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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
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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
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_--
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
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
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
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
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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
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
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
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
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:"")
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
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
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
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.............
...............
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OFFICES: WELLSVILLE, ANDOVER, ALFRED, WHITESVILLE, BOLIVAR, CUBA, OLEAN
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
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'
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41,
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
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
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
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
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
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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
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
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
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---
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
•
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•
P. A. V.
ANSWERED
.8.1UNDED TO,
It
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
_ .-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
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
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
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404 . ii.
I 441
AiAN.r.
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
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
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
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
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
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.
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
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
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
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
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
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
•
•
•
RRN A
ROBERT R. NATHAN
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
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
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
•
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.
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
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
.
.• • • •.
.
• OF COvt •..
.*0
CHAIRMAN OF THE BOARD OF GOVERNORS
*0
• -n
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5
.
tt‘
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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
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,..
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'.
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
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..
0•.
7"--- 4 c/- \'' •
-:
CHAIRMAN OF THE BOARD OF GOVERNORS
• L\j
...-- ..
i• ...I ' ,..4 4
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.::
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FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
.... i:ji i
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•.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
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
Fruits and Vegetables
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
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-
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
,.
F
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
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
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
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
,
""'•
(-
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if
JUL 3 0 1979
7.
/
pmwat
NTERFUND
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)
•
...
................•
TO REPLY BY MAILGRAM, SEE REVERSE SIDE FOR WESTERN UNION'S TOLL - FREE PHONE NUMBERS
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
ail
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
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
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
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,
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
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
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
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
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.
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
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;
•
-
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,
/
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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.
We anxiously await your favorable response.
Sincerely yours,
Norimichi Okai
genior Correspondent
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
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
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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
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,
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RECEIVED
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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
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
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
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Chairman
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Federal Reserve System
20551
Washington, DC
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WHITE PLAINS, N. Y. 10650
CECIL J. OLMSTEAD
VICE PRESIDENT
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
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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.
.,
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
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.
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1020 N. State St. / Bellingham, WA 98225 / (206) 733-4310 & 384-1113
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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
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
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
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
•
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Removal Notice
7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ
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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
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