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Minutes for September 29, 1958 Members of the Board To: 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. Chm. Martin Gov. Szymczak Gov. Vardaman 1/ Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson 1/ x c,eA ).z‘) In accordance with Governor Shepardson's memorandum of March 8, 1957, these minutes are not being sent to Governor Vardaman for initial. 2793 Minutes of the Board of Governors of the Federal Reserve System on Monday, September 29, 1958. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. The Board met in Room 1202 at 10:00 a.m. Martin, Chairman Balderston, Vice Chairman Szymczak Mills Robertson Shepardson Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Kenyon, Assistant Secretary Fauver, Assistant Secretary Riefler, Assistant to the Chairmen Thomas, Economic Adviser to the Board Young, Director, Division of Research and Statistics Marget, Director, Division of International Finance Noyes, Adviser, Division of Research and Statistics Koch, Associate Adviser, Division of Research and Statistics Dembitz, Research Associate, Division of Research and Statistics Furth, Associate Adviser, Division of International Finance Hersey, Associate Adviser, Division of International Finance Sammons, Associate Adviser, Division of International Finance Messrs. Brill, Eckert, Gehman, Keir, and Weiner, Miss Dingle, and Messrs. Altmann, Manookian, Wernick, and Wood of the Division of Research and Statistics Messrs. Irvine, Katz, Wood, and Reynolds of the Division of International Finance Economic review. Members of the Division of International Finance developments which pointed up Presented a review of international economic the importance of and outlook for maintaining a satisfactory level of exports 84 additional support for the domestic economy of this country. Reports On the domestic economy from members of the staff of the Division of 2794_ -2- 9/29/58 Research and Statistics indicated that the recovery movement was continuing and that there was new evidence pointing toward further Production increases. Unemployment, however, continued at relatively high levels, which emphasized the substantial increases in productivity that had taken place during the past several months. Following the review the members of the two divisions withdrew from the meeting, with the exception of Messrs. Young, Marget, and Irvine, and Messrs. Masters, Director, Division of Examinations, Nelson, Assistant Assistant General Counsel, Director, Division of Examinations, and Solomon, joined the meeting. Account for the Bank of Taiwan (Item No. 1). Prior to the dated September 26 from meeting there had been distributed a memorandum Mr. Marget recommending that the Board authorize the Federal Reserve Bank Of New York to open and maintain an account for the Bank of Taiwan. The opening of such an account had been favorably recommended by the officers Of the Federal Reserve Bank of New York and on September 25, 1958, the of the Board, Board of Directors of that Bank, subject to the approval had authorized its opening and maintenance. Taiwan was performing, The memorandum pointed out that the Bank of functions of a central directly or indirectly, a number of the normal bank and that it was for practical purposes the active central bank of the Republic of China. The Central Bank of China, although still in existence, was virtually dormant. 27195 -3- 9/29/58 In response to a question from Governor Balderston, Mr. Marget stated that the State Department had been contacted with regard to this matter and that it had concurred in the proposal to open an account for the Bank of Taiwan. Mr. Irvine added that there was no likelihood that in the foreseeable future there would be any changes in the status of the Bank of Taiwan and the Central Bank of China. Thereupon the Board approved the opening and maintenance of an account on the books of the Federal Reserve Bank of New York in the name of the Bank of Taiwan, subject to the usual terms and conditions upon Which that Bank maintains accounts for foreign central banks and governments and subject to its receiving satisfactory documentation as the central bank for demonstrating that the Bank of Taiwan is acting the Republic of China. In this connection the Board approved a telegram to the Federal Reserve Bank of New York advising of such action in the form attached to these minutes as Item No. 1. withdrew from the meeting. At this point Messrs. Marget and Irvine Items circulated to the Board. The following items, which had of which are been circulated to the members of the Board and copies respective item numbers indicated, attached to these minutes under the were approved unanimously: Item No. Letter to Bankers Trust Company, New York, New York, to establish granting an extension of time within which ttal through transmi (For a branch at 1148 Third Avenue. York) the Federal Reserve Bank of New 2 2796 -4- 9/29/58 Item No. Letter to The First National City Bank of New York, New York City, granting an extension of time within which to establish an additional branch in Buenos Aires, Argentina. (For transmittal through the Federal Reserve Bank of New York) 3 Letter to The Marine Trust Company of Western New York, Buffalo, New York, approving the establishment of a branch in Ransomville. (For transmittal through the Federal Reserve Bank of New York) 4 Letter to The Cleveland Trust Company, Cleveland, Ohio, 5 granting an extension of time within which to establish a branch in Garfield Heights. (For transmittal through the Federal Reserve Bank of Cleveland) Letter to The Germantown Bank, Germantown, Maryland, 6 aPProving its application for membership in the Federal Reserve System and the establishment of a branch in Germantown incident to its merger with The First National Bank of Gaithersburg, Gaithersburg, Maryland. (For transmittal through the Federal Reserve Bank of Richmond) Letter to the California Bank, Los Angeles, California, consenting to its proposed absorption of the Bank of Northridge, Northridge, California, and First National liank of Palmdale, Palmdale, California, and approving the establishment of branches in Northridge and Palmdale. kFor transmittal through the Federal Reserve Bank of San Francisco) 7 In connection with consideration of the application for membership in the Federal Reserve System by The Germantown Bank, of Germantown, Maryland, (Item No. 6) Governor Mills raised the question whether the Division of Examinations felt there was any need in this instance for a comprehensive eadit prior to the merger with The First National Bank of Gaithersburg, Gaithersburg, Maryland. He realized that management would be considerably strengthened by the proposed merger but he thought the history of mergers 279.7' -5- 9/29/58 of this type was not good. He questioned whether examination alone was sufficient to assure that there had been no malpractice on the Part of those within the Germantown bank such as to threaten the solvency of that institution. In reply, Mr. Masters agreed with Governor Mills that the record of management had been unsatisfactory. However, he felt certain that the Federal Reserve Bank of Richmond had satisfied itself sufficiently through examination and other means before making a favorable recommendation regarding the application for membership. Mr. Nelson commented that he felt sure the Gaithersburg People had gone over the loans of the Germantown bank carefully. The Gaithersburg bank, he said, is a soundly operated institution and its merger. management would be in the saddle following the Commodity Credit Corporation Certificates of Interest. Prior to the meeting there had been distributed to the members of the Board a 1958, relating to the memorandum from Mr. Solomon dated September 26, by the Commodity Credit question whether Certificates of Interest issued as "securities" under Corporation should be considered as "discounts" or section 6 of the Bank Holding Company Act. The memorandum pointed out had ruled that that in the General Contract Corporation case the Board the nonrecourse purchase of paper by a bank from another subsidiary of the same bank holding company constitutes a "discount" within the meaning Of section 6(a)(4) of the Act, which forbids any bank "to make any loan, discount or extension of credit to" its bank holding company or any fellow subsidiary. 2798 -6- 9/29/58 On September 16, 1958, the Commodity Credit Corporation requested a ruling from the Board as to whether Certificates of Interest issued by that Corporation should be considered to be "paper" and, therefore, subject to section 6(a)(4) or whether, on the other hand, such Certificates should be considered to be exempt from that section as "other assets, securities or obligations." The memorandum pointed out that if the Certificates were considered to be subject to section 6(a)(4), the Corporation could make up any reduction in the use of the Certificates by borrowing from the Treasury or perhaps by modifying its Certificate program. On the other hand, it Ilas clear that the use of Certificates by bank holding company banks would be facilitated if section 6(a)(4) did not apply. It was the view of the Legal Division that inasmuch as the col report of condition of State member banks treats these Certificates as loans and since they are treated as "eligible paper" unaer section 2(b)(2) Of the Board's Regulation A, the Certificates should be treated as "paper" in this connection and therefore as subject to section 6(a)(4). It was Pointed out that to consider the Certificates as securities might make them subject to the general debt limitation under which the Treasury Department must operate and that one of the main reasons for establishing the Certificate program had been to obtain a method of financing outside the debt limit. 2799 9/29/58 -7In commenting on his memorandum Mr. Solomon Observed that this was an instance in which, if the Board's proposed amendments to the Bank Holding Company Act had been adopted, the problem would have been Obviated. He said the matter had been discussed with representatives Of the Commodity Credit Corporation and that there was no doubt that, if possible, they would prefer a ruling which would facilitate transfers of the Certificates among holding company subsidiary banks. Governor Mills expressed the view that the interpretation proposed by the Legal Division would work considerable hardship on the Commodity Credit Corporation. He pointed out that holding company operations are extensive in the Minneapolis District where the Commodity Credit Corporation Certificates have been widely used. It is common practice, he said, to bank to another and transfer Commodity Credit Corporation loans from one the prohibition of such transfers among holding company subsidiary banks Would certainly work a hardship. For these reasons, he suggested that the staff take a second look at this matter to see whether any other conclusion could be reached. He wondered, for example, whether Commodity Credit Corporation "pooling" operations might be regarded as constituting the issuance of a "master note", against which participations are allocated through the Certificates of Interest. Mr. Solomon said the Legal Division would be glad to consider the matter further but, for reasons he mentioned, he felt it would be 2800 -8- 9/29/58 the "master agreement" difficult to exempt this type of operation under concept. ficates were The Board could, of course, rule that these Certi tion might not be entirely securities even though such an interpreta consistent with other interpretations. He agreed that it was not Commodity Credit Corporation, desirable to hamper the operations of the be through but he was inclined to feel that the proper solution would legislation. inclusion of these Certificates Governor Mills recniled that the rary decision made at the as loans on the call report had been an arbit debt ceiling. time the Treasury was pressing against its Mr. Solomon and that in some respects agreed that this was a borderline situation security than a loan. If the Certificate of Interest was more like a the problem could be approached de novo, such a conclusion might well was the problem of be reached, but in the present circumstances there already taken. reconciling positions which the Board had Governor Mills' suggestion Governor Robertson concurred in er study, and there that the matter be referred to the staff for furth Igas unanimous agreement with this suggestion, it being understood that the matter would then be brought back to the Board. Personnel for mission to Okinawa. Governor Robertson stated he mic had been approached by Mr. Edward O'Flaherty, Chief of the Econo Governments Branch of the Division of the Civil Affairs and Military Federal Reserve System Department of the Army, for assistance by the in the Ryukyu Islands. in an appraisal of the banking situation He 2801 -9- 9/29/58 said there are seven commercial banks on the Islands and that recently a change had been made from a military currency to a dollar-based currency. Mr. O'FlahertY had discussed the matter with Messrs. Leonard, Masters, and Irvine and one of the problems was the fact that all of the records of the banks are in Japanese. Governor Robertson said it had been suggested that commercial bankers in Japan or representatives Of the Bank of Japan be sent to the Islands, but that the authorities did not regard this suggestion with favor. Mr. Masters stated that the Army was anxious to get someone of fields and had suggested top-level ability with knowledge in several former Reserve Bank presidents as possibilities. Governor Robertson then said that he would welcome any suggestions from the members of the Board and that the request would be explored further. Revised Digest of Rulings. Governor Shepardson stated that Mr. ing publication of Rackley had presented a memorandum to him recommend a revised Digest of Rulings issued by the Board. This publication, he said, had not been revised since 1937 and the existing supply was virtually ekhausted. ted the use of a loose-leaf Mt. HackleY's proposal contempla easily be kept up to date; also arrangement so that the digest could more a reorganization by subject matter rather than by sections of the Federal Reserve Act to improve its usability. being brought before the Governor Shepardson said the matter was Board at this time so that if there was concurrence the item could be 2802 9/29/58 -10- included in the Legal Division's budget for the coming year and in the meantime the preparatory work could be carried forward. The total cost of the revised digest was estimated at approximately t$32,000 on the basis of 10,000 copies, and free distribution would be made to member banks, to parties within the Federal Reserve System, and to appropriate Government offices. Some copies would be held in reserve for sale and for replacement purposes. He said he would recommend authorizing the project. There was unanimous agreement with this recommendation. Matter of Firstamerica Corporation (Item No. 8) Mr. Solomon reported that he hnr1 been in touch with counsel for Firstamerica Corporation regarding a mutually acceptable date for the public hearing which the Board, at its meeting on September 25, had agreed should be held. He said that counsel had suggested October 27 and San Francisco as the preference of Firstamerica for time and place. Mr. Solomon then recommended that the Board issue a formal order setting the date of October 27 for the hearing to be held in the hearing 1"°0m of the offices of the Federal Reserve Bank of San Francisco. Mr. Solomon's recommendation was unanimously approved, with the understanding that notice would be given to the interested parties, that there would be Plablication in the Federal Register, and that an appropriate press release woUld be issued. A copy of the order issued pursuant to this action is attached to these minutes as Item No. 8. 9/29158 Thereupon the meeting adjourned. 2804 AM TELEGR WIRE SERVICE LEASED BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Item No. 1 9/29/58 SEPTEMBER 29, 1958 SANFORD - NEW YORK AND MAINTENANCE YOUR WIRE SEPTEMBER 25. BOARD APPROVES THE OPENING OF AN ACCOUNT ON YOUR BOOKS IN THE NAME OF THE BANK OF TAIWAN, ONS UPON WHICH YOUR BANK SUBJECT 10 THE USUAL TERMS AND CONDITI AND GOVERNMENTS, AND MAIN TAINS ACCOUNTS FOR FOREIGN CENTRAL BANKS DOCUMENTATION DEMONSTRATING SUBJECT TO YOUR RECEIVING SATISFACTORY OF THE REPUBLIC THAT BANK OF TAIWAN IS ACTING AS THE CENTRAL BANK OF CHINA. IT IS UNDERSTOOD THAT YOU WILL IN DUE COURSE OFFER FEDERAL RESERVE BANKS. PARTICIPATION IN THIS ACCOUNT TO OTHER (Signed) Kenneth A. Kenyon KENYON BOARD OF GOVERNORS .40o***4.40 416)CP 00k, OF THE Item No. 2 9/29/58 FEDERAL RESERVE SYSTEM :k4 4 :* * g WASHINGTON 25, D. C. ADDRESS a * 44.mist 0' 4 orriciAL CORRESPONDENCE TO THE BOARD September 29, 1958 Board of Directors, Bankers Trust Company, New York 15, New York. Gentlemen: Pursuant to your request submitted through the Federal Reserve Bank of New York, the Board of Governors extends until April 18, 1959, the time within Which the Bankers Trust Company may establish a branch at 1148 Third Avenue, Borough of Manhattan, New York, New York, under authority contained in the Board's letter of April 18, 1958. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. 2806 BOARD OF GOVERNORS OF THE Item No. 3 FEDERAL RESERVE SYSTEM 9/29/58 WASHINGTON 25. D. C. ADDRESS arricoAL CORRESPONDENCE TO THE SWARD September 29, 1958 The First National City Bank of New York, 55 Wall Street, New York, New York. Gentlemen: In view of the request contained in your letter of September 12, 1958, transmitted through the Federal Reserve Bank of New York, and on the basis of the information furnished, the Board extends to June 1, 1959, the time within which you such branch to be may establish a fourth branch in Argentina, at Cabildo Aires Buenos of located in the Belgrano District of letter s Board' the in d 2248, under the authority grante December 6, 1957. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. Secretary's Note: On October 3, 1958, The First National City Bank called attention to a technical error in the letter, which should have referred to a "fifth" branch in Argentina. Three branches are operated in Buenos Aires and one in Rosario. It was understood that the bank would change "fourth" to "fifth" in the letter it received, and the Board's files were corrected. BOARD OF GOVERNORS OF THE Item No. 4 9/29/58 FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C, ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 291 1958 Board of Directors, The Marine Trust Company of Western New York, Buffalo, New York. Gentlemen: Pursuant to your request submitted through the Federal Reserve Bank of New York, the Board of Governors approves the establishment of a branch at the northwest corner of the intersection of Ransomville and YoungstownLockport Roads, Ransomville, Niagara County, New York, by The Marine Trust Company of Western New York, Buffalo, New York. This approval is given provided the branch is established within six months from the date of this letter and that formal approval of State authorities is effective at the time the branch is established. Very truly yours (Signed) Kenneth A. Kenyon Kenneth. A. Kenyon, Assistant Secretary. 2808 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 5 9/29/58 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD o C.44t September 29, 1958 Board of Directors, The Cleveland Trust Company, Cleveland, Ohio. Gentlemen: Pursuant to your request submitted through the Federal Reserve Bank of Cleveland, the Board of Governors extends to March 10, 1959, the time within which The Cleveland Trust Company may establish a branch at 5007 Turney Road, Garfield Heights, Ohio. Very truly yours, (Signed) Kenneth A. Kenyon Ker_:. th A. Kenyon, Assistant Secretary. (i 2c3e $t( BOARD OF GOVERNORS OF THE eajOICOlf ( /C; ) Item No. FEDERAL RESERVE SYSTEM % * 6 9/29/58 WASHINGTON 25. D. C. ADDRIEBB OFFICIAL CORRESPONOCNCE 4 TO THE BOARD 0 kAt101 . 00*** September 29, 1958 Board of Directors, The Germantown Bank, Germantown, Maryland. Gentlemen: The Board of Governors of the Federal Reserve System approves the application of The Germantown Bank, Germantown, .1aryland, for stock in the Federal Reserve Bank of Richmond, subject to the numbered conditions hereinafter set forth; 1. Such bank at all times shall conduct its business and exercise its powers with due regard to the safety of its depositors, and, except with the permission of the Board of Governors of the Federal Reserve System, such bank shall not cause or permit any change to be made in the general character of its business or in the scone of the corporate powers exercised by it at the time of admission to membershin. 2. The net capital and surplus funds of such bank shall be adequate in relation to the character and condition of its assets and to its deposit liabilities and other corporate responsibilities. In connection with the foregoing conditions of membership, Particular attention is called to the provisions of the Board's xegulation H, as amended effective September 1, 1952, regarding raembership of State banking institutions in the Federal Reserve SYstem, with especial reference to Section 7 thereof. A copy of the regulation is enclosed. The Board of Governors also approves the establishment of a branch in Germantown, Maryland, by The Germantown Bank, incident tO the proposed merger of The Germantown Bank and The First National Bank of Gaithersburg, Gaithersburg, Maryland, involving a change of BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2811) The Germantown Bank - 2 corporate title to "The Maryland State Bank of Montgomery County," and the removal of the bank's main office from Germantown, Maryland, to Gaithersburg, Maryland. If at any time a change in or amendment to the bank's charter L5 made, the bank should advise the Federal Reserve Bank, furnishing copies of any documents involved, in order that it may be determined Whether such change affects in any way the bank's status as a member of the Federal Reserve System. Acceptance of the conditions of membership contained in this letter should be evidenced by a resolution adopted by the board of directors and spread upon its minutes, and a certified copy of such resolution should be filed with the Federal Reserve Bank. Arrangements wIll thereupon be made to accept payment for an appropriate amount of Federal Reserve Bank stock, to accept the deposit of the required reserve balance, and to issue the appropriate amount of Federal Reserve Bank stock to the bank. The time within which admission to membership in the Federal Reserve System in the manner described may be accomplished is limited to 30 days from the date of this letter, unless the bank applies to the Board and obtains an extension of time. when the Board is advised that all of the requirements have been complied with and that the appropriate amount of Federal Reserve Dank stock has been issued to the bank, the Board will forward to the bank a formal certificate of membership in the Federal Reserve System. The Board of Governors sincerely hopes that you will find -membership in the aystem beneficial and your relations with the Reserve .) • -acLA: pleasant. The officers of the Federal Reserve Bank- will be glad to assist you in establishing your relationships with the Federal erve System and at any time to discuss with representatives of your i.-.3.11k means for making the services of the System most useful to you. Very truly yours, (signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. Enclosure BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 7 9/29/58 WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 291 1958 Board of Directors, California Bank, Los Angeles 54, California. Gentlemen: Pursuant to your request submitted through the Federal Reserve Bank of San Francisco, the Board of Governors of the Federal Reserve SYstem hereby gives its consent, under the provisions of Section 18(c) of the Federal Deposit Insurance Act, to the absorption by the purchase of assets of Bank of Northridge, Northridge, California, and First National Bank of Palmdale, Palmdale, California, by California Bank, Los Angeles, California, and approves the establishment of branches by the latter bank at 8940 Reseda Boulevard, Northridge, California, and 2045 East palmdale Boulevard, Palmdale, California, provided 1. the proposed absorption and establishment of the branches are effected within six months from the date of this letter, and substantially in accordance with the proposed agreements of purchase and sale, 2. investment securities and banking premises acquired from Bank of Northridge and First National Bank of Palmdale are not placed on the books of California Bank in amounts in excess of the market value and the depreciated value for Federal income tax purposes, respectively, and, 3. formal approval is obtained from the State authorities. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. 28_1_2 BOARD OF GOVERNORS OF THE Item No. 8 9/29/58 FEDERAL RESERVE SYSTEM 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 the Federal Reserve System, pursuant to section 3(a) of the Bank Holding Company Act of 1956 [12 U.S.C. § 1842], by Firstamerica Corporation, San Francisco, California, for the prior approval by the Board of the acquisition by that corporation of direct ownership of 80 per cent or more of the voting shares of California Bank, Los Angeles, California. 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 hearing with respect to this application be held commencing October 27, 1958, at 10 a.m., in the hear!ng room at the offices of the Federal Reserve Bank of San Francisco, 400 Sansame Street, in the city and county of San Francisco, State of California, before a duly selected hearing officer, -2the Rules such hearing to be conducted in accordance with of Governors of Practice for Formal Hearings of the Board of the Federal Reserve System [12 CFR Part 263]. The right er to designate is reserved to the Board or such hearing offic part thereof any other date or place for such hearing or any priate for the which may be determined to be necessary or appro convenience of the parties. rs will IT IS FURTHER ORDERED, That the following matte ut be the subject of consideration at said hearing, witho related matters prejudice to the designation of additional 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; L. The convenience, needs, and welfare of the communities and the area concerned; S. Whether or not the effect of such acquisition would be to expand the size or extent of the bank holding company s7 tem involved beyond limits consistent with adequate the and sound banking, the public interest, and ng. preservation of competition in the field of banki 281 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 October 17, 1958, a written request relative thereto, said request to contain a statement of the reasons for wishing to appear, the nature of the petitionerfs 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. Kenneth A. Kenyon, Assistant Secretary. (SEAL) Dated September 29, 1958.
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