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sponsored by

School of Journalism, University of Montana
Federal Reserve Bank of Minneapolis
April 26, 1968

Afternoon Host:

Douglas R. Hellweg, Vice President, Bank and Public Services
Department, Federal Reserve Bank.

1:30 - 2:00

Monetary Policy - What is it, who affects it, why it is
affected, and how it is affected. James H. Hammill,
Director of Public Information, Federal Reserve Bank.

2:00 - 2:30

Fiscal Policy - What is it, how does it relate to monetary
policy, what is the current state of affairs. Samuel B. Chase,
Economic Consultant, Helena Branch, Federal Reserve Bank of
Minneapolis and Professor of Economics, University of Montana,

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 payments
problems and why the central bank is interested. John Kareken,
Economic Consultant, Federal Reserve Bank of Minneapolis
and Professor of Economics, University of Minnesota.

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. Clement A. Van Nice
Vice President, Helena Branch, Federal Reserve Bank of

4:20 - 4:40

How I Handle Stories Dealing With Monetary and Fiscal
Policy. Harold Chucker, Editorial Staff, Minneapolis Star.

4:40 - 5:00

Questions and Answers on the two previous topics

5:00 - 5:30



Dinner Session - Host: John Toole, President, Toole and
Easter Company, Missoula, Montana and Director of the
Federal Reserve Bank.


Irvin Hutchison, Publisher, Liberty County Times, Chester,
Montana, and President, Montana Press Assocation.
Nathan B. Blumberg, Dean, School of Journalism, University
of Montana, Missoula,


Hugh D. Galusha, President, Federal Reserve Bank of Minneapolis

The meeting will begin at 1:30 p.m. and run through the afternoon and
an early evening banquet session.

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 with no limit on the number permitted to attend.

In the case

of the smaller newspapers, editors, managing editors and publishers (any or
all) should be invited.

In addition to representatives from the newspapers,

it is suggested that representatives from radio and television stations
in the State of Montana be invited, as well.
radio and television stations in the state.

There are approximately 45
Recognizing that some of these

stations reside in small towns, it is estimated that probably no more than
one-third of the stations would send representatives.

Dean Blumberg of the

School of Journalism at the University of Montana guesses that between 20
and 30 representatives of Montana newspapers will attend.

It is suggested

that students enrolled in journalism studies at the University of Montana
be invited to attend the afternoon session.

Moreover, students from any

and all disciplines would be welcome to the afternoon session.


will invite to the banquet session approximately 25 of his journalism
students-insuring that invitations are from the Journalism Department rather
than the Fed.

Other students will not be invited to attend the evening

Faculty, selected in a manner yet to be determined, will be

invited to the complete program.

A special invitation will be extended to

the University President.
Conversation with members of the press and evaluations of the earlier
meeting suggests that we do not want to take time at the meeting 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, briefly, in a kit of materials to hand to our guests at the
time of the meeting (an alternative would be to mail them the material
before the meeting).

The packet might also contain selected reference

The meeting itself, therefore, should be concerned with the fundamental
information that we wish to impart.

Namely, the subjects of monetary policy,

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