Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, June 13, 1918, Volume 5, Part 2

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At a meeting of the Gold Export Committee
of the Federal Reserve Board held in the office of
the Board on Thursday, June 13, 1918, at 10:35 A.M.,
PR.SSENT:
Mr. '.arburg, presiding,

Mr. Willis, Secretary.

Mr. Miller,
Present also: Er. Kent.
Applications for permission to. export coin,
bullion and currency, with papers relative thereto,
were presented and acted upon as follows:
Draft of letter to 7ar Trade Board re question
of import licenses for coin, bullion and currency.

Read,

modified and ordered transmitted.
Letter sent by Division of foreign Exchange to
each Fedbrcl Reserve Bank, transmitting instructions to
dealers in foreign exchange.

Ordered circulated.

Memorandum from Department of State transmitting
copy of telegram from American Legation at Copenhagen
quoting communication from Merchants Guild and Chamber
4




of Manufacturers re declarations required by Federal Reserve Board wider Executive Order of January 26, 1918.
Read and noted.
Letter from Federal Reserve Bank of Chicago ac-




knowledging receipt of license No. 2036 granted
to Cusi 1.Iining Company.

Ordered filed.

Letter from Laredo National Bank transmitting copy of letter sent by them to Federal Reserve Bank of Dallas re policy of that bank with respect to exportation of gold to Mexico.

?resented

and noted.
Letter from American Metal Company re their
application No. 2070 for permission to export $225,00)
cold coin to Mexico.

Granted on 25',
1 basis for silver

and l00;t0 for gold; and duties.
Letter from Irving 7.ational Bank of New York
re their application for permission to ship

1,00,000

paper currency to United Kingdom, France, Spain, Italy,
South America, West Indies.

(Original papers in hands

of Yr. Kent; no formal application filed here).

Read

and filed.
Letter from Lir. Charles Butters re new Mexican
mining law, asking for information as to Board's attitude
toward same.

Oecretary directed to reply in accordance

with Board's policy.
Telegram from Federal Reserve Bank of Dallas re
application of V. H. Mason, Jr. Co., to export.:,;10,000




gold coin to collector of Customs, Matamoros, Mexico,
(No. 2084, declined June 11th because of blanket
character of application).

Granted for hides, skins,

ixtle, cattle, goats, and sheep.

want use of funds

carefully checked.
Telegram from Federal Reserve Bank of Dallas re
license Yo. 1006 permitting shipment of

65,000 gold

to Alvarado Mining & Milling Co., Parral, Mexico. Renewed.
2101.

Pierre Levesque, Eumford, Maine, to same,

Trois Pistoles, Canada,

10,000 currency (,;3,000 Canadian

and "7,000 American currency, of which permission has
been granted by Federal Reserve Bank of Boston to ship
Canadian currency).
the $3,000
2102.

Granted.

Sumitomo Bank, Ltd., San Francisco, Cal.

to same, Yokohama, Japan, :6939.68 Japanese bank notes
(yen 1815.80 exchange ( 51 3/4).

Granted.

Mr. Kent showed and commented upon a list of
articles held as security for bank loans in the United
States.

(Papers in his hands).
Mr. Miller read wire from Assi.stant Federal Re-

serve Agent Elliott, asking Board's attitude re gold
production; subject discussed and agreed to consult with
Assistant Secretary Leffingwell.

(Papers in his hands).




:10 A. M., the meetingadjourned.
APPROVED:

Chairman.