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219 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, February 10, 1954. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Evans Vardaman Mills Carpenter, Secretary Sherman, Assistant Secretary Kenyon, Assistant Secretary Thurston, Assistant to the Board Riefler, Assistant to the Chairman Leonard, Director, Division of Bank Operations Mr. Young, Director, Division of Research and Statistics Mr. Myrick, Assistant Director, Division of Bank Operations Mr. Youngdahl, Assistant Director, Division of Research and Statistics Mr. Brill, Economist, Division of Research and Statistics Mr. Miller, Economist, Division of Research and Statistics Mr. Mr. Mr. Mr. Mr. Mr. At the request of the Chairman, Messrs. Young, Brill and 'Allier discussed changes proposed at the Treasury Department in the daily state— ment of the United States Treasury. It was explained that the new state— ment would be a cash—flow statement showing the effects of Treasury receipts and disbursements on the cash balance, whereas the present daily statement Undertakes to show receipts and disbursements by budget categories. The new statement, however, would be supplemented by monthly statements which would relate expenditures to the various budget categories. In addition, it had been indicated by a representative of the Treasury Department that 220 -2some material useful to the Board's staff which would be included in the monthly statement could be made available on an unpublished basis in advance of the regular publicatLon date. After reviewing the advantages and disadvantages of the procedure contemplated by the Treasury, Mr. Young and his associates expressed the Opinion that the changes were of a constructive nature, that on balance they would prove helpful to analyses of the Government's operations and their impact on the economy, and that the work of the Board's staff would be facilitated rather than hindered thereby. Following a discussion of the proposed changes, it was understood that views along the lines stated by Messrs. Young, Brill, and Vil]er would be transmitted to the Treasury in response to a request for informal comments which had been made by that Department. Messrs. Riefler, Young, Youngdahl, Brill, and Miller then withdreor fram the meeting. Mr. Myrick had visited the Federal Reserve Bank of Chicago on January 28 and 29, 1954, in connection with the study being made of possible boundary changes and additional offices in the Seventh Federal ReServe District, and while there he reviewed material being prepared by 111'. Jones, Cashier of the Chicago Bank, regarding the possible decentralization of certain activities now carried on at the head office. The study by the Reserve Bank had been requested by the Board in its letter to 221 _3 2/10/54 President Young which was approved at the meeting on January 4, 1954. Mr. Myrick's impressions regarding the space situation at the Chicago head office and certain comments on Mr. Jones! atudy were set forth in a memorandum dated February 3, 1954, which had been circulated among the members of the Board. Governor Vardaman, who had requested that the matter be discussed at a meeting, inquired whether it appeared that the study being made at the Chicago Reserve Bank would represent a thorough and objective analysis of the question of decentralization, and Mr. Myrick replied that Iii his opinion the study would be of such a nature. He added, however, that the management of the Bank seemed to feel strongly that additional Space would be required at the head office regardless of any decision Which might be made to transfer certain activities to other offices within the Reserve District. Following a review of the most recent proposal of the Chicago Bank with regard to a head office building program, as discussed at meetings of the Board in December 1953 and January 1954, it was suggested that Governors Szymczak and Evans follow developments closely and keep the Board informed. This suggestion was approved unanimously. The meeting then adjourned. During the day the following additional action was taken by the Board with all of the members except Governor Robertson present: 222 2/10/54 -4Minutes of actions taken by the Board of Governors of the Federal Reserve System on February 91 19540 were approved unani— MO113ly•
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