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CONGRATULATORY LETTERS - B   https://fraser.stlouisfed.org 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 https://fraser.sdouisfed.org/archival/5297  The digitizadon ofthis collection was made possible by the Federal Reserve Bank of St. Louis. From the collections of the Seeley G. Mudd Manuscript Library, Princeton, NJ These documents can only be used for educational and research purposes ("fair use") as per United States copyright law. By accessing this file, all users agree that their use falls within fair use as defined by the copyright law of the United States. 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Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 609-258-3385 (fax) mudd@princeton.edu   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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  PAV:tb  Now   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  it2f-oet - pooleloth4Zer74,4_ R EC E.244"m642 1 V E4"4 1:; " Arr644‘.1‘-'("A4Jae v  -te  1251 AVENUE OF THE AMERICAS  1  °'  6  JUL 26 1979  )taeg fergt*t  t1/4) C ANSWERED P. 14. V. ems ATTENDED TEL..  1 421I  4., az( Likud --t CSLoL%.  G--4ro-ed  st4"3  te•  Q6'1  r‘L--0  •JkciAiN  61'7‘,,,  ,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  0.14 r(  LotC(  VdicLJI  6„s V  .4"--6••••••""br"."41-e,.....4 %lit:7) ( 1  Lk  g—ATh  •\r—UL  J 15°'  C LL  QN  "Th  ras-Jk ••#J‘ ( ' LL-4)  (   https://fraser.stlouisfed.org 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  PAV:smk  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:   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Hon. Paul Volcker ,/ Mr. Jack Watson   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  With best regards, Sincerely yours,  . •  Trir.t  'Loma  it-- Ps Lass.4  AUG  2 1979  P. A. V. ANSWERED ATTENDED Tg  '   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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  J'IAJTJ TF 9r--;/5')  n  egionsanp r.-r^  P AUL VOLCXEi HATANI OF THT-2 FT.DE3AL .R:SE:RV,T VRD  RESEWT, BUILDIV3  OCNSTITUTION AV -20TH STRET NY WASHIN'ITTN: ,).C.20551  A.Ci.?T'E _A EXPION YE 11 FELI7,IT ACION: NA6 STJAC1- ri SI:Jr)  SU V.A3RA1IEN0 ?ARA• TAN ALTA RESPONSABILIDAD r4'0  LE  RO3RTr'10c3  STOP. 'iliTY . COT)TA!__1TNT  r-   https://fraser.stlouisfed.org 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  ..............................  ..................................................... ...... ................................................. ..........  ..............  ...•  ...........  ••  • ...  ...............  •  ......   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ....... .............  - ••  ..........  .......   https://fraser.stlouisfed.org 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,  h4v-i 0)-4 thk,6J  Di / vUW /14r Mr  ' 404  .01   https://fraser.stlouisfed.org 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  4   https://fraser.stlouisfed.org 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,  II   https://fraser.stlouisfed.org 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 PAV:tb   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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  7  William M Batten Chairman and Chief Executive Officer   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BANK OF MONTREAL  1979  Aur 4)yti i  u  „Tr,  s  DIVISION  (-1J 2 WALL Si+REET NEW YORK, N. Y.10005  .17 177 WILLIAM  F  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  ‘.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ( 0 41 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  r . *106  r, 4-1 i/ SO ebeR41.  OP FRBOFNY NYK  hit RE6E if •  NEW  roffr  57g  4.5,4i.  FRBOFNY NYK 1-006362A207 07/26/79 WU INFOMASTER ICS IPMNQNA NYK 113 TWX 7105815500 FRBOFNY NYK 4-009591S207 07/26/79 ICS IPMMTZZ CSP 6034634000 TDMT PNHTRLNUTH NH 40 07-26 0915A EST ?MS PAUL A VOLCKER/ CHAIRMAN DESIGNATE FEDERAL RESERVE BN(  RFCEIVED. L 26 \979 P. A. V. .......„....... ANSWERED......... ..... iglf.NDED TO. .....„  PY MDRR@FE FEDDRLVE BANK OF NEW YORK NASSAU MAIDEN LN NEW YORK NY 10045 DEAR PAUL. PRESIDENT CARTER'S FINEST APPOINTMENT ASSURESE UNITED STATES AND THE WORLD THAT THE FEDERAL RESERVE SYSTEM AND ITS MONETARY P OLICY WILL BE IN THE STRONGEST HANDS POSSIBLE. CONGRA1ULAIIONS TO B 0TH YOU AND THE COUNTRY. WITH BEST WISHES ALWAYS RAY BAUER 0955 EST FRBOFNY NYK  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  WELLS FARGO BANK NATIONAL ASSOCIATION  REX BEACH  / r Z.717P  Vice President  C, 4  r.e...41.  c?-ecs  4-t  1  7.7e t.L  g/--4/4 ,e et..) etf re400 e--7 /  ••Le  ‘es-ve  44? &_// c),e_e_t  94m-. 0  e•  -c)  e-,,  e.•  /  S;:tee , . ' No  RECEIV70 fAUG  3 9f9  ( 1 e( 1e  P. .  ANSWERED  ATTENDED TO.  ADMINISTRATIVE OFFICES • 420 MONTGOMERY STREET • SAN FRANCISCO • CALIFORNIA • POST OFFICE BOX 44000 . SAN FRANCISCO • CA 94144  MAILING ADDRESS  ' die  t   https://fraser.stlouisfed.org 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  R :rlk  ECEIVED JUL 3 1 1979 .AV.  ANSWERED,....„,  ........... WENDED TC1„,„,„ ..... ........  Subsidiary of United Mizrahi Bank Ltd.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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  At'aek ddc  4.1 20' Nir  fic A 0 111-  .ak   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  6  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,  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   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  1  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  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 y  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  1  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  P   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4\-(ilne 0-1,Y1w,\ 1.Q• Ajj'L ( . .0,1)72  v11 /4 74 A ' - 4)4‘1 53 BONN 1  N  • A'DENAUERALLEE 133 • FERN RUF V021  (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]  TO   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 c , ;:.9CTOBER'1, 1979 r.;   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  /acre-  eZT4 - 0  £1,4atz„e„.4e  red...442 cv„ Z  A , 7Ce.  6-   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.  ....................... ............................................. .................................................... ................. .......................................... ....................................................................... . .... ..................................... ....................... .. ..................................................................... . ... ....................... ................. .................... . . ......................................... ..... :....... ................ ..... ....... .. .......................... ................................................................. ...... ...................................................... ........... ......................................................... . ...................................... ...................................................... .................. .................. .................. 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.  I  appreciate your good wishes. Sincerely,  / /  72 ,  Paul A. Volcker  Mr. B. Blackie 1 Bush Street - 15th Floor San Francisco, California 94104  '44(j7  r $4% . 4.41(ji  •  FRBOFNY NYK  r41-NEW`yrj";,,  1 - 015282A208 07/27/79 WU INFOMASTER 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   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  I.  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  _A  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  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.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages 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  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed: [B1]  Author(s): James Peltz  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  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed: [B1]  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 VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed: [B1]  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  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed: [B1]  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  1  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  1 N' "1-'4 t ja ' ON  t1  , efitA  F ' f•-  44 1 t 414"  t toto. i , 410, dt touiu-tt'l t 4 : ,0-1) Aq*.. Mr. Paul A. 107(' President Federal Reserve Bank of New York Federal Reserve Post Office Station New York, New York 10045  r----   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  15  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. 14).-Pit, ,  • '' iii.,P lati N  1  „Jr HJB:kb  Sincerely,  e Ilt. tel p I-  et ii, de' 1--"" i t'kk\ r'°k ''N i••'. ):.,,. ter • t 4.• 34 4)  V\Y  1V4'   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   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  pp  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,  rt  1,42.  /1".14 ,• ' l wfrt  AIVS,, ATTENDEu .........•  Y5 ( ;1 CAIXA POSTAL, agar  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,  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. With my best regards,  /140-  ,1‘ 6r'A• ‘/V  0  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  PAV:slw  IL  reniMe Map;  ate  610/":11  19-7  nur, 24  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.  govitwg  t(pu"'  oot V ' j\41•3- 434votoeffr4   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  1  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.  --1AP,iiIY:—'\'‘) VT) 03 NF,W YORK •  3FiCT•!  77 ..SVF SYST  '17. 7". )7R  D ,11111  ."  r• 1  7  Hr  "Ti  ',CUL.) 'siCT  T  r  p,  ; -)  .?  ,  T  4  7TT"." :-,)  Arm  -. •  L  J  r  O  )  J  SiNOS NYK   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  (  4  TTENT I  0k  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  w),.4   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ehbP  d* \I'   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  60,), V6u,sL Stu c  to  icL,_  io  66.6  7w  k 4.‘a-0 , 14ACLA 4  .atArteci rui_o_ovt\ext.ti gotiCW 7 11&istA4 1-C•14,t. t)-(-Lct nt, e_catka 02L.Lci fitArtu I 4-41-t-L1 r_   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  oAiu aro LAkif-w-ci/X  y  A 6 c4 JUté  _  ccur "Axei 4-tueNia-61  &LeciAki_61.61.   https://fraser.stlouisfed.org 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  It  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   https://fraser.stlouisfed.org 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_, ........................  .....   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MRS. CLIFTON BRUCE  aUJ-  ete..e‘e,re.L  tri;w7  r   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  7d-ryi evzai  Pc()A6/L-c iietti?4(-224e, zet4 ,eiN geA) „t  44,/92v  1 /€4  ugA4)1tri-*/9)(e 7(q  [Q (  7fx-66A-0 e2 ‘1C(-  (64.G1L  A-6P  '1 cLcct,ice 61t.e  rrte  kvtie  •  cc-„,„ A AR 0-,1 -7)1c„,t  or orh  /j &tAg  PU1 4   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  VT)71 VPe l (  ....... •••••••".  ANSWERED ,.,,............................... ww TO, NDED ATTE   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  FEDERAL RESERVE BANK OF NEW YORK NEW YORK. N.Y. 10045  t  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed: [B1]  Author(s): James Peltz  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  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed: [B1]  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 VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed: [B1]  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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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  ........ • of G0Vt .• •,o..c.._----- 4' • ..1••'-'"1 ---1, •0 •c:, ......, • •,.. •-•-t cl.,,.; 72:•.--. 1,-,! •••• • •-r • '\\. , ']Mr[ ..., ,..7. • • ..<-: •/-`6 „,"•>,.-•• 6-i?AlL RES .•  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  mii_zrArrryztort  • • •.. • • •  S..4  : 1,...,2.4  •••.: - • rIrp • .1••••.  • S  AO t  ' iv.4=71'4 ,••V;  / 1 4 ••fr Vt..:P••  August 8, 1979  '• •  `Am  Dear Mr. Buford:  -'0.1•  4  Or 4 . ‘14.14...-ote•  ;fr-  tm••• •  •  •••  I appreciate your support. Sincerely, homalmsw•AP*Aw4P4",110101WOMIP.„ k••••••4  ho•••• .  •  Paul A. Volcker  •  '•  •••  kk.  `,•••1'.1 . 1 ,_  •-s ...!‘_7 (41'i el •• ‘.•••-.71: a... "igko; T-7  ,-,  c  I' -  ••  ••••  Mr. Sharnia Buford President Freedom National Bank of New York 275 West 125th Street New York, New York 10027 . , •  .• • •  •  •••,•  s  .•  •  ••  •••'" .  •••  . • ••  ' oormt ••  "°  '• s,..?  '• •••  ••••.: •  •  r"..  • a6,  •,,•  •.'"' • ••   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .;••  .06.  NI,7  •  -•  '„  ••  • •— ••• • , ••••%,••.9,10,..."  •••  WM. •  •  •  ** 4  ...atof‘p  •  •.• •  • ..,.••••••  .040.•••,./.11,;:  A.111   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  (89-S11)  L-3S  IioNV6tisalaciriJ NvA6610vN0adaAJ10A v A60A AV0 10N0i1VN AUUAi64 INiSida UtiU.1110 ViN0VAS 6.4 :16i1IVNviS Alad.iJN16 NO6a..i6 V Aji16 N160r1J  tl0A  aA  Aa.1L  LUS.AU NOS0a0  g%T  ua!un walsarn  tue.i6eiel V  J.,i4Ah  rim rim  Ault4104 &j'Avuul .1.Jv4 AA AAll 4 40iiid 1i1sup0.4 iiiJkaaaJ  v Ni 'A1lvN0iIdNdaiNi GNV A11110N0i1VN Gij.J.i0634 Si SY Allmino40.s 1VIJNVNI4 Ad0A A.1- N ahl 46 IciV0 GAIIIVA V30 O. daxoloA tied cia‘libNuJ aA lAdd 1VdU41 004 dAJ1W  Ohvwdikikij  UNUilVNisiON 6i-10A 4J 16000116 t  h.id  viA dVG  ANVa 41164640 1V6.16.i4 AWA Ai'  So  6.iAJ-10A v 111Va AlijiddJJNi 1N.iS at)VS6iA *96:)a-131 6110IA360 UdVt.1 S6vil0 daidVJ Awwir  wrivaivere-  Ji  bVA imiA0110.1 Gui AN AWA AAN  ã,. A.àa1ii of MOWED/ -1-"--x01414661636 1V0.iCia4 A6JA Aaw iN30i6360 daijlOil V 10d Siici IS4 citxt.) uk -LO LW  AN AdUA  IAG1  6L6 t2 -thr  1k$1.941G  dSj 22ILdi SJI ta./Ui/L0 U0(1I46ic,Ii60-)(UvI)<A,v0ii  uo!un walsam  weasiBeiej,  NT rim   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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,  AT  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   https://fraser.stlouisfed.org 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  /0ay  dereutat jcma,  iv r : : t t0 07,t Akv imzei Apit itar HUGH BULLOCK 4 44 7 . . 4trer P. 0. BOX 1014 EDGARTOWN, MASSACHUSETTS 02539  hit“  ire);ift:cag  , 640  co /  4k  . 770 , 9404/  00   https://fraser.stlouisfed.org 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  1045P0'''   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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,  97  Udk/js PAVY1/44 frA'  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   https://fraser.stlouisfed.org 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 v  FRBOFNY NYK FRBOFNY NYK  e4 a 11?  ,44 kt  'qp  1 -012532A206 07/25/79 WU INFOMASTER ICS IPMNQNA NYK 251 TWX 7105615500 FRBOFNY NYK 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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  1  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!   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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. )   https://fraser.stlouisfed.org 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)  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ 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
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