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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 Acquainted11 Dinner 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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