A conceptual look at variable interest rates. Where next?

It would be less than frank if one were not to convey to you that in my travels throughout the country this year, one of the major concerns of our folks seemed to center about competitive dividend returns that are apparently unjustified by net earnings and reserve positions but are based, for the most part, it would seem, on a desire for growth or on the theory that being mutual institutions, it is not so essential that we build our reserves against asset loss.