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http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  INN CONGRATULATORY LETTERS - Mc-N-0  Collection: Paul A. Volcker Papers 79 Call NuberMC2: m  Box 7  Preferred Citation: Congratulatory Letters: , 1979; Paul A. Volcker Papers, Box 7; IIIi Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collections/MC279/c118 and https://fraser.stlouisfed.org/archival/5297 The digitization ofthis collection was made possible by the Federal Reserve Bank of St. Louis.  From the collections of the Seeley G. Mudd Manuscript Library, Princeton, NJ These documents can only be used for educational and research purposes ("fair use") as per United States copyright law. By accessing this file, all users agree that their use falls within fair use as defined by the copyright law of the United States. They further agree to request permission of the Princeton University Library (and pay any fees, if applicable) if they plan to publish, broadcast, or otherwise disseminate this material. This includes all forms of electronic distribution.  Copyright  -nle 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 I,.be directed to: Seeley G. Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 I8-3385 (fax) @princeton.edu   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  September 25, 1979  Dear Mr. McCabe: I was delighted to hear from you. I, of course, knew Allan Sproul (mostly from a very subordinate position) personally, but Win Riefler only by reputation. They remain great names in Federal Reserve history, and I wish we had more like them. Some day, I would love to hear more of those days of the "Accord." All of we who follow in your footsteps are indebted to you and that period. I trust we will keep the faith. Thanks again for writing, and for the kind words. I appreciate it. Sincerely,  Mr. Thomas B. McCabe  PAV:mrk #1978   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  A  ISIS SEP 71  n:51  THOMAS 13. McCABE  September 18, 1979  Mr. Paul A. Volcker Chairman, Board of Governors of the Federal Reserve System Washington, D. C.  Dear Paul:  I was thrilled by your appointment as Chai rman of the Board of Governors of the Federal Reserve Syst em and follow all the news items on your opinions with great interest. I have a copy of your excellent statemen t before the House Budget Committee. I congratulate President Carter for using good judgment in your selection. My friends who know you and your background think you are the ideal chairman for this critical period in Federal Reserve history. I have always had great respect for the pres idents of the New York Federal Reserve Bank, especially Alla n Sproul. He and Win Riefler were my close advisers when I was in your position. Allan was a real pragmatist in advising me on money and credit problems. I recruited Win Riefler from the School for Adva nced Study at Princeton. He had one of the most creative minds I have ever encountered. Early in 1951 I urged the Treasury to appoint Bill Martin to meet with Riefler to reso lve the differences between the Treasury and the Federal Rese rve. I met with great resistance from the Treasury , but they finally agreed. It was these two men who produced the Accord that restored the Federal Reserve's inde pendence. With very best wishes.  Sincerely yours,  e t  .Ce-zce_--   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  September 18, 1979  Dear Coleman: As I come out from under, I simply wanted tment. to thank you for your note on my appoin my best! appreciated the words -- and I'll try Sincerely,  Paul A. Volcker  Mr. C. Coleman McCehee Chairman of the Board First & Merchants Corporation 12th and Main Streets Richmond, Virginia 23261  PAV:mrk  I   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  FIRST & MERCHANTS CORPORATION F&M Center 12th and Main Streets Richmond,Virginia 23261 Telephone 804/788-2435  C. Coleman McGehee Chairman of the Board  July 31, 1979  Dear Paul: Just a quick note this morning to congratulate the President on his choice in nominating you for the Chairmanship of the Federal Reserve Board. It was my pleasure to serve as a member of the ABA Government Borrowing Committee some years ago when you were at The Treasury and I shall always remember your articulate briefings concerning monetary matters. It's good to have a tall man in the saddle at this particular time and we extend you our very best wishes in your new position of leadership. With warm personal regards. o diall  . Coleman McGehee /mwc  Mr. Paul A. Volcker, President Federal Reserve Board of New York 33 Liberty Street New York, New York 10045   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  September 18, 1979  Mr. Robert B. MacDonald President State Bank of Chittenango Chittenango, New York 13037 Dear Bob: However belatedly, I do thank you for the nice note on my appointment, the "honeymoon" is over, but I guess I can use a challenge! With best wishes, Sincerely,  jmr   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  STATE BANK OF CHITTENANGO CHITTENANGO, NEW YORK 13037  ROBERT B. MACDONALD PRESIDENT  August 1, 1979  Dear Paul: The news of your appointment to the Chairmanship of the Board of Governors came as a delightful surprise. I share the pleasure of the entire financial industry that the job will be in such capable hands. Sincere congratulations and best wishes. Cordially,  ac,Z  (A4,46,--tikA.  4.P  hi  0  II  Mr. Paul A. Volcker President Federal Reserve Bank of New York Federal Reserve Post Office Station New York, New York 10045  il  'IP''Pl   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 16, 1979  Dear Jim: Many thanks for the note. The only bonus in this job is hearing from old friends and associates. We'll try to live up to New Jersey. Best wishes. Sincerely,  Paul A. Volcker  Mr. James A. McBain  PAV:sep   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  JAMES A. McBAIN  1979 DUG  July 26, 1979  Mr. Paul A. Volcker 55 Liberty Street New York, New York  Dear Paul: Congratulations on your nomination to the position of Chairman of the Federal Reserve Board. I know you will certainly do a good job. I was down there at a meeting recently with the New York State Bankers Association when Mr. Miller was Chairman. As a former resident of New Jersey, I'm glad to see the State represented in this way. Best of luck. Cordially,  JAMcB:sph  xAo v‘;)51Pv't  JANE'S A. McBAIN   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 14, 1979  Dear Howard: You were nice to write, and I appreciate the warm words. Now the work begins: Best regards, Sincerely,  Paul A. Volcker  Mr. Howard W.  cCall, Jr.  HOWARD W. MCCALL,J .  August 1, 1979  Dear Paul: Your selection as Chairman of the Board of Governors brings me great pleasure and, at the same time, great relief. I am writing to congratulate you and to say how appreciative all of us ought to be that you are going to take this important post. Knowing your strength of character and your wealth of experience, I am confident that the country has as the Chairman of the Federal Reserve the best man available and I send you every good wish for a successful Administration and for your personal happiness. You are a great patriot! With kindest personal regards, I am  e  toig#  \  Sincerely,  om"oi.slb 0,4140   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Mr. Paul A. Volcker c/o Federal Reserve Bank of New Yorti Federal Reserve P. 0. Station New York, New York 10045  r  P. ANSWERED.............. ATTEtiDED  ....  7:"")   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Auguot 7, 1979  Dear Stu: Many thanks for the wara note. I know the _--oblc..7.1s  but I'll try not to let it act the bast of us. My best to you both. Sincerely,  Paul A. Volcker  Mk. Stuart McCarty President ni-ola First lank Om* Limooln First Square Isehooter, v lark 14643 PAV:mhw  L Lincoln First Bank,N.A. Stuart McCarty President  July 26, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York New York, New York 10045 Dear Paul: I applaud the brillance of President Carter in his choice. The reactions in the money market here and abroad are a great tribute to your reputation. Congratulations and best wishes to you as you assume your new duties. Mary joins me in these thoughts!  Sincerely,  RECEIVED JUL 301979  SMcC:id  P. A. V. ANSWERED „ ............. ATTENDED .•......  One Lincoln First Square, Rochester, New York 14643, Telephone: 716-262-3574   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 15, 1979  Dear Ted: Many thanks for your note.  You know that the  understanding and support of people like you are vital to the strength of the Fed. I only hope we can build on that further. Sincerely,  Paul A. Volcker  Hr. Theodore M. McClure Presic;eut The Citizens National Bank and Trust Company Wellsville, New York 1495  PV/tn  THE CITIZENS NATIONAL BANK AND TRUST COMPANY The most bank for your money.  Wellsville, New York 14895  Telephone (716) 593-1500  THEODORE M. McCLURE President   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 2, 1979  Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: On Friday, July 20, I happened to be having breakfast with John R. Petty, President of Marine Midland Banks, Inc. That day was just after the announcement had been made that G. William Miller had been nominated as Secretary of the Treasury. Both John and I agreed that his replacement could not be better served than by your appointment as Chairman of the Federal Reserve Board and I was especially pleased to read the subsequent announcement that that is exactly what had happened. During my years on the Board of the Buffalo Branch of the Federal Reserve Bank of New York I had several occasions to meet with you and was impressed with your ability to understand the complex financial matters involved with the Federal Reserve and international finance. It is a pleasure for me to be able to congratulate you on this nomination and you may be assured that I will watch with interest the results of this appointment. Sincerely yours,  19,79 R A. V. f\NSVIERE.D ...... .......................... ... ATIEgDO  President  .."..•••11 .............  ...............  TMMc:sm  AisQ 4' ) 'kkl) OFFICES: WELLSVILLE, ANDOVER, ALFRED, WHITESVILLE, BOLIVAR, CUBA, OLEAN   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 23, 1979  Mr. Paul McCracken Edmund Ezra Day University Professor of Business Administration Graduate School of Business Administration The University of Michigan Ann Arbor, Michigan 48109 Dear Paul: I greatly appreciate your note, even if it somehow got caught toward the bottom of the pile. You know the problems -- you know the limitations of the job.  You also have the common sense and the perspective  we need.  Let me know just as soon as we go overboard  preferably before! All the best,  Paul A. Volcker  PAV:mhw  or  Graduate School of Business Administration  The University of Michigan • Ann Arbor 48109  PAUL W. McCRACKEN Edmund Ezra Day University Professor of Business Administration   http://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 Paul: The nation, and the community, are fortunate that juncture, the President could leadership as Federal Reserve  entire world at this critical turn to you for Chairman.  This is to extend to you a citizen's gratitude for your being willing, at no small personal cost, to accept this responsibility. Regards,  1 W. McCrac en PWM:dj  ,),NY P' , f)  uet1;i'l 01/)4-Lki y+N  41,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 16, 1979  Dear Dean McGarrity: I appreciate your note, and even more your comments about Janice. She is back giving her all for Georgetown Hospital -- it seems to be in the blood. Sincerely,  Paul A. Volcker  Mrs. Rose A. McGarrity Acting Dean Georgetown University School of Nursing 3700 Reservoir Road, N. W. Washington, D. C. 20007  PAV:slw  GEORGETOWN UNIVERSITY SCHOOL OF NURSING 3700 RESERVOIR ROAD. N.W. WASHINGTON, D. C. 20007  TELEPHONE  OFFICE OF THE DEAN   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  625-7551 625-7552  August 8, 1979  The Honorable Paul A. Volcker Chairman, Board of Governors of the Federal Reserve System Federal Reserve Building Washington, DC 20551  Dear Mr. Volcker: Congratulations on your new appointment. In these critical times your expertise and leadership will serve our country well. Please convey my warmest regards to your daughter Janice who was a student in our School. I always enjoyed her warmth and friendliness.  •  Again best wishes. Sincerely,  62sie4 >1re  6€4/t-t  Rose A. McGarrity Acting Dean RAMcG:km  A   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 7, 1979  Dear Frank: It was good to hear from you.  appreciate your  best wishes and am glad to aear you're finding savings banking a real satisfaction. Sincerely,  ?aul A. Volcker  Mr. Frank C. P. McGlinn Vice President Western Savings Bank Broad & Chestnut Streets Philadelphia, Pennsylvania  19107  Frank C. P. McGlinn Vice President   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  The Western Saying Fund Society of Philadelphia  Broad & Chestnut Streets  Philadelphia, Pa. 19107  Telephone (215) 985-5845  Western Savings Bank  July 27, 1979  Honorable Paul A. Volcker President, Federal Reserve Bank of New York 33 Liberty Street New York City, New York 10005 Dear Paul, The news is the best news in years:  Heartiest congratulations.  Since our Murphy Commission days, I've left Fidelity Bank and embarked on a new career, finding it a tremendous experience. Warm regards and all best wishes. Sincerely,  P. McGlinn Fra k Vice\P esident FCPMcG:mak  RECEIVED JUL 3 1 1979 P. A. V. ANSWERED  ATTENDED   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 21, 1979  Dear Mrs. McGrath: You cannot know what a pleasure it was for me to read your nice letter.  It means so much more from one who worttdd  with me at the Bank.  I can only try to do my best to justify  your confidence. Sincerely,  Paul A. Volcker  Mrs. Maud L. McGrath  PAV:ccm   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  / r L11-- ovti __70,AJ AA uolp. v_, ,), ,  p• .  7-474) ru t, li ,LQ  6,,i )4„zt of  alLQ-ot 1 rt)AAN  ()-1 (.51.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1149 60 7:et t  -ru  A A)k) atc-tAt •  FEDERAL RESERVE BANK OF NEW YORK NEW YORK  N Y 10045  AREA CODE 212 791-6173  PAULA.VOLCKER PRESIDENT  November 30, 1976  Dear Mrs. McGrath: Your retirement after thirty-four years of service is indeed a special occasion for the Bank as well as for yourself.  Our directors,  officers, and staff regret losing you and join with me in thanking you for so many years of faithful and devoted service. Throughout your career in the Foreign Department you have , consistently performed each of your given assignments in a diligent manner earning both the respect and admiration of your colleagues.  Even more  will importantly, your endearing qualities of enthusiam and thoughtfulness be sorely missed. I hope your retirement is but a beginning for you of a long unities period of good health and much happiness as you explore the new opport disand enjoy the satisfactions that retirement can bring, freed of the ciplines and responsibilities of the job.  Do not hesitate to call upon us  for any help or advice we can give. Sincerely yours,  /oace Qaffa, Paul A. Volcker  Mrs. Maud L. McGrath   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 20, 1979  Dear George: This job has lots of drawbacks, including the shuttle.  But thanks for writing, and I expect to be  running into you in more congenial places. Sincerely,  Paul A. Volcker  Mr. George C. McGhee   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  GEORGE C. MCGHEE  August 1, 1979  Mr. Paul A. Volcker Chairman, Federal Reserve Board 21st & C Streets, N.W. Wash., D. C. 20051 Dear Paul: Congratulations on being made Chairman of the Federal Reserve Board. I had the right hunch when I saw you on the Eastern Shuttle the other day. I am delighted that you will be filling this most impo rtant position and look forward to seeing you now that you have returned to the Washington scene. Sincerely yours,  George C. McGhee   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  a  August 7, 1979  Dear George: You know how much I apnreciate your note. in touch -- and our best to Lucy and you. Sincerely,  Paul A. Volcker  Mr. George W. McKinney, Jr. Senior Vice President Irving Trust Company One Wall Street New York, New York 10015  PAV:smk  Keep  r---   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Irving Trust ACharter Company NewYork Bank One Wall Street New York, N. Y. 10015 George W. McKinney, Jr. Senior Vice President  July 26, 1979  Dear Paul, May I add my voice and sentiments to those of about a zillion others around the world who are most pleased with your selection as Chairman of the Board of Governors of the Federal Reserve System. I know you will serve in this critically important post with distinction. Judging from the euphoric reactions of markets here and overseas, others have the same confidence in your unique qualifications for this job and in your dedication to its objectives. If you ever need a friend at a based-in-Manhattan bank, you know that you can call on me. I--and the Irving--want to offer any support, at any time, that will help you with your new responsibilities. Lucy joins me in wishing the best for you and for Barbara. Cordially,  Mr. Paul A. Volcker Pre sident Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045  •  fiR  rEtt,  • P. A. V. ANSWERED .8.1UNDED TO,  It   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 23, 1979  Mr. Nathaniel M. McKitterick 1835 K Street, N.W., Suite 300 20006 Washington, D.C. Dear Nat: You know how much I appreciate your note -- but I would point out that the normal perquisite of central bankers of a little insulation from politics is not entirely a bad thing in evaluating alternatives. Why don't we have lunch or dinner or breakfast some day. Sincerely,  Paul A. Volcker  PAV:pg   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  _ .-4.11...••••••••••••••••  NATHANIEL M. :.N.,1cKITTERICK CONSULTANT 1835 K ST., N.W. SUITE 300 WASHINGTON, D.C. 20006 PHONE: 833-3917  The Hon. Paul Volker President, Federal Reserve Bank of New York 33 Liberty Street New York City, N.Y. 10045  July 31, 1979  Dear Paul: It was in far-off Fiji, at the end of a long and boring trip, that I heard that the voice of Volker was being heard again in the land of Washington. I didn't stay long enough to find out whether the Fiji dollar ($1.23) or the Papua-New Guinea kina ($1.45) or the Solomon Islands dollar ($1.13) . reacted immediately, but I have every confidence that they have by now. If there is anything I can do for you in your new post, please let me know. Managing "the controlled dis-integration" (the quote is PV) of the Western world is a task I feel I should share in, especially with somebody who sees the task so well. We both send our love to Barbara, and to you our very best wishes and hopes for success in a job that everybody in the world seems to agree you are superbly suited for. (Though I would still rather serve under Volker, first Minister of Finance in the U.S.!).  Sincerely,  AUG  2 1979 V  ANSWERED ATTENDED TO  9'Ne   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  FEDERAL RESERVE BANK OF NEW YORK NEW YORK, N.Y. 10045 AREA CODE 212 791-6173  PAUL A. VOLCKER PRESIDENT  August 6, 1979  Dear Bob: Many thanks for the note. All that remains is to try to do an "A+" job.  We shall try. Sincerely, /)  /' /C( Paul A. Volcker  Mr. Robert McLellan Vice President FMC Corporation 200 East Randolph Drive Chicago, Illinois 60601   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Robert McLellan Vice President FMC Corporation 200 East Randolph Drive Chicago 60601  PERSONAL July 27, 1979  The Honorable Paul A. Volcker Chairman Federal Reserve Board Federal Reserve Building Constitution Avenue, N.W. Washington, D.C. 20551 Dear Paul: I want to join with the many others in the business community extending their congratulations on your selection as Chairman of the Federal Reserve Board. To many of us, this is one of the few things President Carter has done right recently, and in this case, we have to give him an "A+" in choosing you for this important task. Best wishes for great success. Sincerely yours,  iAi Robert McLellan VZ  ,),, 404 . ii. I 441 AiAN.r.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 20, 1979  Dear Jeff: It was {Teat to hear from you, along with so many others who have been real friends of the Fed in the past.  Those friends are our real strength.  we can continue to justify it. Sincerelv,  Paul A. Volcker  Mr. R. E. McNeill, Jr.  I only hope   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  R L McNEILL, JR  July 26, 1979  Dear Paul:  Congratulations! Thank goodness. When and if you think I can be helpful - call me and I will try. With my kindest regards and my very best wishes, I am,  Sincerely yours,  REMcN:jb  Mr. Paul Volcker Federal Reserve Bank of New York Pine Street New York, New York  I   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 9, 1979  Dear Madeline: I appreciate your note. Sometires I think I'm nuts, given all those dark clouds. But who can resist, after all that early trainino I had. Keep in touch after all those nice notes turn sour! Best to you and John. Sincerely,  Paul A. Volcker  Nio MAdeline P. Mahinney   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Miss Madeline H. McWhinney  esident Mr. Paul A. Volcker, Pr New York Federal Reserve Bank of 33 Liberty Street New York, N. Y. 10045 Dear Paul: I ue range of your abilities, As one who knows the tr an. ur appointment as Chairm yo th wi d se ea pl re mo could not be past ich we have had over the wh ws ne d ba of d oo fl the in With a bright ray of hope. few months, this represents ry best wishesl• My congratulations and ve Sincerely yours,  July 30, 1979   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  September 18, 1979  Dear Zyg: Many thanks for the "candid" note on my appointment.  I am the one who will miss  Mvw York -- and sometimes I think I'm nuts. But we shall see! Best wishes. Sincerely,  Mr. Zygmunt Nagorski The Lehrman Institute 42 E. 71st Street New York, New York 10021  PAV:ccm   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  THE LEHRMAN INSTITUTE 42 E. 71st St., New York, N.Y. 10021  August 1, 1979  Hon. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street 10045 New York, NY  Dear Paul: I know that everybody is congratulating you, and I am not sure that I should. It's a hell of a job, and you will be the target for blame for all the economic failures of this Administration. But I am sure that you know that, and I am positive that you will have fun. We will miss you very much from the New York area. Sincer aik  A  61A)(  Ottieivp Zygmunt Nagorski  \-  RECEIVED ZN/dt  AUG  2 1979  P. A ANSWERED ATTENDED  V.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  September 18, 1979  Dear Bernie: I appreciate your note on my appointment, the even if its taken me a long time to answer -note. I remember those "control" days well lems in a way it was another era, but some prob . just never seem to go away. I'll try my best Sincerely,  Mr. Bernard Norwood Principal Associatethat Robert R. Nathan Associates, Inc. 1200 18th Street, N.W. Washington, D.C. 20036  jmr  RRN ROBERT R. NATHAN   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ASSOCIATES, INC. CONSULTING ECONOMISTS 1200 EIGHTEENTH STREET, N. W, WASHINGTON,D. C. 20036 PHONE 202/833-2200  TELEX: 248482  CABLE: NATECON  August  The Honorable Paul Volcker Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: I join your many colleagues and friends in extending congratulations on your designation as Chairman of the Board of Governors of the Federal Reserve System. In reading a few days ago press excerpts of your thoughtful or otherwise apt comments over recent years, I was transported back mentally to discussions with you and other acquaintances in the era of our somewhat voluntary controls. I am encouraged that your talents, as I became familiar with them in those days„will again be at play in this city. Perhaps the opportunity will arise again for us to cross paths in Washington. With very best wishes,  Bernard Norwood Principal Associatethat   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 23, 1979  Dear Mr. Nagaoka: I appreciate your note and your kind words. I can do is try my best. Sincerely,  Paul A. Volcker  Mr. Toshio Nagaoka Representative and De;uty Consul General Ministry of Finance Government of Japan One Chase Manhattan Plaza New York, New York 10005  All   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  MINISTRY OF FINANCE GOVERNMENT OF JAPAN NEW YORK REPRESENTATIVE OFFICE 1979 RUG 22  01  ONE CHASE MANHATTAN PLAZA NEW YORK, N. Y. 10005 269-5440  August 20, 1979  Mr. Paul A. Volker Chairman of the Federal Reserve Board Constitution Ave. & 20th St.N.W. Washington, D.C. 20551 Dear Mr. Volker, I would like to heartily congratulate you on your taking the office of the Chairman of the Federal Reserve Board. President Carter and the Congress have made a very wise and excellent choice as I feel you are undoubtedly the most qualified person for this demanding position. As Chairman of the Federal Reserve Board, I believe you will perform most successfully in coping with the present crucial economic and social situation of the United States and will create a foundation for the future prosperity of both your mother country and the world. Sincerely,  a lo a Represent ive and Deputy Consul General OS   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 6, 1979  Dear Mr. Nambiar. Many thanks for your warm message. Sincerely,  Paul A. Volcker  Mr. P. C. D. Nambiar Chairman State Bank of India Bombay, India   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 6, 1979  Dear Bob: Thanks so much for the warm words.  Don't be  bashful about the advice—I'll need it: Best regards, Sincerely,  Paul A. Volcker  Mr. Robert R. Nathan Robert R. Nathan Associates, Inc. 1200 Eighteenth Street, N.W. Washington, D. C. 20036  •ads  111  111  MEG  FOR MR PAUL A VOLCKER, CHAIRMAN, BOARD OF GOVERNORS,  • FEDERAL RESERVE SYSTEM, WASHINGTON D C FROM  •  MR P C D NAMBIAR, CHAIRMAN, STATE BANK OF INDIA, BOMBAY  • •  INDIA  • • • DELIGHTED TO LEARN FROM PRESS REPORTS OF YOUR WELL DESERVED THE NOMINATION AS CHAIRMAN OF THE BOARD OF GOVERNORS CF  FEDERAL RESERVE SYSTEM.  CON  ATUL AT ION s.  •  PLEASE ACCEPT MY HEARTIEST  WE ARE DELIGHTED THAT THE FEDERAL RESERVE  VARIED BCRD WILL BE HEADED BY A CHAIRMAN WITH WIDE AND P  ANDING IEN CE IN BANKING AND MONETARy AFFAIRS AND AN OUTST  INTERNATIONAL REPUTATION.  MAY I WISH YOU EVERY SUCCESS IN  YOUR ONEROUS ASSIGNMT.  WARM REGARDS.  *P"1,uroYlw P C D NAMBIAR CHAIRMAN STATE BANK OF INDIA BOMBAY, INDIA   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  •  •  •  RRN A ROBERT R. NATHAN   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ASSOCIATES, INC. CONSULTING ECONOMISTS 1200 EIGHTEENTH STREET, N. W., WASHINGTON, D. C. 20036 PHONE 202,'833- 2200 TELEX: 248482 CABLE:NATECON  July 27, 1979 Mr. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, N. Y. 10045 Dear Paul: Hearty congratulations on your new appointment. It is a wonderful opportunity to serve the country at a very critical time when inflation, an energy crisis, OPEC pric e escalation and a weakened dollar are all very difficul t and demanding problems. President Carter was fortunate that you were willing to serve. There are few, if any, persons who have had the diversity and breadth of experience that has been your lot over the past 20 or more years. I hope it will affo rd you all the opportunity you could wish to have with resp ect to the achievement of positive and important results. Very best wishes and I hope that there will be a chance to see you in Washington from time to time. Cordially,  Robert R. Nathan  RECEIVED JUL 3 1 1979 P. A. V. ANSWERED ATTENDED TO  1.0.••••11  .1131B  I CENTRAL BANK OF KENYA  L  P.O. BOX 30463  GOVERNOR   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  1979 nuc  ID  NAIROBI  b° 15  TEL: 26431  CFiT  2nd August, 1979  Mr. Paul Volcker, Chairman, The Federal Reserve Board, Washington D.C. 20551, U.S.A.  It was delightful news on your appointment by the President of the United States as the new ChairmanDesignate of the Federal Reserve Board. On behalf of the Board and the entire staff of the tions Central Bank of Kenya, I send our warmest congratula on this new appointment. We have been most satisfied of with the banking relations with Federal Reserve Bank New York under your leadership and look forward to strengthening further the cordial relations already existing between our two institutions. I could not think of a better prepared American than yourself for the job particularly at this time when the whole world is looking forward for stability and prosperity.  Be assure  of our continued co-opera-  tion in the task ahead.  .• D. N. NDEGWA   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 9, 1979  Dear Alan: Thanks so much for your generous note--as you can imagine it means much more from old colleagues and even, occasionally, official combatants.  You must get  to Washington someday. Regards, Sincerely,  Paul A. Volcker  Sir Alan Neale ENGLAND  •   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  from  Sir Alan Neale ENGLAND  197911N-7 P"  32  26th July 1979  ,nr.T.  Admirers of your great country have been hard pressed for good news in recent times; but the report in our newspapers today of your appointment to be ChWYMan of the 'Fed' is certainly that and ma_ of us here will rejoice. As I look back with many pleasurable memories to the period ati* the start of the decade when our responsibilities with our respective Treasuries for a time inter-mingled and recall your high skills, good humour and many kindnesses, I feel impelled to send you a word of greeting and good wishes for a happy and successful period of office. With best personal regards Sincerely  04)  .•  •••0oF GO VER4,•• fr7. •0 .m • -4 7.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  5  •  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  -L.  -•  •• RaLilf-s•• * • • •.• • •  August 8, 1979  Dear Jim:  I appreciate so much the note.  All  I can do is try my best. Sincerely,  Paul A. Volcker  Mr. James J. Needham  40-  gif   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  JAMES J. NEEDHAM  July 31, 1979  Dear Paul: n I was delighted to read about your selectio d. The as the Chairman of the Federal Reserve Boar There President has made an outstanding selection. necessary is no-one in the United States who has the bring to creditability and expertise which you will the office, your new position. Before even assuming dwide impact your designation is already having a worl price of because, after your hearings yesterday, the is directly gold has decreased; and, I believe, that appointment attributable to the satisfaction of your in the international business community. ghted that On a personal note, I am simply deli cted for this one of my personal friends has been sele if I can prestigious position and it follows that me know. ever be of assistance to you, please let $riqerely,  JJN/ew Mr. Paul A. Volcker President Federal Reserve Bank Of New York 33 Liberty Street 10045 New York, NY  RECEIVED AUG  3 1979  P. A. V. ANSWERED, AlIENDtD   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  . .• • • •. .  • OF COvt •..  .*0  CHAIRMAN OF THE BOARD OF GOVERNORS *0 • -n • -A ' 5 . tt‘ • ot  •  .2 • LL7 • I--, • Ln • > ,2 • ‘ ‘t,'  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  •TAL RES • • •.•.• •  August 24, 1979  Dear Mr. Nelson: letter on  Thanks so much for my appointment.  I hope the champagne hasn't  gone sour--yet!  Cheers!  I  Sincerely, /9 /7/  1/141617("A"  Paul A. Volcker  Mr. George J. Nelson Partner Nelson Fund Associates 601 Fifth Avenue New York, N.Y. 10017  NELSON FUND ASSOCIATES 601 FIFTH AVENUE 6TH FLOOR NEW YORK, N. Y. 10017 GEORGE J. NELSON PARTNER   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  TELEPHONE. 486-0400 CABLE ADDRESS AUXESIS NEWYORK  July 26, 1979  Mr. Paul A. Volcker Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Mr. Volcker: Congratulations and best wishes to your appointment. You must be proud not only to have been selected by President Carter, but by moving the stock market ten points. I am opening a bottle of champagne today to celebrate the event.  Sincerly,  GJN/kls  Geor  JJNelson  RECEIVED JUL 27 1979 P. A. V. ANSWERED ATTENDED TO,..   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  00GOtit •. 0•  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  • RALRE-s.  August 8, 1979  Dear Jim: I appreciate so much the note.  All  I can do is try my best. Sincerely,  Paul A. Volcker  Mr. James J. Needham  APIP  .•1712'.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  JAMES J. NEEDHAM  July 31, 1979  Dear Paul: your selection I was delighted to read about l Reserve Board. The as the Chairman of the Federa ng selection. There President has made an outstandi who has the necessary is no-one in the United States which you will bring to creditability and expertise even assuming the office, your new position. Before having a worldwide impact y ead alr is on ati ign des r you yesterday, the price of gs rin hea r you er aft e, aus bec ieve, that is directly bel I , and ; sed rea dec has gold action of your appointment attributable to the satisf ss community. in the international busine simply delighted that On a personal note, I am s has been selected for this one of my personal friend follows that if I can prestigious position and it , please let me know. ever be of assistance to you Sincerely,  ,„-  JJN/ew Mr. Paul A. Volcker President Federal Reserve Bank Of New York 33 Liberty Street 10045 New York, NY  L  ffaref  "V  Lana  3 1979 P. A. V.  AUG  ANSWERED ATTENDED Tos  D   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  • C`,/.; = t. 7: ..  0•.  7"--- 4 c/- \'' • -:  CHAIRMAN OF THE BOARD OF GOVERNORS  • L\j ...-- ..  i• ...I ' ,..4 4  ' 1 f: • .:: .E r'''' I-- •  FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  .... i:ji i " .. 11... •'or.i[DY)  •.ee.)\:,___ -i_..-2:,.:./ 9. --1•.•. •.4/?AL Ilf-S' . •• • •  August 24, 1979  Dear Mr. Nelson: Thanks so much for your letter on my appointment.  I hope the champagne hasn't  gone sour—yet!  Cheers! Sincerely,  Paul A. Volcker  Mr. George J. Nelson Partner Nelson Fund Associates 601 Fifth Avenue New York, N.Y. 10017   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 30, 1979  Dear Don: Thanks for the note and I'll need the luck. Best regards,  Paul A. Volcker  Mr. Donald R. Nesbitt, Sr.  PAV:slw   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Fruits and Vegetables   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 31, 1979  Dear Charlie: Thanks so much for the note of support. Have we the will to fight?  It will take  courage by a great many people. Sincerely yours,  Paul A. Volcker  Mr. Charles B. Newton  PAV:slw   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Charles B. Newton  August 28, 1979  Paul Volcker, Chairman Board of Governors Federal Reserve System Washington, D. C. 20551 Dear Paul: I write as an old alumnus of Chase Ianhattan to offer congratulations and very best wishes on your recent appointment. The congratulations should extend most certainly to our President for his selection and to our Country for your acceptance; the good wishes are for you as you face the challenges affecting the lives of all of us. Over the years at Rockefeller Center Branch I loaned sone billions of dollars to business enterprises from Exxon subsidiaries to local shopkeepers with few, if any, regrets. At the same time I decried what I considered a vast over-expansion of personal credit which does not seem to have purchased the utopia expected, but instead has contributed substantially to the inflation we fear, but refuse to fight. I am sure your efforts will be supported by the fervent prayers of many, many fellow-Americans. You most assuredly have nine.  Sincerely, r-   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  September 12, 1979  TO:  Staff of Currency Processing Department Federal Reserve Bank of New York  FROM:  Paul A. Volcker  A little time has passed, but I do want to thank you for your warm wishes and luck.  I'll need lots of the  latter, but with staff like you, I'm sure we'll succeed. I appreciated your card more than you'll ever know.  Staff of Currency Processing Department Federal Reserve Bank of New York New York, New York 10045  PAV:mrk  r ,.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  F   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  a  August 7, 1979  Dear Ed: Many thanks for the note and the good wishes. I don't underestimate the problems -- all we cau do is try. Sincerely,  Paul A. Volcker  Mr. Edward N. Ney Chairman Young & Rubicam, Inc. 285 Madison Avenue New York, New York 10017   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ICAM INC. YOUNG &RUB ENUE 285 MADISON AV NEW YORK, NEW YORK 10017  EDWARD N.NEY Chairman (212)953-2022  July 27, 1979  Mr. Paul A. Volcker President nk Federal Reserve Ba of New York 33 Liberty 10045 New York, New York Dear Paul: the United States (and e th r fo ws ne t ng What grea admirers were hopi ur yo of ny ma So of world). the chairmanship to de ce ac d ul wo that you rve Bank. the Federal Rese great liant career with il br ur yo d he d I have watc u deal with a worl yo gh ou th al d an mirainterest, have the utmost ad I , me to ne ca that is ar so ral policies noted That tion for your gene over the years. s es pr e th in ice frequently a financial sacrif re du en to ve ha sh you should le, and I just wi ab on ci ns co un r, is, howeve ing about it. th me so do d ul co some of us rms amped with all fo sw be ll wi u yo Knowing that , please do not es ag ss me ry to la u to of congratu I just wanted yo . is th er sw an of bother to traordinary amount ex an is e er th e know that knows that you ar ne yo er Ev u. yo r have good will fo but none of us b, jo t ul ic ff di taking on a rmance will ur yo at wh t ou ab any question be. Very best wishes rely  ENN/vw   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 23, 1979  Dear George: However belated the reply, I appreciate your note. Look forward to seeing you down here. Sincerely,  Paul A. Volcker  Mr. George P. Nicoletopoulos Acting General Counsel International Monetary Fund Washington, D. C. 20431   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  INTERNATIONAL MONETARY FUND WASHINGTON. D. C. 20431  CABLE ADDRESS I  July 26, 1979  Dear Paul: It was a great pleasure to hear the news of your willingness to undertake the heavy responsibilities of the Chairmanship of the Federal Reserve Board.  I am  sending you my best wishes for full success in the difficult days ahead. Sincerely yours,  George P. Nicoletopoulos Acting General Counsel Mr. Paul A. Volcker President Federal Reserve Bank 33 Liberty Street New York, N. Y. 10045  "`" 1 , ""'•  (-  y•  if  JUL 3 0 1979 7.  /  pmwat  NTERFUND   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 8, 1979  Mr. Rene Noel Dean, Witter, Reynolds & Noel 700 Brickell Avenue Miami, Florida 33131 Dear Rene: Many thanks for your note.  I can only try my best.  Sincerely,  Paul A. Volcker  DEAN WITTER REYNI'DS R NOEL 700 RRICKELL AVE MIAMI FL 33131  ULM western Uniontlailgram  4.0223155206 07/e5/79 ICS IPMMTZZ CSP NYAB  3053586766 MGM TOMT MIAMI FL 40 07.25 11214 EST  00-  PAUL VOLKER PRESIDENT, CARE FEDERAL RESERVE BANK OF NEW YORK 33 LIBERTY ST NEW  YORK NY 10045  CONGRATULATIONS ON YOUR NEW POSITION IT COULDN'T GO TO A MORE DESERVING PERSON RENE NOEL FORMERLY OF ISSUES AND REDEMPTION FRB NEW YORK 11:21 EST MGMCOMP MGM  RECEIVED JUL 3 0 1919 p. A. V. ANSWERED..................... .... ATTENDED  ... ......................•••••  5241 (R1/78)  • ... ................•   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  TO REPLY BY MAILGRAM, SEE REVERSE SIDE FOR WESTERN UNION'S TOLL - FREE PHONE NUMBERS   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 27, 1979  Dear Joe: You have the most practical suggestion for help yet -- just send it on: So far, so good.  It can't last, but I tell myself  I'm prepared for the worst while I hope for the best. Thanks for writing. Sincerely,  Paul A. Volcker  Mr. Joseph T. Nolan Vice President Public Affairs Monsanto Company 800 N. Lindbergh Boulevard St. Louis, Missouri 63166 PAV:tb  Monsanto JOSEPH T. NOLAN Vice President,Public Affairs  Monsanto Company 800 N. Lindbergh Boulevard St. Louis, Missouri 63166 Phone: (314) 694-3001  August 21, 1979  The Honorable Paul A. Volcker Chairman Federal Reserve Board 20th and Constitution Avenue, N.W. Washington, D.C. 20551  r- -  Dear Paul: Heartiest congratulations on your appointment to head the Fed.  (3,  After having succeeded in coping with the likes of John Wilson and Charlie Agemian at Chase, you should have no trouble at all in wrestling with inflation and recession! Incidentally, Monsanto is the world's largest producer of aspirin. So if your supply runs short at any time in the next few months, give me a call and I'll be glad to see that you get plenty of bottles of the large economy size! Warm personal regards and every good wish for continued success. Cordially,  mah   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  ail   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 7, 1979  Mr. Guy E. Noyes  Dear Jack: Thanks so much for the warm note and be assured that my salary is even more of an incentive than your pension: I suspect it won't be long before I wish I had a house to get in shape in sunny Florida, but meanwhile I'll try my best and hope for the luck. All the best. Sincerely,  Paul A. Volcker   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  July 26, 1979  Dear Paul: I am delighted and truly grateful that you were willing to accept the Chairmanship of the Federal Reserve Board.  I know better than most  how much of a personal sacrifice is involved for you and it enhances my regard for the whole human rare that you made it. We had a very nice winter in Florida and the only trouble here has been that we've been so busy getting our house in shape, we have had little opportunity to enjoy the good weather and the lovely surrounding countryside. Since I've been doing my own typing I find I am much less verbose, but please do not mistake the brevity--I think your appointment is the best thing that has happened to us fixed pension retirees since the invention of hamburger. Good luck and best regards,  Noyes   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  September 18, 1979  Mr. Horace G. Ogden Director Bureau of Health, Education and Welfare Center for Disease Control Atlanta, Georgia 30333 Dear Hod and Family: I'm using trans-Atlantic plane trips to catch up on the mail -- and you know how delighted I was to hear from the Atlanta contingent. We'll see about those triumphs  ••••  the only question  is survival -- we shall see -- there's always a singing career. All the best. Regards,  PAV:ccm   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  DEPARTMENT OF HEALTH, EDUCATION, AND WELFARE PUBLIC HEALTH SERVICE CENTER FOR DISEASE CONTROL ATLANTA, GEORGIA 30333  Mr. Paul Volcker 151 East 79 Street New York, New York  AUG  2 1979  10021  Dear Paul: The Southern Branch of the Volcker fan club has been cheering since the news broke last week that you are returning for a Third Triumphal Tour of duty in Washington.  Aside from our assurance that the Federal Reserve  Board will be in safe hands, we are greatly heartened by the prospect that we may regain the services of the only voice that can really give proper treatment to the Partridge in the Pear Tree at some future Christmas gathering.  Love and best wishes to all the family, and congratulations on the richly deserved new appointment. Since.rel  Ogden irector g9alth Education Bureau of, tkdi  -ovv,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 23, 1979  In this job, Kappa Beta Phi is overpriced, but all those securities industry problems are relevant. in touch.  Thanks for writing, however belated the reply. Sincerely,  Paul A. Volcker  Mr. Edward I. O'Brien, President Securities Industry Association 20 Broad Street 10005 New York, New York PAV:sep  We will be  SECURITIES INDUSTRY ASSOCIATION 20 Broad Street, New York. N Y.10005 ( 212 425-2700  EDWARD I 0 BRIEN President  July 25, 1979  Mr. Paul A. Volcker Federal Reserve Bank of New York 33 Liberty Street New York, N. Y. 10045 Dear Paul: I was delighted to learn today of your appointment as Chairman of the Fed. It is good to see an able representative of Kappa Beta Phi handling such important matters. I will not burden you at this time with all of the great issues which are outstanding between the Fed and the securities industry involving revenue bonds, commercial paper, private placements, and a host of other areas. Over the coming months I hope to have the opportunity to discuss some of these matters with you. My purpose now is simply to extend to you my congratulations and my very best wishes for your happiness and success. Sincerely,  WASHINGTON OFFICE: 490 L'Enfant Plaza East. S. W. Washington, D. C. 20024 • '202 488-4664  http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 7, 1979  Dear Mr. Odell: You were kind to write.  I suspect I will have to  leave Fritz on his own this time -- and just somehow he will manage! All our best. Sincerely,  Paul A. Volcker  Mt. H. T. Odell Executive Director American-Swiss Association, Inc. 60 Fast 42 Street New York, New York 10017  PAV:smk   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  AMERICAN-SWISS ASSOCIATION, INC. 60 EAST 42 STREET, NEW YORK, NEW YORK 10017  -  (212) 986-5442  July 26, 1979  Dear Mr. Volcker, Please accept my congratulations and very best wishes. I have not polled this Association's Members, but I suspect that a healthy majority would applaud the President's choice for Chairman of the Federal Reserve. We do have one reservation about your new status. Fritz Leutwiler has agreed to talk to us again on October 9, and I intended to ask you to introduce him, as you did so pleasantly last September. Now, I suppose this must be reexamined, although you certainly will get an invitation. With best wishes.  E1  I. Odell ecutive Director  Mr. Paul Volcker, President Federal Reserve Bank of New York 33 Liberty Street 10005 New York, NY  RECEIVED JUL 3 0 1979 R A. V. ANSWERED ATTENDED TO,  1   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 15, 1979  Dear Mr. Ogata: Many thanks for your note -- you know something of the problem, but we shall try our best. I can't honestly say that Sadako's return to Japan drove me from New York, but I am sure that she is greatly missed. Best wishes to you both. Sincerely,  Paul A. Volcker  Mr. Shijuro Ogata Director Foreign Department The Bank of Japan CPO Box 203 Tokyo, 100-91 Japan  THE BANK OF JAPAN TOKYO  SHIJURO OGATA  CPO BOX 203 TOKYO, 100-91  DIRECTOR, FOREIGN DEPARTMENT   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  TEL. 27P  July 27, 1979  Mr. Paul A. Volcker President Federal Reserve Bank of New York New York, N.Y. 10045 U. S. A.  Dear Mr. Volcker, Please accept my heartiest congratulations on your nomination as Chairman of the Federal Reserve Board. I believe that your appointment is the best conceivable step to restore the international confidence in the U.S. dollar. I also admire your determination to serve your great country by accepting whatever personal sacrifice you have to make. Sadako, who has returned here from New York, joins me in wishing you every success in your new and very important responsibilities.  Sincerely,  RECEIVED r-kU it:', 7 1979 F-. A. V. ANSWERED ATTENDED TO  plINOMM.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 20, 1979  Dear Bill, I greatly appreciate your note. And I must confess that (with all allowance for the bias implicit in the new position!) I can't think of a more difficult set of economic problems. And they are not, of course, just economic. Well -- all I can do is try, hope for a little luck, and dodge the brickbats sure to come. All the best. Sincerely,  Paul A. Volcker Mr. William S. Ogden Executive Vice President The Chase Manhattan Bank, N.A. I Chase Manhattan Plaza New York, New York 10015  PAV:pg  11111  The Chase Manhattan Bank, N.A.  William S.Ogden  1 Chase Manhattan Plaza New York, New York 10015  Executive Vice President  111111  CHASE   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 6, 1979  The Honorable Paul PL. Volcker Chairman Board of Governors of the Federal Reserve System Washington, D.C. 20551 Dear Paul: I know I must have but a poor inkling of the many thoughts that undoubtedly crossed your mind in the last few weeks. Your new and rather awesome responsibilities represent the pinnacle of a career as a professional in the Federal Reserve System while, at the same time, representing very considerable lymrsonal sacrifices on your part. I can't speak for the country or even for our profession but, on both counts, I am delighted with your decision to accept the chairmanship of the Board of Governors of the Federal Reserve System. Looking back, I suppose one is always tempted tS say there is never an easy time. Nevertheless, I can't think of any years, at least in our lifetimes, more demanding than the present or calling for greater skills and judgments on complex, interrelated issues whose very interrelationships themselves are changing in ways only dimly understood. Also, I can't think of any time in recent history where the job was as much in the public eye as it is at present or is likely to be in the future. Paul, please accept my very best wishes for every success. ACA  With my kindest personal regards, fil444114 :1, 4AVV4  Sincerely,  od00.!; 441  4p5ILA1*.wir vt-r 04;   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  • -  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  August 24, 1979  Dear Mr. Okai: I appreciate the congratulations of you and your staff on my appointment as Chairman of the Federal Reserve Board, however belatedly. Thanks so much for writing. I recognize your request to conduct an interview with me, but that must wait awhile. Keep in touch with Joe Coyne here. Sincerely,  /  •dh‘-t-  Paul A. Volcker  Mr. Norimichi Okai Senior Correspondent The Nihon Keizai Shimbun Room 745 National Press Building 14th & F Streets, N.W. Washington, D.C. 20045  1  (202) 393-1388  THE NIHON KEIZAI SHIMBUN (JAPAN ECONOMIC JOURNAL) ROOM 745 NATIONAL PRESS BUILDING 14TH & F STREETS. NW. WASHINGTON. D. C. 20045  July 25, 1979  The Honorable Paul Volcker Chairman Federal Reserve System Washington, D.C. 20551  Dear Mr. Chairman: The employees of the Nihon Keizai Shimbun(Japan Economic Journal) wish to extend their congratulations to you on your new appointment as Chairman of the Federal Reserve Board. Our newspaper would like to introduce your views as the newly appointed Chairman to our many readers in Japan. Therefore at this time, I would like to request that I may personally conduct an interview with you. We realize that you are very busy, but if it is not too much of an imposition, an interview at your most earliest convinience is highly desirable. Please inform us as soon as possible either in writing or contacting us by phone. Again, congratulations.   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  We anxiously await your favorable response.  Sincerely yours,  Norimichi Okai genior Correspondent   http://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. VO LC K E R PRESIDENT  August 6, 1979  . Dear Jim: r As always, I appreciate you with my own thoughts, and the parallels are, of course, close.  Keep in touch. Sincerely,  Paul A. Volcker  Mr. James J. O'Leary Vice Chairman of the Board United States Trust Company of New York 45 Wall Street New York, New York 10005  ii&  UNITED STATES TRUST COMPANY OF NEW YORK 45 WALL STREET NEW YORK, N. Y. 10005 212-425-4500  JAMES J. O'LEARY  Vice Chairman of the Board   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  30 July 1979  Mr. Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: President Carter's appointment of you to be Chairman of the Federal Reserve, and more importantly your willingness to undertake the job at this critical time, has restored my optimism about the future of this coutnry and the Western World. We owe you a big debt of gratitude. My warmest wishes to you for great success!  Sincerely,  7,14  JOL/lcp  0  UNITED STATES TRUST COMPANY OF NEW YORK 45 WALL STREET NEW YORK, N. Y. 10005 2 1 2 -42 5-4500  JAMES J. O'LEARY  Vice Chairman of the Board   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  31 July 1979  Mr. Paul A. Volcker, President Federal Reserve Bank of New York 33 Liberty Street New York, New York 10045 Dear Paul: The newspaper story today about your hearing before the Senate Bank and Currency Committee prompts me to send you a short piece I have just written setting forth a program to bring inflation under control. As you can see, it supports, I think very strongly, your philosophy and thinking about what must be done to deal with inflation.  Sincerely,  t  •0  4  1 .-411,17  tv"c P  JOL/lcp  RECEIVED I  AUG 2 1979 P. A. V. ANSWERED ,w  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 (unpublished) Citations:  Number of Pages Removed: 11  O'Leary, James J. "RX--To Bring Inflation Under Control." 1979.  Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 20, 1979  Mr. Wallace Gonzalez Oliver President Banco de San Juan G. P. O. Box 4203 San Juan, Puerto Rico 00936 Dear Mr. President: I appreciate your note and good wishes. Now the work begins.  I can only try my best. Sincerely,  Paul A. Volcker  PAV:mhw   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  BANCO DE SAN JUAN 00908 SANTURCE,PUERTO RICO  TELEFONO: 723 -8S12  WALLACE GONZALEZ OLIVER pREsmENTE  July 31, 1979  Mr. Paul Volcker Chairman Board of Governors Federal Reserve System 20551 Washington, D.C. Dear Mr. Volcker: r appointI was delighted to hear the news of you ors of the Fedment as Chairman of the Board of Govern eral Reserve System. e been able Our country is really very lucky to hav te position in to recruit you for this extremely delica these times of uncertainty. I wish you a great success in this endeavor. Sinc  yours,  1 ce 0 President WGO/amo  alez  1   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Ar  of  AV AV Air Ar Air •  BAIICO  1 .!...-7..=" S.V.ISTAT'a  de an Juan  •,?",9  0-, ,r  b  di  • 1 I[ •  G. P. 0. BOX 4208 654714  SAN JUAN, PUERTO RICO 00936  Mr. Paul Volcker Chairman Board of Governors Federal Reserve System 20551 Washington, DC  IL  L  //lA AIR MAIL  CORREO AEREO PAR AVION *  GEN42  Amor AMY  Amor  AEI 411W  AEI Air  AEI Air  AMP'  AY IFIF APT   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  Ar  Ar Ar  Allir  X.0 .1ATIM SE,CUR rr  4.111.10•1.1..611.1.11101.1.00410Mal1111110.11111•ftWIMM...........411W  Ar Allr  2000 WESTCHESTER AVENUE WHITE PLAINS, N. Y. 10650 CECIL J. OLMSTEAD VICE PRESIDENT   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  July 30, 1979  Hon. Paul A. Volcker President Federal Reserve Bank of New York 33 Liberty Street New York, N.Y. 10045 Dear Paul: I am pleased to extend my warm congratulations to you upon your nomination to be Chairman of the Federal Reserve Board. I know you will do an outstanding job in this position as you have always done in others. I have but one regret: your new position will probably lessen your participation in New York City affairs, particularly the Council on Foreign Relations and the American Council on Germany. If there is any way that I can be of any assistance to you, you know that all you need do is call. Meanwhile, with kindest personal regards and best wishes in your new position, I am, Sincerely,  CJO:aw  r  • of GOvk,'• R/1/. : 0• .  . 57 •o • -n • --i  u.l.  '.1. cr%  .. RAL RE.  i-- • cn. .. 4-) • -.1441 •• •  CHAIRMAN OF THE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551  August 9, 1979  Dear Dr. Oppenheimer: Thank you for your note of congratulations. I appreciate your common interest in fighting inflation.  You can be assured that we'll do our best! Sincerely,  Paul A. Volcker  Ernest J. Oppenheimer, Ph.D.  .,   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 6, 1979  Dear Cecil: I have lots of regrets in this move, including those you mention.  But I appreciate the note, and particularly the  offer of assistance. Regards, Sincerely,  Paul A. Volcker  Mr. Cecil J. Olmstead Vice President Texaco Inc. 2000 Westchester Avenue White Plains, New York 10650  A   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 17, 1979  Dear Mr. Olsen: Many thanks for your greetings and your thoughts. Sincerely,  Paul A. Volcker  Mr. Larry R. Olsen  PAV:sep  MASSEY REALTY, INC.  Az  1020 N. State St. / Bellingham, WA 98225 / (206) 733-4310 & 384-1113  MI,  4a704  Pc4J  Volcke-e cItc— ve.mJ rt" 10,44 f•IQW y,k D-ectir  1\41-0 Voic t(oe;  Evtc10144Q  01%4  lt4 3 7  v44 yo.44  141  4i-4"..c  4-IA  4P-K k6 Go  sAX  e ccn4 L.1.  ti pes-olutytt-e  e t egitc. /0-644  L.) ul  ,rit  C  14/1  114.01  4144117.  itinp AI7LII  ( LozS, 612,1,24. CITY HOMES   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  --1.-----  PROFESSIONAL COUNSELING  BUILDING SITES  REALTOR'  -  INVESTMENTS  -  BUSINESS PROPERTY   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  August 13, 1979  Dear Mr. Orton: I'm very conscious of the fact that much of the strength of the Fed lies in its roots outside Washington, so I was delizhted to have your letter. Hope to be in Dallas before too long. Sincerely,  Paul A. Volcker  Mr. Stewart Orton Chairman of nrrnrd Foley's Executive Offices P.O. Box 1971 Houston, Texas 77001   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  folexes STEWART ORTON Chairman of the Board  August 6, 1979  Mr. Paul Volcker Chairman of the Board of Governors Federal Reserve System 20551 Washington DC Dear Chairman Volcker: Congratulations on your appointment to the chairmanship of the Board of Governors of the Federal Reserve System. Although I have not had the pleasure of meeting you during my five years as a director of the Dallas Branch, your reputation and achievements are well-known to me. I hope your tenure will be a long, happy and successful one. If there is any way that I can be helpful to you, please don't hesitate to call on me. With all good wishes, Cordially,  Stewart Orton  FOLEY'S  3 EXECUTIVE OFFICES • P. 0. BOX 1971 • HOUSTON, TEXAS 77001 • 713/651-683   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  AMR  September 7, 1979  Mr. Rainer V. Othegraven Hardy & Co. GMBH Mainzer Landstrasse 11-13 6000 Frankfurt/Main 1 Germany Dear Rainer: Thanks for the note--and I do hope to see you in Belgrade. Sincerely,  Paul A. Volcker  RAINER v. OTHEGRAVEN  MAINZER LANDSTRASSE 11-13 6000 FRANKFURT/ MAIN 1  GESCHAFTSFUHRENDER GESELLSCHAFTER   http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis  TELEFON (0611) 26441  HARDY & CO. GM BH  1979 SEP -4  20  August 24, 1979  OFFirE  The Hon. Paul A. Volcker Chairman Federal Reserve Board Washington, D.C. 2o551  Dear Paul, Returned from a rather lengthy overseas trip I hasten to include myself among the large number of wellwishers to your recent most honourable appointment as Chairman of the Federal Reserve Board. Please accept my congratulations on this most demanding and responsible assignment. Vay good health and success be always your constent companion in fulfilling this job. I don't remember that an appointment by the President of the United States for an important position as yours found such a positive echo in my country and in particular in the banking community in recent years. Maybe I have the chance to shake hands with you during the IMF -Meeting in Belgrade. With best personal regards, I remain,  S i c rely yours,  if 01/:/t  •  if  Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections.  ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: newspaper article  Pages Removed: 11A  Author(s): Larry R. Olsen  Title:  U.S. Dollar Needs Help, and It Needs Help Now.  Date:  August 5, 1979  Journal:  The Bellingham Herald  Volume: URL:  Federal Reserve Bank of St. Louis  https://fraser.stlouisfed.org
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