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57TH ANNUAL CONVENTION OF THE
AMERICAN INSTITUTE OF BANKING

Philadelphia, Pa.

1.

June 1, 1959:

2.

June 2, 1959:

"Get Acquainted Dinner" for
representatives of Federal Reserve
Banks attending the AIB CONVENTION.
Address by President Bopp entitled:
PROFESSIONAL STANDARDS TN RANKING

before the Educational Conference,
Morning Session.

get acquainted dinner
for
representatives of the
federal reserve banks
attending the
a. i. b. convention

sderal reserve bank
'f philadelphia
shiftier room
londay, june 1 1959
,
'.00 p.m.




The " F e d " of Philadelphia extends
to

you a cordial welcome to this family

dinner.

We hope

sincerely that you will

remember this occasion as a pleasant visit
spent with your Federal Reserve friends.




MENU

M IXED

B R O I L E D

F R U I T

P U N C H

T E N D E R L O I N

S T E A K

P O T A T O E S
H A S H E D

IN

S P IC E D

C E L E R Y

S T R IN G B E A N S

C R E A M

T O A S T E D

P E A C H E S

-

H E A R T S

A L M O N D S

W A T E R C R E S S

S T U F F E D

R O L L

O L IV E S

B U T T E R

F R E S H

S T R A W B E R R Y

T A R T

C O F F E E

MINTS




S A L T E D

N U T S

SEATING

ARRANGEMENT
♦

Table One
Miss Julianne K. Sturgis, Philadelphia
Mr. Harris A. Maloney, Chicago
Mrs. Harris A. Maloney, Chicago
Mr. William V. Gerlich, Dallas
Miss Frances C. Jackson, Philadelphia
Mr. Dean E. Mayfield, St. Louis
Mr. Lloyd K. Hansen, Minneapolis
Mr. Thomas J. Kyde, Cleveland
Mr. Herbert Denish, Philadelphia
Table Two
Mrs. Mary L. Kehoe, Philadelphia
Mr. V«. Lloyd K elley, Dallas
Miss Gertrude E. Murray, Philadelphia
Mr. Edward F. Cotter, Boston
Mrs. Edward F. Cotter, Boston
Mr. Duane W. Kline, Atlanta
Mrs. Virginia J. Swickler, C hicago
Mrs. E lizabeth S. Belton, Kansas City
Mr. Arthur V. Myers, Jr., Richmond
Table Three
Mr. Henry A. Rickert, Jr., Philadelphia
Mrs. LaVerne A. Thomas, Atlanta
Mr. James Harvey Donahue, St. Louis
Mr. Frank L . Franzak, C hicago
Miss Rosemary Hayden, Cleveland
Mr. Richard C. Heiber, Minneapolis
Mr. R. Baxter C ausey, Richmond
Miss Florence C ole, Dallas
Mr. W allace M. Catanach, Philadelphia
T able Four
Miss Dorothy Bowen, Philadelphia
Miss Mary E lizabeth Flanery, St. Louis
Mr. John L. Griffin, Richmond
Mrs. John L. Griffin, Richmond
Mr. Harry A. Curth, Jr., New York
Mr. Robert J. C ahill, Kansas City
Mr. Linwood F. Moss, Dallas
Mr. Fred A. Murray, Philadelphia
Mr. W illiam'F. Boehner, Jr., Philadelphia
Table F ive
Mr. Robert N. Hilkert, Philadelphia
Mr. C lifford B. B eavers, Richmond
Mr. E llis B ow ell, Cleveland
Mrs. Evelyn Harris, St. Louis
Mrs. A llene T . P etts, Richmond
Miss Dorothy S. L itva n y, Minneapolis
Mr. F . R. Skinner, San F ra n cisco
Mrs. F. R. Skinner, San F ra n cisco
Mr. Gustave A. K ress, Philadelphia




♦
Table Six
Mr. Edward A. Aff, Philadelphia
Mr. Herbert E. N icholls, Atlanta
Miss Eleanor M. Kuhl, Philadelphia
Mr. Jack E. Barton. St. L ouis
Mr. John H. Howard, Boston
Mrs. John H. Howard, Boston
Mr. Jack E. Soder, Kansas City
Miss Frances K. Ream es, Richmond
Mr. Karl R. Bopp, Philadelphia
Mrs. Karl R. Bopp, Philadelphia
Table Seven
Mr. William A. James, Philadelphia
Mrs. R oselyn H. Rutledge, Richmond
Mr. Robert W. Worcester, Minneapolis
Mr. Thomas Ormiston, Cleveland
Miss Ellen P h illips, Philadelphia
Mr. Louis A. N elson, St. Louis
Mr. M. C. Petersen, San F ra n cisco
Mr. Robert W. M cEllen, Atlanta
Miss I. Nancy Webber, Philadelphia
Table Eight
Mr. Raymond W. Yarroll, Philadelphia
Miss Nancy L . Bresnahan, B oston
Mr. John J. Davis, Philadelphia
Mr. Charles A. P ow ell, Cleveland
Mrs. Charles A. P ow e ll, Cleveland
Mrs. Patricia P . W illis, San F ra n cisco
Mr. Robert Mitchell, C hicago
Mr. George W. Saunders, Dallas
Miss F lorence E. Ragone, Philadelphia

Table Nine
Miss Margaret M. Kehoe, Philadelphia
Mrs. Rosemary E. Oden, Kansas City
Mrs. A lice D. Rehn, C hicago
Mr. Robert Rehn, C hicago
Mr. Henry J. N elson, Philadelphia
Mr. Robert G. Hoover, Cleveland
Mr. John J. Barrett, B oston
Mr. John F . L ee, Kansas City
Mr. Edward W. H olloway, Philadelphia

Table Ten
Miss Catherine L . H ickey, Philadelphia
Mr. D. Dewey Shea, St. L ou is
Mrs. D. Dewey Shea, St. Louis
Mr. D. W. Sheets, San F ra n cisco
Mrs. D. W. Sheets, San F rancisco
Miss Ann K. Curley, Richmond
Mr. Harry C. T isch , New York
Miss Jettie A. Moore, Kansas C ity
Miss Mcn-ion Stevenson, C leveland

COMMENTS BY KARL R. POPP
at the
"Get Acquainted1 Dinner
1
For Representatives of the Federal Reserve Banks
attending the
National Convention of the American Institute of Banking
Held on Monday, June 1, 1959, at 6:00 p.m.
in the Whittier Room of the Federal Reserve Bank of Philadelphia

On behalf of the directors, officers, and staff of the Federal Reserve
Bank of Philadelphia, it is my privilege and great pleasure to welcome you to
this "Get Acquainted" Dinner for representatives of the Federal Reserve Banks
attending the A.I.B. Convention.
This is the first such gathering to be held under the new principle
of —

shall we say "austerity"? —

established by the Board of Governors.

I

begin, therefore, by asking a question I first heard some thirty years ago:
"Is there nobody here but us?"

By us I mean any member, directly or by marriage,

of the several parts that comprise the Federal Reserve System.
I think you will appreciate why I have asked this question after I
have reviewed the establishment of the new "ground rules" with you.

On May 18,

1958, the Board requested the presidents of the Reserve Banks to discuss such
entertainment expenditures.
June.

This was done at the Conference of Presidents in

On October 2, 1958 the Board expressed its opinion in these words:
"The Board is of the opinion that any benefits derived from
dinner parties given outside of the Bank for delegates from other
Federal Reserve Banks, and their wives, attending conventions of
organizations such as the American Institute of Banking would not
be sufficient to justify the expenditure."
I want to be completely frank with you.

When I read the decision of

the Board, I felt a sense of annoyance, mitigated by a sense of relief.




The

source of annoyance must be obvious; why should the board be concerned with
this matter?

The sense of relief arose because I felt that I could now get out

of giving yet another speech and could blame the Board for it.

Frankly, I have

been giving so many speeches lately that some of my good friends have been saying:
"Karl no longer stops to think; he gives a speech instead.n
As I say, my initial response to the letter from the Board was:
"It's unfortunate (for me, personally, however, not too bad) but the decision
of the Board means that the representatives of the Federal Reserve Banks will
not be able to get together during the Convention under System auspices."
Thank goodness, this was not the conclusion of Bill James, our
Personnel Officer, or of Bob Hilkert, our First Vice President.
the matter with them —
discussion —

When I discussed

as you may gather, I make precious few decisions without

they said, discreetly to be sure, but firmly:

"Look, Karl, your

conclusion may get you off a hook; but it just doesn't make any sense."

Bob said

that he had learned more last year about his job and about what makes the Federal
Reserve System "tick" from his informal association at the dinner session of the
Federal Reserve Bank of Kansas City than from any other feature of the convention.
In this, as in so many other matters, Bob aroused me from laziness and
lethargy.

We concluded that the rule of the Board was understandable and was not

intended to prevent us, who are of the System, from getting together.

It was in­

tended, rather, to protect all of us from spending money to entertain ourselves,
an act which invariably invokes criticism of the System.
With this interpretation in mind, I discussed the matter in Washington.
You will understand that I concentrated on my firm belief that the values to be
derived from having us get together justified the expenditure.

I am happy to

report that these conferences resulted in complete understanding.

I agreed that

there would be no cocktails, or rather that we would not serve them.




I agreed

-3-

also not to hold the session outside the Bank, not to have it catered by outsiders,
and not to have professional entertainment.
In acknowledging these understandings I relied on a staff that takes
the professional approach.

I knew this would be a real challenge to our cafeteria.

But I knew even more deeply that Mary Alice Schwinhart and her staff are real
professionals, a topic which I shall discuss at the Convention tomorrow.
that they would do well what they had not been asked to do before.
many a butterfly has flown within her since she said:

I knew

I know that

"We shall do our best."

I think you will agree that she can let those butterflies come to rest, safe in
the knowledge that she and her staff have done a better job in their first venture
than experienced outsiders would have done because outsiders would have been
motivated by the feeling that this would be just «mother routine affair.
This brings me to the point I am trying to make.

Tonight I have spoken

of Bob Hilkert and Bill James, of Mary Alice Schwinhart and her staff in the
cafeteria.

Tomorrow I shall be talking about Captain Dennis Casey and his Guards —

without mentioning him or them ty name —

and I shall be talking also about all of

my colleagues at all levels without mentioning them by name.
that it is fun to be president when you have —

as I do —

My real point is

a thousand professionals

who are doing the work for which you are responsible and for which you receive the
credit.
I have recounted the background of our meeting tonight to demonstrate
how we at the Federal Reserve Bank of Philadelphia feel about our colleagues in
the System and about having us get together whenever and wherever possible.




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