Regional President Speech

GPM LUNCHEON Officers' Dining Room Federal Reserve Bank of Philadelphia Wednesday, November 27, 1968 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Luncheon held in the Officers* Dining Room, FRB, Wednesday, November 27, 1968, 12 Noon. HEADQUARTERS STUDY OUTLINE I. G.P.M.'s initiative of the headquarters study and our Bank's commitment to it II. Researching the problem takes a two-pronged approach III. Understanding the dynamics of the total economy A. Our lagging growth relates adversely to our headquarters position B. Underlying lagging growth is the region's competitive failure C. Comprehending the competitive failure requires in-depth industry studies D. Only then, do action implications emerge IV. Understanding the "headquarters industry" A. The nature of the headquarters problem is clarified B. The seriousness of the problem justifies our concern C. Causes of the problem are complex 1. The role of acquisitions is frequently misunderstood 2. Strong headquarters centers have many common community assets 3* Philadelphia has comnunity liabilities in headquarters competition V. Unanswered questions demand the corporate survey A. The survey approach best reveals needed civic action B. G.P.M. can make the survey a success Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Headquarters Study Sample Philadelphia - Area Companies of 10,000 Employees or More Name of Company Location Employees l+o Penn Central Railroad Philadelphia 619U3 5U Food Fair Stores, Inc. Philadelphia 33OOO 20 Campbell Soup Company Camden 27600 51+ Acme Markets, Inc. Philadelphia 266OO 53 Automatic Retailers of Amer Philadelphia 22000 13 Sun Oil Company Philadelphia 2II5U 13 Atlantic Richfield Co. Philadelphia 17197 37 Budd Company Philadelphia I6OOO 26 Scott Paper Co. Philadelphia I36OO 28 Rohm & Haas Co. Philadelphia 12213 3^ Crown Cork Seal Co. Philadelphia IOU59 36 ESB, Inc. Philadelphia 10000 36 Fhilco Corp. Philadelphia 26OOO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Other Major Finns in Principal Industry Groups Name of Company Location Employees James Lees Sons Company Bridgeport, Pa. Uooo H. Daroff Sons, Inc. Philadelphia Uooo Triangle Publications, Inc. Philadelphia 7500 Smith, Kline & French Labs. Philadelphia 7000 General Refractories Co. Philadelphia 87OO Lukens Steel Company Coatesville 568O Baldwin Lima Hamilton Philadelphia 7000 Philadelphia Electric Co. Philadelphia 9165 1st Penna. Bank & Trust Philadelphia 3125 INA. Philadelphia 9350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Smaller Headquarters Companies» Principal Industry Groups SIC Name of Company Location Employees 20 Publicker Industries, Inc. Philadelphia 2300 23 Philtex Manufacturing Co. Philadelphia 360 27 Board of Pub. Lutheran Church Philadelphia 500 32 Keystone Portland Cement Philadelphia 360 3*+ Acorn Iron Supply Co. Philadelphia 100 35 Ultronic Systems Corp. Pennsauken 650 36 Progress Manufacturing Co. Philadelphia 1700 60 Beneficial Mutual Savings Philadelphia 150 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Smaller Subsidiary Companies, Etejor Industry Groups SIC Name of Company Location Employees 22 Nelson Frank S, Co. Philadelphia 220 27 Farm Journal Inc. Philadelphia 350 6 28 Me Neil Laboratories Ft. Washington 00 32 American Olean Tile Co. Lansdale 2100 33 Metchem Research Inc. Bristol 100 3 U Delta File Works Inc. Philadelphia 50 35 Proctor Schwartz Philadelphia 575 36 Bentley HÄrris Mfg. Co. Conshohocken 150 53 Berio Vending Co. Philadelphia 2500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CHART I TOTAL EMPLOYMENT Millions Million) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CORPORATE HEADQUARTERS CHART a MOST OF THE TOP TEN ARE LOSING HEADQUARTERS The chnrt slums the rate of increase or decrease in the number of headquarters in each area, 1956-1965 * Per cent Change m the nation Source: Fortune Magazine CHART 3 PHILADELPHIA'S ACQUISITIONS EXCEED ITS LOSSES, 1955-1966 100 150 200 Number of Acquisitions. Cumulated Sources: Federal Trade Commission. Federal Reserve Bank of Philadelphia Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis GREATER PHILADELPHIA MOVEMENT BOARD OF DIRECTORS MEETING W ednesday* November 27, 1968 12 Noon - F ed eral R eserve Bank Brown, R. o le man upp l/tfay ✓Duane Running ^larshaw rH igginbotham ^Lee /P etersen ✓ Potts P rice v'kauch v ^ in c liffe t^mith ¿ S till i/tu p p lee (/Van Dusen S c h a u ffle r W ilcox Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Karl R. Bopp (1968, November 26). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19681127_karl_r_bopp

@misc{wtfs_regional_speeche_19681127_karl_r_bopp,
  author = {Karl R. Bopp},
  title = {Regional President Speech},
  year = {1968},
  month = {Nov},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19681127_karl_r_bopp},
  note = {Retrieved via When the Fed Speaks corpus}
}