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Minutes for To: September 191 1960 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, please initial below. If you were present at the meeting, your initials will indicate approval of the minutes. If you were not present, Your initials will indicate only that you have seen the minutes. Chm. Martin Gov. Szymczak Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson Gov. King Minutes of the Board of Governors of the Federal Reserve System on Monday, September 19, 1960. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Mills Robertson Shepardson King Mr. Mr. Mr. Mr. Mr. Mx. Mr. Mr. Sherman, Secretary Hackley, General Counsel Solomon, Director, Division of Examinations Johnson, Director, Division of Personnel Administration Hooff, Assistant General Counsel Nelson, Assistant Director, Division of Examinations Landry, Assistant to the Secretary Smith, Legal Assistant Items circulated to the Board. been The following items, which had circulated to the Board and copies of which are attached to these 1111/lutes under the respective item numbers indicated, were approved un animously: Item No. Letter to The Chase Manhattan Bank, New York City, : : 1 131 ,Y7ing an extension of time to establish a branch -u 441 East 42nd Street. 1 letter to Egypt Schnecksville Bank, Egypt, b!nnsYlvanial approving the establishment of a 4anch in Whitehall Township. 2 tett-er to Lemoyne Trust Company, Lemoyne, Pennsylvania :PProving the establishment of a branch at 334 South ,4erith Street. 3 Lett pe er to The Citizens Banking Company, brrrYsburg, Ohio, approving the establishment of a /q,,,anch near the intersection of Louisiana Avenue and -8t South Boundary. 14 9/19/60 -2Item No, Letter to Union Bank & Trust Company, Montgomery, Alabama, approving the establishment of a branch at Coliseum Boulevard and Pelzer Avenue. 5 Letter to the Federal Reserve Bank of Minneapolis interP°sing no objection to the furnishing of an extra copy Of reports of examination of a member bank in Helena, Montana, for the use of the principal stockholder of the bank, located in a different city. 6 Letter to the Federal Reserve Bank of Chicago approving the appointment of Hugh J. Helmer and Jack M. Egertson as Alternate Assistant Federal Reserve Agents. 7 Letter8 to the Federal Reserve Bank of Chicago approving the payment of salaries for certain service positions at sPecified rates. Letter to the Comptroller of the Currency recommending unfavorably with respect to an application to organize !flational bank at the Belvedere Shopping Center, outside 'he city limits of Atlanta, Georgia. 9 Letter to the Comptroller of the Currency recommending avorably with respect to an application by Empire ba te Bank, Empire, Michigan, to convert into a national b nking association unless the capital structure of the ,flank is strengthened and arrangements are made for manage' Lent satisfactory to the Comptroller's Office. 10 , 14etter to the Federal Reserve Bank of San Francisco interfTeing no objection to a letter proposed to be sent to ;lue Attorney GenerPT of California regarding denial by orher banks of liability on obligations evidenced by i.,ficers' checks solely by reason of a defense raising '"e statute of limitations. 11 r of postage as payment of interest - Central National Ep.yment .. 8a '----of Cleveland (Item No. 12). Copies had been distributed of a dl'aft letter to Central National Bank of Cleveland, Cleveland, Ohio, 111 response to a letter of August 31, 1960, requesting advice as to 9/19/60 _3_ whether the hoard had given consideration to the payment of postage for inbound mail as a payment of interest on deposits within the Illeaning of that phrase as contained in Regulation Q, Payment of Interest on Deposits. Governor Mills questioned the advisability of mentioning in the draft reply the Board's general policy not to express an opinion as to whether a particular practice involved a payment of interest in violation of Regulation Q unless it had given consideration to all the facts and circumstances of a specific case as developed in the course of examinations of the member bank involved. His suggestion was that the reply state categorically that the Board had no objection to the payment of postage on mail envelopes transmitting incoming deposits. Following a remark by Mr. Hackley that there would be nothing new in this suggested position, since the Board's published interpretati°n had been modified somewhat in this direction in recent years, the letter to the Central National Bank of Cleveland indicating that he Board would not be disposed to raise any question regarding the Pl ' actice referred to was approved unanimously in the form of attached Item No. 12. Mr. Johnson withdrew from the meeting at this point. !Ipplication of Peoples Union Bank and Trust Company (Item No. 13). 11/1,q -er date of September 2, 1960, there had been circulated a memorandum froni wle Division of Examinations recommending approval of an application 9/19/60 -4- bY Peoples Union Bank and Trust Company, McKeesport, Pennsylvania, for permission to merge with The First National Bank of Duquesne, Duquesne, Pennsylvania, under the charter and title of the applicant and for permission to establish a branch at the present location of the national bank. Attached to the memorandum was a draft letter to Peoples Union Bank consenting to its proposed merger. It was indicated in the memorandum that management of the national bank was elderly and, based on the report of examination and the bank's rate of growth over the Past several years, was ultraconservative and unaggressive, whereas the converse applied to the applicant and continuing bank. Over the Past 10 years the aggressiveness of the applicant's management had ex"Panded its facilities although much of its growth was attributable to the acquisition of six banks. In the opinion of the Division of 4aminations, should the proposed merger be effected, a relatively 71,111 unit bank would be eliminated and in its place would be established bl'anCh of a substantially larger bank. It was noted that certain benefits would accrue to the public in the Duquesne area through improved banking services and competition should thereby be stimulated. It was noted further that in the city of McKeesport the applicant would increase it8 size slightly in relation to its larger local competitor and could better compete with it through an increased lending limit. This recomnlero , ation of the Division of Examinations paralleled that of the Federal 4serve Bank of Cleveland. 9/19/6o There being no objection, the letter to Peoples Union Bank and Trust Company, McKeesport, Pennsylvania, consenting to its proposed merger with The First National Bank of Duquesne and approving the establishment of a branch in Duquesne, was approved unanimously. A c()PY of the letter is attached as Item No. 13. Report on competitive factors (Marietta, Pennsylvania). Copies had been distributed of a proposed report to the Comptroller of the Currency on the competitive factors involved in a planned consolidation t The First National Bank of Marietta, Marietta, Pennsylvania, and 11cChange National Bank in Marietta, Marietta, Pennsylvania, which would conclude: The proposal would combine two smarl institutions and eliminate ?ne competing banking office. It seems probable that the continuing bank would provide stronger competition for the other banks in the general area. The report was approved unanimously. Provision to Federal Reserve Banks of Board's reports on etitive factors. Governor Robertson said that the Federal Reserve 411k of Chicago had inquired as to the possibility of receiving copies f the Boardls reports on competitive factors submitted to the C°1111Dtro1ler of the Currency and the Federal Deposit Insurance CorporaPursuant to section 18(c) of the Federal Deposit Insurance Act, , ' -"Lended May 13, 1960. In his view this would be desirable since the ileserve Banks would thereby be helped in preparing their own reports to the Board on cases involving banks in their respective districts. 4p 44 • 9/19/60 -6- Re agreed with a suggestion by Governor Mills that the reports thus Provided to the Federal Reserve Banks pertain solely to the banks within their jurisdiction and not to banks in other districts. Mr. Solomon suggested that it would also be helpful to the Reserve Banks should they be provided by the Board with copies of the summaries of bank holding company and merger cases decided by the Board that were being prepared by the staff pursuant to the understanding reached at the meeting on August 30, 1960. With respect to Governor Mills' point, he wondered whether it might not also be of assistance to the Reserve Banks to receive copies of all the Board's reports on competitive factors. Governor Robertson suggested that, as to the first point Mentioned by Mr. Solomon, it would be preferable to defer action until the Board had had more opportunity to inspect the summaries now being Prepared by the staff. With regard to the second point he felt it *3104 be desirable at this stage to provide the Reserve Banks only /ith reports having to do with banks in their own districts, although " "tually the Board might wish to make all of its reports on competitive tactors available to the Reserve Banks. It was agreed that the Reserve Banks henceforth be provided th copies of the Board's reports on competitive factors relating to barfl,. --s In their respective districts. Mr. Smith then withdrew from the meeting. 9/19/60 -7Provision to Reserve Bank Presidents of Board answers to Hardy Subcommittee questions. Chairman Martin noted that Mr. Sherman had raised with him the question of making available to Reserve Bank Presidents the Board's answers to questions 5 and 6 sent in response to the letter of June 10, 1960, from Chairman Hardy of the House Foreign Operations and Monetary Affairs Subcommittee, relating to certain internal operations of the Board, in view of the fact that they had been furnished to the members of the Federal Advisory Council on September 15. He noted that the Presidents stood in a different elationship to the Board than did the members of the Federal Advisory C°11-ncil, but he had no objection to making the answers to questions 5 and 6 available to the Reserve Bank Presidents if the Board were so diePosed. In the discussion that followed the suggestion was made that these answers not be sent to the Presidents but that, should. they inquire ah°11t them, they be permitted to have copies. At the conclusion of the discussion it was agreed that no action be taken to furnish the answers to the Presidents and that, if the qUestion arose, the matter would be brought back to the Board. The meeting then adjourned. A, I Secretary C BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. Item No. 1 9/19/60 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 19, 1960 Board of Directors, The Chase Manhattan Bank, New York, New York. G entlemen: Pursuant to your request submitted through the Federal Reserve Bank of New York, the Board of Governors extends to April 17, 1961, the time within which The Chase Manhattan Bank may establish a branch at 241 East 42nd Street, New York, New York. Establishment of this branch waS authorized in a letter dated October 16, 1959. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. 35f7,.4 BOARD OF GOVERNORS OF THE Item No. 2 9/19/60 FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS orriciAL CORRESPONDENCE TO THE BOARD September 19, 1960 Boord of Directors, Egypt Schnecksville Bank, Egypt, Pennsylvania. Gentlemen: Pursuant to your request submitted through the Federal Reserve Bank of Philadelphia, the Board Of Governors of the Federal Reserve System approves the establishment of a branch on Route 3_45, near its intersection with Schadt Avenue, Nhitehall Township, Lehigh County, Pennsylvania, by Egypt Schnecksville Bank, Egypt, Pennsylvania. This approval is given Provided the branch is established within one year from the date of this letter. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary* BOARD OF GOVERNORS 4.0tt***4 ,I. C'oitt CO QL:10 , 40 VI nr :14 :C : , F THE FEDERAL RESERVE SYSTEM : WASH INGTON 25, O. C. Item No. 9/19/60 ADDRESS OFFICIAL. CORRESPONDENCE TO THE BOARD *iztwist September 191 1960 110a rd of Directors, 411103rne Trust Company, orne, Pennsylv a ni . Ge ntlemen t V A Pursuant to your request submitted through the 4T'al Peserve Rank of Philadelphia, the Board .of Governors of I'he Federal Reserve System approves the establishment va Lthe branch at 334 South Tenth Street, Lemoyne, Pennsyle8 by' Lemoyne Trust Company, provided the branch is 'ulished within six months from the date of this letter. 3 Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. BOARD OF GOVERNORS OF THE Item No. 4 FEDERAL RESERVE SYSTEM 0 9/19/60 WASHINGTON 25, D. C. ADDRESS OFPICIAL CORRESPONDENCE 4 **06 4411, -4440** TO THE BOARD 041 September 191 1960 Board of Directors, The Citizens Banking Company, Perrysburg, Ohio. Gentlemen: Pursuant to your request submitted through the Federal Reserve Bank of Cleveland, the Board of Governors of the Federal Reserve System approves the establishment of a branch near the intersection of Louisiana Avenue and West South Boundary, Perrysburg, Ohio, by The Citizens Banking Company, provided the branch is established within one year from the date of this letter. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. BOARD OF GOVERNORS OF THE Item No. 5 FEDERAL RESERVE SYSTEM 9A9/60 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 191 1960 Board of Directors, Union Bank & Trust Company, Montgomery, Alabama. Gentlemen: Pursuant to your request submitted through the Federal Reserve Bank of Atlanta, the Board of Governors of the Federal Reserve System approves the establishment of a branch at the intersection of Coliseum Boulevard and Pelzer Avenue, Montgomery, Alabama, by Union Bank & Trust Company, Provided the branch is established within 12 months from the date of this letter. It is understood that the capital structure of the bank will be increased in the amount of not less than $700,000 through the sale of additional common stock, and the investment in premises for the branch will not exceed 25,000, under the requirement of the State Banking Impartment. P Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 6 9/19/60 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 19, 1960 H. G. McConnell, 1,1-ce President and Secretary, 'deral Reserve Bank of Minneapolis, n apolis 2, Minnesota. 11 ,1's Dear Mr. McConnell: This refers to your letter of August 22, 1960, and enc10tsures 1,_, from Commerce Bank ez Trust Company, Helena, Montana. The two ' 108ures include a letter dated August 19 from Mr. R. C. Timmerman, 1417 .3, 1:dent of the bank, and a resolution of its Board of Directors, in th cu it is requested that an extra copy of the examination report of lie;bank be forwarded to Mr. William Nefsy, Miles City, Montana. Mr. " Del is President of Miles City Bank and also owns more than a 50 of ,cont interest in the subject bank. Mr. Nefsy is a vice president tor6 , he Subject bank and formerly was director but resigned his direcilat IliP because of inability to visit the subject bank except on quite jejequent occasions. It is because of his inability to visit the subar t bani-c and because of his manifest need to keep informed about its OIY:us:.that he would like a copy of the report of examination for his W The Board would not object in this case so long as the cir' 11 11st rith a-ces remain as they are today to furnishing the subject bank eNadan extra photostatic copy of the report of examinati on which it caos Pke available to Mr. Nefsy. The photostatic copy would be enolat ' .et in the same cover as the regular copy, and it would be pointed Nno,the subject bank that the use of the additional copy would be to the same restrictions as apply to the subject bank which Printed on the cover of the report of examinations. tor the It would be expected that the subject bank would be charged cost of photostating the additional report. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. ;-; BOARD OF GOVERNORS voixintitin.„ 44 00 00%;44% 4 OF THE 111, Item No. FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. 4 ** 7 9/19/60 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 191 1960 lir. Bert R. Prall, Chairman of the Board and Federal Reserve Agent, Federal Reserve Bank of Chicago, Chicago 90, Illinois. Dear nr. Prall: In accordance with the request contained in your letter of September 1, 1960, the Board of Governors approves the appointments 5 Messrs. Hugh J. Helmer and Jack M. Egertson as Alternate Assistant rederal Reserve Agents at the Federal Reserve Bank of Chicago, effective October 3, 1960. This approval is given with the understanding that ssrs. Helmer and Egertson will be solely responsible to the Federal 4 ?serve Agent and the Board of Governors for the proper performance of 1! ;Ileir duties, except that, during the absence or disability of the ?deral Reserve Agent or a vacancy in that office, their responsibility w111 be to the Assistant Federal Reserve Agent and the Board of Governors Men not engaged in the performance of their duties as Alternate Assistant Federal Reserve Agents, Messrs. Helmer and Egertson maY, with the approval of the Federal Reserve Agent and the President, a erfor,q such work for the Bank as will not be inconsistent with their P uties as Alternate Assistant Federal Reserve Agents. It will be appreciated if Messrs. Holger and Egertson are • fullY informed of the importance of their responsibilities as members the staff of the Federal Reserve Agent and the need for maintenance independence from the operations of the Bank in the discharge of the vr se responsibilities. It is assumed that ressrs. Helmer and Egertson 1;4 1 execute the usual Oath of Office which will be forwarded to the ' °ard of Governors. A Pio The Board notes that Er. W. R. Diercks, Alternate .tssistant. ual Reserve Agent, will retire at the end of September 1960. Very truly yours, (Signed) 1*.rritt Sherman Merritt Sherman, Secretary. BOARD OF GOVERNORS 4001***4_ tO CofrIttoo AO \ OF THE FEDERAL RESERVE SYSTEM la WASHINGTON 25. D. C. rt * 4 Item No. 8 9/19/6o ADORES/ OFFICIAL CORRESPONDENCE 0,00 TO THE BOARD kSA * 444I144* September 19, 1960 .9.2111TDENTIAL (FR) Mr. H. J. Newman, Vice President, Federal Reserve Bank of Chicago, Chicago 90, Illinois. Dear Mr. Newman: The Board of Governors approves the payment of salariFss by the Federal Reserve Bank of Chicago to the incumbents of the positions shown below at the rates indicated, effective October 3, 1960, in accordance with the request contained in your letter of September 81 1960: Annual Salary Title Janitors Janitors (6 mos, or less) Paper Balers Metal Polishers Scrubbing Machine Opr.) ) Marble Maintenance $4,628.0o 41 54418o 4,763.20 Janitresses) Matrons 3,556.80 Scrub Woman 3,660.80 Janitresses (6 mos. or less) 3)494.40 Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. 35 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 9 9/19/60 WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 19, 1960 Comptroller of the Currency, Treasury Department, Washington 25, D. C. Attention Mr. W. M. Taylor, Deputy Comptroller of the Currency. Dew,. --, Mr. Comptroller: Reference is made to a letter from your office dated April 1, 1960 the!enclosing copies of an application to organize a national bank at zelvedere Shopping Center, outside the city limits of Atlanta, ' c)rgia. Information contained in a report of investigation of the aPPlic-t* 11101,1 0. ion made by an examiner for the Federal Reserve Bank of Atlanta be !ates that the proposed capital structure of the bank would probably rora'lequate for the first few years of operation. However, the prospects tIlerProfitable operations of the institution are not very favorable and 4°es not appear to be a sufficient need for the bank at this time. tor-Iluation with respect to the proposed board of directors is satisfacviZexcept that the services of Mr. McKinnon as president and director 1:)si g:1 not appear to conform to the provisions of the Clayton Act. On the j1,4,3jpor the information available, the Board of Governors does not feel ed in recommending approval of the application. anir The Board's Division of Examinations will be glad to discuss asn vects of this case with representatives of your office if you so Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. p 1 t"4 BOARD OF GOVERNORS ie OF THE Item No. 10 9/19/60 FEDERAL RESERVE SYSTEM ii WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 19, 1960 Comptroller of the Currency, Department, bla Shington 25, D. C. Attention Mr. W. M. Taylor, Deputy Comptroller of the Currency. D14.1 'NI'. Comptroller: Reference is made to a letter from your office dated July 14, 1960, mio_ enclosing copies of an application of Empire State Bank, Empire, a to convert into a national banking association and requesting ' eccmmendation as to whether or not the applicati on should be approved. A field investigation of the Application has not been made but the le the ederal Reserve Bank of Chicago has furnished us with a report on otetaPplication based upon a report of examination made by the Comptroller's ce on August 6, 1960, and other information available. Information contained in this report indicates that the capital 3true, the b kaire of the bank is somewhat inadequate and that the management of tor,rk needs strengthening. The earnings of the bank have been satisfacor Vor an institution of this size. It appears that the future prospects hopeue bank are not favorable in its present location and that the directors Gave theY will be able to move the bank to a better area. The Board of tio„rnOrs does not feel justified in recommending approval of the applicarnelit"sunless the capital structure of the bank is strengthened and arrangeare made for management satisfactory to your office. The Board's Division of Examinations will be glad to discuss 44:V n. dep.. 'Pects of this case with representatives of your office if you so wire Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. • BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 11 9/19/60 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 19, 1960 Mr. H. N. Mangels, President, Federal Reserve Bank of San Francisco, San Francisco 20, California. Dear Mr. Mangels: This refers to your letter of August 26, 1960, with enclosures, regarding the propriety of a proposed letter to the Attorney General of California from Mr. 01 Kane in reply t() an inquiry from the Attorney General as to ". . . whether ithere is any law, rule, or regaletion administered by the Jederal Reserve Bmk authorizing or approving a practice Whereby member banks may deny liability on obligations evidenced by officers' checks solely by reason of a defense raising the statute of limitations." The Board has no objection to the sending of Mr. OIXane's Proposed letter. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. 354, BOARD OF GOVERNORS 40'4**,1.4 WO01,*04, OF THE 4 4 4 44 %I) Item No. 12 9/19/60 FEDERAL RESERVE SYSTEM *. WASHINGTON 25. D. C. * * 0 0 4 ADDRESS OFFICIAL CORRESPONDENCE TO THC BOARD %4 1t 4it MOP ° September 19, 1960 Mr. E. L. Carpenter, Senior Vice President, Central National Bank of Cleveland, Cleveland 1, Ohio. Dear Mr. Carpenter: This refers to your letter of August 31, 1960, addressed to Chairman Martin, requesting advice as to Whether the Board has given consideration to the payment of postage for inbound mail as a payment of interest on deposits within the meanin? of that phrase as contained in Regulation Q. In the absence of unusual facts or circumstances, the Board would not be disposed to raise any question where a.member bank absorbs the postage on mail envelopes transmitting incoming deposits if this service is performed by the bank for all depositors who wish to avail themselves of Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. CC: Federal Reserve Bank of Cleveland BOARD OF GOVERNORS 440****4 4040 40IR 01,,f* OF THE 0 3 401.04 Item No. 13 9/19/60 FEDERAL RESERVE SYSTEM , ‘177,./ .4 A* * * WASHINGTON 25, D. C. 4 ti ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD '11°41t MI 104ttorri't September 19, 1960 Board of Directors, Peoples Union Bank and Trust Company, McKeesport, Pennsylvania. Gentlemen: The Board of Governors of the Federal Reserve System, after consideration of all factors set forth in section 18(c) of the Federal Deposit Insurance Act, as amended by the Act Of May 13, 1960, and finding the transaction to be in the pub-Lie interest, hereby consents to the merger of The First National Bank of Duquesne, Duquesne, Pennsylvania, into Peoples Union Bank and Trust Company, McKeesport, Pennsylvania, under the charter and title of the latter bank. The Board of Governors also approves the establishment of a branch by Peoples Union Bank and Trust Company at the location of the present office of The First National Bank of Duquesne, 1 West Grant Avenue, Duquesne, Pennsylvania. This approval is given provided the transactions are consummated within six months from the date of this letter and shares of stock acquired from dissenting shareholders are disposed of within six months from date of acquisition. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary.
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