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Douglas R. Hellweg, Vice President


James Hammill, Director of Public Information


April 26 Meeting for Members of the M o n t a n a Press


Ja n u a r y 17, 1968

This memo is to offer a tentative program for the m e e ting of members of
the M o n t a n a press scheduled for Friday, April 26, 1968, at the University of
Montana, Missoula.

T h e s e recommendations come after discussions with members

of the Federal Reserve Bank staff involved in the February,

1967 meeting for

members of the M i n n e s o t a press and also after discussions w i t h a number of
members of the M o n t a n a press representing both daily and w e e k l y newspapers in
the state - (Hammill to Galusha memo dated September 11, 1967).
Invitations should be sent to all newspapers, both dailies and weeklies,
in the State of Montana.

It is probably good to suggest to the larger dailies

that the publisher designate representatives from his paper - wi t h no limit on
the number permitted to attend.

In the case of the smaller newspapers, editors,

ma n a g i n g editors and publishers (any or all) should be invited.
to representatives from the newspapers,

In addition

it is suggested that representatives

from radio and television stations in the State of M o n t a n a be invited, as well.
There are a p p r o ximately 45 radio and television stations in the state.


nizing that some of these stations reside in small towns, it is estimated that
probably no more than one-third of the stations wo u l d send representatives.
Dean Blumberg of the School of J o urnalism at the U n i v e r s i t y of M o n tana guesses
that between 20 and 30 representatives of Montana newspapers will attend.


is suggested that students enrolled in journalism studies at the U n i versity of
M o n t a n a be invited to attend, as well.

Blumberg estimates that between 30 and

60 students might attend the sessions.

(Later it will be suggested that the


meeting culminate in a dinner session.

We will, therefore, need to determine

w h ether or not students will be invited to attend the dinner session along with
the other guests, or if they will be w e lcomed only to the afternoon sessions).
Conversation w i t h members of the press and evaluations of the earlier m e e t ­
ing suggests that w e do not want to take time at the mee t i n g to recount minute
details of Federal Reserve functions or services.

Such details along with

descriptions of the structure of the Federal Reserve System and the commercial
banking structure in the nation and the District should be contained - b r iefly in a kit of materials to hand to our guests at the time of the meeting (an
alternative w o uld be to itiail them the material before the meeting).

Th e packet

might also contain selected reference materials.
The meeting itself,

therefore, should be concerned wi t h the fundamental

information that w e w i s h to impart.

Namely, the subjects of monet a r y policy,

fiscal policy, and international finance, plus how editors m a y relate all of
this to the local scene.

A suggested program, therefore,

is the following:

1:30 - 2:00

M o n e t a r y Policy - What is it, who affects^ it, w h y it is
affected, and how it is affected.

2:00 - 2:30

Fiscal Policy - What is it, how does it relate to m o n e t a r y
policy, what is the current state of affairs (Professor
C h a s e might be an excellent candidate to present this p o r ­
tion of the program).

2:30 - 3:00

Questions and Answers regarding the previous two topics.

3:00 - 3:15

Coffee Break

3:15 - 3:45

U. S. as a World Banker - An analysis of balance of p a y ­
ments problems and w h y the central bank is interested
(Doug H e l l w e g fs presentation to the South Dakota Bank
D i rectors would fit nicely here).

3:45 - 4:00

Questions and Answers - any of the three speakers responding.

4:00 - 4:20

How does Federal Reserve policy affect commercial banks.
A more detailed analysis of what happens in the commercial
bank in response to changes in Fed policy (Clem Van Nice
m ight be a candidate for this topic).


4:20 - A:AO How I handle stories dealing with monetary and fiscal
policy. A presentation by an effective reporter or
editor (such as Sally Farrar, Rapid City Journal) as
to how he or she treats announcements or developments
in fiscal or monetary policy and how the story is
related to the local community.

•0 /
tv' /


A:A0 - 5:00 Questions and Answers on the two previous topics.
5:00 - 5:30



Dinner Session - President Galusha addressing the group.

There are several people that should appropriately be involved in the meet­

Clem Van Nice has been kept abreast of our plans and it is likely that he

will suggest that the Branch Board of Directors' meeting be held in conjunction

with the session, so that they may witness it.


The Montana Directors of- the

Minneapolis bank might also be appropriately involved.


It might be appropriate

to ask that Branch Board Chairman Koch be the M.C. for the evening session.


Perhaps the two Minneapolis Bank Directors could be asked to M.C. the afternoon
sessions - one to M.C. before the break and one after it.

It might be appropriate

to ask for a word of greeting at the evening session from Lloyd Scnlrmer, who
is the current President of the Montana Newspaper Association.

It goes without

saying that we would want to acknowledge Dean Blumberg's assistant£/in staging
the program, but I doubt that it would be necessary to ask for comments from him.