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£ V o l-11 No. 11 ____________________________Des Moines, Iowa July 5,1982 Treasury’s Regan Thwarts Banks Again • 0 ® • _ a ^ BROKEN record was replayed at the June 29 meeting of the DeA pository Institutions Deregulatory Committee, and the only difference noted from previous meetings was that the irritation from the “scratchy” sounds had become more unbearable to the nation’s bankers. On a 4-1 vote the committee ap proved an account, effective Sep tember 1, that requires a minimum daily balance of $20,000, with interest tied to the Treasury’s threemonth bill rate, with a range of seven to 31 days, and continuing the quarter percent differential rate that favors thrifts over banks. The interest rate ceiling on it will be eliminated May 1, 1983. The lone dissenter was FDIC Chairman William Isaac, who tried to propose an account that would re quire the initial $20,000 minimum deposit, with this requirement phased out by October 1, 1983. He said the account shouldn’t have an interest-rate ceiling and that de positors should be able to withdraw funds without advance notice. Perhaps the most frustrating and insulting part of the DIDC meeting was the tenor of the meeting itself. Observers said Mr. Regan strode in late with his proposal in his pocket, announced there was no time for dis cussion and called for a vote up or down since he had another meeting in a half hour. FDIC Chairman Isaac’s request for discussion on his proposal was cut off and the Regan proposal was railroaded. This lack of progress in making the nation’s financial institutions more able to compete, especially with Money Market Mutual Funds which have already drained more than $200 billion of bank and thrift deposits from those industries, is at tributed by many directly to the at titude of Treasury Secretary Regan. As former chairman of Merrill Lynch, where he presided at the con ception and birth of the MMMF, which permits securities firms to act as depositories with checking pow ers, but no regulation as banks, he has checkmated every effort by the DIDC to remove the regulations that prohibit banks and thrifts from competing with his former associ ates. While this lack of deregulation continues, operators of MMMFs now have been able to raid at will the deposits of banks and thrifts to the tune of more than $200 billion. An obviously frustrated ABA made a terse, three-sentence state ment after the latest DIDC meeting: “I t ’s abundantly clear that the DIDC is unwilling to fulfill its re sponsibility, in blatant contradic tion of the deregulation philosophy of the Reagan Administration. The ball is now clearly in Congress’ court to resolve this inequity before addi tional damage is done to this na tion’s communities and the banks trying to serve them. In the mean time, the securities industry con tinues to be the winner at the ex pense of the local communities and borrowers.” IBA A similarly was disgusted. Its new release termed the DIDC ac tion “government irreponsibility at its worst.” It says that Secretary Regan is taking on himself a matter already resolved by Congress in the area of deregulation, and is trying to piggyback on that Congressional mandate by stating that he will trade off deregulation for banks— eventually—in exchange for com mercial powers for thrifts—an au thority that is legally not his to assume. IBA A calls this “blackmail and hostage politics. ’’ □ Plan Leadership Banking In Agricultural Seminar “Planning Your Role in a Chang ing Farm Economy” is the first Leadership Banking in Agricultural Seminar sponsored by the editors of Farming For Profit, a Doane-Western, Inc., business letter. The sem inar is scheduled for August 4-5 at Don't gam ble when choosing a correspondent bank. Com e to the professionals. For any correspondent bonking need . . . overline assistance, data processing services, investment counseling . . . just give us o call. W e're the professionals w ho put the response in correspondent bonking. CENTRAL William B. Greaves, Vice Presidenr OF DES MOINES, N.A. • MEMBER FDIC • TOLL FREE NUMBER (800)362-1615 ________ AFFILIATED WITH UNITED CENTRAL BANCSHARES, INC. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Team w ork: One of the reasons we’re first in Iowa. Bob Peterson Vault An Affiliate of Northwest Bancorporation Mem ber FD ic the Sheraton Plaza Hotel in St. Louis County, Mo. The two main subject areas to be covered in the seminar include “Pro gressive Marketing: The Use of Fu tures as a Market Alternative” and “New Financial Tools: Ways Your Borrowers Can Become Better Cus tomers.” Seminar speakers include: Dr. For rest Walters, president of Victorio Commodity Research, Phoenix, Ari zona; Carl J . Heinisch, vice president of the DeKalb Bank, DeKalb, 111.; Paul Duzan, a Colfax, 111., farmer; Marlin Jackson, president of Securi ty Bank, Paragould, Ark., and im mediate past chairman of the Amer ican Bankers’ Association’s ag divi- Banco Call (515) 245-3131 or toll-free (800) 362-2514 sion, and Paul Justis, publisher of Doane’s “ Agricultural Report,” Doane-Western, Inc., St. Louis. Farming For Profit Publisher Duane Gorr says the purpose of the seminar is to explain the growing im pact on bankers of new marketing and management methods being used by farmers to ease their farm invest ment requirements. Iowa News JE F F E R SO N : Michael Hunter has been promoted to senior vice presi dent of Brenton State Bank accor ding to Roger Rinderknecht, presi dent. Mr. Hunter joined the bank in 1979 as a vice president in charge of commercial loans. Nebraska News ASK JERRY TRUDO BENNINGTON: Harold E. Roe, 79, founder and chairman of the board of the Bank of Bennington, died re cently. Mr. Roe, whose son Jerry now is president of the bank, repre sents the second of three genera tions of Nebraska banking. Mr. Roe entered banking in Coin, la., then later was with the old Farmers & Merchants Bank of Benson. He started the Bennington bank in 1928 and was past president of the Nebraska Bankers Association in 1958-59. His son was president in 1980-81. DAVID CITY: Lewis (Bud) Zinnecker has joined the staff of the David City Bank as executive vice president, announced L.W. (Bill) Souba, president. Mr. Zinnecker began his career at the First National Bank in David City, later moving to Wyom ing where he has served as a bank president for the past two and onehalf years. M ILLIGAN: Bill Blide has been ap pointed president of Farmers and Merchants Bank. He succeeds K.N. Barnard, president, chief executive officer and owner of the bank, who left the bank after its sale to Ed Chandler of Nebraska Bank Management Company. Mr. Blide previ ously was vice president of Amer ican State Bank of Mason City, la. OMAHA: The Omaha Chapter of the American Institute of Banking recently elected Jean Volkir of Oma ha National as president, Sue Seefus of American National Bank as edu cational vice president, Nancy Cordahl as marketing vice president and Sue Costello as secretary-trea surer. Re-elected board members voted in at the spring banquet were: Gregg Dress of Center Bank and Steve Gdovic of Northwestern Na tional Bank. The spring banquet was held at the Firehouse Dinner Theatre, with nearly 300 area bank ers attending. Merchants ^ National Bank 151 DELANO: Michael J . Pint, commis sioner of banks, recently announced the issuance of a state charter to the Crow River State Bank of Delano. Donald P. Hamilton serves as presi dent and managing officer of the bank located at 710 Babcock Boulevard. ROCHESTER: Northwestern Na tional Bank recently announced the jo t Member F.D.I.C. A ‘BANKS OF IOWA' BANK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C O Ü Î« < * * * “ ■ £ m 0 % # • • Minnesota News to make MNB work for you. Toll free 1- 800- 332-5991 £ 6R£ Ä w<3 158 Ì0«KbM *K # • Supplement to Northwestern Banker Newsletter 7-5-82 Four Fact-Filled Manuals for The Bank Director Every Director Should Have a Copy of Each One BOARD REPORTS . . . for The Bank Director $23.00 More effective board meetings begin w ith effective reports. This 200-page manual w ill help you determine the "q ua n tity and q u a lity " of m onthly reports needed by directors so they (and management) can make proper decisions. Included are ex amples of reports most needed by directors who want to create policies that lead to prudent management. Contains information on many topics such as effective re porting. . . reports to shareholders. . . report of examination. . . bank liqu id ity and capital analysis. Manual illustrates various formats board reports can take. . . from oral to detailed graphic presentation. Author: Dr. Lewis E. Davids. PLANNING THE BOARD MEETING $7.00 This 64-page booklet provides some workable agenda, suggestions fo r advance plan ning and also lists types of reports a board should receive m onthly and periodically. It emphasizes the need fo r informing the board as quickly and concisely as possible. Contains a chapter outlining a "w orkable" board meeting, another on visual aids for the board meeting. Also contains a model for minutes o f the board, plus sample forms to communicate status of bank to the board. An excellent "com panion" to BOARD REPORTS. Author: Dr. Lewis E. Davids. EFFECTIVE SHAREHOLDER MEETINGS $13.00 Before your next shareholder meeting, get ready fo r gadflies, activists and others who may be planning to disrupt your program. Here's h o w to anticipate1damaging incidents, prepare tested countermeasures, turn potential disasters into a plus for your bank. Details include handling of unusual actions (such as replacing a CEO) — political contributions, laws and regulations directors may unw ittingly break, stock purchases, sales and disclosures, proxy provisions, etc. A checklist of meeting de tails. Promoting attendance. Stockholder proposals. Materials to mail. Agenda and procedural rules.This book is a tested"how -to"of Annual Meetings from inception to final reports, including personnel responsible fo r each step. 96 pages of "m u st" reading fo r chairmen, directors and officers involved. RESPONSIBILITIES OF BANK DIRECTORS $7.50 This book is "rig h t" fo r today's banking problems. Due to the economic influence banks have on their communities, the rapid growth of HCs and the ever-growing "consumer" movement, directors must know what is expected of them and their bank in terms of responsibilities to depositors, shareholders and the public. This manual examines recent court decisions, investment return, continuity of manage ment, long-range planning, effects of structural changes on competition, and more. Author: Raymond Van Houtte, president, Tompkins County Trust Co., Ithica, NY. .Hü. ^ ^ The BANK BOARD Letter 152 W. Wisconsin Ave. #630 Milwaukee, Wl 53203 QUANTITY PRICES Board Reports Planning The Board Meeting 2 - 5 ....................... $21.00 ea. 2 - 5 ..................................$6.00 ea. 6-10....................... $20.00 ea. 6-10.................................. $5.50 ea. Over 10. . . . . . . Over 10............................ $5.25 ea. $19.00 ea. Please send: .' V- - copies, Board Reports _ __ copies, Planning Meeting ____ copies, Effective Shareholder Meetings ____ copies, Responsibilities of Directors Name & T itle Effective Shareholder Mtgs. Responsibilities of Directors 2-5........................$11.00 2 - 5 .................................. $7.00 6-10............................. $ 10.00 6-10.................................. $6.50 Over 10............................ $9.00 Over 10............................ $6.25 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - .....................-- ~ B ank_________ ____ Street .................... -....................-..............—■ (Please send check w ith order. In Missouri, add 4.6% tax.) M FOR YOUR DIRECTORS - TO HELP THEM HELP YOU No. 101 DIRECTORS...Selection Qualifications, Evaluation and Retirement. This 42-page manual answers key questions concerning d ire ctor selection, retention and retirement. Special section: the prospective director and how he should be ex pected to contribute to the bank’s success. Includes a rating chart. Manual also contains a section posing questions that a prospective director should ask himself before he accepts a bank board post. Another section deals with the sensitive nature of director retire ment. Age can be a guide but not an overriding factor in this decision. A manual that will help the board maintain its vitality. BANK directors w ** .S E LE C TIO N •qualifications • EVALUATION • RETIREMENT maximizing correspondent b an k Price — $6.50 2-5 copies $6.00 ea. 6-10 copies $5.50 ea. _ RELATIONSHIPS No. 210 MAXIMIZING CORRESPONDENT BANK RELATIONSHIPS Directors aren’t “ born” cor respondent experts, but you can help them catch up in a hurry, and it’s profitable for you to do so. This 100-page manual covers all facets of correspondent banking. Clear ings and float analysis ... loan participations ... lines of credit ... foreign exchange, etc. This manual also helps directors APPRAISE cor respondent services — to make certain you receive maximum ser vice at a competitive price. The manual also discusses several fe d e ra l re g u la tio n s , including the constraints imposed on “ insider” bank lending by FIRA. A MUST for every bank director. p r ic e PRICE — $23.00 V No. 230 — CONTRACTS WITH BANK EXECUTIVES CONTRACTS with Bank Executi ves 2-5 copies $ 11.00 ea. 6-10 copies $ 10.00 ea. No. 220 — AN INVESTMENT GUIDE For the Bank Director https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2-5 copies $21.00 ea. 6-10 copies $20.00 ea. e st m e n t — $ 12.00 In this 192-page manual, the author discusses the merits of directors paying closer attention to the investment policies of their bank. It is normal, says the author, for the board to closely scrutinize loan transactions since these occur more frequently and represent the bank’s primary earning power. Yet, poorlythought-out-and-executed invest ment policies can place a bank's capital in jeopardy, particularly when a bank is forced to liquidate investments during a period of rising interest rates. Should the board “ intrude” upon management prerogatives of the CEO in the administration of the investment portfolio? Not at all, says the author. However, a written policy, carefully structured around the bank’s deposit and loan “ mix,” can be comforting during rising or falling interest rates. As an aid to management and the board, th e a u th o r p re s e n ts numerous investment and portfolio management policy statements presently in use by recognized wellrun banks. Also presented: a bibliography of recommended reading on the sub ject, plus excerpts from the Comp troller’s manual on regulations and rulings in regard to bank invest ments. These interpretations (also valuable to state banks), while available elsewhere, are placed together in this volume for handy reference by the director. In many banks, salaries, bonuses and fringe benefits of top manage ment are covered by contracts. Since many contracts extend for periods of five years they call for careful construction. This 48-page manual discusses the role of the board’s Compensa tion Committee in determining the nature of such contracts. The author suggests that “ performance” can and should be the key in rewarding the executive. Charts and work sheets are included to help the com mittee arrive at “ fair and equitable” perquisites as motivating factors for the bank executive. An aid to writing a NEW contract or in REVIEW ING e x i s t i n g contracts. PRICE — $8.00 2-5 copies $7.00 ea. 6-10 copies $6.50 ea. Please Send These Management Aids: Send Completed Coupon W ITH CHECK to Commerce Publishing C o ., 152 W . Wisconsii Ave. # 6 3 0 , Milwaukee, W l 5 3 2 0 3 , publisher o the BANK BOARD Letter. 101. . .copies 2 1 0 .. . copies $ .. $. . 2 2 0 . . . copies $. 2 3 0 .. . copies $. Total $ . (In Missouri add 4 .6 % Tax) $ . TOTAL $ . Enclose check payable to The BANK BOARD Letter Name ............................................ Bank or Company ........................ Address .......................................... City ........... S ta te ................ Zip 3 CALL ON THE “PERFORM ANCE TEAM ” where comm on transactions are handled uncomm only well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. • • S 0 0 0 • S • 0 promotions of six officers. Dean Ihrke has been promoted to exec utive vice president, commercial banking. Promoted to senior vice president were: Steve Coleman, real estate loans; John Ryan, retail ser vices, and Bruce Thompson, opera tions. Karl Aaro was promoted to vice president and manager of finan cial services. Also named to vice president status were: Elaine Eickhoff, human resources, and Carla Kilpatrick, residential real estate. Gordy Anderson, chairman. He pre viously retired after 20 years as superintendent of schools in Worth ington. Illinois News BUFFALO GROVE: Shareholders of the Buffalo Grove National Bank recently approved the acquisition of the bank by Continental Illinois Cor poration. The acquisition is expec ted to be completed July 28. Each share of Buffalo Grove bank stock will be exchanged for approximately ST. PAUL: Richard A. Bishop has two and one-half shares of Con been named president and chief ex tinental Illinois Corporation com mon stock. ecutive officer of Northwestern State Bank of St. Paul. He succeeds CHICAGO: Chicago Bank of Com Marvin L. Ellison, president and merce recently announced the pro chief executive officer of the bank motion of Charlotte F. Nuss, vice since 1976, who resigned to pursue president, consumer lending, to vice personal interests. Mr. Bishop previ president, operations and cashier. ously was vice president of Banco’s Sandra M. Wozniak, in addition to banking business group - eastern di- her responsibilities as a consumer vision, a position he has held since lending officer, will assume the posi 1980. He joined Banco in 1965 at Se tion of manager, consumer lending. curity State Bank of Keokuk, la., Joseph P. Kerr has been appointed and was named president of that vice president, business develop bank in 1971. ment, and Bruce A. Granat, assis tant vice president, commercial ST. PAUL: Robert J . Reardon, pres banking group. ident of Otto Bremer Company and chairman of Bremer Service Com ELM H URST: Michael Welgat re pany, Inc., has announced the elec- cently joined Elmhurst National tion of Terry M. Cummings as pres Bank as vice president-trust divi ident, chief executive officer and sion, responsible for new business director of Bremer Service Com development. Mr. Welgat began his pany, Inc., effective July 1. Mr. banking career with the Michigan Cummings joined the Bremer organ- Avenue Bank in 1976 as a trust of ization as controller in 1976 and was ficer. In 1978 he joined Worth Bank elected senior vice president/con- and Trust in Worth as senior trust officer. troller in 1981. WORTHINGTON: S.L. Held was elected vice president of the State Bank of Worthington, according to EVANSTON: First Illinois Corpora tion, the parent company of FirstBank Evanston, has named its pres ident, Howard B. Silverman, to the additional post of chief executive of ficer. He succeeds Harland L. Ed wards, who remains as chairman of the board. STERLIN G : First Freeport Cor poration recently announced that its board has approved the acquisition of Lincolnway State Bank of Ster ling. The proposed acquisition tran saction will involve cash and shares of First Freeport Corporation, and is subject to executing a definitive ac quisition agreement and to the ap proval of the Federal Reserve Bank. South Dakota News The Federal Reserve Bank of Min neapolis recently announced its ap proval of the application by Dacotah Bank Holding Co., Aberdeen, to ac quire Faulk County State Bank, Faulkton. Montana News BILLIN G S: Peter Pfeifer has been elected assistant vice president at Security State Bank. He started with the bank in 1975 as an instal ment loan officer. MESSINA, LASSITER AND SCOTT Getting it done for you. John Messina 234-2486 Jan Lassiter 234-2481 David Scott 234-2480 Commerce Bank ofKansascity 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FDIC Telephone (816) 234-2000 * 4 ^ With today’s rapid changes in banking technology, data processing is becoming an even more important management tool. That’s where I come in .f f Today, your con tinued profitability is as important to Security National Bank as it is to you. Ken Boeder Correspondent Bank Officer Security National Bank Western Iowa’s Largest SECURITY NATIONAL BANK Sioux City, Iowa 51101 (712) 277-6554 Member FDIC When it conies to agriculture, banking and perso n n el. . . go to the specialists — go to A G R Icareers, Inc. Progressive bankers pay us to find the people they need. Ag. Loans/lns___ Ag. Lend. O ff........ Ag. Lend. O ff....... 2nd. Man (2)........ Loan O ffs............ Cred. Sprv............ .SD. .$17-20,000 . .IL. .$16-20,000 .W l.. $16-20,000 . .IA. .$20-25,000 . .IA .. $15-20,000 .M D .. $22-26,500 Ask the ag banking specialists what’s available without cost or obligation. — WANT ADS — Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. Northwestern Banker 306 - 15th Street Des Moines, Iowa 50309 Phone 515/244-8163 P O S IT IO N A V A IL A B L E Experienced INSTALLMENT LOAN MANAGER-for south central Nebraska $25 million bank. Also additional respon sibility in agricultural and commercial lending. Send sal ary requirements with resume. Write file QBE, c/o North western Banker. (PA) AG LENDERS WANTED If you have tw o or more years of ag lending experience and want to move up, we have a select number of positions open In the midwest. A degree from Iowa State University or other ag-oriented university w ill be a definite plus. Write or call Malcolm Freeland, Freeland Financial Ser vice, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. (PA) WANTED— Executive Vice President for $20 m illion eastern Iowa bank. Contact Citizens State Bank, Box 190, Postville, IA 52162.______________________________ (PA) Immediate opening for experienced banker, preferably w ith both lending and operations experience. Position w ill be number 2 o fficer in Northeast Nebraska State Bank of $7 m illion assets. Send resume and salary to: file QBJ, c/o Northwestern Banker. (PA) Why Call On A Professional? Faced w ith an unprecedented demand for talent and innovative executives, com m unity banks are increasingly turning to Freeland Financial Ser vice, Inc. for assistance In attracting the most pro mising candidates to fill their positions. Remember, the best individuals are usually cur rently employed and not looking to make a change; therefore, conventional in-house re cruiting methods are often ineffective, overlook ing the most qualified candidates. Time is money! Effective internal executive re cruiting is costly when you consider advertising, resume review and screening, preliminary inter view contact, traveling costs, interviewing can didates, and reference fo llo w -up ._ Contact our performance-oriented organization today to meet your professional and technical employment needs. Freeland Financial Service, Inc. Phone 515/282-6462 246 Insurance Exchange Building Des Moines, Iowa 50309 Employer pays reasonable fee □ I would like to sell my majority bank stock. □ I would like to buy ma jority bank stock. Please C ontact . J. Mason Henry Charles E. Walters Co., Inc. 39 Ginger Woods Road, Valley, Nebraska68064 Phone: (402) 553-6400 SERVING PROFESSIONALLY Banking,Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE Pitney Bowes mailing machines, scales, folder, pickometers, etc. Call C.J. Stobaugh at 512/250-0794. (WTB) FO R SA LE NCR 279-100 off-line and NCR 279-200 and 279-300 on-line teller machines all previously under NCR’s maintenance. For more information call Ada Turner at 512/250-0956. (FS) NCR proof machines—775-1000 single pocket, 775-2000 multi-pocket. Also NCR 7750-2201 and 7750-2500 w ith full configuration. Call Ada Turner at 512/250-0794. (FS) Pitney Bowes TicEt Counter (documents or money). Near new. E xcellent co n d itio n . Make an o ffe r. Phone 402/368-5504 or write The Tilden Bank, Box 250, Tilden, NE 68781. (FS) 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 NEW HAMPTON. IA 50659 MASSENA. IA 50853 I ,(515) 394-3145 (712) 779-3744 agncuiRSRs, inc . *■" the original agricultural recruiter 35-45% Discount on Lamps For Your Micrographie Equipment SITLER’S SUPPLIES INC. Box 10 - 702 E. Wash. Washington, la. 52353 Phone: Iowa 800/272-6459 or 319/653-2123 Thinking about selling your bank? Consult with Homer Jensen or Dick Buenneke Over 50 years’ banking experience No fee to seller 246 Insurance Exchange Bldg. Des Moines, Iowa 50309 Phone:515-243-7434 POSITIONS AVAILABLE • SECOND OFFICER— rural Nebraska bank w ith excellent compensation program. Operations skills and agri-loan experience desired. $30,000 AGRI-LOAN—Iowa $30MM bank has opening for seasoned ag-lending officer. Supervision of junior officers involved. $26,000 a EXECUTIVE VICE PRES.—$40MM community bank located within one hour of Missouri resort area. Operational and lending expertise required. $35,000 COMMERCIAL LOAN—$150MM suburban bank with pro gressive management team seeks strong commercial lender for second position in department. $40,000 OPERATIONS OFFICER—rural $30MM bank with above average earnings record desires cashier/operations officer with some knowledge of ag-credits. $27,000 0 CASHIER—$35MM Nebraska bank. Prefer accounting degree and five years or more banking. Bank has inhouse computer. $30,000 Walk down the tellers line this morn ing. Are you proud of their appear ance? If not, call us and find out how only $ 1 .0 0 per day per teller will help. M e A j/ io e k ^ CAREERAPPAREL N. Main S t„ Carroll, la., 51401 712-792-2748 | LENDING OFFICER—handle all types of credits for $50MM bank with emphasis on commercial. Community located in Rocky Mountain area. $28,000 _ w Many other opportunities available for operations officers with ag-lending experience and commercial lenders. Please forward resume' and salary requirements. TOM HAGAN & ASSOCIATES of Kansas City 2024 Swift - Box 12346 North Kansas City, MO 64116 816/474-6874 “Serving the Banking Industry Since 1970” Vol. 11 No. 11 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $15.00 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 A
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