Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, January 28, 1959, Volume 46, Part 1

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Minutes for

To:

January 28, 1959

Members of the Board

From: Office of the Secretary
Attached is a copy of the minutes of the
Board of Governors of the Federal Reserve System on
the above date.
It is not proposed to include a statement
with respect to any of the entries in this set of
minutes in the record of policy actions required to
be maintained pursuant to section 10 of the Federal
Reserve Act.
Should you have any question with regard
to the minutes, it will be appreciated if you will
advise the Secretary's Office. Otherwise, if you
were present at the meeting, please initial in column A below to indicate that you approve the minutes.
If you were not present, please initial in column B
below to indicate that you have seen the minutes.
A
Chin. Martin
Gov. Szymczak
Gov. Mills
Gov, Robertson
Gov. Balderston
Gov. Shepardson




x

19

Minutes of the Board of Governors of the Federal Reserve System
On
Wednesday, January 28, 1959.

The Board met in the Board Room at

10200 a.m.
PRESENT:

Mr.
Mr.
Mr.
Mr.
Mr.

Martin, Chairman
Balderston, Vice Chairman
Szymczak
Mills
Robertson
Mr. Kenyon, Assistant Secretary
Mr. Thomas, Economic Adviser to the Board
Mr. Young, Director, Division of Research
and Statistics
Mr. Hackley, General Counsel
Mr. Masters, Director, Division of
Examinations
Mr. Molony, Special Assistant to the Board
Mr. Noyes, Adviser, Division of Research
and Statistics
Mr. Solomon, Assistant General Counsel
Mr. Hostrup, Assistant Director, Division
of Examinations
Mr. Nelson, Assistant Director, Division
of Examinations
Mr. Hill, Assistant to the Secretary
Mr. Fisher, Economist, Division of Research
and Statistics

Discount rates. Unanimous approval was given to telegrams to
the

Federal Reserve Banks of Boston and Atlanta approving the

establishment without change by those Banks on January 26, 1959, of the
l'at

ea on discounts and advances in their existing schedules.
Items circulated to the Board. The following items, which had

"circulated to the Board and copies of which are attached to these
be
4114utes under the respective item numbers indicated, were approved
4.4tously:




er'S.4

1/28/59

-2Item No.

Letter to the Federal Reserve Bank of San Francisco
aPProving the appointment of members of the Industrial
Advisory Committee.

1

Letter to the Federal Reserve Bank of Kansas City
Proving the appointment of members of the Industrial
Advisory Committee.

2

Letter to The Llizabethport Banking Company, Elizabeth,
New Jersey, approving the establishment of an in-town
branch and an additional investment in bank premises.
(For transmittal through the Federal Reserve Bank of
New York)

3

Letter to the Bank of Delaware, Wilmington, Delaware,
co nsenting to a proposed merger with The First National
Bank of Seaford, Seaford, Delaware, and approving the
establishment of two branches in Seaford. (For
,
ransmittal through the Federal Reserve Bank of
rhi
ladelphia)

4

?

Mr. Nelson then withdrew from the meeting.
Application of First Bank Stock Corporation (Item No. 5).

There

had been distributed to the Board a memorandum from Mr. Hackley dated
January 27, 1959, raising the question whether a public hearing should be
held on an application by First Bank Stock Corporation to acquire stock
cr the
Eastern Heights State Bank, St. Paul, Minnesota.

On October 2,

1958, F1-st
Bank Stock filed a petition for court review of the Board's
"er disapproving an application to acquire stock of the proposed First
(
4.etern
Heights State Bank.

Later, after the proposed new bank, organized

bY 14innesota Mining and Manufacturing Company, opened for business in
November 1958, First Bank Stock filed an application to acquire stock of




1/28/59
the existing bank.

First Bank Stock also indicated that it planned to

seek judicial review of the expected order of the Board denying its
new application. In these circumstances, the question referred to in
14r. Hackley's memorandum was raised for the Board's consideration.
As an alternative, the memorandum noted that the Board could
follow the "tentative decision" procedure which would avoid the details
Of arranging for a hearing and perhaps result in less delay.

However,

Such a procedure would not permit the development of as adequate a
record as would seem desirable where a judicial review appeared likely,
and in addition a public hearing might serve to clarify the issues and
assist the Board in reaching its decision.
In reviewing the case, Mr. Hackley brought out that there would
be less reason to hold a public hearing if the Board, by any chance,
w4e disposed to approve the new application.

However, the staff's

allalYsis of that application would not be available for several weeks
4nd it therefore seemed desirable to bring the matter to the attention
of the Board
at this time.
In response to an inquiry by Governor Mills, Mr. Hostrup stated
that

there appeared to be no urgent time element involved.

He noted,

however, that First Bank Stock's contract for purchase of the shares of
st

ern Heights State Bank from Minnesota Mining and Manufacturing

C°111134nY called for payment of a stated amount, plus interest after
September 30, 1958, with the result that interest charges were
4ccumu1ating.




1/28/59

-4Mhen comments by members of the Board indicated unanimity of

°Pinion that a public hearing on this application would be desirable,
tt vas understood that an order for such hearing would be issued and
oi*

that the Legal Division would make recommendations to the Board
l'egarding a hearing officer and Board counsel. A copy of the order
issued pursuant to this action is attached as Item No.

5.

Mr. Hostrup then withdrew from the meeting.
Housing bills (Item No.

6). Pursuant to the discussion at the

leeting on January 26, 1959, a revised draft of letter to the Senate
ilatlking and Currency Committee regarding S.

57, the proposed "Housing

distributed to the
Act Of 1959", and several other housing bills had been
80ard.
Following comments by Mr. Noyes concerning the bills and the
chltft of letter, Governor Balderston stated that he agreed with the
Irtelm expressed, which of necessity were largely negative in character.
lie ve
"on to say that he was puzzled as to how the Board could exert
411

illfluence on proposed housing legislation in any effective way.

13Donsn,—,

The

of
earnest Congressmen, were interested in the social aspects

the legislation, that is, in providing better housing for the under11
accentuate
eged, regardless of whether the legislation would
1

that

SVingS.

appropriately,
On the other hand the Board felt, quite

41,

is

liaS

not a year in which the Federal Government should be

a'ing construction because of the inflationary impact.
e

Thus, the

T1i

et between social objectives and financial aspects almost forced




1/28/59
the Board into a negative reply whenever its views were requested,
either because of policy considerations or because of administrative
faults inherent in the legislation.

He had been trying to determine,

Governor Balderston said, whether there was any possibility of arriving
at

a more constructive approach, because the Board also was interested

in social betterment.

However, he had not yet found any positive

approach that might be suggested to the Congress regarding relations
between the Federal Government and the construction industry, and he
Saw no alternative other than to keep on submitting views such as those
contained in the letter now before the Board for consideration.
At the instance of Governor Mills there was a discussion as to

what Position might be most appropriate with respect to the public
h°14eing Provisions of S. 57 and S. 193 which would give a wider degree
Of administrative discretion to local public agencies.

The draft of

letter indicated that the Board would not object to such provisions if
4

greater degree of local financial participation also was called for;

8inee it

was not, however, the draft stated that the Board would not

ravor the
proposed amendments relating to annual contributions and
local administration.
Because it was feared that any comment made in this connection

1Q4ight carry
with it the inference that the Board's position on the
Pliblic housing program hinged on the degree of local administrative and
finay, .
"elal participation whereas the Board actually was apprehensive




1/28/59
about any expansion of the public housing program that would occasion
additional Federal financial assistance, it was decided to delete any
reference to these provisions of the proposed legislation.

The

decision also reflected the opinion of the Board that its comments
should be limited principally to financial rather than administrative
aspects of the housing bills.
From the comments at this meeting, it was clear that the
Sentiment of the members of the Board was reflected in the last paragraph of the proposed letter which raised the question whether
subsidization of the construction industry of the magnitude proposed by

the current bills was essential at this time.
Unanimous approval then was given to a letter to the Chairman of

the

Senate

Banking and Currency Committee in the form attached hereto

as Item

with the understanding that a copy would be sent to the

Budget Bureau as a matter of information in accordance with the customary
Pr
ocedure.
Messrs. Noyes, Hill, and Fisher then withdrew from the meeting.
Letter to Senator Fulbright.

Pursuant to the understanding at

the meeting on January 23, 1959, there had been distributed to the
Members of the Board a revised draft of reply to the letter dated
1°ecember 23, 1958, with which Chairman Fulbright of the Senate Banking
arld Currency Committee transmitted a copy of a letter he had received
from Chairman McClellan of the Senate Permanent Subcommittee on




-7-

1/28/59

Investigations regarding an inquiry by the Subcommittee into allegations

that there had been leakages of certain decisions of the Board prior to
their public announcement.
The general reaction to the proposed reply being favorable,
discussion was limited principally to suggestions for certain technical
and editorial changes.

On the basis of these suggestions, it was

understood
that the letter would be prepared in final form for transmittal
to

Senator Fulbright.

In the light of the discussion at an informal

!fleeting of the Board and the Reserve Bank Presidents which followed the
!fleeting of the Federal Open Market Committee on January 27, 1959, there
was Utt9.122A with Chairman Martin's suggestion that a copy of the
correspondence with Senator Fulbright be sent to each President for his
Personal and confidential information.

The meeting then adjourned.

Secretary's Note: On January 27, 1959,
Governor Shepardson approved on behalf
of the Board the following items:

14emorandum dated January 26, 1959, from the Division of Personnel
.
A
Nicknlstration recommending that authority be granted to Manros A.
s , Mail Clerk in the Division of Administrative Services, to accept
o?n
ap,
Nj.lntment as a commissioned officer in the District of Columbia
%,ional Guard.
ticm Letter to the Federal Reserve Bank of Boston approving the designais -21. 10 persons as special assistant examiners. A copy of the letter
a"4,ached as Item No. 7.




433
1128/59

-8-

Letter to the Federal Reserve Bank of New York approving the
aPpointment of Edvard T. Desmond as assistant examiner. A copy of the
letter is attached as Item No. 8.




- 1Z.,4
BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

Item No. 1
1/28/59

WASHINGTON 25, D. C.
L44

4

‘

flU

AODRESS OFFICIAL CORRESPONDENCE

ctf

TO THE BOARD

4
EttaV
-4444**

January 28, 1959.

Mr. H. N. Maneels,
President,
Federal Reserve Bank of San Francisco,
San Francisco 20, California.
Dear Mr. Maneels:
The Board of Governors approves
Messrs. Baker, Dulin, Fisken, Folger, and
the Industrial Advisory Committee for the
to serve for the period March 1, 1959, to

the appointments of
Starr as members of
Twelfth District,
August 21, 1959.

This action is in accordance with the appointments
made by your board of directors at its meeting on January lit
as reported in your letter of January 19.




Very truly yours,

(Signed) Merritt Sherman
Merritt Sherman,
Secretary.

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.

Item No. 2
1/28/59

ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

January 28, 1959.

Mr, George H. Clay,
Secretary,
Federal Reserve Bank of Kansas City,
Kansas City 6) Missouri.
Dear Mr. Clay:
The Board of Governors approves the appointments
Of Messrs. Thompson, McNally, Silver, Waters, and Deramus
as members of the Industrial Advisory Committee for the
Tenth District to serve for the period March 1, 1959, to
August 21, 1959.
Although your directors in their meeting of
January 15 had reappointed these members to serve for terms
°2 one year, it will be noted that section 601 of the Small
IPIsiness Investment Act of 1958 repeals section 13b of the
rederal Reserve Act, effective August 21, 1959.




Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.

BOARD OF GOVERNORS
,
ottOttil*
44
4PAOW VW.40

OF THE

ro*
I 0
ik1

'. *
*

44t
4041,

:
;

4Na.

FEDERAL RESERVE SYSTEM
WASHINGTON 25, O. C.

Item No. 3

1/28/59

ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

0
0

ti,*4.Mitt.

January 28, 1959.

Board of Directors,
The Elizabethport Banking Company,
Elizabeth, New Jersey.
Gentlemen:
Federal
Pursuant to your request submitted through the
approves the
Reserve Bank of New York, the Board of Governors
, Elizabeth,
Avenue
on
Jeffers
1
127-114
establishment of a branch at
eth, New
New Jersey, by The Elizabethport Banking Company, Elizab
ished
establ
is
Jersey. This approval is given provided the branch
formal
within one year from the date of this letter and that
the branch
time
the
at
ve
approval of State authorities is effecti
Is established.
the proThe Board of Governors also approves, under
onal
additi
an
Act,
Reserve
l
Federa
visions of Section 24A of the
the
for
000
",.216.50
exceed
to
not
investment in banking premises
Purpose of constructing a new branch building which amount includes approximately 150 400 spent in recent improvements to
the site.




Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.

BOARD OF GOVERNORS
OF THE

Item No. L.
1/28/59

FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS

OFFICIAL

CORRESPONDENCE

TO THE BOARD

January 28, 1959.

Board of Directors,
Bank of Delaware,
Wilmington, Delaware.
Gentlemen:
The Board of Governors hereby gives its written
consent, under the provisions of Section 18(c) of the
Federal Deposit Insurance Act, to the merger of The First
National Bank of Seaford, Seaford, Delaware, with and into
Bank of Delaware, Wilmington, Delaware, and approves the
e stablishment by the latter bank of branches at the present
locations of the national bank at 300 High Street, Seaford,
Delaware, and at Stein Highway and Atlanta Road, Seaford,
Delaware, incident to the merger. This consent is given
provided:




(a) This merger is effected substantially in
accordance with the terms of the Agreement of Merger dated November 14, 1958;
(b) Shares of stock acquired from dissenting
shareholders are disposed of within six
months after date of acquisition;
(c) The merger is consummated and branches
are established within six months from
the date of this letter; and
(d) That formal approval of the State authorities
is effective at the time the merger is consummated and the branches are established.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.

eIC

BOARD OF GOVERNORS
OF THE
.h.b.1)ERAL RESERVE SYSTEM

Item No.

1/28/59
NOTICE OF APPLICATION FILED FOR APPROVAL
OF ACQUISITION OF OWNERSHIP OF VOTING SHARES OF BANK
AND ORDER FOR HEARING THEREON
Notice is hereby given that application has been made to
the Board of Governors of tne Federal Reserve System, pursuant to

section 3(a) of the Bank Holding Company Act of 1956 [12 U.S.C. 1842],
bY First Bnnk Stock Corporation, Minneapolis, Minnesota, for the
prior approval by the Board of the acquisition by that corporation
°f direct ownership of 1,950 voting shares of Eastern Heights State
sank of Saint Paul, St. Paul, Minnesota.
It appearing to the Board of Governors that it is approPriate in the public interest that a hearing be held with respect to
this

application:
IT IS HEREBY ORDERED, That, pursuant to section 7(a)
of the Board's Regulation Y [12 CFR Part 222.7(a)], promulgated under the Bank Holding Company Act of 1956, a public
boarini, with respect to this application be held commencing
Yarch 10,

1959, at 10 a.m., at the office of the Federal

A:serve annk of Tjnneapolls,

73 South Fifth Street, in the

illoapolis, State of Minnesota, before a duly
selecLed honrjnr, officer, such hearing to be conducted




5

in accordance with the Rules of Practice for Formal
Hearings of the Board of Governors of the Federal
Reserve System [12 CFR Part 263].

The right is reserved

to the Board or such hearing officer to designate any
other date or place for such hearing or any part thereof
Which may be determined to be necessary or appropriate
for the convenience of the parties.
IT IS FURTHER ORDERED, That the following matters
will be the subject of consideration at said hearing,
Without prejudice to the designation of additional
related matters and questions upon further examination:
1. The financial history and condition of
the company and the banks concerned;
2. The prospects of said company and banks;

3. The character of their management;

I.

The convenience, needs, and welfare of

the communities and the area concerned;

5.

Whether or not the effect of such acqui-

sition would be to expand the size or extent of
the bank holding company system involved beyond
limits consistent with adequate and sound banking,
the public interest, and the preservation of competition in the field of banking.




10

IT IS -FURTHER ORDERED, That any person desiring to give
testimony in this proceeding should file with the Secretary
of the Board on or before February 27, 19590 a written request
relative thereto, said request to contain a statement of the
reasons for wishing to appear, the nature of the petitioner's
interest in the proceeding, and a summary of the matters
concerning which said petitioner wishes to give testimony.
Such request will be presented to the designated hearing
officer for his determination in the matter at the appropriate time. Persons submitting timely requests will be
notified of the hearing officer's decision in due course.

(signed) Merritt Sherman
Merritt Sherman,
Secretary.

(SEAL)

Dated January
29, 1959'




BOARD OF GOVERNORS

s /
t;e,...0

OF THE

Item No. 6

FEDERAL RESERVE SYSTEM

1/28/59

WASHINGTON

t \.11•1:
1.1
•

OFFICE OF THE CHAIRMAN

4 NukaAY
'

January 28, 1959.
The Honorable J. W. Fulbright,
Chairman,
Committee on Banking and Currency,
United States Senate,
Washington 25, D. C.
Dear Senator Fulbright:
This is in reply to your recent requests for the Board's
views on certain bills now before the Committee on Banking and
Currency) namely S. 57, 193, 194, 266, and 543. These bills
Z??1:itain provisions on one or more of the following subjects:
411A insurance programs, housing for the elderly and nursing homes,
1.1.rban renewal, low-rent public housing, relocation housing for
allies or persons displaced by public action, Federal loans to
colleges, armed services housing, and miscellaneous matters.
The detailed provisions of S. 57 and S. 193 and their
numerous amendments again pose the question of the desirability
,)11 such frequent and broad changes in housing policies and programs.
(
pie Board commented on this point in its letter dated April 2,
58, to the Senate Committee on Banking and Currency, and in tesYing before the Committee on May 13, 1958, I said:

2

Consideration of all these measures raises the
question whether the laws relating to the Federal Government's activities in real estate,
mortgage finance, housing, and urban renewal
need to be so written as to require amendment
so frequently as they have in recent years.
. . .It is possible that more general legislation, flexibly administered, might be more
effective, not only in implementing established
policy, but also in providing a framework
within which the desirability of changes in
policy could be judged.
The Board has no objection to the increase in mortgage
lnsurance authority for the Federal Housing Administration that
14141 be provided by S. 57. Nor does it object to the one-year
c.
v;iensions of the FHA Title I property improvement program, the
ho untary Mortgage Credit Program, or the FHA Armed Services
using mortgage insurance program, as S. 57 proposes.




The Honorable J. W. Fulbright

-2-

All the bills contain provisions relating to urban
renewal, public housing, or Federal loans to educational institutions. Concerning the proposed legislation on these subjects,
the Board has reservations about programs that, once approved,
Proceed without any correlation with economic and fiscal conditions. With respect to the urban renewal program, for example,
it would seem desirable to investigate means for insuring that
1?lanning will be carried on in an orderly fashion while retain11:Ig discretion over timing of the physical work and of the
disbursement of the billions of dollars which S. 57, 193, 266 and
543 would authorize in varying amounts for capital grants.
The Board also questions the proposal in S. 57 to set
uP a new program of Federal debt service guaranties on bonds of
educational institutions to aid in financing new or rehabilitated
classroams, laboratories, and related facilities, including
!quipment and utilities. While the aggregate amount of guaranteed
rflds outstanding at any one time would be limited initially to
?250 million, the wisdom of establishing yet another program
Involving Federal guaranties seems debatable, especially when it
ela
t es to assets which do not generate direct revenues as dormi't,'?rles do. Substantially the same observations would apply to the
T-r?et loan program for classrooms, laboratorles, and related
- acilities as proposed in both S. 57 and S. 194.
With regard to the new program for nursing homes proposed
in Title II of S. 57, the Board recognizes a social need for adequate facilities of this type. But it is concerned about whether
underwriting approach is the most appropriate way to meet the
heoed most effectively. If an underwriting approach is followed,
strer, the Board would question the wisdom of setting a maximum
tutorY annual interest rate of h-l/2 per cent on insured loans
for
irit nursing homes. The Board believes that full flexibility of
fo erest rates according to market conditions would be preferable
fjall housing programs. This would facilitate competitive
etioning of such programs in the capital markets.
The Board is not in a position to evaluate the desirability
discretionary authorities given to the FHA Commissioner
this providon of S. 57, namely to regulate charges and
r4c'thera
for --s of operation as well as capital structure and rate of return
eorPorate mortgagors of insured nursin;; homes, which are finanrendered. It
clo
counterparts of the adequacy of health servic
thic tis, however, that it would be desirable to as. ri a program of
sPecial nature to an agency primarily concerned with housing
activitie,.
c)f t




The Honorable J. W. Fulbright
Concerning the nonprofit relocation housing program
Pyoposed in S. 193, the Board does not believe that it would be
tosirable to advance 50-year loans at below-market interest rates
TA0 cover up to 98 per cent of total developmeAt costs for this
Purpose.
of
The Board would like to reemphasize the desirability
programs,
housing
all
rrlOre.ceneral administrative authority over
Provlded the public interest is adequately protected. The proposed
at.lendment in S.
57 to require the Federal National Mortgage Assocation, under its special assistance functions, to buy mortgages
at par through August 7, 1960, would seem to operate in the
oPpositedirection.
Total expenditures or underwriting authority contained
in these bills, particularly S. 57 and S. 193, came to impressive
iCures. In light of the many other pressing needs for Federal
'_'xPenditures and financial assistance, the Board questions whether
4 s
ubsidization of the construction industry of the magnitude
Proposed in the bills is essential at this time.

f




Sincerely yours,
(Signed) Wm. Me. Martin, Jr.
Wm. 1:c0.. lartin„ Jr.

BOARD OF GOVERNORS
OF THE

Item No. 7
1/28/59.

FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.

ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

January 27, 1959.

Mr. Benjamin F. Groot, Vice President,
Federal Reserve Bank of Boston,
Boston 6, Massachusetts.
Dear Mr. Groot:
In accordance with the request contained in your
letter of January 19, 1959, the Board approves the designation
of the following named employees of your bank as special
assistant examiners for the Fec:eral Reserve Bank of Boston
for the purpose of participating in the examinations of
Depositors Trust Company, Augusta, Maine; The Merrill Trust
Company, Bangor, Maine; The Connecticut Bank and Trust Company,
Hartford, Connecticut; and Rhode Island Hospital Trust Company,
Providence, Rhode Island:
William D. Bozek
Alice M. Broderick
Ann C. Ebert
John P. Kenney, Jr.
Margaret J. Kerr

Elizabeth Mazloumian
Richard L. Neilson
Dorothy M. O'Leary
Elisa M. Falange
Alberta A. Waddingham

Appropriate notations have been made in our records
of the names to be deleted from the list of special assistant
examiners. It is noted that Jean R. Shumway, whose designation
Was approved April 3, 1958, was recently married. Accordingly,
our records have been changed to read Jean R. Sallwasser.




Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.

Item No. 8

1/28/59

ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

January 27, 1959.

CoNFIDEFTIAL
(F.R.)
111• H. A. Bilby, Vice President,
Federal Reserve Bank of New York,
New York 45, New York.
Dear Mr. Bilby:
In accordance with the request contained in your
letter of January 22, 1959, the Board approves the appointLent of Edward T. Desmond as an assistant examiner for the
Federal Reserve Bank of New York. Please advise us as to
the date upon which the appointment is made effective.
It is noted that Mr. Desmond is indebted to The
Long Island
National Bank of Hicksville, Hicksville, New York,
.!4). the amount of $11,500 for a mortgage on his home. Accord•
ply, the Board's approval of the appointment of Mr. Desmond
given with the understanding that he will not participate
•
• —
, v examination of that bank until his indebtedness has
yeen
liquidated.




Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.