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Vol. 10 No. 23__________________________ Des Moines, Iowa_______________________ September 28,1981 A B A Pres. Gunderson Says: Speak Up at House Hearings BA President Lee Gunderson A has issued an urgent request for all bankers to “ speak up loud ly” at forthcom ing hearings that the House Bank ing Committee will be conduct ing all over the nation. In con cluding his add ress before the Iowa Bankers L.E. GUNDERSON Association annual convention in Des Moines last week, Mr. Gunderson, who is also president of the Bank of Osceola, Wis., said: “ Remember that the federal government is the biggest borrower in the country. In each month of 1980, the federal government paid, on the average, $7 billion in interest alone. “ Whenever I think of government spending I am reminded of this calculation of ‘one billion’ : • “ One billion seconds ago, it was 1948. • “ One billion minutes ago, Christ was walking on earth. • “ One billion hours ago, nothing on this planet walked on two feet. • “ But a billion dollars ago, it was only 6 o ’clock last night in Washington. The government spends more than $1 billion every 19 hours, 365 days a year. “ Even in a time of federal budgets of $579.6 billion per year, interest payments of $7 billion a month represent a large portion of the budget. “ And, so far in 1981, that amount is escalating significantly. Every week, the government sells huge amounts in securities — including 30, 60, and 90-day T-bills. What will happen when all those T-bills mature? “ The money to redeem them must come from somewhere, and that somewhere is from more government borrowing during those 30, 60, and 90-day periods. This spiralling debt cannot go on forever. When the government overloads the credit market with securities backed by the U.S. Treasury, how can Bank of America or the Bank of Osceola compete? ‘ ‘ Getting more budget cuts through will not be easy. Additional cuts now will be even more controversial than those passed in July. But Congress is talking tough, so it’s time to talk tough to Congress, and demand more cuts. “ I ask you to help build the momentum we need as a nation to get our economy back on the right track. Let your representatives in Congress know you demand the budget cuts necessary to bring down inflation and the interest rates. “ Last week I issued a statement to the media calling for a restrained growth in the money supply and reduced spending. But we need your help to make sure our lawmakers really get the message. Bankers have traditionally been effective partners with A B A on the whole spectrum of legislative efforts, including BankPac participation. I thank you for your widespread support. Now we need your help again to resist the forces in Washington that are calling for credit controls. The realtors are joining with the home builders and car dealers to stage a publicity-seeking campaign for credit controls next month in Washington. Credit controls simply won’t do the job and bring the long term results our economy needs. “ The House Banking Committee is going to be conducting hearings all over the country to get input on the interest rate problem. We must speak up loudly and we must speak up now to focus the attention of Congress where it belongs — on budget cuts and tight monetary policy. These Don't gam ble when choosing o correspondent bonk. Come to the professionals. For any correspondent bonking need . . . overline assistance, d ata processing services, investment counseling . . . just give us a call. W e're the professionals w h o put the response in correspondent bonking. OF DES MOINES, N.A. • MEMBER FDIC • TOLL FREE NUMBER (800)362-1615 AFFILIATED W ITH UNITED CENTRAL BANCSHARES, INC. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Cyrus D. Kirk, V ice President Gany Frandson H o w did we get to 1 1 be first in Iowa? By putting Iowa first. KDWA-. nesMOines M A [NATIONAL BAN K S H An Affiliate of Northwest Bancorporation Mem ber FDIC BANCO''’ Call (515) 245-3131 or toll-free (800) 362-2514 of success” October 13 from 1:30 to 5:30 p.m. at Stouffer’s Five Seasons Hotel in CedEir Rapids. Conducting the seminar will be Dr. Leon A. Danco, president of University Services Institute, Cleveland, Ohio. He is founder of The Center for FEimily Business and is nationally recognized as an author, lecturer and expert on family-owned businesses and closely-held companies. The seminar will stress key Eireas of business planning Euid the basic management concepts of organiza tion, personnel, finance and account ing needed in a fEunily-owned Merchants National To business. A reception will follow the Co-Sponsor Seminar meeting from 5:00 to 6:30 p.m. at the The Merchants National Bank of Five Seasons Hotel. Registration is Cedar Rapids is co-sponsoring a $90 for the first person, $70 for each seminar deeding with “ the problems company associate Eind $50 for spouses, payable to The Center for FEunily Business in Cedar Rapids. policies, not credit control, will bring interest rates down. “ So, I urge you all to help us keep up this effort that will bring relief from the interest rate that Eire so damaging to our economy Eind to the business of bEuiking. Let’s pull together and mEike sure Congress does its job to provide the momentum our economy needs. I know I can count on you bemkers again to work with the A B A at this crucial time. After all, working together toward a common goal is what partnership is all about. □ Iowa News ASK JERRY TRUDO to make MNB work for you. Toll free 1- 800 - 332-5991 Merchants National Bank 151 Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA’ BANK BANKERS PARTICIPATING I LEasePlan.lnc. 545 - 31st Street Des Moines. Iowa 50312 R. L. “DICK” SELLON • P.D. “DUANE” DEVAULT to Gene Stewsirt, president. Mr. Head, previously assistant vice president, joined the bank in 1973. Mrs. Shephard has been with the bsuik since 1958. WATERLOO: The following man agement chEuiges at Peoples Bank & Trust Co. have been announced by R.K. Sverdahl, president and chairman: Richard L. Mahoney to vice president-lending; Bruce S. Anderson to vice president-opera tions; Richard J. Schmit to vice president-trust; RichEird W . Strudthoff to assistant vice presidentoperations, and Michael L. Murwin to assistEuit vice president-market ing. Mr. Strudthoff and Mr. Murwin recently joined the bank. Mr. Mahoney joined in 1972, Mr. Anderson in 1975 and Mr. Schmit in 1979. W AVERLY: First National Bank’s preliminary open house for its new building here was attended by over 500 stockholders, visiting bankers Euid public officiEils. Grand opening festivities for the public were held September 19 and included live entertainment, contests Eind prizes. Minnesota News DES MOINES: Eugene G. Precht was nsuned chairman and chief ALBERT LEA: David Noack has executive officer of the Iowa-Des been elected president of First Moines National Bank by directors Northwestern National Bank. He will last week. He is succeeded as succeed Carroll C. Bergerson, president by George F. Milligan, who president since 1965, who will be will also be chief operating officer and retiring April 1. Mr. Noack began his a director. Dee L. Frost was named CEireer in 1957 as a bank examiner and vice chairman Eind director. Five new was most recently senior vice executive vice presidents nEimed are: president and a director of the First Tom Farris, commercial bsinking National Bsuik of LaCrosse, Wis. Mr. division; Tom Hammelman, con Bergerson will continue to serve as sumer financial services division; H. Lynn HorEdt, chief financial officer; John Sikkink, bank operations, and Will C. Smith, human resources division. KNOXVILLE: David E. Anderson has been transferred to the Commun ity National Bank & Trust Co. as vice president. Mr. Anderson was previ ously assistant vice president of WEuren County Brenton Bank & Trust in Indianola, which he joined in 1976. MARENGO: Virgil Head has been nsuned vice president sind Catherine Shepherd cashier of the United Central Bank of Marengo, according "Opportunity C olls../' Leo Kane, Correspondent Banker American Trust & Savings Dank The Bank of Opportunity Town Clock Plaza. Dubuque, Iowa CALL 319-562-1041, COLLECT Supplement to Northwestern Banker Newsletter 9-28-81 Carleton D . Beh Company Investment Bankers / Financial Consultants 1300 Des Moines Building / Des Moines, Iowa 50309 5 1 5 /2 8 8 -2 15 2 We own and offer subject to prior sale and change in price the follow ing Pledge Orders: AMOUNT MUNICIPALITY YIELD MATURITY $350,000 BURLINGTON, IOWA Sewer Revenue Pledge Orders Interest: 3-1 and 9-1 10.00% 9-1-82 $350,000 DENISON, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 10.00% 9-1-82 $250,000 GLENWOOD, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 10.00% 12-1-83 $750,000 KEOKUK, IOWA Water Revenue Pledge Orders Interest: 6-1 and 12-1 10.00% 6-1-82 $250,000 ROLAND, IOWA Electric Revenue Pledge Orders Interest: 6-1 and 12-1 10.00% 12-1-82 $550,000 SANBORN, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 10.00% 12-1-82 $450,000 TIPTON, IOWA Electric Revenue Pledge Orders Interest: 6-1 and 12-1 10.00% 6-1-82 $300,000 WAVERLY, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 10.00% 6-1-82 $175,000 WEBSTER CITY, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 10.00% 6-1-82 • • • • • • • m ^ IN THE OPINION OF COUNSEL INTEREST ON THESE PLEDGE ORDERS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXATION AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. Pledge Orders are Issued in accordance with the provisions of Chapter 384, Code of Iowa, 1981, as amended, to provide funds necessary for the construction of improvements to municipal utilities. In the opinion of counsel, Pledge Orders are subject to the first lien of outstanding debt, if any, and together with such outstanding debt are payable solely and only from the future net revenues of the respective municipal utilities. 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 are based. Bonds of a particular maturity may or may not s till be available or may now be available at a price or yield different from that indicated above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Division of Hutton & Company Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * WHAT? CHRISTM AS IN AUTUMN! . NOT REALLY, BUT IT’S TIME TOTHINK ABOUT HOLIDAY GREETINGS TOYOUR CUSTOMERS ★ HOLIDAY GREETING DEPOSIT RECEIPTS ★ Each day you are using deposit receipts. W hy not let them double as "greeting cards." These attractive receipts are an inexpensive w a y to make a positive impres sion as you extend best wishes to customers and say, "Thanks for your business." Send us your order today and prepare to disburse holiday cheer from every tellers window throughout the holiday season. See other side for Holiday Drive In Envelopes ORDER FORM Mail To: HOLIDAY DEPOSIT RECEIPT Date. PRICES PER THOUSAND Please Check Quantity Desired 2820 Roe Lane/Kansas City, Kansas 66103 □ 5,000 @ $6.90 □ 20,000 @ $5.50 □ 10,000 @ $6.20 □ 25,000 @ $5.30 □ 15,000 @ $5.80 □ 50,000 @ $4.80 Imprint:. 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ORDER FORM H O L ID A Y D R IV E IN E N V E L O P E S D a te Mail To: i n r M r A lin c . 2820 Roe Lane Kansas City, Kansas 66103 Bank Name HOLIDAY DRIVE IN ENVELOPES PRICES PER THOUSAND Self Sticking □ 1000 @ $33.50 □ 3000 @ $29.50 □ 5000 @ $25.50 □ 10000 @ $23.50 Regular □ 1000 @ $31.50 □ 3000 @ $27.50 □ 5000 @ $23.50 □ 10000 @ $21.50 S ig n e d HOLIDAY XM AS CURRENCY ENV. • PRICES PER TH O U SAN D □ A 137-E2 □ A 301-L 2 □ F 272-L2 $54.80 $46.20 $46.20 T itle Digitized FRASER BANfor K A N D COMMERCIAL PRINTERS / LITHOGRAPHERS / OFFICE PRODUCTS / SN AP-OUT FORMS / MICR E N CO DING / D A T A PROCESSING FORMS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lement to Northwestern Banker Newsletter 9-28-81 •/ • CALL ON THE “PERFORMANCE TEAM” ■ where com m on transactions are handled uncomm only well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. chief executive officer and chairman unconstitutional. The complaint until his retirement. names Commissioner o f Banks and EVELETH: First Northwestern Trust Companies William C. Harris National Bank has promoted Lynn as defendant. It alleges that the Spier to assistant vice president and measure failed to receive the controller, Patrice Came to assistant necessary three-fifths vote of the vice president-lending and Kathy legislature to pass. Illinois’ revised 1970 Constitution Patterson to assistant vice president requires any bills dealing with lending and compliance officer. Ms. branching to receive the three-fifths Spier joined the bank in 1974 as head teller. Ms. Came has been with the vote. The MBHC bill passed by a bank since 1975, Ms. Patterson since closer margin. Independent banks opposed to the legislation argued that 1963. the law permits another form of REDWOOD FALLS: A t the State branching and thus the extraordinary Bank, Royce Heffelfinger and Norris voting rule applies. Iverson have been promoted from assistant vice president to vice South Dakota News president-loans, according to Presi The Federal Savings & Loan Insur dent L.K. Iverson. ance Corp. has required the merger Illinois News Three independent banks have legally challenged this state’s newly-enacted multibank holding company law. The challenge, brought in a Springfield court, is viewed as a last-ditch effort to stop implementa tion of the law enacted July 3 which permits banks to form regional multibank holding companies. It repeals a 1957 prohibition against MBHCs in the state. Bringing the court action are the McHenry State Bank, State Bank of Arthur and First National Bank of Lacon. President of the McHenry Bank is Thomas F. Bolger, immedi ate past president of IB A A and treasurer of the Illinois Bankers Association. President of the Arthur Bank is James L. Winningham, immediate past president of ICBI. The suit asks tor an injunction and declaratory judgment, and seeks to nullify the law and declare it Call our Bond Department For up-to-the-minute, accurate information BROKEN BOW: Theodore S. Forsyth, 76, retired president of the Nebraska State Bank, died recently of an apparent heart attack. GRAND ISLAND: Ken George has been promoted to chief administra tive officer-consumer lending at First National Bank. Mr. George has been with the bank 19 years, most recently serving as assistant vice president. HASTINGS: A t City National Bank, Murray Thompson has been elected assistant vice president and managerconsumer loans. He was previously with Commerce Bank of Grandview, Mo. HUBBELL: The Hubbell Bank of Perpetual Savings & Loan recently celebrated its 100th anniver Association of Rapid City into a sary with a beef barbeque for all bank stronger partner. The move will customers. About 250 people were create the largest thrift institution in served at the festivities in Hubbell South Dakota. Park. The $43.6 million-asset Perpetual was merged into the $215 million- IM PERIAL: Richard Grubb has asset First Federal Savings & Loan joined Chase County Bank & Trust as Association of Rapid City. The an assistant vice president. The past FSLIC assisted the transaction but two years Mr. Grubb has been did not disclose the amount of aid assistant vice president and trust used to make the merger possible, A t officer at the Keith County Bank & the end of May the Federal Home Trust in Ogallala. Loan Bank Board had 363 institu tions on its list of ailing associations NORTH PLATTE: Ken Glass has joined McDonald State Bank as under close government scrutiny. So far this year, however, only one S & assistant vice president and will serve as a lending officer. He was L, located in Chicago, has been previously branch manager for a liquidated. savings and loan office here. Nebraska News Wyoming News BELLEVUE: The Bank of Bellevue recently held a grand opening celebration for its new 25,000 square foot facility in the American Plaza. Tours were conducted and prizes BUFFALO: The Wyoming Bank & Trust Co. recently celebrated its 75th anniversary with a free barbeque and live music, according to Don Kraen, president. Tom Steffens John Henderson Vice President Tony Paugoulatos Vice President Asst.Vice President Asst.Vice President Bond Officer 234-2462 234-2463 234-2647 Jim McLaughlin 234-2673 i^ r C o m m e r c e BANK o f Kansas C ity M em b e r FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis included a trip for two to Mexico. ' Rusty Reese 234-2674 10th and Walnut Dave Wittenborn Bond Representative 234-2691 (816) 234-2000 4 PARTIAL LIST OF AVAILABLE APPLICANTS SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide INSTALLMENT - BA degree in business Admin. Branch mgr with primary resp of installment lending. $ 20,000. CAPITAL PERSONNEL SERVICE ASST V.P. - BA degree with finance major. Lending capacities in all areas. Also exp in operations and marketing. $26,000. 714 Central National Bldg. 515-283-2545 _______ Des Moines, Iowa 50309_______ BANK PLACEMENT SPECIALISTS (Our33rdyear) Call experienced professionals to locate the right candidate for your vacancy . .. or the right “ move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 202 S. 71 st Street 402 / 393-5515 Omaha, Nebraska 68132 WANTAOS 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 -1 5th Street Des Moines, Iowa 50309 Phone 515/244-8163 When it comes 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 Loan O fficer..................IA . $15-20,000 Sales & Mktg. Rep . . . F L /G A . $20-25,000 C E O .................................KS . $30-35,000 Ag Loan O ffic e r..............MN . $15-20,000 Ag Loan Off icer/ Insurance IA . $15-20,000 2 Ag Loan O ffic e rs ............IA .$16-23,000 Ask the ag banking specialists what’s available without cost or obligation. PORTABLE MINI-BANK 8’x14’ Diebold BR drive up window, BR door, heater, AC and carpet. Available 11-1-81. Contact T.J. Richards, Peoples Trust and Savings Bank, Indianola, Iowa 50125. Phone (515) 961-6241._________________________________ (FS) POSITION AVAILABLE OPENING in $20 million north central Iowa bank for ag-lending officer. All inquiries confidential. Send resume to file OBJ, c /o Northwestern Banker. (PA) Opportunity for young lending officer to join management team of $18 million northwestern Illinois Bank. Duties w ill include installment and commercial lending and business development. Excellent community; good growth potential. Send resume and salary requirements to file OBA, c /o Northwestern Banker.__________________________________ (PA) NUMBER TWO LOAN OFFICER - Want loan officer with experience in commercial, farm and other types of loans for growing $26 million bank at gateway to Lake of the Woods area. Salary commensurate with experience. Contact: David Swenson, President, First National Bank of Baudette, P.O. Box Drawer D, Baudette, Minnesota56623._________________ (PA) POSITIONS AVAILABLE Ag Lender for progressive Nebraska community bank ...........................................................................$18,000 Marketing Officer for bank in central Iow a.................... ................................................................... Salary Open Ag Lender for north central Iowa b a n k ............$20,000 Installment Officer for western Iowa bank Salary Open Insurance Agent for western Iowa b a n k .. .Salary open Write or call Malcolm Freeland, Freeland Financial Service, Inc., 246 Insurance Exchange Bldg., Des Moines, IA 50309. Phone 515/282-6462. Employer pays fee.___________________ EXEC V.P. - 20 yrs banking exp with well rounded lending exp. Has served several yrs as bank compliance officer. $35,000. AG LENDER - Majored in Ag business with 4 yrs lending exp. Also exp w ith consumer loans and has insurance licenses. $23,000. OPERATIONS - BA degree and 1 yr banking experience. Familiar with all teller areas and financial statements. $12,000. FOR FURTHER INFORMATION RESPONDIN CONFIDENCETO: NEW HAMPTON. IA 50659 MASSENA. IA 50853 1(5 15 )3 94 -3 14 5 (712)779-3744 aqnc4RBRs,iNC. Bank Division — * THE ORIGINAL AGRICULTURAL RECRUITER (M l FOR SALE OR LEASE FOR SALE TRUST OFFICER - Over 11 yrs exp with major emphasis in Trust Admin, New Business development and Investments with the overall resp of the Trust Dept. $28,000. Twenty (20) NCR 152-70 teller machines. Four(4) NCR 775 single pocket proof machines. Three (3) NCR 775 twelve (12) pocket proof machines. Call 512/250-0794 for more information.____________________ (FSorL) PERMANENT OR TEMPORARY - Sale or lease financial facilities. Available immediately: 14’x60’ in Nebraska; 14’x50’ with 2 DUWs in Illinois; 14’x60’ mobile-type in Missouri; 9’x12’ teller buildings available. Permanent facilities to 4,000 sq. ft. SON CORPORATION, Box 684, W ichita, KS, 67201. Call collect (316) 942-8167.___________________ (FSorL) ® of Iowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID UPDATE YOUR ALARMS Special on 35mm auto cameras. Check w ith us firs t BEFORE making a purchase. POSITION WANTED SECURITY SYSTEMS, INC. 3920 Delaware Des Moines, IA 50316 [515)265-1161 INVESTMENT AND TRUST BANKING DIVISION. BS in business administration, experienced account executive in regional investment banking business. New York and NASD licensing. $19,000 range. Write FileOBK c /o Northwestern Banker.___________ (PW) CORRESPONDENT OFFICER - travel Kansas and Missouri for affiliate of major midwestern holding company. Preferag background. $27,000 POSITIONS WANTED Ag Lender, Iowa State grad, currently employed, seeks central Iowa p o s itio n .............................. $23,000 Operations officer with multi-bank holding company wants to join community b a n k ........................ $23,000 Examiner seeks challenging commercial banking opportunity. 8 years experience.................................... Second Officer in Wyoming bank wants position leading to CEO in Mountain S tates...................$30,000 Ag Lender located in Illinois wants to relocate $20,000 CEO of $50 million Illinois bank seeks new o p p o rtu n ity........................................................$45,000 Write or call Malcolm Freeland, Freeland Financial Service, Inc., 246 Insurance Exchange Bldg., Des Moines, la. 50309. Phone 515/282-6462 for all your personnel requirements. Employer pays fee.______ Insurance for Financial Institutions Automated Systems of Iowa, Inc. 301 N. Ankeny Blvd., Suite 220 Ankeny, la 50021 515-964-1358 POSITIONS AVAILABLE INSTALMENT LOAN - head dept, for $30MM Iowa bank. Must like rural communities and have 5 yrs consumer loan experience. $25,000 INSURANCE AGENT - rural Iowa bank with established agency desires fully licensed agent with at least 2 yrs. experience. Some bank duties. $Open SENIOR LENDING OFFICER - independent bank located in western state. Supervise entire lending function and establish policy. $28,000 AGRI-LOAN - large southwestern bank needs senior ag officer to coordinate and review credits of branches. Degree and major bank experience required. $40,000 OPERATIONS - $50MM bank in major resort area. Position requires operational expert with a record of solving problems. $28,000 COMMERCIAL LOAN - suburban bank of $100MM wants to expand staff. Primary duties involve comm’l loans with secondary responsibility for comm’l real estate credits. $30,000 SECOND OFFICER - rural Nebraska bank with majority of portfolio in ag credits. Excellent opportunity to assume number one position. $30,000 Ail inquiries confidential. Salary history and resume’ requested. TOM HAGAN & ASSOCIATES of Kansas City P.O. Box 12346, 2024 Swift North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry S incel 970” Approved Iowa Bankers Association Forms F orms FO R BAN KS APPLICATIONS/FINANCIAL STATEMENTS—Agriculture, Business, Consumer Credit. Personal, Real Estate NOTES—Standard, Variable, Simple and Precompute, Master, Home Improvement with Disclosures. Adjustable Rate Note and Rider REAL ESTATE—Mortgages, Home Improvement, FNMA and FHLMC SECURITY AGREEMENTS—Agriculture, Business, Consumer Credit, Retail, Wholesale SECURITY—Assignments, Agreements, Collateral Pledges, UCC Forms MISCELLANEOUS—Notices (Co-Signors, Right-to-Cure), Substitution of Collateral. Right of Rescission, etc. WA TCH FOR SAMPLE CA TALOG IN THE MAIL Maynard Printing, Inc. Authorized Distributor 801 Park Street Phones 282-9164 Wats 1-800-532-1213 Des Moines, IA 50309 Vol. 10 No. 23 Northwestern Banker Newsletter [USPS 873*300] is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. 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 if