Regional President Speech

MEETING OF PRESIDENTS OF THIRD DISTRICT BANKS WITH THE HONORABLE ANDREW F. BRIMMER OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE STSTEM May 3, 1967 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MEETING OF PRESIDENTS OF THIRD DISTRICT BANKS WITH THE HONORABLE ANDREW F. BRIMMER OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM May 3, 1967 REMARKS BY PRESIDENT BOPP PRIOR TO THE RECEPTION AND DINNER MEETING (Second Floor Conference Room, Federal Reserve Bank of Philadelphia) I. INTRODUCTORY REMARKS A, Welcome. Glad for the opportunity to bring you into the Bank prior to the reception for Governor Brimmer. Not many opportunities to have your visit with us here and to chat with all our senior officers and some direc­ tors informally — if only briefly. We hope and believe that our communications with you are good on a week-in, week-out basis, but there is nothing like face-to-face meetings to let us create the channel through which to get to know each others problems. B. Annual Field Meetings. The Annual Field Meetings are an attempt to meet large number of bankers and businessmen throughout the District. This serves a real purpose, we think, in that it gives bankers an opportunity, however fleeting, to hear about what we think is important in the current situation, and gives us a chance to see the faces behind some new names and renew old acquaintances. But the meetings are necessarily large and limit any interchange. This meeting will be very brief, but I hope you will feel free to raise questions whenever they come to mind. Do not hesitate to suggest here — or later over cocktails — some things we should be doing and are not doing, or things we should do differently. We cannot always promise quick results on these suggestions — but we want to know them and consider them. C« Role of Philadelphia Fed. I hope this Bank — and the Federal Reserve System generally — has carved a reputation for receptiveness and responsiveness. Our role is somewhat ambivalent, and what we can do is, there­ fore, circumscribed. We are eager to improve the efficiency of banks and want to provide service to the banking system wherever we can. Yet, we are supervisors, and this prevents our entering into your business decisions, even if we would be tempted to do this. And we are, of course, the managers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 2 - - of the supply of money and credit, and this makes it nec­ essary to take action from time to time which may be opposed to the short-run interest of particular institutions — or groups of institutions. This is an old story. But there is now within the System a degree of ferment and activity that is probably greater than at any time since the 1930*s. Old concepts are being ques­ tioned and reviewed. New ideas are being developed. We hope to mention a few of these here, and I know that Governor Brimmer will talk about others. D. Weekly Reporting Banks. The banks represented here are the largest in the District. They are the weekly reporting banks — and some of those whom we would like to be weekly reporting banks. Your size places a special burden on you. We know that you are asked for a great deal of data through regular reports and special surveys, and we know that this is costly for you. As the largest banks, however, you benefit most from the results of of this collection. Moreoever, considering the vital role you play in the economy and the exposed political position banking has, the price you pay for helping to insure a smoothly functioning system is small. E. Lead in to DPE*s and DCM's discussions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Meeting of Presidents of Third District Banks Federal Reserve Bank of Philadelphia May 3, 1967 SCHEDULE 4:45 p.m. - Assemble in Main Banking Room 5:00 p.m. - Move to Second Floor Conference Room for meeting 5:^5 p.m. - Adjourn meeting and proceed to Benjanin Franklin Hotel George Washington Room (coats checked in George Washington Room) 6:00 p.m. - Reception and Dinner for Governor Andrew F. Brimmer George Washington Room, Benjamin Franklin Hotel PARTICIPANTS Bankers 0. H. P. Baldwin, Chairman and President Farmers Bank of the State of Delaware, Dover, Delaware Edwin P. Neilan, Chairman and President Bank of Delaware, Wilmington, Delaware Joseph W. Chinn, Jr., Chairman and Chief Executive Officer Wilmington Trust Company, Wilmington, Delaware Elvood F. Kirkman, President Boardwalk National Bank, Atlantic City, N.J. William H. Bell, Jr., President First Camden National Bank & Trust Company, Camden, N.J. Richard C. Magill, President First Trenton National Bank, Trenton, N.J. Neil G. Greensides, President Trenton Trust Company, Trenton, N.J. Harold F. Still, Jr., President Central-Penn National Bank, Phila., Pa. Carl K. Dellmuth. President The Fidelity Bank, Phila., Pa. William B. Walker, President First Pennsylvania Banking & Trust Co., Phila., Pa. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Stephen S. Gardner, President Girard Trust Bank, Phila,, Pa. G. Morris Dorrance, Jr., President Philadelphia National Bank, Phila., Pa. William G. Foulke, President Provident National Bank, Phila., Pa. John J. McCartney, President First National Bank, Allentown, Pa. S. H. Carl Bear, Chairman Merchants National Bank, Allentown, Pa. L. F. F. Wright, President Delaware County National Bank, Chester, Pa. Edw. M. Green, President Dauphin Deposit Bank & Trust Co., Harrisburg, Pa. George L. Morrison, Jr., President Harrisburg National Bank, Harrisburg, Pa. Richard W. Havens, President Industrial Valley Bank & Trust Co., Jenkintown, Pa. J. Harrison Jones, President and Chief Executive Officer Continental Bank and Trust Company, Norristown, Pa. Sidney D. Kline, Chairman and President American Bank and Trust Company, Reading, Pa. Robert C. Dembergh, President Peoples Trust City Bank, Reading, Pa. Frank E. Hemelright, President Northeastern Pa. National Bank & Trust Co., Scranton, Pa. William J. Pack, President Miners National Bank, Wilkes-Barre, Pa. John C. Tuten, President National Bank & Trust Company of Central Pa., York, Pa. Federal Reserve Bank Directors Robert C. Enders D. Robert Yarnall, Jr. Lloyd W. Kuhn Bayard L. England Howard C. Petersen Henry A. Thouron Special Guest Alfred H. Williams Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Karl R. Bopp (1967, May 2). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19670503_karl_r_bopp

@misc{wtfs_regional_speeche_19670503_karl_r_bopp,
  author = {Karl R. Bopp},
  title = {Regional President Speech},
  year = {1967},
  month = {May},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19670503_karl_r_bopp},
  note = {Retrieved via When the Fed Speaks corpus}
}