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> * Vol. 8 No. 37 Des Moines, Iowa How New Fed Policy Affects Banks By DR. L. W AYN E DOBSON Abbott Professor of Banking University of Nebraska-Lincoln * m S A T U R D A Y , O ctober 6, O N1979, the Federal Reserve Board called a late hour news conference to announce that the System was in s t it u t in g a fu n d a m e n t a l change in the way in which it conducts mone- . JT I | L. WAYNE DOBSON •4 1 had become ob vious to everyone that the Federal Reserve was not pursuing policies consistent with its stated objective of curbing the rate of inflation. In addition, officials of the Fed had just concluded a meeting with representatives of foreign govern ments and central banks, during which it was apparently made clear that the U .S . dollar was losin g ground relative to other key curren cies and that this condition would deteriorate further if we refused to make a more serious attempt to con trol the rate of inflation. As a result, the chage in the way in which policy will be conducted was announced along w ith a package o f other changes. *r Three policy changes were an nounced on the above date. First, the discount rate was raised from 11% to 12%, the highest rate ever. Second, marginal reserve require ments were im posed on certain types of nondeposit liabilities over a specified level. Third, in the future the Federal Reserve will attempt to control directly the growth in bank reserves and abandon its policy tar get of short term interest rates. It is this change in the policy target that is most important for banks and the economy and to which the com ments in this brief article will be directed. In recent years the Federal Re serve had focused its primary atten tion on controlling short term inter est rates by establishing a target federal funds rate. This had the effect of limiting the fluctuation in the federal funds rate, and since other short term rates typ ica lly move with the fed funds rate, the en tire cluster of short term rates would be controlled, or at least their range of fluctuation would be constrained. That the Federal Reserve has close control over the fed funds rate through the use of open market operations has never been quest ioned. The level of the rate is readily known at any time during the day and if it penetrated the desired tar get, the managers of the open mar January 7,1980 ket committee account at New York would simply buy or sell U.S. G ov ernment securities to change the volume of bank reserves. For example, if the target federal funds rate were 12% and suddenly jumps to \2 Vi % this suggests that the supply of federal funds is short at the target price relative to the de mand at that price, i.e. 12 %. This would be assumed to have been caused by an increase in demand by banks for funds with which to settle reserve deficiencies. In this case, the manager of the account would pur chase securities in the open market, thereby increasing bank reserves by enough to push the federal funds rate back to the desired level; i.e., from 1 2 V2 % to 12%. Thus, when the Federal Reserve has interest rates as its policy tar get, it no longer has close control over the volume of bank reserves, bank credit or the money supply. That is, the Fed must supply or re duce bank reserves in w hatever quantity necessary to bring the fed eral funds rate back to the desired level. While the actual techniques and procedures for con du ctin g p olicy changes are the same, with this new policy the Federal Reserve has com m itted itself to con trollin g the supply of money and bank credit rather than attempting to control the price of credit (interest rates). This means that fluctuations in in- ASK TERRY MARTIN to make MNB work for you. Toll free: 1-800-332-5991 * % https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Merchants National Bank i l i M e m b e r F .D .I.C . A B A N K S O F IO W A ’ B A N K give your com m unity a lot of help for its money. Voldy Vanags nesMpines Member FDIC An Affiliate of Northwest Bancorporatioo terest rates will be primarily the result of market determined shifts in the demand for credit rather than deliberate policy-oriented changes in the supply of credit. It may be assumèd that there will be a tendency for short term interest rates to be more volatile than under the former policy. There may also be less propensity for various short term rates to move in close unison; they will continue to move up and down together but with greater dis persion relative to the federal funds rate and with greater time lags. This will be primarily the result of the greater difficulty in anticipating changing market conditions; i.e., For availability of funds, knowledgeable people and professional service, call our correspondent bank department. TOLL FREE 1- 800- 362-1615 fti, C Jf Central National Bank & Trust Company LOCUST AT 6TH/DES MOINES, IA 50309 MEMBER FDIC ^ AFFILIATED WITH CENTRAL NATIONAL BANCSHARES. INC ' https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis „ Don C arm ody BANKERS’ BANKER ■■ our service, the Federal Reserve will no longer be neutralizing the effects o f market conditions. Such policies will make bank portfolio adjustments more d ifficu lt and m anagem ent errors more costly; this is especially true in management of the maturity struc ture of the investment portfolio. Economists have speculated for m any years about the probable effects on the money market of a serious attempt by the Federal Re serve to control the money supply rather than the rate of interest. As expected, there have been radical differences in opinion. Some observ ers have argued that it would create an injurious degree of instability and that the market would be much less efficient; others have maintain ed that since there will be less inflat ion the market will be more stable, with generally lower short term in terest rates. It will be many months, or per haps years, before we are able to de pict the nature of the changes occur ring in the money market. However, it is probable that there will ulti mately be lower interest rate levels because of less inflation and greater fluctuation around this lower rate because of shifts in the demand for bank credit. There is far less uncertainty about the ultim ate effects o f this new policy on long term interest rates. During the last few years, longer term rates have been dominated by inflationary expectations, and few serious observers believe that there can be any significant reduction in long term interest rates without a persistent decline in the rate of in flation. Consequently, if the new policy is successful in curbing inflation it will lead to reductions in the longer term interest rates. However, this result should not be expected immediate ly; it should begin to become effect ive within a few months but the pro- ComeCrow With us m m Bankers Thist D es Moines, Iowa 5 0 3 0 4 ■ cess will continue for several years. It must be remembered that this in flationary process has existed for almost 15 years and its reversal can not be expected for at least a few years. □ Iowa News The Iowa Junior Bankers Associ ation will sponsor the 1980 bank staff training seminars, “ The W in ning Team,” at various locations in the coming weeks. Seminar leader will be Tricia Faulkender, vice presi dent and director of training serv ices for Financial Shares Corp., a Chicago-based marketing and train ing consulting firm. Dates and locations : January 14, Best Western, Council Bluffs; Jan uary 15, Hyatt House, Des Moines; January 16, Elks Club, Ottumwa; January 17, Stouffer’s Five Sea sons, Cedar Rapids; January 21, Holiday Inn, Fort Madison; Janu- Supplement to Northwestern Banker Newsletter 1-7-80 Carleton D. Beh Co. Investment Bankers/Financial Consultants 4 NEW ISSUE MOODY’S: Aa $560,000 OTTUMW A, IOWA General Obligation Corporate Purpose Bonds « Dated: December 1,1979 - * Denomination: $5,000 Both principal and semiannual interest (June 1 and December 1 , first coupon due June 1,1980) payable at the Office of the City Treasurer, Ottumwa, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAX, IOWA FRANCHISE TAX, AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. « M ** it fH 'wL *41 MATURITIES $10 ,0 0 0 25,000 25,000 25,000 30,000 30,000 30,000 50,000 6.75% J u n e l,1981 J u n e l,1982 J u n e l,1983 J u n e l,1984 J u n e l,1985 J u n e l,1986 6.25% J u n e l,1987 6 .0 0 % J u n e l,1988 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6. 00% J u n e l,1989 6.00 6 .1 0 % 50,000 J u n e l,1990 6 .10 50,000 J u n e l,1991 6 .10 6 .2 0 % 55,000 J u n e l,1992 6 .20 6.25% 60,000 J u n e l,1993 6.25 6.30% 70,000 J u n e l,1994 6.30 $50,000 LEGALITY TO BE APPROVED BY AHLERS, COONEY, DORWEILER, HAYNIE & SMITH, ATTORNEYS DES MOINES, IOWA * jí fci {À H m * m The City of Ottumwa, ranking eleventh in population in the State, is the county seat of Wapello County and is located about 90 miles southeast of Des Moines. Ottumwa is the largest city within a radius of 90 miles and serves as a trading center fo ra large part of southeast Iowa, as well as the northeast area of Missouri. Retail sales in Ottumwa as of June 30, 1978 were in excess of $113,400 000. Major employers in the City include: John Deere Ottumwa Works (agricultural implements, employs 2,400); George A Hormel & Co (pork processors, employs 630); Everco Industries, Inc. (automotive parts, employs 325); Tenco Workshop, Inc. (pallets, shipping frames wooden toys and craft items, employs 200); and Wausau Homes, Inc. (factory built homes, employs 200). Six planes, twenty-six trains’ eight buses and two hundred fifty-six motor carriers are in and out of Ottumwa every weekday. Four railroads, the Burlington, Milwaukee’ Rock Island, and Norfolk and Western serve the area. There are three banks in Ottumwa with total deposits as of December 31 1978 in excess of $174,800,000. ’ These bonds are being issued under the provisions of Chapter 384, Code of Iowa, 1979, as amended, for the purpose of improving various streets; park and recreational development; sanitary equipment; repairs to the City Hall; and acquiring additional land for cemetery purposes. In the opinion of counsel, these bonds are legal and binding general obligations of Ottumwa, Iowa, 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 lim it as to rate or amount FINANCIAL STATEMENT Actual value taxable property, 1978 Assessed value taxable property, 1978 Direct debt, including this issue Total direct and overlapping debt $282,178,252 241,501,124 5,645,000 6,408,749 Population, 1979estimate: 30,250 Direct debt per capita: $186.61 Total debt per capita: 2 1 1 .8 6 Tax collections have averaged 100.89% of taxes levied for the past five 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. Des M oines B uild in g • Des M oines, Iowa 50309 • 515-288-2152 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 607 M a rq u e tte Ave. • M in ne a p o lis, M in ne so ta 55402 • 612-332-8825 Supplement to Northwestern Bankers Newsletter 1-7-80 — NEW GENERATION — CANON SV-20 FINANCIAL SYSTEM — EASY TO OPERATE — ONLY $1495.00 " The Canon SV-20 Financial System is the successor to our very successful SV-10 Loan System. The SV-20 system’s powerful features enabled me to develop an extremely complete, easy-to-operate loan dis closure and audit system that can be utilized in any bank in Iowa to great advantage.’’ * Here is a list of the valuable features contained in the Canon SV-20 Financial System: • Ease of operation was the number-1 priority in the development and design of the SV-20 Financial System. • The ability to audit existing loans, including balloon loans, and disclose the true APR. • Computes the date of the last payment, or any payment. • Complete tape audit trail of any disclosure —easy-to-read. • Computes even-dollar payment loans with an adjusted final payment. • Balloon Payment Loans (with insurance): • Compute payment given balloon • Compute balloon given payment • Computes rebate on interest and insurance premiums—actuarial on interest, rule of 78’s on premiums. • Installment loans (with insurance): • weekly • quarterly • semi-monthly • semi-annual • monthly • annual • A 200 year built-in actual calendar—retains today’s date all day, even if the unit is turned off or unplugged. • Commercial single-payment notes (with insurance) • Long-term Real Estate loan, ballooned at any payment point, with points and true APR. • Complete amortization of any loan dis closed, with a single touch of the “AMORT” key. • All Iowa insurance rates built-in. • Computes dealer reserve quickly and accur ately. • Given the desired payment, APR, and term: computes the cash advance (principal). • Variable-Payment amortization. • You may change any part of the loan w ith out starting over and reprint the entire dis closure in seconds. • Direct access to the outstanding balance at any payment p o in t, and to ta l interest accrued to date. • All loans are disclosed with the true com puted APR: automatically adjusts for loan fees, service charges, etc. [OVER] https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis You will be pleased at the proficiency, flexibility, and accuracy the Canon SV-20 Financial System will provide your bank’s installment loan department, commer cial loan department, mortgage loan department, and internal audit department. Here is a truly comprehensive, integrated loan audit and disclosure system designed specifically for Iowa Bankers by an Iowan. For a personal demonstration and names of Iowa Bankers now using this system contact: Tom Weaver, President Don Leonard, Financial Systems Representative Midwest Calculator, Inc. 1012 Grand Avenue Des Moines, iowa 50309 515/283-2513 * https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Tom Weaver—designer and programmer of the Canon SV-20 Financial System. W r e Committed. For ag overlines, data processing, investment ser vices and all your correspondent banking needs, think o f your Security Banker. We’re committed to helping you! Wilma Weeks Correspondent Banking Operations Officer 712/277-6517 SECURITY N A TIO N A L BANK SIO UX CITY, IO W A 51101 ary 22, Jumers Castle, Bettendorf; January 23, Julien M otor Inn, D ubuque; January 24, Conway Civic Center, Waterloo; February 4, Hilton Inn, Sioux City; February 5, Iow a Lakes Com m unity C ollege, Emmetsburg; February 6, Starlite Village, Fort Dodge, and February 7, H oliday M otor L odge, Clear Lake. ALBERT CITY: The Albert City Savings Bank recently held an open house observing their 65th anni versary featuring g ifts and a draw ing, a ccordin g to John W . Hopkins, president. MEMBER F.D.I.C. THEDFORD: Thedford Banshares, Inc. has received consent to become a bank holding company from the Federal Reserve Bank of Kansas City by acquiring the Citizens State Bank here. W EST POINT: J. R. Knievel has retired as president of the Farmers & Merchants National Bank here. He joined the bank in 1949 after graduating from Creighton Univer sity. M r. K nievel w ill remain a member of the board. Minnesota News A L B IO N : Funeral services for Lawrence J. Fox Sr., 83, chairman of the First National Bank of A l bion, were held last month. He be gan his banking career in Albion in 1914 and was president of First Na tional from 1950 until 1962, when he became chairman of the board. BANKERS PARTICIPATING I L e a s e P la n , In c . 545 - 31st Street Des Moines. Iowa 50312 R. L. “DICK” SELLON • P.D. “DUANE” DEVAULT Correspondent Danker The Bonk of Opportunity Town Clock Plaza, Dubuque. Iowa CALL 319-562-1841, COLLECT H uey, auditor and officer, and James W. Burns, assistant cashier. The maximum lawful interest rate for con ven tion al hom e m ortga ge loans for the month of January will be 13%, according to Michael J. Pint, commissioner of banks. This is down one-half percent from the rate set for December at 13.50%. O M A H A : D ennis C. R ob ey has been prom oted to assistant vice president-commercial lending divi sion at the A m erican N ational Bank. A lso named were Sharon Leo Kane, American Trust & Savings Dank © 1979 S N B Nebraska News LINCOLN: Promotions announced recently by Gateway Bank & Trust Co. include Alan O. Austin, vice president and controller; Harry Se ward III, vice president and trust officer, and Kris Riggs, assistant vice president-operations. "Opportunity Colls../' BOYD: Keith Williams has joined the State Bank of Boyd as vice pres ident. He comes to Boyd from Scotsdale, A riz., and was formerly on the sta ff o f the F irst S tate Bank, Okabeha. HOFFMAN: Hoffman Bancshares, Inc. has received consent from the Federal Reserve Bank of Minne apolis to become a bank holding company by acquiring the Farmers State Bank here. W A YZA TA : Lowell G. Wakefield is the new president of the First Na tional Bank of Wayzata succeeding Joseph Clemons. Mr. Wakefield had served as president of the First Na tional Bank of Waconia and as a director of Klein Bancorporation for the past six years. Illinois News The A ssocia tion for M odern Banking in Illin ois has selected Hughes, Martindale & Associates to conduct a series of workshops throughout the state on automated teller machine banking. The oneday workshops will cover how to plan and im plem ent A T M p ro grams. Locations and dates are: Rockford, Clocktower Inn, Janu ary 15; Chicago, Hyatt Regency O’Hare, January 16; Rock Island, Sheraton-Rock Island, January 22; Peoria, Continental Regency Hotel, January 23; C am paign-U rbana, University Inn, January 29, and St. Louis, M o., January 30. SCHAUMBURG: Thomas Lamoureaux has been appointed cashier of Suburban National Bank of Woodfield here. He was formerly assist ant cashier of Suburban Bank of Rolling Meadows. Colorado News DENVER: Four individuals have been elected to the position of senior vice president at United Bank of Denver. They are David E. Bailey, M ichael J. F ow les, W illiam P. Lober and Thomas W . Swanson. Montana News BILLINGS: Promoted recently at S ecurity Bank here were A gn es H offm an, vice president; Connie Marshall and Frank E. Hemphill, assistant vice president, and Sheila Sharkey and Terry Lee, personal banking officer. CALL ON TH E “PERFORMANCE TEAM ” where com m on transactions are handed uncom m only well. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. PARTIAL LIST OF AVAILABLE POSITIONS Comprehensive Packages 1. 2. 3. 4. 5. Blanket Bonds Automobiles Single Interest Fire & Liability SERVICE fiUTDmfiTEO SVSTEÍTIS □F Éffiflinçl MANAGEMENT—Strong experience in commercial lending with large bank needed. Position is head of commercial lending for large midwest bank. Salary $40,000. 301 N. Ankeny Blvd., Suite 220 Ankeny, la 50021 515-964-1358 AG LENDING— Major north central Iowa bank has ground floor opportunity in ag department. Ag back ground w ith lending experience needed. Salary $17,000. INSTALLMENT—Some lending experience a must. Good opportunity for advancement. Salary $15,000. 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, Iowa 50309 GENERAL SERVICES REDUCE CREDIT LOSSES. We collect your overdue bills nationwide without charging collection agency fees. Results guaranteed. Free sample kit. Handcraft, Dept. 010-1, Box32536, Jamaica, NY 11431. (GS) FOR SALE OR LE ASE FOR SALE OR LEASE Available for immediate delivery. Instant modular drive-in teller units. Ideal for expansion or to establish a remote drive-in. Prebuilt, ready to install on your site — requires only electrical hookup. Includes all equip-, ment needed—electric heat and air conditioned, con duit for alarm and phone. W rite.for brochure of other size drive-in systems, branches and modular auto matic teller machine buildings. FINANCIAL PRODUCTS, INC. P.O.Box 1035 Eau Claire, Wisconsin 54701 _____________ Phone:(715)835-8160 FOR SALE Five-window teller counter, walnut and marble, excel lent condition. Farmers Savings Bank, Kalona, la. 52247. Phone (319)656-2265. ________ (FS) Complete mini-bank, 10 years old. Must be moved. PhoneJim McDonough, (319)582-3126. Plaza20, Inc., 2600 Dodge St., Dubuque, la. 52001. (FS) 12x40 Hillcrest mobile home remodeled for use as temporary bank. Fitted with drive-up window, lobby area, night drop, fu ll 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) □ I would like to sell my majority bank stock. P I would like to buy ma jority bank stock. I Please Contact: J. Mason Henry Sale of Rare Coins Reliable and respected service for over 20 years Used by bankers throughout the midwest I I P.O. Box1313, Omaha, Nebraska68101 Phone: (402)553-6400 LENDING—Ground floor opportunity; 1 + years ex perience needed. Handle majority of lending fo r ag bank and learn all areas of banking. Salary $13,000. I ALL FEES PAID BY MANAGEMENT FOR FURTHER INFORMATION RESPOND IN CONFIDENCE TO: I I________________________________ I W ANTTOBUY NCR Class 31, 32, 33 or 36 posting machines. Call (512)836-5864.__________________________ (WTB) Burroughs L2000, L3000, L4000, L5000, L6000, L8000 or L9000 computers. Call (512)837-6783.______ (WTB) Investor wants to purchase $20 m illion (approx.) de posit bank in live community. Long term investment. Need good management. No brokers. Write file FBX, c /o Northwestern Banker.__________________ (WTB) POSITION W ANTED C.E.O. position in rural Iowa bank. Partial ownership preferred. Write in confidence to file IBV, c /o Northwestern Banker. ___________________ ______ (pw ) POSITION AVA ILABLE $14 m illion northeast Iowa bank looking for second man. Prefer loan and operations background. W rite to file IBU, c /o Northwestern Banker. ________ (PA) Bank service corporation needs a customer service representative to join their team of professionals. Must have at least two years of bank operation experi ence, strong background in accounting or finance. Submit resume in confidence to Banks of Iowa Com puter Services, Inc., 222 Second Ave. S.E., Cedar Rapids, la. 52401, Attn: Uraina Evans, Personnel Manager. (PA) An Equal Opportunity Employer_________ Agricultural and Commercial Loan Officer: new posi tion. Excellent northeast Iowa location with new modern facilities. One to three years experience re quired. Bank management seeking aggressive indi vidual looking for responsibility and opportunity. Send resume in confidence to file IBT, c /o Northwestern Banker._______________________________ (PA) AG CREDIT CAREERS AG LENDING OFFICER . . . Southeastern Minne sota ................................................... $15-$20,000. AG LENDING OFFICER . . . Northwest Illinois ..............................................................$17-$20,000 ASSISTANT CASHIER. . . Central Io w a .............. .............................................................$14-$16,000 ASSISTANT V P . . .P C A. . .Io w a ___$17-23,000 AG LOAN OFFICER. . . Northern Iowa .............. ...........................................................$15-$17,000 CREDITSUPERVISOR. . . Major Equipment Firm . . . two openings: 1.IA 2. M N &W I .................. $15-$20,000 Since 1968, employers have been paying us to find the people they need. For details, call Linda, our banking and credit specialist. Ben E. Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 OPERATIONS— Be responsible fo r tellers and book keeping for $30MM Iowa bank. Handle all reports. Heavy supervisory responsibility. Salary $17,000. Charles E. Walters Co., Inc. Estate Appraisals Purchase of Collections OPERATIONS—Good opportunity to move up in this large bank. W ill be cash 1er for branch location. Salary $16,000. 3 O r i G4REERS, INC. • m J AGRICULTURAL (515)394-3145 PERSONNEL RECRUITERS New Hampton, IA 50659 Trust Administrator with law degree and 3-5 years ex perience wanted. Send resume in complete confi dence to Diane Good, Personnel Office, National Bank of Waterloo, Waterloo, la. 50704. We are an equal opportunity employer. _____________(PA) Agricultural Loan Officer— Position available due to promotion of ag loan officer; experience preferable. Our officers know of this opening. A growing $18 m illion bank in west central Nebraska. Contact E.D. Niedan, Chairman, American Security Bank, North Platte, Neb. 69101. Phone(308)534-9300._______ (PA) Ag Loan Officer for $25 m illion deposit bank in south central Iowa. Experience necessary. Write to file IBS, c /o Northwestern Banker. (PA) Person approx. 30-40 to fill #2 position this year, lead ing to #1 position as soon as ability proven. Salary equal to ability and willingness to work. Contact Rae Heiple at Abingdon Bank, Abingdon, III. 61410. Phone (309)462-2222.______________________ (PA) Ag Rep. for$20 million bank in good agricultural area; three to five years experience necessary. Excellent salary and benefits. Write to file IBQ, c /o Northwest ern Banker._____________ (PA) BANKERS WANTED EXEC. V .P .— S m all fa m ily-o w n e d Kansas bank. Good o p p o rtu n ity fo r stab le person with ag loan background in rural area ................................... ............... ..... 16/20 INSTALLMENT LOAN— P refer good d ire ct loan experience for this small Iowa bank. Ag background.............................. 13/15 LOANS—General platform officer for small Kansas bank; must haveag background 16/20 AUDITOR—Takecharge of audit fo r$40 million Kansas bank. Prefer degree and bank experience................................................ 20/25 AGRI LOAN—3-5 years experience fo r western Nebraska bank. W ill also supervise ag lending foranother company.................. 20/25 Several other JR and SR positions in central part of *U’.S. Send resume and salary history in complete confidence. TOM HAGAN & ASSOCIATES Linda Blue Smith, President P.O. Box 12346 / 2024 Swift North Kansas City, Missouri 64116 ________________ (816)474-6874________________ Vol. 8 No. 37 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. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis