keel.
My associates and I at Drexel Burnham Lambert
are available to you at any time that we can be helpful to
you. Don't hesitate to call on us.
I remain with best personal regards.
Sincerely yours,

Ck
I. W. Burnjam II

August 7, 1979

Dear Bill!

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Federal Reserve Bank of St. Louis

erday.
Thanks for the note -- and for coming down yest
Sincerely,

Paul A. Volcker

Mr. Willard C. Butcher
President
The Chase Manhattan Bank, N.A.
1 Chase Manhattan Plaza
New York, New York 10015

PAV:smk

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Federal Reserve Bank of St. Louis

Willard C. Butcher
President

The Chase Manhattan Bank, N. A.
1 Chase Manhattan Plaza
New York, New York 10015

111111 111111
CHASE

July 24, 1979

Mr. Paul Volcker
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045
Dear Paul:
Congratulations on your appointment as
Chairman of the Federal Reserve Board. In
my view, and that of many of my associates,
The President has made a wise and prudent
decision in selecting you for this demanding
job at a crucial time in our financial
history.
Every best wish for success.
)

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Federal Reserve Bank of St. Louis

September 12, 1979

Dear MA. Bux:
do appreciate your letter on my appointment,
and the support and hope you express.

The problems are

great—but with the understanding of so many, we will
begin to deal with them.
Thanks so much for writing.
Sincerely,

Paul A. Volcker

MA. Mildred A. Bux

PAV;jrs

:./rTerr fir
•vir
,7777-141)

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Federal Reserve Bank of St. Louis

Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.

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Document type: article

Pages
Removed: 4-C

Author(s): J. A. Livingston

Title:

A look into the future: $41,200 for a new car?

Date:

June 29, 1977

Journal:

The Philadelphia Inquirer

Volume:
URL:

Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org

Full text of Paul A. Volcker Papers : Congratulatory Letters : 1979, B, Box 7, Item c111

FRASER