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Vol. 8 No. 38

Des Moines, Iowa

January 14,1980

Fed Solicits Comment on Two Issues
OMMENT is requested by the
Federal Reserve Board on two
policy statements that directly con­
cern a number of community banks.

C

Repayment of Debt
The first, calling for comment by
January 31, 1980, would revise the
Fed’s policy that one-bank holding
companies must repay all acquisi­
tion debt within 12 years, while
maintaining a satisfactory level of
capital in the company’s bank sub­
sidiary. The revised policy would
provide that the holding company’s
debt to equity ratio be reduced to no
more than 30 % within 12 years; i.e.,
at least 70 % of acquisition debt be
repaid within 12 years, which is
approximately the level maintained
by many multi-bank holding com­
panies.
However, the Fed additionally
stipulates that the proposed criteria
would call for no dividend payments
until such time as the company’s
debt to equity ratio had reached
30% or less, while maintaining cap­
ital at no less than 8% of assets.
Credit Life Income
The second p olicy statem ent
w ould proh ibit insiders in state
member banks from profiting per­
sonally from sales of life insurance in
connection with credit transactions.
Comment on this proposal is re­
quested through March 31, 1980.

Details of the proposed policy state­
ment follow:
Disposition o f Credit Life
Insurance Incom e

For the purpose of helping to preserve the
safety and soundness of financial institu­
tions, the Federal Reserve Board has adopt­
ed the policies set forth below regarding the
disposition of income from the sale of credit
life, health, and accident insurance (“ credit
life insurance” ) related to loans made by
federally insured financial institutions.
(1) Individual officers, directors and prin­
cipal shareholders of a financial institution
should not personally profit from the sale of
credit life insurance to the institution’s loan
customers.
(2) A s an accou ntin g and operations
matter, income derived from credit life insur­
ance sales to loan customers should be cred­
ited only to the income accounts of the finan­
cial institutions or, in the case of a savings
and loan association, to its service corpora­
tion, and not to the financial institution’s in­
dividual officers, directors, principal share­
holders, their interests, or other affiliates.
(3) Where State insurance laws or other
legal considerations preclude a financial in­
stitution from using a particular procedure
for selling credit life insurance or from dis­
posing of the income in a particular manner,
a financial institution which wishes to pro­
vide this service to its loan customers shall
seek and utilize an alternative method that
complies with 1 and 2 above.
(4) The proper method for the distribution
to shareholders or to an affiliated holding
company of income derived from credit life
insurance or other income sources is through
a declaration of dividend in conformity with
law, rule, regulation and prudent financial
practice.
(5) Financial institutions not now subject
to a rule, regulation or policy statement on

within one year following publication in the
Federal Register of the final policy state­
ment . M odifications beyond that time will be
granted only where a clear hardship exists
and satisfactory assurance is provided that
compliance with 1 and 2 above will be
achieved within an appropriate time period.

Divestiture
On yet another matter, the Fed
Board emphasized it will regard as
an “ extremely serious matter” —
possibly resulting in civil penalties
or referral for prosecution—any vio­
lation of the Bank Holding Com­
pany A ct resulting from failure by
affected bank holding companies to
comply with a December 31, 1980,
deadline for divestiture of nonbanking activities.
The message was directed to cer­
tain companies that became bank
holding companies by virtue of the
1970 amendments to the BHC Act.
These are ones that acquired non­
bank activities between June 30,
1968, and December 30,1970. Those
1980 amendments generally require
that unless these companies drop
their bank they must (1) divest such
nonbank subsidiaries or (2) get
Board approval to keep them, by
December 31, 1980. A number of
companies have not yet complied
fully with the 1980 requirements of
the Act. Those companies are sup­
posed to submit by January 31,
1980, to the Board a statement of
their intent and a timetable for com ­
pliance with the 1980 deadline.
□

CALL ON THE “PERFORMANCE TEA M ”
where common transactions
are handled uncommonly well.

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FIRST NATIO NAL LINCOLN
13th & M S treet • Lincoln, N ebraska 68501 • M em ber, F.D.I.C.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

We’re
interested in
services that give you a
lot of help for your
money.

V. Buttolph is vice president, cash­
ier and assistant trust officer, and
Eilene L angley is assistant vice
president.
D ES M O IN E S : V alley N ational
Bank is seeking approval from the
regional administrator of national
banks to open an office at 1220 35th
St. in West Des Moines.
ESTHERVILLE: David W . W ood
has been given the title of executive
vice president of the Iowa Trust &
Savings Bank. He joined the bank
in 1973 and had been serving as vice
president and senior vice president
of agricultural lending.

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ITTHAI EiAMK
EV\MK
NATIONAL

Member FOIC An A ffilia te o f N o rth w e s t B a n c o rp o ra ti

Banco

1st Omaha to Place
ATMs in Five States
First National Bank of Omaha
announced January 9 its affiliation
with the Rocky Mountain BankCard Association’s Visa-Plus pro­
gram. The new service will allow
many of the existing Visa credit
card holders served by the First Na­
tional Bank, 24 hour a day access to
automated teller machines in ten
midwestem states.
F irst N ational Bank also an­
nounced a plan to install numerous
automated teller machines through­
out Nebraska, Iowa, Minnesota and
the Dakotas in early 1980. These 24
hour a day automated teller ma­
chines will be located at banking in­
stitutions throughout First Nation­
al’s region and at off premises loca­
tions such as grocery stores, shop­
ping centers and major employers.
With the entry of First National
Bank of Omaha into the Visa-Plus
program, the system will become
one of the largest geographical net­
works of bank shared automated
teller m achines in the cou n try.
States included in the network are
Nebraska, Iowa, Minnesota, North
and South Dakota, Kansas, W yom ­
ing, C olora do, New M exico and
Arizona.

Iowa News
B E N N E T T : The F D IC and the
state department of banking have
approved the change of control of
the Bennett State Bank from N. L.
Kotz to a group of local investors.
Virgil K. Hering has been named

president and trust officer. Darlene
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Federal Reserve Bank of St. Louis

PELLA: Kenneth H. Bean, chairman
of Marion County State Bank, is a
patient in Pella Community Hospital
here.
M E C H A N IC S V IL L E : The Mechanicsville Bank will host an open
house for its new facility the after­
noon of January 19.
SIOUX CITY: Steven G. Patterson
has joined the Morningside State
Bank as executive vice president in
charge of asset management. He
was most recently cashier at the
First Federal State Bank in Des
Moines.
SPENCER: John W. Rahn, presi­
dent, Spencer National Bank, and
K enneth M . M yers, president,
Central National Bancshares, Inc.,
Des Moines, announced last week
they Eire engaged in discussions be­
tween the two managements con­
cerning a cash tender offer b y
Centred to acquire all of the 100,000
outstanding shares of Spencer Na­
tional. Final terms would be dis­
closed in an offering when the tender
is made to Spencer National share­
holders. Spencer National has total
assets of about $35 million. Central
National Bancshares, with assets of
$745 m illion, owns con trollin g
interest in 10 Iowa banks, with
Central National Bank & Trust Co.
of Des Moines as lead bank.
ZEARING: Funeral services were
held last m onth for W illiam H.
Brow n, 75, founder o f the Tri
County State Bank. Mr. Brown had
served as president of the bank until
his retirement in 1967.

Nebraska News
C L EAR W ATER: James A. Tonniges has resigned as executive vice
president of Citizens State Bank

here. He had served in that capacity
for the past 10 years.
LINCOLN: Hugh Hansen has been
promoted to executive vice presi­
dent of Commerce Group, Inc. He
served as senior vice president of the
holding company for the past year.
Mr. Hansen will assist management
at the individual Commerce Group
subsidiaries and affiliates.
OM AH A: John E. Martin has been
named manager of Omaha National
B ank ’ s correspon den t bankingagricultural lending department.
He succeeds F. Donald Lewis who
has resigned to accept a position in
the Chicago office of ACLI Inter­
national, a commodity company.
Mr. Martin has been leader of cor­
respondent team 1. Daniel F.
B oehle, form erly a senior corre­
spondent agricultural loan officer,
will assume Mr. Martin’s former
position.
SOUTH SIOUX CITY: The Comp­
troller of the Currency has granted
preliminary approval to organize
the Siouxland National Bank here.
The bank would be capitalized at
$1,250,000 and located at 39th &
Dakota Avenue. The proposed offi­
cers are Francis J. Palmersheim,
president, and Robert K. Lynch,
vice president.
V A L E N T IN E : Valentine State
Banshares, Inc. has received con­
sent from the Federal Reserve Bank

föhn
M urano:
BANKERS’
BANKER

Bankers Trust
D es M oines, Iow a 5 0 3 0 4

Carleton D. Beh Co.
Investment Bankers/Financial Consultants

Supplem ent to N orthw estern Banker N ew sletter 1-14-80

MOODY’S: A

NEW ISSUE
$3,085,000

MAPLE GROVE, MINNESOTA
General Obligation Improvement Bonds of 1980, Series A
Dated: January 1,1980

Denomination: $5,000

Both principal and semiannual interest (February 1 and August 1, first coupon due August 1,1980) payable at
Northwestern National Bank of Minneapolis, Minneapolis, Minnesota.
IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL
INCOME TAXES.
MATURITIES
6.30%
6.30%
$240,000 February 1,1988* 6.30
6.30
$320,000 February 1,1982
6.40%
6.30
320,000 February 1,1983
240,000 February 1,1989* 6.40
6.30
320,000 February 1,1984
240,000 February 1,1990* 6.40
6.30
240,000 February 1,1985
6.50%
6.30
240,000 February 1,1986
February
1,1991 * 6.50
240.000
6.30
240,000 February 1,1987
445.000 February 1,1992* 6.50
*Optional in inverse order beginning February 1, 1987 at 100% .
LEGALITY TO BE APPROVED BY FAEGRE & BENSON, ATTORNEYS, MINNEAPOLIS, MINNESOTA
The City of Maple Grove is located in north Hennepin County and is a suburb in the M inneapolis/St. Paul metropolitan area.
Approximately 80% of the City’s taxable assessed value is comprised of residential property. Residential development has
been extensive in the last few years, with more than 1,000 single family homes built in the first ten months of 1979.
According to a recent demographic study, Maple Grove was one of the only three cities in Minnesota which saw its
population more than double since1970, and was one of only nine cities which added more than 5,000 residents over the
period. Maple Grove’s phenomenal residential growth has triggered a substantial amount of commercial construction,
primarily in the form of neighborhood shopping centers. Major employers in Maple Grove include three gravel mining
operations— Anderson Aggregate Co., Barton Contracting, Inc., and C.S. McCrossan, Inc. Other major employers in the
City include: Tennant Company; Spancrete Midwest; Barbarosa & Sons; REO Plastics; and Georgia Pacific Corporation.
These bonds are being issued pursant to Chapters 429 and 475 Minnesota Statutes. The proceeds will finance ten projects
remaining in the City’s 1979 Improvement Program, which consists of utility and street improvements. These bonds are
payable primarily from assessments levied against the benefited properties. In the opinion of counsel, these bonds are also
legal and binding general obligations of Maple Grove, Minnesota, and all taxable property located therein is subject to the
levy of sufficient taxes to pay the principal of and interest on the bonds without limit as to rate or amount, should the
assessments prove insufficient.

FINANCIAL STATEMENT
Market value of taxable property, 1978
Assessed value of taxable property, 1978

25,050,000
1,775,000
10,078,810

Direct Debt, including this issue
Net direct debt, excluding self-supporting
Total net direct, overlapping and underlying debt
Population, 1979 estimate: 20,700

$252,482,955
63,739,429

Direct debt per capita: $1,210.14
Net direct debt per capita:
85.75
Total debt per capita:
486.90

Tax collections have approximated 99.1% of taxes levied for the last three years.
We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion:
The information contained herein is not guaranteed, but is derived from sources we deem reliable
and is that on which our purchase of these bonds was based. Offered subject to prior sale and change in price.

Digitized forDes
FRASER
Moines Building • Des Moines, Iowa 50309 • 515-288-2152
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

607 Marquette Ave. • Minneapolis, Minnesota 55402 • 612-332-8825


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Federal Reserve Bank of St. Louis

Bankers
S e r v ic e
LOAN
ACTIVITY
BULLETIN

M IN N E A P O L IS : Peter A . Heegaard, senior vice president, has
been named manager of the $2.5
billion trust department of North­
western National Bank of Minne­
apolis. He also retains his duties as
manager of the investment depart­
ment.

Who:

names of all debtors in the
county recorded during the
period
What: name of secured party
When: the date the loan was filed
with the Secretary of State
Where: location where loan made

«F A S T SERVICE
l-2463

'p f f i c RECORDS

se" bch

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& T & «omes
of Kansas City to become a bank
holding company by acquiring the
Bank of Valentine.
W A Y N E : B ob R eeg has been
elected president of the First Na­
tional Bank here. M ost recently
executive vice president of the bank,
Mr. Reeg succeeds John A. Nigh
who has been named president of the
Chaffee C ounty Bank in Salida,
Colo.
YORK: Jay Peters has resigned as
president of the York State Bank &
Trust Co. to join the Even-Temp
Co., manufacturers of the Earth
Stove, as executive vice president.
Before joining the York bank in
1974, he was president of the Fill­
more County Bank in Geneva.

Minnesota News
EDEN PRAIRIE: The Prairie State
Bank of Eden Prairie has received
consent from the state commission­
er of banks to change its name to
The F irst State Bank o f Eden
Prairie.
HECTOR: The Security State Bank
of Hector has received consent from
the state commissioner of banks to
change its name to Fidelity State
Bank of Hector.
HOPKINS: Luther Magelssen has
been elected senior vice president of
First Bank Hopkins. He serves as
second
officer of the bank and is also

the senior credit officer.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Illinois News
The following Illinois banks have
received consent from the Comp­
troller of the Currency to establish
an office: Downers Grove National
Bank & Trust Co. at Main & 63rd
Sts., Downers Grove; The National
State Bank of Metropolis at 1200 E.
F ifth S t., M etrop olis; R iverside
N ational Bank at P ershing &
Harlem Avenue, Lyons, and Peo­
ples National Bank of Springfield at
224 W . Edwards St., Springfield.
BRIDGEVIEW : A permit to or­
ganize has been issued to the First
State Bank & Trust Co. of Bridgeview. The bank would be capitalized
at $1.5 million. Organizers include
C. V. Carlson and Marvin A. Siensa,
Palos Heights, and George J. Paetow, Edward J. Puschak and Leslie
Wiles, Palos Park.
CHICAGO: Sam Scott has been
named president of Capitol Bank of
Chicago. Mr. Scott, who formerly
served the bank as executive vice
president, succeeds Jerry R. Scandiff who has retired.
ELMHURST: Arthur W . Plass and
Everett F. Seegers have been pro­
moted to the position of executive
vice president at the Elmhurst Na­
tional Bank. Mr. Plass was most
recently senior vice president-loans,
and Mr. Seegers was senior vice
president-investments.
PALATIN E: Gordon A . Ramsay
III, formerly president of Suburban
National Bank of Palatine, has been
elected vice chairm an. Francis
Catini, formerly senior vice presi­
dent o f Suburban Bank of CaryGrove, has been elected president of
the Palatine bank.

ASK
JOHN MANGOLD
to make MNB
work for you.
Toll free
1-800-332-5991

Merchants
A
National Bank 151

Member F.D.I.C.

A ‘BANKS OF IOWA’ BANK

bush, Michael Logan and Harold G.
Y oung have become vice presidents.
Mr. Acker is manager o f the corre­
spondent banking department, and
Mr. Wells is director of the person­
nel department.
DENVER: Frank J. Brainerd has
been named a senior vice president
and legal counsel of Colorado Na­
tional Bankshares, In c. He also
holds the position of vice president
and legal counsel at the Colorado
National Bank.
DENVER: Organizers of the pro­
posed Southeast N ational Bunk
here have received charter approval
from the Comptroller of the Cur­
rency. The bank’s agent is James J.
Lyons.
DENVER: Colfax National Bank of
Denver has changed its name to the
East National Bank of Denver. A
certificate has been issued by the
Comptroller of the Currency.

Colorado News
DENVER: Seven major promotions
were announced recently by The
F irst N ational Bank o f D enver.
George B. Acker and John R. Wells
have been named senior vice presi­
dents, and D avid E. B la ck ford,
James J. Campbell, Jack G. Hasel-

North Dakota News
The North Dakota Bankers A sso­
ciation will spon sor a Consum er
Compliance Workshop January 2223 at the Kirkwood Motor Inn, Bis­
marck. Mel Frueh, vice president,
First National Bank in Minot, is

4

Independent Management Services
Specializing in Bank Acquisitions
By Independent Investors
No Broker Fees

Call 515-223-1044
Homer Jensen

—

DickBuenneke

3737 Woodland Ave.
Executive Suite 120
West Des Moines, Iowa50265

chairman of the NDBA consumer
credit committee.
Featured topics will include Over­
view o f R egulatory E xam ination
Procedures and Enforcement Guide­
lines, Establishing a Compliance
P rogram , C om m unity R ein vest­
ment Act, Advertising Guidelines
and sessions on Regulations B, Z
and Q.
G uest speakers w ill include
Nancy L. Nemitz, corporate compli­
ance officer, First Bank System,
and Sheldon L. Azine, assistant vice
president and assistant counsel,
Federal R eserve Bank, b oth o f
Minneapolis.

PARTIAL LIST OF
AVAILABLE APPLICANTS

czHoCdzï and
Bank Consultants
Specializing in Bank Acquisitions
P.O. Box 450

515-232-0814
405 Main Ames, Iowa 50010

D o nald E. H o lder,

Principal

president, Peter Sadowski, to vice
president, Carol Steltenphol to
manager of teller services and P am
W ood to assistant credit adminis­
trator.

W ANT ADS
Rates 50 cents per word per insertion.
Ad $2 for file numbers. Identity of file
number advertisers cannot be revealed.
Payment in advance, please.
NORTHWESTERN BANKER
306-15th St., Des Moines, Iowa50309

POSITION AVA ILABLE
$14 m illion northeast Iowa bank looking for second
man. Prefer loan and operations background. Write
file IBU, c l o Northwestern Banker.____________ (PA)

BISM ARCK: The Bank of North
D akota recently transferred $3.5
million from its profits to the state’s
general fund. The amount repre­
sents a quarter of the $14 million
appropriated by the 1979 legislative
session.
H A L L ID A Y : The Union Bank here
has increased its amount of capital
stock from $180,000 to $200,000 by
a cash subscription.

South Dakota News
SiO U X FALLS: Three promotions
have been announced at the
Western Bank; Connie G. W osje to
vice president of personnel, Timo­
thy C. Keller to assistant vice presi­
dent-consumer loans and Daryl J.
Klein to customer service officer.

Montana News
S ID N E Y : The Sidney N ational
Bank has changed its name to M on­
tana Bank of Sidney, N .A. A certifi­
cate has been issued by the Comp­
troller of the Currency.

Wyoming News
C A S P E R : P rom oted recently at
First Wyoming Bank-Casper were
Joseph Mangum to executive vice

SERVING PROFESSIONALLY
Banking, Financial & Business Personnel
Iowa and Nationwide

CAPITAL PERSONNEL SERVICE
814 Central National Bldg. 515-283-2545
Des Moines, Iowa 50309

LENDER/OPERATIONS—Is in charge of operations,
tellers and reports. Loan experience in installment,
student and real estate. Good general background.
$16,000.
ASST. CASHIER—Handles correspondent accounts
and money transfers. Responsible for general ledger
and bond portfolio. Evaluates accuracy of file docu­
mentation. $14,000.

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V-

LENDER— Installment experience includes interview­
ing applicants, approving or rejecting loans, closings
and collections. Opens new accounts and completes
month-end reports for top management. $14,000.
REAL ESTATE— Responsible for all servicing duties:
delinquency calls, escrow analysis and payments,
assumptions, payoffs, etc. Also generation of new
m ortgage loans, c u sto m e r c a llin g and re te n tio n .
$17,500.
AG OFFICER— BS in ag business and has completed
Ag Credit School. Seven plus years bank experience in
operations and ag lending. $20,000.

A.

y

VP/LENDING— Extends credit in all areas of lending.
Responsible fo r banks conform ity to state and federal
banking loans. Experience in commercial, SBA, in­
stallment and real estate loans. $23,000.
VP— Head of commercial, agri and real estate loan
departments. Has supervisory experience. Grants
loans and handles collections. Also works as com pli­
ance officer. $25,000.
CEO— Primary responsibilities have been commercial
loans, operations and bank offices. Additional duties
are advertising and business development. Experi­
ence includes new charters and the purchase of a
bank. $30,000.
ALL FEES PAID BY MANAGEMENT

V

FOR FURTHER INFORMATION
RESPOND IN CONFIDENCETO:

1977 Cadillac Seville, silver. All options except sun
roof; new Michelins. Under 26,000 miles. Call (402)
488-2123._________________________________ (FS)
NCR 279-300 on-line or off-line teller machines. In
service less than 12 months. $2,200 each. Call (512)
836-5864._________________________________(FS)
9 NCR 152-70 teller machines, $715 each; 8 Burroughs
teller machines, $295 each; 5 Burroughs TT-102 on­
line or off-line terminals, $1,800 each; 3 Burroughs
T-100 desktop check encoders, $485 each. Call (512)
836-5865._________________________________ (FS)
We sell nationwide MICR ribbons, proof rolls, fan-fold
tape, bank teller and add rolls at REDUCED PRICES.
Call (512)837-6783 forquote.________
(FS)
12x40 Hillcrest mobile home remodeled for use as
temporary bank. Fitted with drive-up window, lobby
area, night drop, full alarm system, furnace and air
conditioning. Currently in use at National Bank of
Waterloo, la. Available after 1/1 /80. For further information call Mr. Wackerbarth, (319)291-5429.
(FS)

AG CREDIT CAREERS
AG LENDING OFFICER . . . Southeastern Minne­
sota .................................................$15-$20,000.

Investor wants to purchase $20 m illion (approx.)
deposit bank in live community. Long term invest­
ment. Need good management. No brokers. Write file
FBX, c /o Northwestern Banker._____________ (WTB)

FOR SALE OR LEASE

POSITIONS AVAILABLE
SR. LOAN OFFIC ER — S uburban M isso u ri
bank. Opportunity to assume CEO spot
in 2-3 years.............................................$35,000
TRUST IN V E S T M E N T -S e n io r p o s itio n in
large midwestern bank. Should current­
ly hold #1 or#2 position in $100MM plus
department............................................$45,000
LOAN REVIEW— Duties w ill include super­
vision and training fo r credit department
of metro area bank, plus review of major
credits.......................................
$25,000
CONTROLLER— Report directly to president
w ith responsibility for all financial re­
ports, budgeting and planning. Prefer
CPA......................................................... $45,000

ASSISTANT V P . . .P C A. . .Io w a ___$17-23,000

OPERATIONS OFFICER— Excellent opportun­
ity for advancement. Prefer 3-4 years
experience in $25MM plus bank.............$18,000

AG LOAN OFFICER. . . Northern Iowa ..............
...........................................................$15-$17,000
CREDIT SUPERVISOR. . . Major Equipment Firm
. . . two openings:
1.IA 2. M N&W I ..................$15-$20,000
Since1968, employers have been paying us to find
the people they need. For details, call Linda, our
banking and credit specialist.

3C/riCAREERS, INC.
mm.

AGRICULTURAL PERSONNEL RECRUITERS

(515)394-3145

New Hampton, IA 50659

H'

Modular bank bldg.: 12’x40’ steel with brick, 14’x70’
and 24’x50’ wood; 2,000 sq. ft. permanent bldgs. SON
CORPORATION, Box 684, Wichita, Kansas 67201.
(316)942-8167.
_________________

AG LENDING OFFICER . . . Northwest Illinois
.............................................................$17-$20,000
ASSISTANTCASHIER. . . Central Io w a ..............

..........................................$14-$16,000

Y-

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EXEC. VICE PRESIDENT—Small rural bank.
Prefer strong agri-loan background with
emphasis on documentation................. $25,000
JUNIOR OFFICERS—Several challenging po­
sitions for officers w ith 2-4 years experi­
ence in ag loan or operations.......... $15-18,000
All inquiries handled in confidence. Salary history and
resume requested.

TOM HAGAN & ASSOCIATES
P.O. Box 12346 / 2024 Swift
North Kansas City, M issouri 64116
________________ (816)474-6874________________

Vol. 8 No. 38 Northwestern Banker Newsletter [USPS 873-300] Is published weekly by the Northwestern Banker Company, 306
Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8.00 per year. Second class postage paid at Des Moines,

Iowa. Address all mail subscriptions, changes of address [Form 3579], manuscripts, mail items to above address.
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Federal Reserve Bank of St. Louis

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