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Vol. 9 No. 2 Des Moines, Iowa Illinois House Passes M BH C Bill MULTI-BANK holding com A pany bill has been approved 9160 by the Illinois House of Repre sentatives and it awaits action at this time by the Senate rules com mittee. The Illinois Senate currently is involved with its own Senate bills and may not take up the House bill for at least two weeks, it was report ed. It would then go to the floor from the rules committee. Adjournment of the Illinois legislature is schedul ed for June 30. The bill basically embraces de tails of the multi-bank holding com pany bill that lost out in the previ ous Illinois legislature. Two new items would: 1. permit a third facil ity by any bank, with the stipula tion that the facility could not be within one mile of another bank’s home office, and 2 . Prohibit a hold ing company from acquiring a new bank until that new bank was in existence at least 10 years. Holdover features of the previous bill divide Illinois into five regions. A holding company would be authorized to acquire banks in its own region and a contiguous region. It could acquire one bank per year for five years, but no provision is in the bill for the time beyond those five years. The House-passed bill places no limitations on size or growth of the holding company. In some other states, each holding company is limited to a fixed per cent of total deposits within the state. Bob Abboud Retiring At 1st Chicago Corp. It was announced at a press con ference last week that A. Robert Abboud, 50, chairman and chief ex ecutive officer of First Chicago Cor poration, “ will be retiring when his successor is designated by the board.” The announcement also said Ben W. Heineman, president of Northwest Industries, Inc., and a member of the holding company board, was named to succeed Mr. Abboud as chairman of the execu tive committee of First Chicago, effective immediately. Mr. Heine man, whose company’s principal interest is Northwestern Railroad, will have an office at First Chicago Corporation where he will consult with Mr. Abboud on “ major policy and personnel matters.” It was further announced that Harvey Kapnick, 54, who joined First Chicago last November as deputy chairman, had resigned effective immediately. Prior to join ing First Chicago he was chief executive officer of Arthur Ander sen & Co. May 5,1980 Mr. Heineman said a search com mittee has been formed and hopes to have a successor to Mr. Abboud named “ possibly as early as two months,” but would take longer if necessary. Prime Drops to 18 1/2 % Morgan Guaranty Trust Co., National Bank of Detroit and the Bank of New York dropped their prime lending rate to I 8 V2 % in the wake of another drop in short-term rates. A number of other banks dropped their prime to 19%, back ing off from the all-time high of 20 % that prevailed in mid-April. Bank CDs, which had been as high as 18 % , fell off last week a full half-point to 13.05% and were still unsettled at midweek. Scattered banks around the country in smaller metropolitan areas and communities had an nounced prime cuts during the past week. Among them was the M c Henry State Bank in McHenry, 111., where President Thomas F. Bolger said the prune now is 18 % as an aid. to farmers and local businessmen. Mr. Bolger is also president of the Independent Bankers Association of America. McHenry State, long a leader in its area in home mortgage lending, dropped its mortgage rate for owner-occupied homes from 16 % to 13 VS % , with 30 % down and a 3 % service charge. ASK JERRY TRUDO to make MNB work for you. Toll free: 1-800-332-5991 Merchants National Bank if i https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Member F.D.I.C. A ‘BANKS OF IOWA' BANK 2 UPDATE YOUR ALARMS Special on 35mm auto cameras. DOUGLAS SCHMIDT Check w ith us firs t BEFORE making a purchase. Your Man on the First Team. SECURITY SYSTEMS, INC. 3920 Delaware Des Moines, IA 50316 [515]265-1161 712/277-1500 DOUGLAS SCHMIDT Correspondent Banking Officer First National Bank isi Sioux City • A BANKS OF IOWA’ BANK Nebraska News CEDAR RAPIDS: Elizabeth L. Cox has been named executive vice president of the Cedar Rapids State Bank. She also will continue in her present capacity as cashier and chief executive officer. FREMONT: J. D. Schiermeyer has been elected chairman of the First National Bank & Trust Co. here. He was named vice chairman last N o vember and replaces William N. Mitten who died recently. Mr. Schiermeyer served as president from 1967-73. GRAND ISLAND: Richard E. Spelts J r., president of the First Na tional Bank here, has assumed the additional responsibility of chief executive officer. Chairman S. N. Wolbach will continue as president and chief executive officer of Bankshares of Nebraska, Inc. G row w ith a BANKERS’ BANKER Call 1-800-362-1688, toll-free in Iowa KEARNEY: Pat Cook has been pro moted to vice president and head of the instalment loan department at the First National Bank & Trust Co. here. She has been with the bank since 1977. NEWCASTLE: Floyd A. Bernard, 66, cashier and manager of the American State Bank here, died last month following a long illness. Mr. Bernard joined the bank in 1947. RUSHVILLE: Bennett F. Johnson has been named president of the Stockmen’s National Bank here to replace the late Albert Dale. Mr. Johnson most recently served as executive vice president at Rushville. Bank of Dawson has announced the election of Everett E . Kelley as pres ident to succeed Charles L. Kretchman who has accepted a position with the Banco corporate office. Mr. Kelley was formerly assistant vice president and assistant manager of the Groton branch of the First Na tional Bank of Aberdeen, S.D. DODGE CENTER: L. Kenneth Erickson has been elected president of the Northwestern State Bank of Dodge Center succeeding Lowell O. Grasdalen who resigned effective April 30. Mr. Erickson was most recently vice president of the First Northwestern National Bank in Denison, Iowa. M INNEAPOLIS: Mark H. Willes, president of the Federal Reserve Bank of Minneapolis, was named vice president and chief financial officer of General Mills, Inc. effect ive July iJj Mi Minnesota News Seven full-day NOW Account W orkshops sponsored b y the Minnesota Bankers Association are set for May 19-29. The workshops will address the implications of leg islation enabling banks to offer NOWs and a special Regulation E session is planned. Dates and locations are: May 19 —Grand Rapids; May 20—Detroit Lakes; May 21—Willmar; May 22— North Mankato; May 23—Roches ter; May 28—Bloomington, and May 29—Minneapolis. DAWSON: Northwestern State Illinois News CHICAGO: Henry W . Tymick has been named executive vice president of Pioneer Bank & Trust Co. and will serve as chief operating officer and corporate secretary. Most recently he was senior vice president of oper ations and systems development. ROCKFORD: Funeral services for Philip N. Peterson, 78, a prominent retired banker, were held recently. He had served as president of the First National Bank & Trust Co. of Rockford for over 20 years before his retirement in 1963. Single System Banking Now https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis National Bank of Waterloo Waterloo, Iowa 50704 Member FDIC \ \ Phone Dick Jung at 1-800-772-2411. p -V l. AN IMPORTANT PROFIT CENTER FOR YOUR BANK PROPERTY IMPROVEMENT LOAN INSURANCE PROGRAM How To Produce Bigger Yields In Your Installment Loan Department! (1) You can set your own LOAN RATE: (2) The ability to INCLUDE CREDIT LIFE and accident & Health increases your Insurance commission income. * (3) SERVICE to our lenders. Our record for service to our accounts and insurance customers is second to none. (4) FAST CLAIMS PAYMENT, faster than the FHA Title One program, or any other private insuror of Property Improvement loans. 4 jj (5) Two methods of PREMIUM PAYMENT—Single pre mium, or monthly based on outstandings of insured loans. » Our Property Improvement Loan Insurance Plan insures all types of defaults in the modernization loan area bankruptcy divorces strikes skips etc. , , , , 'V •y C N UNDERWRITING MANAGERS FOR The Central National Insurance Group of Omaha universal 365 N. SADDLE CREEK RD. • OMAHA. NEBR. 68131 • 558-9000 mi CUT OFF ALONG DOTTED LINE AND MAIL TO: R. D. “DICK” BEATTY VICE PRESIDENT - PROPERTY IMPROVEMENT * UNIVERSAL ASSURORS, INC. 365 N. 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Telephone https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Number State Zip Code □ Country Western for Group 5 R EGISTRATION for Group 5 of the Iowa Bankers Association will start at 10:00 a.m. at the Lake Shore Country Club in Council Bluffs, according to Richard Ran dall, group chairman and president of the Dunlap Savings Bank. Luncheon will be served at the Club at 12:15 p.m ., and the formal business meeting will start at 1:00 p.m. IB A President Leslie Olson will preside at the May 19 meeting. Keynote speaker will be Earl Willets, assistant attorney general, R. RANDALL who will discuss usury and the new banking laws. Tom Huston, superintendent of banking, will comment on the current banking scene. Members of the Iowa Bankers Association including Dave McNichols, Mark Douglas, A1 Tinder and Sam Callahan will give brief reports on Association activities. Executive Vice President Neil Milner will report on the legislative session concluded recently. Activities will move to Club 64 for the evening meet ing. The social hour will start at 5:30 p.m ., and the annual banquet will start at 7:00 p.m. Rusty Draper and his country western music show is the entertainment. by a buffet dinner at 7:00 p.m. An outstanding singing group will be providing entertainment, Mr. Bolton re ports. Current Iowa banking status will be discussed by Tom Huston, Iowa superintendent of banking, and Les Olson, president, and Neil Milner, executive vice presi dent, both with Iowa Bankers Association. Robert E. Chittenden, vice president and cashier, Farmers Savings Bank at Mitchellville, is scheduled to move from secretary to chairman, succeeding Mr. Bol ton for a two-year term as chairman and as a member of the IB A executive council, effective with the September state convention. A new secretary will be selected for a two-year term. Group 2 to Discuss Bank Issues B ANKERS may bring questions to the Group 2 meet ing at Starlite Village in Fort Dodge, on Wednes day, May 21, and enjoy a free-wheelmg, off-the-record discussion of key issues facing banking. This anjjf nouncement was made by Group Chairman Earl J. Underbrink, president, First National Bank, Fort .. I Dodge. Golf at Fort Dodge Country Club will precede the formed meeting, and starting times may be arranged from 9:00 ^ . through Craig UNDERBRINK Graham at 515-955-8551. Registration will be held at 2:00 p.m ., and the pro ROUP 6 will offer an afternoon golf tourney, social hour, dinner, election of new officers for the next two gram will start at 3:00 p.m. In addition to the informal discussion by delegates, reports will be given by Tom years and a brief business program, Huston, superintendent of banking; Neil Milner, execu according to Group Chairman Don tive vice president of the Iowa Bankers Association, and A. Bolton, executive vice president IB A staff members Dave McNichols, Mark Douglas, of the Union State Bank in WinterDale Dooley, A1 Tinder and Sam Callahan. set. Des Moines Golf and Country The social hour will be held at Starlite Village, start Club will be the site of the May 20 ing at 5:30 p.m ., and dinner will follow at 6:30 p.m. The meeting, located at the Ashworth Iowa Central Singers will provide entertainment. exit on 1-235 near West Des Moines. A special program for ladies has been planned starting Golf Chairman Bill Greaves, vice at 3:00 p.m. at poolside, Starlite Village. Mrs. Earl president at Central National Bank (Pauline) Underbrink will preside. Fred and Marian Dal& Trust Co., Des Moines, said first D. A. BOLTON vey will describe “ How to Conduct a Wine Tasting tee-off time will be at noon. The social hour will commence at 5:30 p.m ., followed Party.” Younkers will feature a style show. Group 6 to Feature Golf G Join Us At Iowa’s Vacation Spot! Welcome to Council Bluffs • Golf for • Boating Group 5 • Business Annual Meeting Monday, May 19 Group 12 May 22 Brooks Best Western https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Lake Okoboji Your hosts: Council Bluffs Savings Bank First National Bank State Bank & Trust Supplement to Northwestern Banker Newsletter 5-5-80 24-Hour Telephone Banking AN ALTERNATIVE OR A COMPLEMENT TO “Negotiable “0 ”rder of “Withdrawals y Some Facts On NOW’S NOW accounts (an extension of AFT) are a reality December 31, 1980. NOW accounts probably will not work for the average customer—high minimums and service charges will eat up interest earned. Will NOW accounts attract new money? Doubtful as most extra is going into high interest certifi cates. NOW’s will only apply to personal accounts. What will you offer to your business accounts? NOW accounts aren’t mandatory. You may decide not offer to them. Will you have an alternative or a complement to NOW’s ready and working by December 31,1980? Some Facts On 24-Hour Telephone Banking 1. You don’t have to wait until December 31, 1980. You can have 24-hour telephone banking NOW! 2. 24-hour telephone banking allows customers to transfer funds from savings to checking or vice versa anytime. 3. 24-hour telephone banking is an alternative or complement to NOW’s and all types of accounts can use it. 4. 24-hour telephone banking allows customers to earn a higher rate of interest than a NOW account. 5. 24-hour telephone banking is inexpensive to offer, particularly compared to what a NOW program will cost. 6. DCC, Inc. has more facts on NOW accounts and 24-hour telephone banking. We want to talk to you NOW !!!!! DIVERSIFIED COMMUNICATIONS COMPANY, INC. 9468 Western Plaza Omaha, NE 68114 Please have your representative contact me concerning 24-Hour Telephone Banking. ' INC. Name «DIVERSIFIED . COMMUNICATIONS .COMPANY (402) 397-0128 9468 Western Plaza Omaha, NE 68114 • Iowa Digitized for representatives: FRASER *Sales Minnesota https://fraser.stlouisfed.org Missouri • Colorado • Wisconsin Federal Reserve Bank of St. Louis Title Bank Name A dd re ss__ City ______ Telephone State ZIP https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Iowa News H H Ig * BOONE: Benjamin Williamson has joined Citizens Na tional Bank here as vice president and trust officer. He was formerly a trust officer at Hawkeye Bank & Trust C o., Burlington, and succeeds Ann Stark who will be in charge of customer services. “Ups and Downs” to Group 12 INDIANOLA: T. J. Nicholls, vice president and cashier of Peoples Trust & Savings Bank here, has been elected corporate secretary of the bank, Farmers Credit Corpor ation and Peoples Company of Indianola. Peggy Wickett was appointed secretary to the board of each corporation, and Dick C. Stoffer was named commercial loan officer and assistant trust officer at the bank. SIOUX CITY: Valley State Bank has received consent from the FDIC to open an office in the Southern Hills Mall here. HE POPULAR “ Ups and Downs” musical group W ALFORD: Nicholas G. Volk has been elected assist will entertain Group 12 at its annual meeting at ant vice president of the Farmers Savings Bank here. He Brooks Best Western in Okoboji on was formerly employed by the Iowa Department of Thursday, May 22. Banking for the past six years. Chairman M. J. “ Dick” Kuehl, W ILLIAM SBU RG : Justin L. Collier has resigned as president of the Security State vice president of the Farmers Trust & Savings Bank here Bank, Lake Park, says the group to accept a position as executive vice president of the anticipates a good crowd since the Williams Savings Bank. John R. Jones was promoted to meeting precedes the Memorial Day weekend. Activities will begin with vice president and trust officer. a golf tournament with starting times between 9 a.m. and 10 a.m. North Dakota News Keith Campbell, president of the WAHPETON: E. Justin Reynolds has been appointed Citizens State Bank, Sheldon, will J‘ KUEHL an instalment loan representative at the First Bank of be in charge of the tournament. A special feature for North Dakota (N.A.)-Wahpeton. He was previously spouses will be a luncheon, followed by a style show, employed by the First Bank of North Dakota-Fargo. sponsored by the “ Clothes Peddler” of Spirit Lake. The social hour and dinner will be held at Brooks Best W EST FARGO: Funeral services for Kenneth A . Niel sen, 66, were held recently in West Fargo. He had served Western, and the formal business meeting and enter as president of the West Fargo State Bank until his re tainment will conclude the event. tirement in 1975. T I Iowa Group Meeting Programs Wyoming News Programs for Groups 8, 4, 7 and 3 are featured in the CHEYENNE: Larry Catalano has been named a per May issue of the N o r t h w e s t e r n B a n k e r magazine. Pro sonal banking officer at First Wyoming Bank, N .A .- grams for Groups 5, 6, 2 and 12 are in this issue of the Newsletter. Cheyenne. GREYBULL: M. L. “ Rob” Robinson has joined the First National Bank of Greybull as vice president in charge of consumer services. He has 22 years of financial experience and was most recently senior vice president at First Wyoming Bank, N.A.-Laramie. Colorado News •4 DENVER: Colorado Bank-Tech Center, the first full service commercial bank in the Tech Center, opened for business on April 21. Garth Thomas is president of the new facility, which is located at 8401E. Belleview east of Marina Square. Mr. Thomas was formerly president of Boulevard Colorado National Bank. The bank is a sub sidiary of Colorado National Bankshares, Inc. czHotdsx and Bank Consultants Specializing in Bank Acquisitions 515-232-0814 P.O. Box 450 405 Main Ames, Iowa 50010 D o n a l d E . H o l d e r , Principal https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 6 CALL ON THE “PERFORMANCE TEAM” where com m on transactions are handled uncom m only well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE 714 Central National Bldg. 515-283-2545 Dos Moines, Iowa 50309 Independent Management Services Specializing in Bank Acquisitions By Independent Investors No Broker Fees Cal 1515-223-1044 Homer Jensen — Dick Buenneke 3737 Woodland Ave. Executive S uitel 20 West Des Moines, Iowa50265 •w a n t a d s w m N i " “UA'¿S WA iDS WANT ADS NT APS WANT A T ftnR WANT ¿ P A R T IA L LIS T OF A V A IL A B L E A P P LIC A N TS FOR SALE Burroughs TT-102 electronic on-line teller machines, 1-3 years old. $1850 each (original cost $3400). Call (214)757-7760._____________________________ (FS) 15,000 Consumer Banker with large bank ................ 14,000 AG LENDING OFFICER. . .SEM inn. . . . $16-18,000 Farm Manager for large bank wants ag lending ........................................................... 16,000 AG LOAN REP. . .O h io ............................$25-30,000 COMMERCIAL. . .Iowa ..........................$20-25,000 Loan Officer with good operations experience ..................................................... 12,000 LOAN OFFICER. . .Iow a ........................$15-20,000 AVP & Trust Officer, has insurance lic e n s e s ........................................................... 18,000 A G B A N K IN G C AREERS LOAN OFFICER. . . W. Iowa ..................$15-18,000 Ag Lender, five years experience ....................$16,000 CREDIT SUPERVISOR. . . O h io ..............$17-21,000 Since 1968, banks and other ag-related employers have been paying us to find the personnel they need. For more Information, give Linda (our banking spec ialist) a call today. BOri G4REERS,INC. m J AGRICULTURAL BANKERS PARTICIPATING I I LeasePlan.Inc. 545 - 31st Street Des Moines. Iowa 50312 R. L. “DICK” SELLON • P.D. “DUANE” DEVAULT | Ag Loan Officer/Office Manager— Immediate opening in southeast Iowa bank of $25 m illion. Experience necessary. Send resume and background to Farmers & Merchants Savings Bank, Lone Tree, IA 52755. (PA) Cashier— Southeast Minnesota bank of $20 million is seeking aggressive individual experienced in operat ions, EDP, reports and lending. Excellent salary and benefits. Send resume to file KBD, c /o Northwestern Banker.___________________________________ (PA) INSURANCE AGENCY MANAGER— Person with in surance agency manager experience, or experienced and fully licensed agent, as manager for agency in west central Minnesota. Long established agency with potential fo r sound growth located in county seat town, good trade center. Good starting salary and fringe benefits with incentive program. Reply to file KBF, c /o Northwestern Banker._______________(PA) Loan Officer, with agricultural lending experience, needed in $65 m illion bank near Iowa City. Contact John Hughes, President, H ills Bank & Trust Co., Hills, IA 52235; (319)679-2291._____________________ (PA) Commercial Lending Officer, with minimum of three years strong commercial experience, to head depart ment. Send resume to Dale Thompson, P.O. Box 727, St. Cloud, MN 56301.________________________(PA) BANK CONTROLLER WANTED: Controller fo r $60 m illion central Iowa bank with one-bank holding com pany and other operating entities. Prefer CPA with one to five years experience. Salary open depending upon experience and qualifications. Send resume to K.M.M., Box65133, West Des Moines, IA50265. (PA) If you are seeking a qualified officer for your bank, call Malcolm Freeland, president, Freeland Financial Service, Inc. at (515) 244-8163. Experienced people are available from $20,000 to $40,000. Employer pays service fee.________________________________ (PA) We’re people you can turn to for investments. ............ 23,000 VP/Real Estate Analyst fo r mortgage company ......................................................... 25,000 President in $22MM bank, wants larger b a n k ................................................................... 30,000 President, stable background, varied experience ..................................................... 35,000 ALL FEES PAID BY MANAGEMENT FOR FURTHER INFORMATION RESPOND IN CONFIDENCE TO: Addressograph equipment. Send information to Box 607, Boone, IA 50036.______________________(WTB) POSITIONS A V A IL A B L E OPERATIONS—#2 position in large Iowa bank. Major are of responsibility w ill be check processing and re lated departments.............................................. 25,000 CORRESPONDENT BAN K E R — M ajor M inn esota bank seeks strong commercial lender to handle non ag overlines. No travel........................................ 30,000 BRANCH OFFICER— Metro Iowa location. Prefer con sumer loan and supervisory background.......... 20,000 INSTALMENT LOAN— Major midwestern bank needs second man for instalment department. Must have solid background in indirect financing............. 25,000 JUNIOR OFFICER— Large Minnesota bank w ill train individual with degree and 1-2 years general bank ex perience for correspondent position.................. 16-18K OPERATIONS— Management position in $60MM Minnesota bank. Prefer data processing background and in metro bank experience............................ 25,000 CASHIER— Several openings in rural Iowa, Kansas, Nebraska and Minnesota banks. Insurance licenses helpful.................................................................. 18-22K To inquire about a position please submit resume and salary history. ^ ; 712/ 277-6625 SECURITY NATIONAL RANK M EM BER F .D .I.C . 20,000 PRESIDENT— $8MM rural bank close to college com munity. Agri loan background required............ 26,000 We’re more than western Iowa’s largest bank. MS We’re people. IN SIOUX CITY, IOWA. 23,000 AVP & Branch Manager, a generalist ............ PRESIDENT— $75MM suburban Kansas bank. Degree and commercial loan experience in a large bank re quired...................................................................... Open For investment services, data processing, ag lending and overlines . . . we’re the people you can turn to. Jim Hongslo Vice President 17,500 Trust Officer, small bank experience ............ VP with solid experience in all areas PERSONNEL RECRUITERS POSITION AVA ILABLE FO RSA LE Heavy mortgage experience, V A/FH A / CONV ............................................................. Commercial credit and loan experience, large b a n k ............................................................ 17,500 (515)394-3145_____________ New Hampton, IA 50659 Burroughs TR-102 electronic teller machines. Upgrad able to on-line; 2-3 years old. Guaranteed. Freight paid. $995 each (original cost $2100). Call (214) 757-7760._________________ l_______________ (£S) NCR 152-70 teller machines. Completely recondition ed; 15 days free trial. Guaranteed. Freight paid. $775 each. Call (214)757-7760.____________________ (FS) NCR 1550 electronic teller machines. Guaranteed. Freight paid. $895 each. Call (214)757-7760. (FS) Burroughs L9000 Computer Model 9541-300. Three cassette stations; stripped ledger reader; matrix print er. Excellent condition. Under maintenance. Call Royal at (712)277-2011.______________________ (FS) Six NCR 1550 electronic teller machines. Call (512) 258-7101. (FS) Fifteen NCR 279-200 on-line teller machines less than one year old, on maintenance. $2050 each. Concentrators and couplers available. Call (512)250-0794. (FS) One Burroughs B-80 computer, 64K, one super floppy disk, $4500. One Burroughs L9300 with two cassettes, $5500. One Burroughs L8500 with one cassette, auto reader, paper tape reader and punch, $4500. Two Bur roughs L5000 with auto readers, $3000 each. Any or all. Call (512)250-0795._______________________(FS) Three years installment experience ................ $14,000 Cashier, BA and one year exp erien ce............ R M © 1980 Security National Bank TO M H A G A N & A S SO C IA T E S OF K A N S A S C ITY P.O. Box 12346 / 2024 Swift North Kansas City, Missouri 64116 ________________ (816)474-6874________________ Vol. 9 No. 2 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