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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  L_  CONGRATULATORY LETTERS - J-K-L  Collection: Paul A. Volcker Papers Call Number: MC279  Box 7  Preferred Citation: Congratulatory Letters: "J-K-L", 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/c116 and https://fraser.sdouisfed.org/archival/5297 The digitization ofthis collection was made possible by the Federal Reserve Bank of St. Louis. From the collections of the Seeley G. Mudd Manuscript Library, Princeton, NJ These documents can only be used for educational and research purposes ("fair use") as per United States copyright law. By accessing this file, all users agree that their use falls within fair use as defined by the copyright law of the United States. They further agree to request permission of the Princeton University Library (and pay any fees, if applicable) if they plan to publish, broadcast, or otherwise disseminate this material. This includes all forms of electronic distribution. Copyright The copyright law of the United States (Tide 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Under certain conditions specified in the law, libraries and archives are authorized to furnish a photocopy or other reproduction. One of these specified conditions is that the photocopy or other reproduction is not to be "used for any purpose other than private study, scholarship or research." If a user makes a request for, or later uses, a photocopy or other reproduction for purposes not permitted as fair use under the copyright law of the United States, that user may be liable for copyright infringement. Policy on Digitized Collections Digitized collections are made accessible for research purposes. Princeton University has indicated what it knows about the copyrights and rights of privacy, publicity or trademark in its finding aids. However, due to the nature of archival collections, it is not always possible to identify this information. Princeton University is eager to hear from any rights owners, so that it may provide accurate information. When a rights issue needs to be addressed, upon request Princeton University will remove the material from public view while it reviews the claim. Inquiries about this material can be directed to: Seeley G. Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 609-258-3385 (fax) mudcl@princeton.cdu   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1.111•Mr1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  UM  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  September 18, 1979  Dear Mr. Jonker: I appreciate your note on my appointment and your words of encouragement.  I have few illu-  sions about the difficulties ahead. Yours sincerely,  Paul A. Volcker  Mr. C. S. Jonker Jonker & Co. 1012 RK N.Z.Voorburgwal 153 AMSTERDAM  ........  •  ........  1012 RK Amsterdam, 4th N.Z. Voorburgwal 153 Tel. 23 1201* - Telex: 1 31 99  .11CYNTRAER & Co C.S. Jonker   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 1979  Back home, I want to congratulate you on your appointment of chairman of the Federal Reserve System. No doubt you remember me from my 1969 Istanbul paper that I gave you years ago in Alpbach, and now I am enclosing my Orlando - I.C.C. Congress paper. You will readily understand that I am glad that your monetary view is definitely adopted in the United States. This policy is also followed in The Netherlands at last, and now that Mr Emminger is leaving, it will be adopted in Germany as well, as in Great Britain. At any rate, in order to make your monetary policy successful, I think, it will have to be accompanied by a lowering government spending, and that won't be easy I fear.  4—a  1MA: 7 1~  40.7  Before giving some comment on the key questions as mentioned in the small congressbook on page 24, I would like to start off by expressing my appreciation of Mr. Oppenheimer's paper. I would have liked to discuss several points with him, but that would take days, so I will refrain from that. I would like to draw your attention to the last sentence of the August bulletin of the FED of St. Louis, reading: "Balance-of-payments deficits and weak currencies are monetary phenomena, resulting from an excess money growth in the country with the deficit relative to money growth abroad". In fact, excess money creation is taking place when money is brought into circulation by Central Banks by financing the treasury - deficit spending - and not if against any business transaction. One might say that the financing of governments by Central Banks, in reality is bringing false money into circulation. It may even be the case that historians - when describing the present money muddle - will consider what is taking place now, as a greater fraud then John Law's tricks. With 4 to 500 billion dollar balances in foreign hands, holders tend to get rid of these claims on the U.S. more and more frequently and this process is described in a book recently published under the title :"America for sale", by Kenneth C. Crowe. When discussing today's theme "The future of the international monetary system", let us say a reliable monetary system, it is clear that steps will have to be taken to have the false money taken out of circulation. Monetary disarray most definitely has led to the overall economic disarray and if a sound monetary system is not installed soon, the monetary muddle may lead to dramatic political developments or ultimately even to war. Moreover, let us not forget that the widening gap between developed and developing countries is also a consequence of a western inflationary conduct. I may say that I have designed a monetary system. It was published in a bulletin of the Societe d'Etudes at Liege, in which contributions on monetary reform are published also by Roy Jenkins, Jean Rey and Ortoli. Due to the five minute's limit, I will now confine myself to some reaction to the key questions. First : I am afraid that the recent adoption of the second amendments of the IMF will not be of any help to restore faith in money, it might make things even worse, as it might lead to the creation of more credit out of the blue. Second: The role of the dollar will never diminish. The dollar will even grow more important as soon as either the false dollars are made white, or when dollar holdings of foreign Central Banks are written off against price increase of their gold holdings. Third : The European Community Countries surely can establish a greater currency stability. For that purpose I designed my scheme. At any rate it would be advisable that Central Banks-interventionpolicy is given up, as from to-day. Fourth: In fact, interventions - that is buying dollars - are of no help at all, because the same dollars remain in circulation in the U.S. whilst inflation is promoted in the lending countries owing to the corresponding increase in their own money volume. Now my comment on the last and fifth key question, reading " Have floating rates encouraged inflationary policies ?" The answer is : most definitely, specifically as a result of the dirty float. It really is unbelievable that Central Bankers have not become aware of the disastrous consequences of their interventions. But yes, it remains true what Rousseau already stated : It is difficult to see, what may be seen every day. C. S. Jonker'-'7   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  October 1978  to_k , .%""-•••••  4Z8  •i•-•• •;--9-4  c-- .••••••-•3  47- 4-c-.-=  1/27   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 24, 1979  Dear Russ: I greatly appreciate the note -- even  if I recognize my limitations more clearly than you  We can at least do what we can do. Thanks for writing, and I'll give your  best to Ruth. Sincerely,  Mr. Russ M. Johnson Chairman Emeritus Deposit Guaranty National Bank One Deposit Guaranty Plaza Jackson, Mississippi 39205  4   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  One Deposit Guaranty Plaza Jackson, Mississippi 39205  i19 SE I 4 DEPOSIT GUARANTY NATIONAL BANK ‘3FFIcESeptember 11, 1979  Mr. Paul A. Volcker Chairman Federal Reserve Board 20th Street and Constitution Ave., N. W. Washington, D. C. 20551  41'  Dear Paul: It is like a breath of fresh air to have you directing monetary policy. Your knowledge, experience, judgment, courage and patience will change the secular trend and direction of domestic economic forces which in the long run will bring relief from the "hellish" inflation forced upon us by cooperative fiscal and budgetary excesses in recent years. We need additional Paul Volckers--one for the Presidency of the United States, another to head the International Monetary Fund and another to be Chairman of our Economic Council. Please remember me to Ruth when you speak with her again. I hope to be in the mountains next month. Most s  Russ Chai RMJ/st  Grow With Us  rely,  Johnson Emeritus  08   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 16, 1979  Dear Mr. Jablonski: Many thanks. Sincerely,  Paul A. Volcker  Mr. Richard E. Jablonski National President The Union of Poles in America 6501 Lansing Avenue Cleveland, Ohio 44105  PAU:slw  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed:  Author(s): [Associated Press]  Title:  Volcker Is Named Chairman of Fed  Date: Journal:  Volume: URL:  Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  OFFICE  1979 AUCI I 3 P!''..1?: 21  . .  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Or -.E 34 03 522-4671  RESIDENCE 3089 E^,ST 65 STREET CLEVELAND, OHIO 44127 271-7110  RICHARD E. JABLONSKI NATIONAL PRESIDENT  THE UNION OF POLES IN AMERIC A  6501 LANSING AVE.  CLEVELAND, OHIO  44105   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1  • •• •  ..• o?G0t/•. CHAIRMAN OF THE BOARD OF GOVERNORS •0  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 .  h , TALRE5'. • •• • • •  August 24, 1979  Dear Harry: Thanks so much for your kind words-public and private--upon my appointment.  I  appreciate them more than you know. You know one of the problems of Washington is insulation and isolation.  So  I expect a visit from time to time--Washington or New York. Best wishes, Sincerely,  / a 'd -2 Paul A. Volcker Mr. Harry A. Jacobs, Jr. Chairman Bache Halsey Stuart Shields Inc. 100 Gold Street New York, N.Y. 10038   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Bache Halsey Stuart Shields Incorporated Bache Plaza. 100 Gold Street New York, N.Y. 10038 (212-791 -1000)  Harry A. Jacobs, Jr. Chairman  July 24, 1979  Mr. Paul A. Volcker Chairman Designate Board of Governors of the Federal Reserve System Federal Reserve Bank 33 Liberty Street New York, New York 10045 Dear Paul: We are all very pleased with your appointment as the Chairman of the Federal Reserve Board. We have had press, radio, and television interviews all lending enthusiastic support to your nomination. Perhaps you have seen some of them. I hope to be able to come down once or twice a year, as I did with Bill Miller, because as you know, money markets are my hobby. With every good wish for the future. Sincerely,  HAJ:kw  RE  CEIVED  JUL 27 1979 Members all Leading Exchanges  ANSWERED ATTENDED  V. ''''''''''''''''''' - ••td.'''''  ****************  I111111   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 20, 1979  Mr. E. A. Jaenke E. A. Jaenke & Associates Inc. Paramount Building Suite 610, 1735 Eye Street, N.W. Washington, D.C. 20006 Dear Ed: They'll find out soon enough I don't walk on water, so I better 'Enjoy the peess for this short moment! The work now begins.  Many thanks for writing. Sincerely,  Paul A. Volcker  mr  E. N. Jaenke  & Associates Inc. Paramount Building Suite 610, 1735 Eye St., N.W. Washington, D.C. 20006 (202) 452-8018  Consultants   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 2, 1979  Mr. Paul Volcker, Chairman Federal Reserve Board 2046 Board Building 20th St. & Constitution Ave., N. W. Washington, D. C. 20551 Dear Paul: I always knew you were able but, based on the recent press stories, you sound like God. Seriously, most sincere congratulations on your nomination and approval as Chairman of the Federal Reserve Board. That's always a major responsibility but, at this point in our nation's and the world's economic history, it's even more important. I'm still deeply and heavily involved in domestic and international agriculture, finance, marketing, etc. Since leaving the governorship of Farm Credit, I've started my own business -- a food and agriculture consulting service here in Washington. Our company has grown and serves some of the best in domestic and international trade. Again, congratulations. If at any time we can be of help concerning agriculture, trade, finance, please give me a call. Sincerely,  E. A. Jaenke   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 14, 1979  Dear Charlie: Many thanks.  I don't pretend to know all the  answers, but we can try. Sincerely,  Paul A. Volcker  Mr. Charles L. Jaffin Battle, Fowler, Jaffin, ?ierce Kheel 280 Park Avenue New York, New York 10017  1  1`   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BATTLE, FOWLER,JAFF I N, PIERCE & KNEEL 280  PARK  AVENUE  NEW YORK, N Y. f0017  CABLE ADDRESS COUNSELLOR  (212) 949-8.300  TELEX 127053  WRITER'S DIRECT DIAL NUMBER  TELECOP1ER (212) 986-5135  949-8314  July 31, 1979  Honorable Paul A. Volcker Federal Reserve Bank of New York 33 Liberty Street New York, New York Dear Paul: Congratulations on your new appointment. You are the best man for an awesome responsibility.  rd/ially,  /tarcto9 Charles L. Jaffin  \4-6 CLJ/ds ."° r ta RCEitIVr g  8 i979 . .,F  ANSWERED............ .... . ....... ATTENDED TO,,,.... ..........................  -a   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BATTLE, FOWLER,JAFFI N, PIERCE & KHEEL 280  PARK  AVENUE  NEW YORK, N Y. 10017 CABLE ADDRESS - COUNSELLOR -  (212) 949-8300 TELEX 127053  WRITER S DIRECT DIAL NUMBER  TELECOPIER (212) 986- 5135  949-8314  July 31, 1979  Honorable Paul A. Volcker Federal Reserve Bank of New York 33 Liberty Street New York, New York Dear Paul: Congratulations on your new appointment. You are the best man for an awesome responsibility.  rqially, / (CC-7CILi Charles L. Jaffin  CLJ/ds  R  ECEIVED AUG 8 1979 .h&  r V.  ANSWERED.......... ............................... ATTENDED ......   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 3, 1979  Dear Ray. 1 appreciate your note and can only hope I can at least partly justify all those expectations. Zest wishes. Sincerely,  Paul A: Volcker  Dr. Raynond Jallow Senior Vice President & Chief Economist United California Bank Los Angeles, California  90051   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Bob: I do appreciate the letter and seeing you yesterday.  Keep in touch. Sincerely,  Paul A. Volcker  Mr. Robert L. James, Vice President Bank of America National Trust and Savings Association 1800 K Street, N.W. ,:ashington, D.C. 20006  PAV:ak   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  UNITED CALIFORNIA BANK LOS  DR. RAYMOND JALLOW  ANGELES, CALIFORNIA  9 0 0 5 I  SENIOR VICE PRESIDENT & CHIEF ECONOMIST  July 27, 1979  Paul A. Volcker, Chairman Designate Federal Reserve Board Washington, D.C. Dear Paul: Congratulations and best wishes on your appointment as Chairman of the Fed yesterday. Everyone who has known you feels that President Carter made an excellent choice to steer monetary policy during these troubled times. Best personal regards,  RJ:du  ,doeve   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Pepe: Thanks so much for the nice and understanding letter.  He still remembers Puerto Rico, as do I. Someday -My best to you both,  Paul A. Volcker  Mr. Jose Rivera Janer Executive Director Puerto Rico Bankers Association Banco Popular Center Suite 820 Hato Rey, Puerto Rico 00918  PAV:slw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BANKoFAMERICA  ROBERT L_ JAM ES  July 26, 1979  VICE PRESIDENT-WASHINGTON REPRESENTATIVE  The Honorable Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul, I am certain I reflect the unanimous view of the banking community in expressing my delight that you have been nominated by the President as Chairman of the Federal Reserve Board. It will be good to have you and Barbara back in Washington again. My congratulations and very best wishes, Sincerely,  BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION • 1800 K STREET, NORTHWEST • WASHINGTON, D.C.20006  PUERTO RICO 3A\<ERS ASSOCIATIO\ BANCO POPULAR CENTER SUITE 820 HATO REY, PUERTO RICO 00918 TELEPHONE (809) 753-8630  July 31, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of N. Y. 33 Liberty Street 10045 New York, New York Dear Mr. Volcker: iFELICITACIONES! It was with great joy that Irene and I learned of the news of your new appointment. Quite frankly, we immediately thought about how Jimmy must have felt about it. Although I am sure you will have very little spare time from here on, remember there is a standing invitation for you to come back and try another fishing expedition, but this time in one of our small lakes. Of course, Jimmy must come along to try again the "tostones" and "rice and beans". iMucho exito y mucha suerte! Cordia \ Y5  6$1bit( Ve  JOSE RIVE RA JANER Executiv Director  ' i°11.1P 4P P. S.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  in How about a World Record: having a F. R. B. President Iv .RECIZ Puerto Rico in one year and then as Chairman the next We'll love it!  E,D  1979 P. A. V. ANSWE.RED .................. ....................... ATTENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Dear Jerry: Did T ever thank you for your wonderful note. point I lose track.  But I am so delighted you will be "there"  while Barbara remains:  And thank you for coming to the surprise  party. All the best. Sincerely,  Paul A. Volcker  Mr. Jerry Janssen  PAV:sep  At this   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  JULY 26, 1979 DEAR PAUL, I KNOW THE WHOLE WORLD WILL BE BETTER WITH YOU AT THE FED IN WASHINGTON, BUT I'M A BIT SAD TO THINK OF YOU LEAVING NEW YORK. BARBARA & I HAVEN'T HAD NEARLY ENOUGH TIME TO CATCH UP. FEEL SO MUCH BETTER ABOUT PRESIDENT CARTER NOW. SUDDENLY HIS STOCK IS VERY HIGH WITH THIS NEW YORKER, I HOPE THERE WILL BE TIME TO GET TOGETHER BEFORE YOU LEAVE. LET ME KNOW IF THERE'S ANYTHING I CAN DO. How GOOD IT MUST FEEL TO KNOW YOU'VE ALREADY HELPED THE DOLLAR. FONDLY,  Jerry Janssen   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Mrs. Nancy H. Jarman  Dear Nancy: Many thanks for your note belated response.  and I apologize for the  I suspect the fun and games these last few  weeks are over; the work (and presumably the brickbats) begin. hope Nashville remembers then! And I hope the photography goes well. Best regards,  Paul A. Volcker  PAV:mhw  .11••••  an.ey  cqwunan.  oVr i  ( l 26aA  A-4-& , Tittce I.  elL elq0AA  .442-  affe-e; Oger  1.(AxA-  47r1,6-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  7it/&e.e-.1  ire2 e;AA4 /27 RECEIVED JUL 3 0 ITN .................. ANSWERED ........ ....................... ATTENDED . ... ...   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 31, 1979  Dear Mr. Japhet: I appreciate your note.  Someday, I would  like to continue the dialogue in Israel. Sincerely,  Paul A. Volcker  Mr. E. I. Japhet, K.B.E. Chairman Bank Leumi Le-Israel B.M. Tel-Aviv, Israel  PAV:slw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BANK LEUMI LE-ISRAEL B. M. TEL-AVIV, ISRAEL P.O.B. 2  E. I. JAPHET,  K.B.E.  CHAIRMAN  August 20, 1979  Mr. Paul A. Volcker Chairman Federal Reserve System Board of Governors Twentieth Street and Constitution Avenue, Northwest Washington, D.C. 20551 U.S.A.  Dear Mr. Volcker: I should like to congratulate you on your appointment to the Chairmanship of the Federal Reserve System and extend to you my sincere wishes on assuming the present challenges of our social and economic western problems with which all of us are faced. I recollect our discussions of some time ago and I do hope that before long we may continue our original di ogue. Sincerely yours,  4celA ittAciatit t-t) elt12 ?4,vj  te/". (tiki CM   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  E-; et, n  ••  1979 rim 30 PI 9:06 F OFF   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Len: Many thanks for your note.  I can only try my best.  Sincerely,  Paul A. Volcker  Mr. N. Leonard Jarvis Senior Vice President Investments Shearson Hayden Stone Inc. 44 Wall Street New York, New York 10005  PAV:smk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  N. Leonard Jarvis Senior Vice President -Investments  MUM SHEARSON HAYDEN STONE INC. 44 Wall Street New York, N.Y 10005  Member New York, American and other Principal Exchanges  (212) 248-1800 Telex: 232221  July 27, 1979  Dear Paul: It is so nice to see old friends being recognized. You have my warmest regards and best wishes. Sincerely yours,  Mr. Paul A. Volcker, President Federal Reserve Bank of N.Y. 33 Liberty Street New York, N.Y. 10045   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Paul: Many thanks for the note -- if not Belgrade, then elsewhere. Sincerely,  Paul A. Volcker  Mr. Paul Jeanty Deputy Chairman Samuel Montagu & Co. Ltd. 114 Old Broad Street London EC2P 2HY Fngland  PAV:ccm  SAMUEL MC)NITAGU ON CORPORATING  LIFN4 liFE:E) DRAYTON)  114 OLD BROAD STREET PAUL JEANTY LONDON  DEPUTY CHAIRMAN   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  EC2P 2HY  TELEPHONE. 01-588 6464  Mr. Paul A. Volker, Chairman, Federal Reserve Bank, 33 Liberty Plaza, New York, N.Y. 10006. U.S.A.  Iw  7th August 1979.  •  On my return from holiday, I wanted to write this brief letter to congratulate you on your new appointment and to send you all my best wishes. I shall not be going to the I.M.F. meetings this year but I do hope to see you in the near future either in London or Washington. With best regards, Yours sincerely,  RECEIVED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF NEW YORK NEW YORK.N.Y.I0045 AREA CODE 212 791-6173  PAUL A. VOLCKER PRESIDENT  August 6, 1979  Dear Mr. Jeker: I appreciate so much your warm words.  These are difficult days, and I  can only promise to do my best. Sincerely yours,  Paul A. Volcker  Mr. Robert A. Jeker Member of the Executive Board Credit Suisse 8021 Zurich SWITZERLAND  ROBERT A_.JEli_ER  8021 Zurich, July 27th, 1979  MEMBER OF THE EXECUTIVE BOARD OF CREDIT SUISSE (SWISS CREDIT BANK)  Mr. Paul A. Volcker President of the Federal Reserve Bank of New York 33, Liberty Street New York, N.Y. 10045  Dear Mr. Volcker,  On the occasion of your visit to Zurich this spring it has been my special pleasure to become acquainted with you personally. Your expert knowledge in monetary field and your understanding of European problems have impressed me deeply. Your personal commitment did much during last year's dollar crisis to help bring about a change of approach in US monetary policies. Your honourable appointment as Chairman of the Federal Reserve Board, on which I would like to offer you my sincere congratulations, has therefore made businessmen in the Western world look with greater confidence into the economic future.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Yours very truly,  RECEIVED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 3, 1979  Dear Mr. Jennings: I do appreciate the note and don't let me lose touch with the real world. Sincerely,  Paul A. Volcker  Mr. J. R. Jennings Managing Director MAIBL 26 Throgmorton Street LONDON EC2   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  26 THROGMORTON STREET- LONDON EC2 TELEPHONE 01-588 0271  26th July, 1979.  /14v. VsaitqA. I was delighted to learn of your nomination as Chairman of the Federal Reserve Board and would like to add my warmest congratulations to all the others you will be currently receiving. The only sad part is that I shall miss the most informative chats that I have enjoyed with you on past visits to New York. Kind regards, Yours sincerely,  J.H. Jennings) Managing Director. ,  Mr. Paul Volcker, President, Federal Reserve Bank, New York.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Ifirifv.ZY ...%fafeo-v-rtafe WASHINGTON, D. C.20510  August 6, 1979 ROGERWJEPSEN IOWA  POSTAGE AFFIXED  Mr. Paul A. Volcker Chairman, Board of Governors of the Federal Reserve System Federal Reserve Building Constitution Avenue between 20th and 21st Washington, D. C. 20551 Dear Chairman Volcker: Congratulations on being selected by the President to serve as Chairman of the Federal Reserve's Board of Governors. I wish you well in your endeavors and look forward to working with you in the upcoming months. incerely,  Roger W. U.S. Sena IOWA  re't-r   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Senator Jepsen: Many thanks for the note, add I very much look forward to seeing you after the recess. Sincerely,  Paul A. Volcker  The Honorable Roger W. Jepsen United States Senate Washington, D. C. 20510  PAV:ccm  1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 10, 1979  Dear Mr. Jernberg: You were nice to write and to come to the swearing in. I'm looking forward to working with Emmett--I feel sure we have a strong Board. Sincerely,  Paul A. Volcker  Mr. Dale L. Jernberg President & Chief Executive Officer The National Bank of Washington 619 14th Street, N.W. Washington, D. C. 20005   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The National  BANK OF WASHINGTON  Dale L. Jern berg President & Chief Executive Officer  August 7, 1979  619 14th Street. NW. Washington, D.C. 20005 202-624-3011  Dear Chairman Volcker: I was privileged to be at The White House yesterday when you took your oath of office as Chairman of the Federal Reserve System. I know from the President's remarks and also from newspaper articles that there is a substantial personal financial sacrifice to you in accepting this appointment, but I know that the country is better for it. I commend you on your remarks and I know that your past experience and dedication will serve us all very, very well. Cur former colleague, Emmett Rice, has spoken very highly of you and I know that he feels that the Fed is in very good hands under your chairmanship. With best wishes for your continued success, I am Very respectfully,  (f) Presiden  ,1141-  c7)  r cJ  rT1  The Honorable Paul Volcker Chairman Federal Reserve System 20th Street & Constitution Avenue, N. W. Washington, D. C. 20551  ,  ••  Ni  C:)   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear George: Many thanks for your note out of my past. all is well. Sincerely,  Mr. George A. Johannessen Director California Tomato Research Institute, Inc. 1757 Barcelona Street Livermore, California 94550  Hope  CALIFORNIA TOMATO RESEARCH INSTITUTE. INC. 1757 BARCELONA STREET - LIVERMORE,CALIFORNIA 94550  GEORGE A. JOHANNESSEN   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 27, 1979  DIRECTOR  Mr. Paul A. Volcker, Chairman Board of Governors of the Federal Reserve System 20th St. & Constitution Ave. NW Washington, DC 20551 Dear Paul: Congratulations on your fine appointment as Chairman of the Federal Reserve Board. We are proud of the President's choice, but even more proud of you. All of us - John, Neil, Hughie, Kirsten and Joan join in wishing you well. With warmest regards, Sincere'y yours,  G. A. Johannessen CJ:sos   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Herb: Many thanks for the note, even if the response is belated.  The fun is over and the work begins.  We shall see! Sincerely,  Paul A. Volcker  Mr. Herbert E. Johnson Senior Vice President Continental Bank Chicago, Illinois 60693  -11 ...........  CONTINENTAL BANK CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO • CHICAGO, ILLINOIS 60693  July 26, 1979  HERBERT E.JOHNSON SENIOR VICE PRESIDENT  Dear Paul: I was very pleased to see the announcement of your appointment to Chairman of the Federal Reserve System. I know you will bring a strength, leadership, and wisdom in direction to the banking system that it has needed for a long time. The immediate favorable response in all major markets certainly indicates you have the strong support of the financial community. Please let me know if there is any way in which I can lend support to your new challenge. Sincerely,  HEJ:LAA  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  'A-woo  E V  ;1;UG 2 It979 P. A. V. ............ ...... OSWERED........ .„ Alig„tioCt  1:72)  •   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Russ: I appreciate the letter and will need the luck. We can only try and hope for the best. Sincerely,  Paul A. Volcker  Mr. H. Russell Johnson Chairman of the Board The Oneida National Bank and Trust Company Utica, New York  THE Esloblith•d 1836 incorPoroted 1865  =ONEIDA NATIONAL BANK and TRUST COMPANY UTICA, NEW YORK of Central New York  H. RUSSELL JOHNSON CHAIRMAN OF THE BOARD   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 26, 1979  Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street Federal Reserve Post Office Station 10045 New York, New York Dear Paul: I am very happy to read of your change in title as Chairman of the Federal Reserve Bank. We in the banking profession and also in this great country, are very fortunate to have you accept this responsibility. The best of luck to you in the years ahead and I know we will all sleep more comfortable and securely knowing that you are at the head of the United States Financial picture. Sincerely,  •  1,1  Ar Ig ' V-fPl HRJ/maf  WOK.  ohnson--H. Rus Chairman Of The Board   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 21, 1979  Dear Don: Glad to hear you are both in politics and in Parliament, OPposition or not. I suspect you have a challenge that makes mine pale.  But I appreciate the note, and someday we'll make  Ottawa. Sincerely,  Paul A. Volcker  Mr. Donald J. Johnston, M.P. St-Henri/Westmount House of Commons Ottawa, Ontario KlA 0A6, Canada  HOUSE OF COMMONS CHAMBRE DES COMMUNES CANADA  August 15, 1979 Ottawa, Ontario. KlA 0A6 PRIVATE AND CONFIDENTIAL Dear Paul, Let me add my congratulations to those coming from all parts of the world.  Since our enjoyable dinner in  Montreal during the IMF conference some years ago, I have launched myself into a political career as a member of Parliament only to find myself in the Trudeau Opposition Hopefully that situation will reverse itself in the relatively near future. If you ever come to Ottawa to meet with Gerald Bouey, please give me a call.  hnston, M.P. stmount  ti 5 41,itY   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  UZI  Mr. Paul Volcker, Esq., Chairman, Federal Reserve Board Washington, D.C.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  a  August 9, 1979  Dear Reg: You have the nicest reactions to appointments. The quality so far exceeds my norm, I can happily share them with vistting central bankers -- or even domestic dignitaries. No conflict there, merely cementing institutional relations! Thanks so much for your kind words, and more important the offer of help. I need all the insights you can give -monetary or not. Best regards. Sincerely,  Paul A. Volcker  Mr. Reginald H. Jones  PAV:ccm   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Reginald H.Jones  tutelvx 4<  it,.e(a.4  if co4  •  /i  Ote 0-11  a.  I  -4t  4442.0-t  "Lep  ‘47/ ytki r 74.4 Ltvie ere*/  7  cziti.t44 (stet.,  . A12 ' 1• 7 44  d  7 4 e  ‘1. ‘ 4  4 1 -. 1 Let&I-441: Aatti  4  C€7 r-td  RECEIVED JUL 27 1979 P. A. V. ANSWERED........ ATTENDED TO  Cir•-k  7`ei  ice-cc4.  Ao--/tezenr-e-ei   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 PRESI DENT  August 6, 1979  Dear Bob: Thanks so much for writing. I'll try my best. Sincerely,  dza, Paul A. Volcker  Mr. Robert L. Joss Senior Vice President Wells Fargo Bank 464 California Street San Francisco, California  94144   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  WELLS FARGO BANK NATIONAL ASSOCIATION  ROBERT L.JOSS  July 26, 1979  Senior Vice President  Hon. Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street Federal Reserve P.O. Station New York, N.Y. 10045 Dear Paul: This is just one among many notes you are doubtless receiving in congratulations. I can only add how pleased I am over this important nomination, how awesome is the leadership responsibility at this critical time, and how we will be thinking of you and supporting you over the period ahead. With best wishes,  RECEIVED AUG  3 1979  P. A. V. ANSWERED ....., ........ ATTENDED  ADMINISTRATIVE OFFICES • 464 CALIFORNIA STREET • SAN FRANCISCO • CALIFORNIA • SAN FRANCISCO • CA 94144 MAILING ADDRESS • POST OFFICE BOX 44000   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  September 17, 1979  Dear Sam: However belatedly, I do appreciate your letter on my appointment -- and I expect to run into you down here. Regards,  Mr. Samuel I. Katz Director Bankers Forum Gemgetown University WAshington, D. C. 20057  PAV:ccm  GEORGETOWN  UNIVERSITY  WASHINGTON. D.C. 20057  (202) 625-3003  BANKERS FORUM  SCHOOL OF BUSINESS ADMINISTRATICN SCHOOL OF FOREIGN SERVICE SCHOOL FOR SUMMER AND CONTINUING EDUCATION   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 27, 1979  Mr. Paul A. Volcker President Federal Reserve Bank ot New York 33 Liberty Street New York, New York 10045 Dear Paul: iate how gratified your It may be difficult for you to apprec ation as Chairman of the many friends were to learn of your design turbulence in the months Federal Reserve Board. There is bound to be skill. I hope it will help ahead to test both courage and technical best wishes as you face the you to know that you have our support and uncertainties ahead. Sincerely,  Samuel I. Katz, Director Bankers Forum  4  10K  NEA( otaw J-1 ,i(rok  Lob ci/c4/4frtv4A-   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ..... ........  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  ........  September 18, 1979  Dear Gil: No China trip this year.  See you  :A4  in Belgrade. .........  Sincerely,  Paul A. Volcker ........  Mr. Gilbert E. Kaplan Publisher and Editor-in-Chief Institutional Investor 488 Madison Avenue New York, N.Y. 10022  ,Institutional or t73  Gilbert E. Kaplan PUBLISHER AND EDITOR- IN CHIEF   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ;  September 7, 1979  The Honorable Paul A. Volcker Chairman Board of Governors Federal Reserve System 20th and Avenue "C" Washington, D.C. 20551 Dear Paul: I understand that there is a possibility of your making a trip to China this fall and if that develops--and if you take a few journalists with you--I wanted to let you know my interest in accompanying you and reporting on the trip for our magazine. I made a similar trip with Mike Blumenthal last November when he went to the Middle East. I look forward to saying hello when you are in Belgrade. Best regards,  488 Madison Avenue New York New York 10022 12121832 8888 Telex 234988  CO   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Mr. Alexandre Kafka Executive Director International Monetary Fund Washington, D.C. 20431 Dear Alex: I'm slow at answering your note on my appointment, but I hope you know I do appreciate it greatly.  Hope to see  you and Rita soon--we shouldn't huve to wait for Belgrade! Best regards,  Paul A. Volcker  INTERNATIONAL MONETARY FUND WASHINGTON, D. C. 20431 EXECUTIVE DIRECTOR   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  26 July 1979  Dear Paul: This is just to tell you how happy I am about your nomination as Chairman of the Federal Reserve Board. It will be good to have you back in Washington. Kindest regards, also to Barbara, from Rita and myself.  Alexandre Kafka  The Hon. Paul A. Volcker 151 East 79th Street New York City New York 10021  CABLE ADDRESS I NTERFUND   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1079  Dear Mark: Thanks for the note.  All I can do is try my best: Sincerely,  Paul A. Volcker  Mr. Mark N. Kaplan President Engelhard Chemicals Corporation Mineral 1221 Avenue of the Americas 7Pw York, New York 10020  PAV:smk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MINERALS & CHEMICALS CORPORATION 1221  AVENUE OF THE AMERICAS NEW  YORK, N. Y. 10020  MARK N. KAPLAN  (212) 764-3700  PRESIDENT  July 25, 1979  Dear Paul: I just learned that you have been appointed the new chairman of the Federal Reserve Bank. I think that all of us in the domestic and international business and financial community will be more secure with you in the role of our leading central banker. I wish you continued success in this new step. Sincerely,  Mark N. Kaplan  Mr. Paul A. Volcker Chairman Designate Federal Reserve Bank Board of Governors c/o Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Joe: Many thanks for the nice note, superbly typed! There are no miracles these days, but we will try. Sincerely,  Paul A. Volcker  Mr. Joseph Kaskell On the Hill Madison, New Hampshire   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ON THE HILL, MADISON, NEW HAMPSHIRE  August 6, 1979. LC)  Lc/ Honorable Paul A. Volker Chairman, Federal Reserve Board Washington, D.C.  f  c= c-)  My dear Mr. Volker: I wish to express my warme-git wishes for your success in the challenging office whih you so courageously accepted. After all the frustrations we have suffered in your field your appoitment came as a ray of new hope. Fortunately  your start was inaugurated from  all sides by friendly signal such as the unanimous consent of the Senate and the enthusiastic applause at home and abroad. Equally important were expressions of the President and his economic advisers indicating their readiness for cooeration with you. The President agrees that relief from recession and unemployment cannot be bought by allowing more inflation, his advisers recognize as guiding star for a steady course the pri ority of inflation as "Enemy No. One". And from IMF camdthdgood news that they are engaged in deliberations dealing with the reduction of the excessive circulation of the dollar, worlwide. Best wishes for good health and God's speed, Faithfully  Joseph Kaskell Please, forgive my imperfect typing/ I am in untrv and without help.  the   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Dear Henry: I never thanked you for writing after the appointment, but don't think you have to give me all your advice through the newspapers--pick up the phone now and again. give our best to Elaine. Best regards. Sincerely,  Paul A. Volcker  Mr. Henry Kaufman  PAV:sep  And meanwhile,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  HENRY 'KAUFMAN  August 2, 1979  Mr. and Mrs. Paul A. Volcker 151 East 79th Street New York, New York 10021 Dear Barbara and Paul: Elaine and I want to wish you, r new Paul, much success as you take on you ognize assignment in Washington. We both rec well as the difficulty of the assignment as there the burden this imposes on you. If or is anything that we can do to help you us Barbara in this transition, please let know. Cordially,  41111••••   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Howard: Many thanks for the note.  All I can do is try to  justify it. Sincerely,  Paul A. Volcker  Mr. !oward C. Kauffmann President Exxon 1251 Avenue of the Americas New York, New York 10020   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  HOWARD C. KAUFFMANN President  July 26, 1979  Mr. Paul A. Volcker President The Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: Please accept my sincere congratulations on your appointment by President Cart er as Chairman of the Federal Reserve Board. That was a very popular selections Sincerely,  RECEIVED JUL 3 1979 P. A. V. ANSWERED ATTENDED 1251 AVENUE OF THE AMERICAS, NEW YORK, N.Y 10020   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Dear Mr. Kaya: Hearing from old friends and associates is one of the few bonuses in my appointment. and I particularly appreciate your note. My impression is that relationships with Japanese officials are as close as vuee and that seems to be of crucial importance as we deal with the problems ahead. My best to you and your wife. Sincerely,  Paul A. Volcker  Mr. Akira Kaya, Director The World Bank Kokusai Building, Room 908 1-1 Marunouchi 3-chome Chiyoda-ku, Tokyo 100 Japan PAV:sep  -  The World Bank /   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Tokyo Office: Kokusai Building, Room 908, 1-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo 100, Japan Telephone—(03)(214) 5001 *Cable Address—INTBAFRAD TOKYO  July 26, 1979 The Hon. Paul A. Volcker President Federal Reserve Bank 33 Liberty Street New York, N.Y. 10045 U. S. A. Dear Honorable Volcker: It is with my great pleasure that I learn of the White House's announcement of your appointment as the Chairman of the Federal Reserve Board. I would like to extend to you my best wishes for your every success in this important position. At the same time allow me to reiterate my highest appreciation and thanks for your support, cooperation and courtesy extended to us during my past assignment in the Embassy of Japan in Washington, D.C. between 1971 and 1975. Waiting to have a honor of meeting you again in the near future, please accept, Mr. Volcker, my sincere congratulations and best wishes. Mrs. Kaya also sends you her best regards. With my best wishes, Sincerely yours,  ((' Akira Kaya Director World Bank Tokyo Office  k» Headquarters: Washington, D.C., U.S.A.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  4  September 12, 1979  Dear Kai: You were kind to write on my appointment. There are many problems ahead. But one of the compensations of central banking is the relationship with colleagues abroad--and even occasionally with their families. Please do stay in touch. With all best wishes. Sincerely,  Paul A. Volcker  Mr. Kai Jacob Klasen Abteilungs-Direktor in der Bank fur Handel und Industrie AG UhlandstraBe 9-11 1000 Berlin 12 PAV:sep   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Kai Jacob Klasen Abteilungs-Direktor in der Bank far Handel und Industrie AG  UhlandstraBe 9-11 1000 Berlin 12 Telefon (030) 319 69 89  July 30, 1979 kla/br  Mr. Paul Volcker Chairman Federal Reserve Bank of New York 33 Liberty Street New York, N. Y. 10045  Dear Mr. Volcker: To hear the news that you are nominated by the president as the new chairman of the Federal Reserve Board was a great pleasure for me. I send you my heartiest Congratulations for this honorable and difficult new job. I am deeply convinced that you are exactly the best choice for this task. The international trust in the value of the dollar will be strengthened. Your name is furthermore a guaranty for a close and effective monetary cooperation between our both countries. I hope to see you again either in the States or in Germany and once more all my best wishes. With regards yours,  Kai Jacob Klasen  4.1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  August 7, 1979  Dear Kevin: I appreciate your note, but watch out. Those claims on peach melba, trout, and home-tied flies may be cashed some day: Regards,  r. Kevin J. Kearney  kevin j. kearney   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D.C. 20551  26th July 1979  Dear Paul,  Shirley and I should like to add our personal congratulations to those of the BIS on your designation as Chairman of the Federal Reserve Board. As you can see from the enclosed, you merited two pictures in today's Basler Zeitung. The offer of a peach melba still stands and if George Mitchell can persuade you we should like to add an offer to try your skills with the trouts in Charmey; Brian will tie the flys.  Yours sincerely,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .• • E GOVtii :• .' 4,. O•• •co .. •0 "2 ,,,; • -n • -1 I- • cn . s. (..) • •  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  August 24, 1979  Dear Mr. Keller: Thank you for writing me as you did upon my appointment as Chairman of the Federal Reserve.  I'll do my best! Sincerely,  Paul A. Volcker  Mr. T. G. Keller Vice President Stoffel Seals Corp. 68 Main Street Tuckahoe, New York 10707   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ST  FFEL SEALS C  OR  13  OR  A  TION  68 MAIN STREET, TUCKAHOE, NEW YORK 10707 TEL:(914) 961-8500  PERSONAL  July 25, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of NY 33 Liberty St. New York, NY 10005 Dear Mr. Volcker, Congratulations on your appointment as Chairman of the Federal Reserve Bank. It's a big job - perhaps the most crucial one in the country at this time. We feel you are eminently qualified and we wish you good health and all of us good fortune - in your new area of responsibility.  Cordially,  //e l TGK:ag  P.S.  T.G. Keller, Vice President  Please keep the Fed out of politics.  Thank you.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 8, 1979  Mr. Leon T. Kendall President Mortgage Guaranty Insurance Corporation MGIC Plaza L:jfltPS Wisconsin 53201 Dear Lee: Thanks so much for the warm note. I guess the PIE ratio always approaches infinity in a loss situation, and I'll need the luck (and help). Sincerely,  Paul A. Volcker   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mortgage Guaranty Insurance Corporation a subsidiary of MGIC Investment Corporation  Leon T. Kendall President  July 27, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York Federal Reserve Post Office Station New York, New York 10045 Dear Paul: Nothing Mr. Carter has done in the past two years has pleased me more than your appointment as Chairman of the Federal Reserve Board. I am delighted for you as well as for all of us who labor out here in the vineyards for sound money. Without a doubt, international finance is a new ball game for the Fed and the nation. No one knows that better than you. Best of luck, and if I can ever be of help, please let me know. Cordially,  LTK/mjl P.S.  I note that you were worth 10 points on the DOW. Multiplying that out, it puts your market value at $963 million. Your PE ratio is even higher than Otto Eckstein's/.  JUL 3 1 1979 P. A. V. ANSWERED ATTENDED MGIC Plaza, Milwaukee, Wisconsin 53201, Telephone (414) 347-6486  ••...   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 9, 1979  Dear David: You know how much I appreciate your warm letter-but more important the opportunity you gave me to serve as one of your spear carriers. If I can ever do anything with this job, its only because you pointed me in the right direction. You are absolved of all responsibility for the error. And I won't even try to push them off on Henry, Bob, and the rest--you know them too well for that to be credible. I share the feeling that this isn't exactly the best time to arrive (or re-arrive) in Washington. But there is, obviously, room for improvement, and the mood of the country, just conceivably, can be turned to advantage. Let's hope so. Barbara sends along her love to you both. Best regards, Sincerely,  Paul A. Volcker Mr. David M. Kennedy   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  DAVID M. KENNEDY 3 August 1979  1979 AUG -7  r 9: 55  -  (77 Mr. Paul Volcker Chairman Designate Board of Governors Federal Reserve Syster Washington, D.C. Dear Paul: At least one appointment in the President's re -shuffle made us happy. At one point I thought the President was going to name you Secretary of the Treasury where you could also serve with great distinction. You were the most able and distinguished Under Secretary of the Treasury for Monetary Affairs ever to serve. As you know, I had complete trust and confidence in you and that confidence was more than justified by your able performance. Then you have served as President of the New York Federal Reserve and as a member of the Open Market Committee. There is no doubt that you are well qualified. I am glad that you will have Bob Mayo and Harry Wallach, among others, working closely is elected with you. I hope Bruce MacLaury President of the New York Federal as I have great respect for him. I guess there is never a good time to take office, but it seems to me that at the present time you have a most difficult assignment. Yet perhaps things have gotten so bad that the only way they can go is to improve. At any rate, we now feel better with you calling the signals at the Fed. Lenora joins in sending congratulations and love to both you and Barbara and your family. Sincerely yours,  DAVID M.  KENNEDY  .• V of.Gcn, 4/ • i•s•  O . 0  •0 •  CHAIRMAN OF THE BOARD OF GOVERNORS •  • -n  FEDERAL RESERVE SYSTEM  :  „  jr[Fin  WASHINGTON,D. C. 20551  tt• •  s •.`RAL RE-S-••  • • •.• •  August 24, 1979  Dear Gene: Thank you so much for your kind words. letter of July 26 is greatly appreciated.  Your  It's particularly  heartening to hear from old friends and associates. Best wishes. Sincerely,  Paul A. Volcker  Mr. Eugene J. Keogh Attorney at Law 521 Fifth Avenue New York, New York 10017   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  EUGENE J. KEOGH ATTORNEY AT LAW 521 FIFTH AVENUE NEW YORK, NEW YORK 10017 (212) 687-5950  July 26, 1979  Hon. Paul A. Volcker Federal Reserve Banl, of New York 33 Liberty Street New Yorli, New York 10005 Dear Mr. Chairman: It was a source of considerable comfort and pleasure to me to know of your willingness to accept the obviously challenging assignment given to you by the President. Those of us who have served w with you in the Federal Government kno that you will bring to the chairmanship the qualities that you have so often displayed in the past. We know that you will acquit yourself with distinction and the country will be the better for your service. I extend to you my very best wishes. Sincerely yours,  EJK:B  RECEIVED JUL 27 1979 P. A. V. ............ ANSWERED........ ......... ................ WENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 13, 1979  Dear Mr. Keuper: The strength of the Fed lies so much out with you in the "country" that I can only welcome your letter and support.  I will need the latter, and I hope we will meet  soon. Sincerely,  Paul A. Volcker  Mr. Jerome P. I:eu er President ient Office of the Florida Institute of Technology Melbourne, Florida 32901  FLORIDA INSTITUTE OF TECHNOLOGY MELBOLTRNE,FLORIDA 32901 OFFICE OF THE PRESIDENT   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 26, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Mr. Volcker: I was extremely pleased over your appointmcnt by President Carter as Chairman of the Board of Governors of the Federal Reserve System and wish to extend my heartiest congratulations and very best wishes. The Federal Reserve, and indeed our country, is fortunate to be able to draw upon the talents and experience of individuals such as yourself, and you may be sure of my full support in the days ahead. r - -.Sincerely yours, \ \ \  )/(::. •  Jerbme P. Keuper ,) `\ PreLident (Director, Federal Reserve Bank of Atlanta-Jacksonville Branch) JPK:ag   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 27, 1979  Dear Mr. Khan: I appreciate your note.  All we can do is try  to justify the confidence you have expressed, and hope for the best. Sincerely,  Paul A. Volcker  Mr. Wigar Mohammad Khan P.O. Box No. 3707 Muscat, Sultanate of Oman  PAV:tb   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -7  Personal & Private  Airmail  Wiciar CDohammad 'Khan  ) U.i3  P. O. BOX No. 3707 Muscat )Sultanate of Oman  5th August 1979  Mr. Paul A. Volcker, M.A., Chairman of Board of Governors, U.S. Federal Reserve System, Washington, DC. 20551.  CO  Dear 1,1r. Volcker, On the occasion of your appointment as Chairman of US Fed. Reserve System, I desire to extend you my warm greetings and best wishes for your success.  You have served your country with  distinction as a Banker and US Treasury Undersecretary and won the confidence and trust of American bankers and international monetary community. It is my sincere hope and firm belief that as Chairman of US Fed. System your actions and policies will greatly help President Carter in his drive to control rising inflation and to stabilize dollar in world market and in restoring the confidence of domestic and international banking and business circles in American monetary policies and economic stability. With expressions of deep personal regards. itAe< 114etb  or . -04 kvt-  Yours sincerely,  qtz#4/   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Miter: I sopesalsts Cho cote sod we'll need dui help not least on getting  dement bill out of the Congress.  All the best, Sincerely,  Mimi A. Volcker  Mr. loiter D. ximpasu  Chairmen and President United Bank of Me 10Wk Albany, liew York 12207 PAV:mhw  41,0111   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  L'Il United Bank 1171 NewYork 1 IP  O  Peter D. Kiernan Chairman and President  July 26, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York 99 John Street New York, New York 10045 Dear Paul: I was delighted to hear the news of your designation as Chairman of the Federal Reserve Board. It not only is a great honor, but a great opportunity to be of real service to the nation and I can think of no one better qualified to meet the challenges that job entails. I am delighted to join your host of friends and admirers in wishing you success and good fortune. If there is any way that I can help you in the days ahead, I hope you will not hesitate to call on me. With every good wish and warm personal regards, Very sinc  e m  30 );,, P. A. V. ANSWERED ATTENDED TO 1,  ely,  FEDERAL RESERVE BANK OF NEW YORK NEW YORK.N.Y. 10045 AREA CODE 212 791-6173  PAUL A. VOLCKER PREsIDENT  August 1, 1979  •  Dear Tom: I appreciate your writing so promptly. I know enough to discount all the nice things being said, but I do expect to try my best. Best wishes. Sincerely,  Paul A. Volcker  ...  Mr. Tom Killefer ......................  ....................................................................  • '...•..................... ......................................................................  ........................................................................................................................................................... •  ................................................................. .......................................................................... • .......... ................................................................. .................................................. • ............................................................................................................... ....... .  .••  ............... ............................ ..1...   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  .  .  ...............................................  .............. .......................................................... • ... .  ........ ....... ..............................................................................  ..................... ..... ... ........................................................................................ .......................  ....  ... .. .  ..........  •  ...........  ....................................................................................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  TOM KILLEFER  July 25, 1979  Dear Paul: The news has just come over the broad tape that you have been nominated as Chairman of the Federal Reserve Board. For our nation and particularly for the financial community, I am elated, as no other possible candidate could even approach your qualifications for the position. It is so important to all of us that someone with your capability, experience, grace and humor steer the Fed. Good luck to you. Sincerely yours,  770(A\  Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 6, 1979  Dear Dr. Kim: I appreciate your note and interest. try ivy best. Sincerely,  Paul A. Volcker  Dr. Seung U. Kim, Director Program and Research Plannirw, Saint Louis University 3674 Lindell Boulevard Saint Louis, Missouri 63108  I can only  Pt% SAINT  LOUIS  UNIVERSITY  SCHOOL OF BUSINESS AND ADMINISTRATION  3674 LINDELL BOULEVARD SAINT LOUIS, MISSOURI 63108  DIRECTOR OF PROGRAM AND RESEARCH PLANNING   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 26, 1979  Mr. Paul Volker President Federal Reserve Bank New York, NY 10045 Dear Mr. Volker: Congratulations on your nomination as Chairman of the Federal Reserve Board. The businessmen and academicians are delighted because you will manage the nation's monetary policy in a prudent and independent manner. For your information I am enclosing a copy of this morning's Globe Democrat article about your nomination. We value very highly your speech at our first Distinguished Guest Lecture program. Congratulations again and we will be following your career with great interest. Sincerely,  Seung H. Kim, Director Program and Research Planning  SHK:gq Enclosure  RECEIVED JUL 3 1 1979 P. A. V. ANSWERED  ATTENDED TO,  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed:  Author(s):  Title:  Carter Fed Nominee Gets High Marks in St. Louis  Date:  July 26, 1979  Journal:  St. Louis Globe Democrat  Volume: URL:  Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 8, 1979  Mrs. Coretta Scott King President The Martin Luther King Jr. Center for Social Change Atlanta, Georgia 30312 Dear Mrs. King: I appreciate so much your warm message. to do my best. Sincerely,  Paul A. Volcker  I can only try  LU western union  Telegram  LLC116  WAE083(1320)(4-008488S217)PD 08/05/79 1318 ICS IPMMTZZ CSP . 3 3 Ja  4C45241956 TDMT ATLANTA GA 72 C8-05 0118P EST PMS PAUL VOLCKER CHAIRMAN OF THE FEDERAL RESERVE BOARD Cr)NST AVr AND 20TH ST NW WASHINGTON DC I REGRET VERY MUCH THAT A PRIOR COMMITMENT WILL PREVENT MY BEING PRESENT AT YOUR SWEARING IN CEREMONY I CONGRATULATE YOU ON YOUR APPOINTMENT TO THE CHAIRMANSHIP OF THE FEDERAL RESERVE BOARD. THE CHALLENGE OF THE POSITION IS AN AWESOME ONE AT THIS TIME IN OUR COUNTRY'S HISTORY, HOWEVER I KNOW YOU WILL MEET THE CHALLENGE AND HELP BRING AMERICA TO A NEW ERA OF ECONOMIC GROWTH 0[4ePA/ 0 SIGNATURE: CORETTA SCOTT KING PRESIDENT THE MARTIN LUTHER KING JR CENTEP FOR SOCIAL CHANGE NNNN SF-1201 (R5-69)   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  WAA °Alt] rcji  (tc,in VIA)   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Woody: The bonus of this appointment is hearing from old colleagues ka arms.  Thanks for writing.  We'll try our best. Sincerely,  Paul A. Volcker  Mr. Woodward Kingman Executive Vice President Crocker National Bank 111 Sutter Street San Francisco, California  PAV: tb  94104  1  CROCKER MITIOMIL BARK TRUST AND INVESTMENT DIVISION WOODWARD KINGMAN EXECUT'VE VICE PRESIDENT  111 SUTTER STREET, SAN FRANCISCO, CALIFORNIA 94104  July 26, 1979  Mr. Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: News of your appointment was one of the most heartening developments in a long time, and I wanted to say how grateful we all are for your willingness to take on this Chairmanship of the Federal Reserve at a time when your particular talents are needed so much. It has been quite a few years since I had the privilege of working with you in the first Nixon administration, and it is good to know that you will be back in Washington in these critical times. With all the best wishes in your new responsibility, Sincerely,  Woodwar Ki gman WK:typ   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  'Tc.. f  r'N  s  rz'  30 197Q ANS;;:"..--RED . ATTENDED TO  A. v. ......... ............. ... ........ ........  1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Saul: Cigar or not, we may have a thing or two to discuss over the coming weeks.  Thanks for the note. Sincerely,  Paul A. Volcker  Mr. Saul B. Klaman President National Association of Mutual Savings lanks 200 Park Avenue New York, New York 10017   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ^  NATIONAL ASSOCIATION OF MUTUAL SAVINGS BANKS 200 PARK AVENUE NEW YORK, N. Y. 10017 212 973-5432  PRESIDENT  July 27, 1979  Dear Paul: Congratulations on your designation as Fed Chairman. The President has certainly chosen wisely and well--the right man for the right job at the right time. No one can fault this appointment. And, better yet, a cigar smoker: What a joy it will be to walk into the Chairman's office, cigar in mouth, rather than hunting for an ash tray in which to douse it. Incidentally, I attribute your appointment, of course, to our luncheon the other day. Seriously, Paul, I am truly delighted that you are taking over this spot. Look forward to seeing you soon in Washington. Sincerely,  Saul B.:EleaE IVED The Honorable Paul A. Volcker Chairman-Designate JUL 3 1 1979 Board of Governors of the Federal Reserve System P. A. V. c/o Federal Reserve Bank of ANSWERED New York AIJENDED TO,, New York, New York 10045   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 6, 1979  Dear Karl: I appreciate your warm note ever so much. No one is in a better position to understand the problems and teach us some fundamental truths--not only about stability--but about cooperation and friendship. My best to you and all your wonderful family. keep in touch. Sincerely,  Paul A. Volcker  The Honorable Karl Klasen President Der Deutschen Bundesbank I.R. Brabandstrasse 34 2 Hamburg 60 GERMANY  Please   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear David: I appreciate your note--which somehow slipped to the bottom of the pile.  I will really miss the Council--so  keep the ships sailing. Sincerely,  Paul A. Volcker  Mr. David Klein Executive Director The American Council on Germany 680 Fifth Avenue New York, New York 10019 PAV:sep  THE AMERICAN COUNCIL ON GERMANY 680 FIFTH AVENUE NEW YORK, N.Y. 10019 (212)397-0076  July 26, 1979  HON. JOHN J. McCLOY CHAIRMAN RICHARD M. HUNT PRESIDENT WALTER EBERSTADT TREASURER  DAVID KLEIN EXECUTIVE DIRECTOR  The Honorable Paul A. Volcker President The Federal Reserve Bank of New York 33 Liberty Street New York, New York  SARA ANN FAGIN SECRETARY  Dear Paul:  JOSEPH KASKELL COUNSEL  At last Jimmy Carter made one right decision -- appointing you Chairman of the Federal Reserve Board.  It is so well deserved!  And as a concerned  citizen of this republic, I am not only pleased, I feel much more secure.  Anne joins me in sending  our sincerest congratulations and best wishes for much success. Sincerely,  Gen Andrew Goodpaster / Frank Hoch / Dr. Richard M. Hunt / Joseph Donna R. Ecton I Hon. Robert Ellsworth / Or . Guido Goldman / Board of Directors: John Diebold / Walter Eberstadt! I John E. Rielly / Hon. Charles John J. McCloy I John McCioy II / Hon. George C. McGhee / Elizabeth Midgley / Cecil J. Olmstead Kashell ! Lane Kirkland i David Klein / Hon. Willoughby E. Rodney Jr.! D. / Wilkinson. Slater / Hon. Paul A. Volcker / Eric M. Warburg Frederick E. Saltzman I Hon. Sargent Shnver / Joseph E. Charles McC. Mathias Rep. Henry Reuss r I Rep. Don Bonker / Sen. William S. Conen I Rep. Paul A. Findley I Sen. Gary Hart Sen. 1 Anderson B. Advisory Committee: Rep. John Stevenson, Ill Rep. Samuel Stratton I Sen. Paul A. Tsongas  Sen Donald VI. Riegle. Jr. / Sen. Adlai E. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 6, 1979  Dear Burke: I appreciate the note.  I have some inkling about  what the lob is after the press notices are forgotten, and I'll need the good luck. Sincerely,  Paul A. Volcker  Mr. J. Burke Knapp International Bank for Reconstruction and Development International Development Association Washington, D. C. 20433   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION WASHINGTON, D. C. 20433, U.S.A.  July 26, 1979  The Honorable Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York City, New York  Dear Paul: Please accept my warmest congratulations on your nomination by the President as Chairman of the Board of Governors. The acclaim with which this announcement has been received says volumes about you. I only want to add my word of appreciation for your willingness to undertake this vitally important assignment and to wish you every good fortune in the execution of your task. With best regards, Sincerely yours,  J. Burke Knapp  RECEIVED JUL 3 1 1979 P. A. V. ANSWERED ATTENDED  ,•••••••11   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 34, 1979  Dear Harry: I greatly appreciate your personal note. I I don't have many illusions about the problems, but there is at least a leg up if we can work together. See you soon. Best wishes,  mr. Harry Knight Governor Reserve Bank of Australia Sydney, Australia   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RESERVE BANK OF AUSTRALIA  SYDNEY  QtdsL1 1911  j'Ar-  --A  -Lx•—%Le  • •  s  -  • -  •  16.  %.4  -  s.  •  'frtoc tNi  vo)  041. rem.. 44'.44  LIVED '3 1979 4.  ANSWERED ATTENDED TO  C  1,-S-L-d•-)4"""   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 9, 1979  Dear Mr. Vice Speaker: I appreciate your letter, and the knowledge you now have larger responsibilities.  Don't hesitate to call.  Sincerely,  Paul A. Volcker  Mr. Heung-Moon Koh Vice Speaker National Assembly of the Republic of Korea Suite 595, Grand Building Namdaemun-Ro 4-KA Chung-Ku, Seoul KOREA  1979 nun -7 ,/Citoioez/entgy  F"  DOBONG- DISTRICT SUITE 595, GRAND BUILDING NAMDAEMUN-RO 4-KA CHUNG-KU, SEOUL, KOREA TEL: 22-1341, 9200  Xftea  4 .1!.A7 .6a06-4   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Paul A. Volcker Chairman Board of Governors of the Federal Reserve System Federal Reserve Building Constitution Avenue between 20th and 21st Street Washington D.C. 20551 U. S. A.  8  July 27, 1979  Mr. Chailman, Congratulations on your promotion for the Chairman of Federal Reserve Bank of the United States of America. I am sure your profound economic-finance knowledge and plentiful experience will contribute absolutely to your economic stability. It's regretful for me that we couldn't communicate each other after you had retired from the Deputy Secretary of the Treasury Department. I have been entrusted with an important mission as a Vice Speaker of the National Assembly and busy due to holding a special assembly session. I hope I will meet you in Washington in the beginning of September if the meeting of National Assembly is closed in the near future. I wish you and your family good luck. Truly yours,  14.0L. Heu -Moon Koh Vice Speaker   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  •  August 6, 1979  Dear Paul: I appreciate the note, even if I know enough to discount all those nice press reports. I would love to help make life easier for the accounting profession (and a good many others) by chipping way at inflation but it will take a lot of support. Sincerely,  Paul A. Volcker  Mr. Paul Kolton Chairman Financial Accounting Standards Advisory Council High Ridge Park Stamford, Connecticut 06905  Financial Accounting Standards Advisory Council High Ridge Park, Stamford, Connecticut 06905 (203) 329-8401  Paul Kolton, Chairman   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 30, 1979  Mr. Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street 10005 New York, New York Dear Paul: In all of the turbulent events of the last several weeks, none has been as heartening as your being named to head the Federal Reserve Board. The public's response has been equally exciting and this quick note is to extend my congratulations and best wishes. The country, I think, is certainly fortunate.  Paul Kolton PK:rss   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 31, 1979  The Honorable Mauno Koivisto The Prime Minister Helsinki, Finland Dear Mr. Prime Minister: I am grateful for your warm note on my appointment. I will claim only that I appreciate both the importance of achieving stability in the monetary arena and the difficulties of that task. I take encouragement only from the growing feeling that stability must be restored. We will miss you in Belgrade -- perhaps someday I can make that first visit to Helsinki. Yours sincerely,  Paul A. Volcker  PAV:pg  ql grime Winister  Helsinki, August 21, 1979  HELSINKI, FINLAND   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Paul Volcker Chairman of the Board of Governors of the Federal Reserve System Washington D.C. 20551 U.S.A.  Dear Mr. Volcker,  Somewhat belatedly I would like to congratulate you very much on account of your appointment as chairman of the Federal Reserve System.  In your capacity as President of the Federal  Reserve Bank of New York you have gained the overwhelming support and trust of central bankers all over the world. Judging on the basis of the meetings I have had the pleasure of having with you, I am confident that under your leadership and with your deep insight into the international monetary problems that now are so acute the Federal Reserve will place growing emphasis on the stability of the international monetary scene.  I would have been glad to see you personally in Belgrade, but my service as prime minister prevents me from attending the meeting.  However, I look forward to an opportunity to meet  you on some other occasion in the future.  In closing I would like to assure you of my great respect for and confidence in your leadership.  I wish you every success  in your future endeavours.  Si/ncerely yours  Mauno Koivisto   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 27, 1979  Dear Mr. Kotiadis: Thank you for your message and advice. your views. Sincerely,  Paul A. Volcker  Mr. Victor G. Kotiadis  PAV:sep  I appreciate  WAA170(122S)(4-32.533S234)PD 03/.),2./79 12.25 T  T  :y! *yl  7 :7 •_) •  '  -R.D\x 44Y  .5 -7),J  L.:.)  J7)1_,X 71',  s:, )  '  ON -i'iATIMITIONS ON you73 APPOINTN-ENT AS CHAIRMAN Of%:* THE FEDc'F',AL .Rg'S'ERVE 30A).  L   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  TO C-C)MBAT INFLATION .A7-7',E: ADMIRABLE.  ?,ESERVE' TF,QUIREMENT FOR C,OMMERCI AL BANKS WILL  "  7..)  YOUR •CT.I.ONS  TO SNUFF THE, 37:3ASER OF OUR CUR:iENCY—INFLATION.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Dear Chick: It's tiken no * whits to come up from "under." but I do appreciate your note. /'11 even get it out now and again when the brickbats fly sod '49 wishes they had never heard of me Ii ii  "Paul Ism not so bashful that I won't  accept the prayer* -- sod ocamdmy vs must have a reunion, sans basketball with Biff et al. Best regards,  Paul A. Volcker  Mk., Alvin R. Kracht Senior Vice President E.T. Howard Company, Inc. 850 Third Avenue New York, New York 10022  PAV:ffmk  f   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ALVIN R. KRACHT  E.T. Howard Company,Inc. Advertising 850ThirdAvenue \ewYork,\Y10022 212-832-2000  SENIOR VICE PRESIDENT  July 26, 1979  Mr. Paul A. Volcker, Jr. 151 East 79th Street New York, NY 10021 Dear Paul: Academy Awards, All Star nominations, Nobel Prizes, so what! Let's hear it for the man whose appointment as chairman of the Federal Reserve Board is applauded around the world to the degree that the Times can say "Naming of Volcker Spurs Dow to 9.73 Point Surge". How many guys have ever had in their lives such immediate evidence of their positive effect on the world! All of your old friends who know the outstanding guy you are are rooting (yea, praying) for you all the way. But it's gratifying to me--and should be heartwarming to you--to know the vast numbers of people, in widely diverse fields, who are so delighted with your appointment,as a man they're sure they can trust. I can't be happier for you, or for our country. Kindest personal regards. Sincer ly, . if ARK/vb  P.S.  A yin R. Kracht  Now that I think of it, in my capacity as '49's Class Secretary, let me extend congratulations from the Class-though I'm sure you'll hear from many of them directly-and from the old Key & Seal basketball team. Perhaps when the Rev. Biff Wettstein comes north in mid-August there'll be some way we could have a drink with "Stretch"to celebrate.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 6, 1979  Dear Larry: After a while down here, the fishing trip may seem bliss!  I appreciate the note. Sincerely,  Paul A. Volcker  Mr. Lawrence E. Kreider Executive Vice President-Economist Conference of State Bank Supervisors 1015 Eighteenth Street, N.W. Washington, D. C. 20036  CONFERENCE OF STATE BANK SUPERVISORS 1015 EIGHTEENTH STREET, N.W. • WASHINGTON, D.C. 20036 (202) 296-2840  LAWRENCE E. KREIDER EXECUTIVE   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  VICE  PRESIDENT -ECONOMIST  July 26, 1979  Dear Paul: It was most pleasing to hear of your nomination as Chairman of the Federal Reserve Boar d. This is indeed a great honor and a sign ificant responsibility to our Nation. If this office can at any time be of assistance in your work at the Federal Reserve Board, we shall be most pleased to have the opportunity to do so. I trust things will go better with the Federal Reserve than they did at our fishing excursio n in Puerto Rico. Best wishes,  Lawrence E. Kreider  Mr. Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street New York, NY 10005  RE:CE1VED JUL 3 1 1979 P. A. V.  ANSWERED ATTENDED   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 27, 1979  Dear Governor Krogh: I appreciate your note.  Let us hope that the 'abnormalities'  are soon resolved, and we can restore effective relations. Sincerely,  Paul A. Volcker  The Honorable D. C. Krogh Reserve Bank of Simbabwe Rhodesia P.O. Box 12S3 Salisbury, Rhodesia PAV:sep  1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RESERVE BANK OF ZIMBABWE RHODESIA SALISBURY  P.O. BOX 1283  Mr. Paul A. Volcker, Chairman, Federal Reserve Board of Governors, Washington, D.C. 20551.  13th August, 1979.  Dear Mr. Paul Volcker, Please accept my sincere congratulations on your of appointment to the high office of Chairman of the Rederal Reserve Board Governors. I have not had the pleasure of meeting you personally because of the l peculiar situation in which my country finds itself vis-a-vis the internationa community, but my South African and European colleagues only speak of you with with great respect and in complimentary terms. I wish you the very best your new responsibilities and am looking forward to meeting you once my country's foreign relations are normalized. Kind regards, Yours sincerely,  0 —4‘  Governor  %   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 14, 1979  Dear Nicolas: Many thanks for your overly generous words. More important, don't let me get too insulated down here as I try to work my way through the maze. With best wishes, Sincerely,  Paul A. Volcker  Mr. Nicolas Krul Gulf and Occidental Investment Company S.A. 7, Avenue Krieg Geneva SWITZERLAND  GULF AND OCCIDENTAL INVESTMENT COMPANY S.A. 7, AVENUE KRIEG GENEVA, SWITZERLAND POSTAL ADDRESS:  SHAREHOLDERS:  P.O. BOX 218 ABU DHABI INVESTMENT AUTHORITY  CH -1211 GENEVA 17  CREDIT INDUSTRIEL ET COMMERCIAL  TELEPHONE: 022 / 46 46 11  QATAR NATIONAL BANK  TELEX: 27048  UNITED STATES TRUST COMPANY CABLES: GOIC GENEVA  INTERNATIONAL CORPORATION  Geneva, 2 August 1979 NK:pp  Mr. Paul A. Volcker Chairman designate Board of Governors. Federal Reserve System c/o Federal Reserve Bank of New York 33 Liberty Street New York, N.Y. 10045 U.S.A.  Dear Paul, May I put in writing how much I admire your decision to accept the chairmanship of the Federal Reserve Board, and how intensely I hope your action will help to finally anchor the world economy in calmer waters. As the markets showed, confidence in competence counts, and it is difficult to add to the tribute you thus so deservedly received. Let me only add that I remain as available as in the past whenever you think I can be useful. With best wishes and kgfst regards,  •  /  Cola"' t4f}351::1,.\A   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  IY3k le;  Nicolas Krul  1' 'cti,t+py 0  mi3 1 8 19.7.s; A  1  •  ANSWERED  A   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Mr. Murray Kyger Post Office Box 2260 Fort Worth, Texas Dear Murray: However belatedly, I do appreciate your note on my appointment.  By this time, the "honeymoon' is over.  we shall do our best. Sincerely,  Paul A. Volcker  PAV:ccm  But   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MURRAY KYGER POST OFFICE BOX 2260 FORT WORTH, TEXAS  August 2, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York New York City, N. Y. 10045 Dear Paul: It was both pleasing and reassuring to see you nominated as Chairman of the Board of Governors of the Federal Reserve System, and I see from today's Wall Street Journal that your nomination has been cleared by the Senate Banking Committee. With every good wish. )  44:  Yours sincerely,  -  N/A-f Murray K ger  ktVIK/11   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  September 12, 1979  Dear Mr. Lambert: However belatedly, I want you to know I do appreciate your message on my appointment. try my best. Sincerely,  Paul A. Volcker  Mx. Leon Lambert  PAV:mrk  I can only  IRE ri•ANSc OJUL 1.1 FED hES BK NI  4  G4  AM '79  ittf-OFR4L Rtsf.Ry:  NEW YORF  WU IL TEA NI!( WU04033 2129462600 TDMT NEWIOAK NI 11 07-24 0442A EST PAUL VOLCAKEA FEDERAL AESEAVE BANK OF NEW f OAK 33 L I BEA if ST WK. tsJAAMEST CONGAATULA1 I ONS TO IOU AND Jr 0Aaps A LEON LAMB EAT UCAli  ri  CEIVED Io RE us ALL  •  JUL 26 1979  tzwi' P)4/FED AES BK NY  P. A. V. ANSWERED --  WU TL TEA NYK FED AES BK NY   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ATTENDED 111.,.... ..... ....   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 17, 1979  Dear John: I appreciate the note and the honest words of an old colleague.  It's a tricky business--in the end we  need support and understanding for what we do.  Is the  public even now alarmed enough about inflation to listen? In the end I guess I will find out. Many thanks for writing. Sincerely,  Paul A. Volcker  Mr. John J. Larkin  PAV:tb  John J. Larkin  i P/-/   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ,-g.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -7  August 7, 1979  Dear Elaine: I appreciate the note, and I hope you can watch out a little for Mary Lou. Sincerely,  Paul A. Volcker  Ms. Marie Elaine A. LaRoche Morgan Stanley & Co. Incorporated 1251 Avenue of the Americas New York, New York 10020   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  MORGAN STANLEY & CO. Incorporated 1251 Avenue of the Americas New York, N. Y. 10020  July 27, 1979  Mr. Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Mr. Volcker: Congratulations on what undoubtedly is the best and wisest appointment yet made by this Administration. While the "Volcker market" rally of earlier this week was short lived, I trust that your influence and wisdom will have a more lasting impact down on the Potomac and across the seas. Good luck and best wishes. Sincerely,  Marie Elaine A. LaRoche  RECEIVED JUL 3 1 1979 P. A. V. ANSWERED ATTENDED  1..WAMINIO   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Dear Heath: As I get a little out from under, I simply want to thank you for your note on my appointment. it was a bit sudden. beginning.  And I suspect the problems are only  But please let me know when you think we are  really off track. Sincerely,  Paul A. Volcker  Mr. R. Heath Larry President National Association of Manufacturers 1776 F Street, Northwest Washington, D. C. 20006 PAV:ccm  You are right --  NATIONAL AS S OCLATION r- MANUFACTURERS  Yr  R. HEATH LARRY.PRESIDENT  July 26, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of NY 33 Liberty Street New York, NY ..................  Dear Paul: When you and I sat at dinner together several weeks ago, this particular turn of events may not have seemed highly likely. Whatever brought it on, one clear outcome is that the country does have one of the most competent Federal Reserve Chairmen that it could possibly have. It represents sacrifice on your part but I know the nation will be appropriately grateful. With every good wish -   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Sincerely, 4  rm  1 7; JUL 3 0, t-d. A. v.  A tiavERcD ......, ATTENDED TO  ....... .........•... •..... .....  1776 F Street N. W., Washington, D.C. 20006 • Phone (202) 331-3800  .......  .......................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 12, 1979  Dear Stephen: Sooner or later I do answer my mail and I appreciate your letter on my appointment. But it also means I leave the Rockefeller Foundation.  It sounds a little out of their present  line -- but good luck.  Barbara and I saw Wells and  the preservation effort (and need) in June. Best regards,  Paul A. Volcker  Mr. Stephen S. Lash Christie, Manson & Woods International Inc. 502 Park Avenue New York, New York 10022 PAV:mrk  CHRISTIE, MANSON & WOODS INTERNATIONAL INC. jedi,..Z40,reeid L9tnee 1766  August 7, 1979  Mr. Paul A. Volcker 151 East 79th Street New York, New York 10021 Dear Paul: I was delighted to hear your good news. I am only sorry that we will probably be losing you as tenants. I wanted to alert you to another matter, in your capacity as a Trustee of the Rockefeller Foundation. Specifically, my colleagues at Christie's in London are close to the people at Wells Cathedral who are making a preservation appeal in this country. In that connection they will be contacting the Rockefeller Foundation and I hope they can be given every possible consideration. Warmest regards to you and Barbara. ( Ziour-376incerely,  ep  cd  Lash  y civ'sjO)ci \ r 1. gio t4,1v  Tel: (212) 826-2888   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  NEW YORK, N.Y. 10022 502 PARK AVENUE Cables: Chriswoods, New York Telex: (710) 581 2325 International Telex: New York 620 721  6   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 14, 1979  Dear Dick: The only bonus in this job is hearing from old friends.  Many thanks, and our best to you both. Sincerely,  Paul A. Volcker P.S. Don't just forecast those regulatory trends--tell me what to do about it:  Mr. Richard F. Larsen Vice President and Senior Economist Bank of America Los Angeles, California 90071   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  BANK OF AMERICA  RICHARD F. LARSEN Vice President and Senior Economist  July 30, 1969 Mir. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045  LI  Dear Paul, Congratulations. A superb choice. Have missed you on recent trips to New York, but have had you often in mind while forecasting regulatory trends. Greetings to Barbara and the very best to you both from Chris. Sincerely yours,  Di( Richard F. Larsen, Vice President and Senior Economist RFL:ds  OVyirt 95  01 7: 1 ; \ : 4 0 k1 tf}Pj  L  C  A  V 7-7 ID  819/9  kA)'  ..•••••••MONammet  AlIENLJED TO BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION • LOS ANGELES 90071  ,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -7  August 10, 1979  Dear Mr. Laure: Many thanks for the warm note, but more important don't deprive me of your wisdom and insights. Sincerely,  Paul A. Volcker  Mr. Mauria Laure President Societe Generale 29 Boulevard Haussman Paris FRANCE  SOCIETE GENERALE TELEPHONE 266-54-00 29, BOULEVARD HAUSSMANN ADH TELEGR GENERALAT PARIS  CovvvyV" -Parse, le-  LE  PRESIDENT  77L:  4tmA )) /14•  CCAAVVVA  We/a  v4A-1  all4v. /4)  tre,  01 . I  fru..  . V4,AAAI crt tr .  ivvtIv%A/  76/AA  ortm-t-y.,wAAAA4  c4-culvfr ekv•-4-1 v'41  IsAAa.  vvalt^^^-  0A okcA:A1-1"--  01-^"Al  Ot4"-et  • c„,....A..,tmkt: , 0-tAM At.WAAAA1 1  vt„ru-m SOCIETE ANONYME FONDEE EN 1864 _ cApITAL F 864 MILLIONS - SIEGE SOCIAL A PARIS 29, BD HAUSSMANN - R. C. PARIS B 552 120 222   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23,1979  Mr. R. W. Lawson Senior Deputy Governor Bank of Canada Ottawa KlA 0C9 Canada Dear Bill: I much appreciate your warm note, however belated my reply.  I at least share the conviction we are all in this boat  together, and we'd better "hang together" if it's not to be separately.  But that doesn't produce the substantive answer:  Hope to see you soon. Best wishes,  Paul A. Volcker  PAV:pg  3ank of Canada • Banque du Canada  Ottawa KlA 0G9 July 25, 1979.  Mr. Paul A. Volcker, President, Federal Reserve Bank of New York, Federal Reserve P. O. Station, New York, N.Y. 10045.  Dear Paul, I am writing to tell you of my enormous pleasure at this morning's news that you have been nominated as Chairman of the Board of Governors of the Federal Reserve System. I send my warmest congratulations and best wishes. I think that all of us outside the United States who believe that there is an extremely tight link between the welfare of the United States and the welfare of the international community will be greatly heartened .that you will be presiding over the affairs of the Federal Reserve System. I know well how difficult a job you are taking on, but I am sure that you will do it with great distinction.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  With warmest personal regards.  tiv  Yours sincerely,  )2<0 ittfJ  RECEVED voiv\  R. W. Lawson, Senior Deputy Governor.  2 1979  k  01/  A.  '16)  V. P. NM ER ATTEN ED T0_,  •  oeAe  _AL   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 22, 1979  Dear Chuck: By all means, do find the time for those suggestions directors and insights. My sense is that morale among banks and some of has not been where it should be and while I think I know the reasons, New York may not be a typical situation. I take no convincing that the lasting strength of the System depends at least as much on the "roots' in the country as anything we do down here. So I look forward to seeing you here or there. Meanwhile, thanks for writing. Best regards,  Paul A. Volcker  Mr. Charles Y. Lazarus Chairman Lazarus Columbus, Ohio 43216  jmr   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  LAZARUS OHIO  COLUMBUS,  43216  CHARLES Y. LAZARUS  August 16, 1979  CHAIRMAN  Mr. Paul A. Volcker, Chairman Federal Reserve Board Twentieth & C Streets Washington, D. C. tiv  Dear Mr. Volcker: This is just a note to congratulate you on your new role as Chairman of the Federal Reserve. As one of the directors in the fourth district, I just want you to know how delighted we are that you are where you are. Knowing Bill Miller as well as I did and having worked with him from time to time, I had told him that at the end of my second three year term, which is up this year, that at some point, I would like to discuss with him the position and responsibility of the directors of the district banks, hoping that I might pass on some further helpful suggestions and insights. He had not had the experience that you have, hence, it might not be as worth while. If, however, there is anything that I can ever do for you, please don't hesitate to call on me. My kindest regards. Sincerely,  (--e.77Z, lrA  Charles Y. Lazarus  1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 28, 1979  Dear Fred: I appreciate the note  and the attachment.  I count it as intellectual progress, but I don't underestimate the problem of real progress. Sincerely,  Paul A. Volcker  Mr. Fred J. Leary, Jr. Consultant Bank of Ireland 640 Fifth Avenue New York, New York 10019 PAV:slw   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Bank crlrelana New York Branch,640 Fifth Avenue New York NY 10019 Telephone 212-397-1700 Cable Eirebank Fred J. Leary, Jr. Consultant  July 30, 1979  Mr. Paul A. Volcker Federal Reserve Bank of New York 33 Liberty Street New York, N. Y. 10045 Dear Paul: May I add my congratulations to the many I know you have received upon your appointment as Chairman of the Federal Reserve Board. This is a period presenting many new challenges, not the least of which is insidious inflation. It will take much patience and understanding on the part of all concerned to deal with this serious problem. Your appointment lends a great deal of confidence that in time we will succeed. Incidentally, I thought you might get a "kick" out of the enclosed editorial which appeared in the "World Telegram" in October, 1961. It looks like we have a long way to go. Very best wishes for every success. Sincerely,  enc.  Removal Notice The item(s) identified below have been removed in accordance with FRASER's policy on handling sensitive information in digitization projects due to copyright protections.  Citation Information Document Type: Article excerpt Citations:  Number of Pages Removed: 1  "Any Is Too Much." World Telegraph, February 16, 1961.  Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  ••-•   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Dick: Thanks so much fS r your warm note and words. The send off has been wonderful.  Now, the work  (and soon the brickbats) will follou! At least  s an interesting life.  All the best. Sincerely,  Paul A. Volcker  Mt. Richard K. LeBlond, II  PAV:tb  n  •M cruvimin  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  L  - I  tr!  ,y U  C   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  v ,1  • C.  IL  1 1 (.. . C. L_ i / _I  (t (  ---e-1_ 1. ••••  L•  RECEIVED AG  2 1979  P. A. V. ANSWERED ATTENDED TO  (   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 27, 1979  Dear Luis: Many thanks for your note, and for bringing back the memory of that most pleasant lunch at your family place.  Barbara and I have often recalled the  occasion. We shall try our best. Sincerely,  Paul A. Volcker  Mr. Luis G. Legorreta Consejo de Administracion Presidente de Honor Banamex Isabel La Catolica 44 Mexico 1, D.F.  PAV:tb  IS   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  r,  1  1979 AUG 23 (17 10: 51  Banamax Banco %clonal de Mexico,S.A.  ;  INSTITUClON PRIVADA DE DEPOSIT°,MORRO Y EIDUGARIA  ISABEL LA CATOLICA 44.MEXICO 1, D.F..TELEFONO 5.18.90-20  CONSEJO DE ADMINISTRACION PRESIDENTE DE HONOR  Mexico, D.F., August 13, 1979  Mr. Paul A. Volcker Chairman Federal Reserve Bank Washington, D. C. U. S. A.  Dear Mr. Volcker: Remembering the occasion of your visit to Mexico to attend the International Monetary Conference in May, when my family and I had the pleasure of your company at lunch in our farm, I wish to congratulate you for your appointment as Chairman of the Federal Reserve Bank, and to extend to you my sincere votes for a complete success in your new heavy responsibilities, which you now have on your shoulders. Sin erely yours.  Luis G.  gorreta  r oat\ri   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 22, 1979  Dear Robin: Many thanks for your letter and good wishes. I've had a wonderful send off.  Now the work begins to  see whether we can justify some of the confidence: Sincerely,  Paul A. Volcker  Mr. Robin Leigh-Pemberton Chairman National Westminster Bank Limited 41 Lothbury London EC2P 2BP, England  PAV:mrk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ir4 Chairman  1919 nu  National Westminster Bank Limited 41 Loflabury, London EC2P 2BP P'• 53  15th August, 1979  I have returned from vacation to find myself in the new world created by your appointment as Chairman of the Federal Reserve Board. I send you my most respectful and warm congratulations on such a distinction and assure you of the pleasure and confidence which the news of the choice of yourself by the President received here in London and in particular among your friends in the National Westminster Bank. I know that everyone here will join me in sending you not only our congratulations but our sincerest good wishes for success in the great tasks which lie ahead of you. I assure you of our warmest support.  'txf4LAd. Mr. Paul A. Volcker, Chairman, Federal Reserve Board, Twentieth Street and Constitution Avenue, Northwest, Washington, D.C.20551, U.S.A.  JLW   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 8, 1979  Mr. John E. Leslie Chairman of the Policy Committee Bache Group Inc. Bache Plaza 100 Gold Street New York, New York 10038 Dear John: Thanks so much for your warm note.  I put a little discount  on all that nice press--it has a short half life. Sincerely,  Paul A. Volcker  But I shall try!   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 13, 1979  Dear Rabbi Levine: Many thanks for your good wishes1 not to disappoint you. Sincerely,  Paul A. Volcker  Rabbi Joseph Levine  KO:smk #1627  T'll do my best  a   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Bacha Group Inc. Bache Plaza,100 Gold Street New York, N.Y. 10038(212-791-1000) Operating Subsidiary: Bache Halsey Stuart Shields Incorporated  John E. Leslie Chairman of the Policy Committee  July 30, 1979  Dear Paul: It gives me genuine pleasure and immense satisfaction to be able to write this letter of congratulations. Your choice to become Chairman of the Board of Governors of the Federal Reserve System is the best news we have had for a long, long time. Permit me to say that your very exceptional great judgment and knowledge of the field is now receiving a very well deserved recognition. I wish you well in your very difficult assignment and trust that, in spite of the difficulties, you will be successful. It so happens that I returned late last week from an extensive trip in Europe--Germany, France and a long stay in London. The response of the press overseas to this news over all was most heartening, particularly after having read many unfortunately unfavorable stories over the last few weeks. It was very good news. Again, many good wishes and all my best. Always yours, ?  n E. Leslie /-4 Hon. Paul A. Volcker Chairman of the Board of Governors Federal Reserve System 21st and C Streets, N.W. Washington, D.C. 20551  40iNT   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  RABBI JOSEPH LEVINE  MOUNT SMIAI CONGREGA-noN TEX' ;1 f_  lik1tA  TEXAS  1"{i aA_  &ibc.eAir  0  1  c7b  rtA4 uLiL cksA  rt4T A " ,t_fk-424A e)426'. t „6-,Loev-P-444 /t ) Q:-6g`  ri  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed:  Author(s): Clyde H. Farnsworth  Title:  Consummate Monetary Tactician: Paul Adolph Volcker  Date: Journal:  The New York Times  Volume: URL:  Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org  WORLD BROTHERHOOD PROGRAMS 1972  Rev, R. A. McCurry, Pas+^r of the Polly Chapel Baptist Church and President of the Texarkana Ministerial Alliance, takes pleasure in announcing the World Brotherhood Schedule for 1972. Rabbi Joseph Levine, Chairman of the local Inter-Faith Committee, will have the cooperation of the Protestant and Catholic clergymen for the various programs. On Sunday afternoon, January 30th, at 2 o'clock, the Federal Correctional Institution will have a brotherhood program. On Tuesday, February 1, at 12 o'clock noon, the Texarkana Oaklawn Rotary Club will have a brotherhood program. Wednesday, February 2nd, at 12 o'clock noon the Texarkana Noon Kiwanis Club will conduct a brotherhood program. On Thursday, February 3rd, at 12 o'clock noon, the Downtown Rotary Club will have a brotherhood program. Friday, February 4th, at 12 o'clock noon, the Jay-Cees will present a program on brotherhood. Monday, February 7th, at 12 o'clock noon, the Lions Club will conduct a brotherhood program. Monday, February 7th, at 6:30 p.m. , the Evening Kiwanis Club will present a program on brotherhood. Tuesday, February 8th, at 12 o'clock noon, the Optimist Club will conduct a brotherhood program. Wednesday, February 9th, at 10:00 a.m., Washington Sixth Grade School will have a brotherhood program, at which time Rabbi Joseph Levine will speak on the subject "Lincoln Belongs to Every Church". Thursday morning, February 10th, at 7:00 a. m. , the Twin Cities Kiwanis Club will present a program on brotherhood. Friday morning, February 11th, at 8:40 a. m. , Texarkana, Arkansas, High School will have a brotherhood program. On February 16th (Wednesday) at 6:30 p.m. a dinner will be held at First Methodist Church - Arkansas, and Rabbi Joseph Levine will review the book Heaven Help Us by Rabbi Herbert Tarr. Thursday, February 24th, at 10:00 a.m. , Texarkana, Texas High School will have a brotherhood program. Radio Station KOSY will present a world brotherhood program in February. The Rev. Oran Coble will occupy the pulpit of the Mt. Sinai congregation on Friday evening, February 25th, at 7:45. Following the service there will be a social hour. On Sunday morning, February 27th, at 11:00 a. m. , Rabbi Joseph Levine will occupy the pulpit of the Central Christian Church. His subject will be "THE PSALMS".   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CALENDAR OF FAMOUS FIGURES AND EVENTS IN AMERICAN HISTORY ******************** from: Rabbi Joseph Levine (Chairman, "God and Country Division")  1)  September:  JAMES MADISON CONSTITUTION  2)  October:  THEODORE ROOSEVELT, 26th President of the United States  3)  November;  JUDAH PHILIP BENJAMIN, Attorney-General Secretary of War and State in the Confederate Cabinet  4)  December:  ROGER WILLIAMS Founcler of Rhode Island  5)  January:  ROBERT E. LEE  6)  February:  WASHINGTON AND LINCOLN  7)  March:  MARY DODD LINCOLN  8)  April:  PROFILE OF A PRESIDENT - LINCOLN AND THE ASSASSINATION  9)  May:  LAW DAY  tueii  FLAG DAY  10   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Arthur: Nany thanks for the note -- from you it means so much.  All I can do is try.  best regards. Sincerely,  Paul A. Volcker  Mr. Arthur Levitt   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ARTHUR  LEVITT  July 26, 1979  The Hon. Paul Volcker President Federal Reserve Bank of New York 33 Liberty Street 10045 New York, New York Dear Paul, The nation is to be congratulated upon your appointment as Chairman of the Federal I share the general expectation Reserve Board. that you will fulfill the important responsibilities of this position with distinction, and I wish you Godspeed and every measure of success in that endeavor.  Sincerely,  Arthur Levitt  AL/bk   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 9, 1979  Dear Herman: Only you would produce Cream Soda to help handle those luxurious central sank lunches. The New York history is showing. Don't hedge on those forecasts and send them on. My best to may. Regards,  Paul A. Volcker  Dr. Herman Liebling  PAV:ccm   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -IeIzelo Adi/A4 ek-o•u•  •  •  ase id/0a  " r i ttr Atr  44‘ ettliPvt- • /O C  tA  4- /11444 f  wt,  f  vttivittl, , 11 01v. kla"/P  Mk.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7. 1979  Dear Jean Many thanks for your warm good wishes.  In the last  anal7sis, it seemed worth a try, but I am the last to underestimate the difficulties. Sincerely,  Paul A. Volcker  Ms. Jean M. Lindberg Vice President George B. Buck Consulting Actuaries, Inc. Two Pennsylvania Plaza New York, New York PrOl  George B. Buck Consulti,. Actuaries, Inc. Two Pennsylvania Plaza, New York, New York 10001 Telephone 2121279 4400  July 30, 1979  RECEIVED 3UL  Mr. Paul A. Volcker Chairman Designate Board of Governors Federal Reserve System c/o Federal Reserve Bank of New York 33 Liberty Street New York, N. Y. 10045  3 1  1979  ANSWERED ATTENDED TO...,  BUC& CuNSULTANTS  1.1.111N1PAW,.  tfialL. t  4.110.11tf_ta.  Dear Paul: I wholeheartedly share in the country's great delight upon your appointment as Chairman of the Federal Reserve Board of Governors. Leaving your present high level position to take on the additional burdens of such an important and sensitive post should earn you ratitude of everyone interested in !U the financial health of the United States and world economics. I know you will do an outstanding job. If ever there is any way I can be of assistance or service to you please do not hesitate to let me know. Best regards. Sincerely, GEORGE B. BUCK CONSULTING ACTUARIES, INC.  Lindberg resident JML:MAA  a subsidiary of Buck Consultants. Inc  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 6, 1979  Dear Sol: I don't know whether I should blame it all on you, but I do appreciate the warm words.  best.  Lots of problems, but all we can do is try our I'm looking forward to visiting in person. Regards, Sincerely,  Paul A. Volcker  Mr. Sol M. Linowitz Coudert Brothers One Farragut Square South Washington, D. C. 20006  COUDERT BROTHERS ATTORNEYS AND COUNSELLORS AT LAW  ONE FARRAGUT SQUARE SOUTH WASHINGTON, D. C. 20006  TELEPHONE 202 783-3010 CABLE  July 26, 1979  "TREDUOC" WASHINGTON TELEX INTL: RCA 248594 DOMESTIC: 89432   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  The Honorable Paul A. Volcker Chairman Federal Reserve Bank of N.Y. 33 Liberty Street New York, New York 10045  NEW YORK 200 PARK AVENUE NEW YORK. N.Y. 10017 SAN FRANCISCO THREE EMBARCADERO CENTER SUITE 2680 SAN FRANCISCO, CA. 94111 FAM5 .ES 52, AVENUE DES CHAMPS-ELYSE 75008 PARIS LONDON 49-51 BOW LANE LONDON EC4M 9DL BRUSSELS RUE BELLIARD, 20, BOX 11 B-I040 BRUSSELS HONG KONG 20 CHATER ROAD HONG KONG SINGAPORE 5 SHENTON WAY SINGAPORE 1 TOKYO NEW AOYAMA BUILDING W-I352 MINAMI AOYAMA I-CHOME MINATO- KU. TOKYO 107 JAPAN JANEIRO RIO DE ULHOA CANTO. REZENDE. NEVIANI E GUERRA AV. ALMIRANTE BARROSO, 81 20000 RIO DE JANEIRO, R. J  Dear Paul: I want to join your many other friends in extending my warmest good wishes on your appointment as Chairman of the Federal Reserve Board. It gave me the greatest pleasure to offer the President my most enthusiastic endorsement of Paul Volcker. I'll be looking forward to extending my warm good wishes in person. With best regards,  RECEIVED JUL 3 1 1979 .  ANSWERED ATTENDED TO.  V.  ...... •1   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Ken: Many thanks for the note. We'll see about this "long stay." I've still got half a foot in New York, but quite a challenge down here. Sincerely,  Paul A. Volcker  Mr. Kenneth Lipper One New York Plaza New York, New York  PAV:slw  10004   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  AI  =I\  i  I   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  September 7, 1979  Dear Mr. Lipperheide: I appreciate your note and good wishes. Theee is no doubt about the difficulties -- but it helps that so many have a clear appreciation of them. Sincerely,  Paul A. Valcker  Mr. Federico Lipperheide First Vice Chairman Banco de Vizcaya Vizcaya, Spain  PAV:ccm  11•••   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  FEDERAL RESERVE 3ANK OF NEW YORK NEW YORK.N.Y.I0045 AREA CODE 212 791-6173  PAUL A. VOLCKER PRESIDENT  August 2, 1979  Dear Paulo: I appreciate the message--you know something of the probler4 Sincerely,  au) Paul A. Volcker  Mr. Paulo Pereira Lira President Banco Central De Brasil Caixa Postal No. 1102/11 Brasila-DF-Brazil 70.000   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  1"uirize'27' 1 :  '/  .carczy -en--) PARTICULAR  Bilbao, August 28, 1979  Mr. Paul A. Volcker Chairman, Federal Reserve Board Washington D. C.  Dear Mr. Volcker:  Upon my return from vacation I read of your appointment as Chairman of the Federal Reserve Board and would like to take this opportunity to wish you the very best of luck and success in this new and challenging assignment in which, c onsidering current circumstan ces, you will undoubtedly be faced with many sharp difficulties. With kindest personal regards, Yours sincerely,  pue heide Fe erico First Vic Chairman  .  c';  I  ;<  ), V  T -2,  T  /  I3  N NNNN   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ‘7,  -;  3 '-`.1  A  )1",11_. VI' :DNS A ND 3 `.7 T C  1  7 13  1 7/1 S  -  )  -3  I 13 A  r  1—  1  -3 )  7  7n  -   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Dear Gerry: Many thanks for your note.  Among the "downs"  of this job is the fact so much else has to be given up, including some of those extra-curricular activities we have shared. But wits can look at the same problem from a different  ans1401  Best regards. Sincerely,  Paul A. Volcker  W. Robert Gerald Livingston President The German Marshall Fund of the United States 11 Dupont Circle, N.W. Washington, D.C. 20036  PAV:tb  -0.±44.0404--  THE GERMAN MARSHALL FUND OF THE UNITED STATES A MEMORIAL TO THE MARSHALL PLAN  11 Dupont Circle, N.W., Washington, D.C. 20036 (202) 797-6430 Cable: GMFUS Telex: 248329 CEIP  July 26, 1979  The Honorable Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, NY 10045 Dear Paul: On behalf of our Board and myself, I want to extend best congratulations. on your nomination. The country is fortunate that you are coming back to Washington. Those of us involved professionally with Europe are especially aware of what your appointment has already done to calm the waters and your talents will do to overcome current economic problems between European countries and ours. You have very best wishes from us all for every success in this and all your endeavors at the Fed. Sincere]  Robert Ger.,  ingston  P. i!,+. V. ... ANSWERED......... .. . ISITENDED  BOARD OF TRUSTEES: William M. Roth, Chair; Elizabeth Midgley, Vice Chair; Arlin M. Adams; Irving Bluestone; William H. Donaldson, Treasurer; Marian W. Edelman; Bernard R. Gifford; Guido Goldman; Thomas L. Hughes, Secretary; Carl Kaysen; John E. Kilgore, Jr.; Moon Landrieu; Robert Gerald Livingston; Joyce D. Miller; John L. Seigenthaler: Eugene B. Skolnikoff; Richard C. Steadman; Howard R. Swearer; Russell E. Train.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Robert Gerald Livingston, President  C. Kenneth Orski, Vice President  1111•Plek   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 15, 1979  Mr. J. Bruce Llewellyn President Overseas Private Inveshment Corp. 1129 20th Street, Northwest Washington, D.C. 20527 Dear Bruce: I appreciate both the note and the point of reservation -- but I did get a good night's sleepl I will give you a call when things settle down. Best wishes,  Paul A. Volcker  PAV:ccm  OVERSEAS PRIVATE INVESTMENT CORPORATION 1129 20th Street, NW. Washington, D.C. 20527 Telex-OPIC Wsh 89-2310  August 2, 1979  Honorable Paul A. Volcker Chairman-Designate Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul:  Office of the President   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  appointment Just a short note to congratulate you on your recent Board. Since by President Carter to head the Federal Reserve I have no you and I have known each other for quite some time, the head doubt that you will do more than an outstanding job as were of the Fed. However, I did not know until today that you Board from the Treasury Department's representative on OPIC's with a 1971 to 1974, so, it is obvious that your association and better fine organization such as this can only lead to bigger things. doubt. If you However, I do have one reservation and maybe one rn Shuttle to remember, the last time we met was on the Easte at approxiNew York that sat on the runway for 2% hours and, return to the mately 8 p.m. you, along with others, demanded a much sterner stuff, terminal and debarked. However, being made of while, I am sure, I hung on and arrived in New York at 11:45 p.m. one moment of failure you had already been asleep for hours. That e in charge of the can be resolved and I am happy to know that you'r country's monetary system. please give me When you come to Washington and have some time, a ring. s. Again, my best regards and sincere best wishe Sincerely,  .B  ce Llew.EIl  RECEIVED 1-kLIG  At i  7 1979  •••••••11.  4  M.•   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 15, 1979  Dear Frank: Many thanks for the note.  All those  news reports covered me for a week -~ now thw.work begins. Tight lines,  Paul A. Volcker  Mr. Frank U. Logan Chairman Dominion Securities Post Offiee Box 21 Commerce Court South Toronto, Canada M5L 1A7  Donthjipn  Securities  .....  .....  .....  DOMINION SECURITIES LIMITED  Post Office Box 21 Commerce Court South Toronto Canada M5L 1A7 Telephone 362-5711  D. H. Ward F. H. Logan A. S. Fell G. S. Dembroski J. B Pitblado M H. Wilson C R. Younger G. M Black D. L. Erwood  July 26, 1979.  .......... ...... ..........  ..... ......  Mr. Paul Volcker, Chairman, The Federal Reserve Board, c/o The Federal Reserve Bank of New York, 33 Liberty Street, New York, N.Y. 10045 Dear Paul, Congratulations on your appointment to the position of Chairman and best wishes for continued success. All of your friends are delighted! Our Economist's Department in an internal memorandum prompted by your selection stated "the choice could not have been better." These sentiments are widely shared both here and abroad. I look forward to our next meeting for the opportunity to wish you well in a less formal way.  (_-- Frank H. Logan Chairman  FHL.bn  _  ...  .....  •  Toronto, Montreal, Vancouver, New York, London, Hong Kong and 21 other offices in Canada.  Associated with Baring Brothers & Co. Limited and Morgan Grenfell & Co. Lirr.iited. London. Eng. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 23, 1979  Mr. I. A. Long Chairman of the Board Southwest Bank Kingshighway at Southwest St. Louis, Missouri 63139 Dear Mr. Long: I appreciate your note on my appointment. work begins:  Let's hope for the best. Sincerely,  Paul A. Volcker  jmr  Now the  SOUTI WHST  BANK  KINGSHIGHWAY AT SOUTHWEST • ST. LOUIS, MISSOURI 63139 • PHONE: 776-5200  BOARD AND CEO   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  July 26, 1979  Hon. Paul C. Volcker, President Federal Reserve Bank 33 Liberty Street New York, N.Y. 10045 Dear Mr. Volcker: I would like to extend my sincere congratulations on your appointment as Chairman of the Board of the Federal Reserve System. I feel confident that the Senate will confirm your appointment. We are fortunate to have this important position filled by a mAn of your qualities.  Chi iifl of the Board & CEO IAL/mlb  3A 41611  MEMBER: FEDERAL DEPOSIT INSURANCE CORPORATION  '  FEDERAL RESERVE SYSTEM   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 7, 1979  Dear Ben: I guess I know the monetary equivalent of a touchdown -- and we need one.  All I can do is try.  Thanks so much for writing. Sincerely,  Paul A. Volcker  Mr. Ben F. Love Chairman of the Board and Chief Executive Officer Texas Commerce Bancshares, Inc. P.O. Box 2558 Houston, Texas 77001  PV/tn  TEXAS COMMERCE BANCSHARES,INC.  BEN F. LOVE Chairman of the Board and Chief Executive Officer  July 26, 1979 P. 0. Box 2558 Houston,Texas 77001  Mr. Paul A. Volcker Chairman Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: Reporter Clayton Cox of the Houston Post has reflected to its readers my strong endorsement of your nomination. One speaks of Earl Campbell in hushed and reverent tones in Houston. I have no doubt that the same respect will be displayed when the name of Paul Volcker is mentioned relating to the conduct of monetary affairs once you assume this singularly important post. Your many friends at Texas Commerce stand ready to work with you and support you. Most sincerely, 2  BFL:pjg Enclosure   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Texas Commerce Bancshares. Inc.  Ben F. Love  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: article  Pages Removed:  Author(s): Clayton Cox  Title:  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  ................ FEDERAL RESERVE BANK OF NEW YORK NEW YORK,N.Y. i0045 AREA CODE 212 791-6173  PAUL A. VOLCKER PREsIDENT  August 1, 1, 479  Dear Jerry: Many thanks for your congratulations and good wishes.  I suspect you have not seen .....................................................................  the last of me.  ......................................  Sincerely,  Paul A. Volcker  Mr. Gerald M. Lowrie Executive Director Government Relations American Bankers Association 1120 Connecticut Avenue, N.W. Washington, D.C. 20036  ...  .......................... .. .. ....... ..... . .............. .... ........................................................... • • ....  ............................................................................ ........ • ........... ...............................  ........ ........... .. ........................  .....  . ...................................................... ............. .............................................................  • ................ ...........................  ......... .... . .  ....... .. ....  ....  ... ................. ... ....  ............. .......  ............................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ..... ....  •.  .• .............................   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  AMERICAN BANKERS ASSOCIATION  1120 Connecticut Avenue, N.W., Washington, D.C. 20036  EXECUTIVE DIRECTOR GOVERNMENT RELATIONS Gerald M.Lowrie 202/467-4097  July 27, 1979 Dear Paul, cast Let me add my sincerest congratulations to the a great of thousands you are hearing from. You are choice. John Perkins asked that I send the few enclosed items over to you as reference material for your review prior to the confirmation hearing. We look forward to an early visit.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 22, 1979  Dear Mr. Loy I appreciate your note, and I look forward to seeing you soon. Sincerely,  Paul A. Volcker  Mr. Percy W. Loy Kubla Khan Food Company P.O. Box 42222 Portland, Oregon 97242 PAV:sep  KUBLA KHAN , C)01) CO Po BOX 42222 PORTLAND OR 97242  1111  ILLIII Ma  western union  4.ckIES POSTA?° f ® 41 0 0 m ud 27  ahgram,21.1 g D *  U.S.MAIL  4.1.016682S230 08/ 1 8/79 ICS IPmRNCZ CSP WSHB 5032347494 MGM TORN PORTLAND OR 100 08.418 1232P EST  ▪ -  HONORABLE PAUL A vOLCKER, CHAIRmAN BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON DC 20551  CONGRATULATIONS ON YOUR RECENT APPOINTMENT TO CHAIRMAN OF THE FEDERAL RESERVE OUR SINCERE BEST WISHES IN SUPPORT IN YOUR NE w POSITION, I LOOK FORwARD TO THE PRIVILEGE OF MEETING YOU AT OUR NEXT CONSUMER ADVISORY COUNCIL MEETING RESPECTFULLY «PERCY W LOY 12:34 EST MGMCOmP MGM   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  TO REPLY BY MAILGRAM, SEE REVERSE SIDE FOR WESTERN UNION'S TOLL - FREE PHONE NUMBERS  m *   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 16, 1979  Dear Shel: I appreciate both the note and your realism. isn't exactly usuable in the gas tanks. My best to Marianne and you. Sincerely,  Paul A. Volcker  Mr. Sheldon B. Lubar Lubar & Company, Incorporated 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 PAV:sep  Money  LUBAR & CO.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  INCORPORATED  ,2  777 EAST WI S CON SIN AVENUE MILWAUKEE, WISCONSIN 53202 TELEPHONE 414 291 9000  August 10, 1979  Mr. Paul A. Volcker Chairman Federal Reserve System Board of Governors 20th Street & Constitution N. W. Washington, D. C. 20551 Dear Paul: Congratulations ---like everyone else I was overjoyed at your selection as Chairman of the Fed. The international acclaim and endorsement of your appointment reflects your welldeserved stature and you should have genuine pride in this reaction. I know you will be carrying a heavy burden and more is expected of you than any one person can produce. From my view, unless we have a national energy policy that includes "free market" pricing of crude oil and gasoline, no amount of monetary policy or presidential pronouncements will save us from a deteriorating balance of payments and domestic inflation. You will have a strong voice in Washington and I know you will use it wisely. With best personal regards to Barba''. and yourself, I am, j Sin 1.4. / erely,  heldon B. Lubar kh  FEDERAL RESERVE BANK OF NEW YORK NEW YORK, N.Y.  10045  ......... • .......  AREA CODE 212 791-6173  PAUL A. VOLCKER PRESIDENT  August 1, 1979  Dear Chuck: I appreciate your note of congratulations.  I have some sense of  the bleakness of the environment, but all I can do is try. Sincerely,  ............  Paul A. Volcker  •.. ...............  Mr. Charles F. Luce Chairman of the Board Consolidated Edison Company of New York, Inc. 4 Irving Place New York, New York 10003   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CONSOLIDATED EDISON COMPANY OF NEW YORK, INC. 4 IRVING PLACE, NEW YORK, N. Y. 0003  CHARLES F. LUCE  ktECEIVED  CHAIRMAN OF THE BOARD  /i7 y  JUL 2 7 1979 A. V.  ANSWERED ATTENDED TO  7444,(0 e( ( 71E,;-ti  frA4 04.  .  114"?CIA' LI  AfPf14t) eLaAA044‘4A4  47A feti-u4ot  7  o(fe;ILt ridb4 /4-7h 4 r 4_611 /441,24 s  1(t  --   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  August 22, 1979  Mr. Franz J. Lutolf General Manager and Member of the Executive Board Swiss Bank Corporation Basle, Switzerland Dear Franz: Many thanks for your note. The initial reaction has, as you say, been wonderful. Now, the real work begins and I will await the stones and arrows. The problems are great--but I don't forget (hey (and the solutions) are not just national. Keep in touch--isolation is an occupational hazard around here. Best wishes. Sincerely,  Paul A. Volcker  jmr  SWISS BANK CORPORATION SOCIETE DE BANQUE SUISSE  SCHWEIZERISCHER BANKVEREIN  SOCIETA DI BANCA SVIZZERA  Basle, August 13, 1979  FRANZ J. LUTOLF General Manager and Member of the Executive Board   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Mr. Paul A. Volcker Chairman of the Board of Governors FEDERAL RESERVE SYSTEM Twentieth Street and Constitution Avenue, Northwest Washington, D.C. 20551  22.7. •0  U.S.A.  Dear Paul, The way your elevation to the post of Federal Reserve Chief has been received by Congress and the Administration as well as by the banking and business communities on either side of the Atlantic has been most impressive. And the manner in which the stock markets and the currency markets around the globe have reacted must have filled you with great joy and satisfaction. I would like to join all those who have written to you and would like to offer you my warmest congratulation and my most sincere wishes. Personally and professionally, I am very pleased to see somebody at the top of the Fed who has so eminently demonstrated on many occasions in the past his concern for the internal and external value of the dollar. As I tried to point out in my address in New York earlier this year, the future of the Free World economic and political systems is closely linked to the soundness of the dollar, internally and externally. I do hope we shall find time to compare notes once in a while. In the meantime, again, you have my very best wishes. With best personal regards, Very sincerely yours,   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON. D. C. 20551  I appreciate the note--and I suspect I  Mr. Ray Liddane 1 Queens Court Pickens, South Carolina  (A yp   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  cd-
Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102