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At a meeting of the Executive Committee of the Federal Reserve Board held in the office of the Board at 11:02 A. M., Tuesday, May 14, 1)16, PRZSENT: Mr. Harding, presiding, Mr. Hamlin, Mr. Warburg, Yr. Imlay, Acting i.ossistant Secretary. Mr. Miller, Mr. Harding presented the following business: A letter dated May 11, from the Secretary of State, enclosirk; copy of a telegram from the American Consul at Chihuahua, Mexico, requesting export license for 1U,000 American gold coin. Mr. Harding was authorized to advise the Secretary of State that it is the policy of the Board to approve applications of this character up to 25 of the value of the silver bullion exported, with the requirement, however, that the application be first filvd with the federal Reserve bank of the nearest Federal Reserve district. A telegram from Federal Reserve Agent stating that he was requested to accept appointment or the Trade Acceptance Committee of the Chamber of Commerce of the United States and asking if it met with the approval of the Board. Li.. Harding was authorized to state to 11r. Wills that the Board has no objectio:, to his acceptim; the appointment in his individual capacity. A lett r, dated May 13, from Assistant SecretaLry Luffingwell, transmitting a copy of a resolution adopted Iv the Senate, asking for the amounts severally of commercial and financial bills payable in terms of the currency of the neutral nations of Europe, which have boon bought and sold severally by the member banks of the Federal Reserve System and other banks and banking houses dealing in foreig:. exchange in the City of Vew York from January 1 to July 1, 1918, and so forth. Mr. Harding was author- ized to transmit same to Mr. Kent A.th instructions to compile the information as promptly as possible. Lir. Harding stated that Mr. Vanderlip had appeared personally and suggested that the attention of the several Federal Reserve banks be called to the desirability of having War Savings Stamps available for sale at all of the member banks, and Mr. Harding was authorized to draft a letter suggesting the Fed- so: oral Reserve banks the desirability of the action referred to. A letter from Congressman Garner, enclosing letter from Judge James B. aells of Brownsville, Texas, re a charge of 53 which is being made by the State Bank & Trust Company of Brownsville, Texas, for furnishing gold to importers. Mr. Harding was author- ized to refer the letter to Governor Van Zandt of the Federal Reserve Bank of Dallas and to advise Mr. Garner that the Board has no objection to banks receiving reimbursement for the actual expense of shipping, but that a charge of 570 appears to be more than necessary, and that the matter would be taken up with the Federal Reserve Bank at Dallas, with request for information as to the cost of shipping gold from Dallas to Brownsville. A telegram from Federal Reserve Agent Vellborn in re branches. Mr. Hardin,-.; stated that he had advised Mr. Wellborn that a nearing would be held by the Board on May 18. At 11:33 A. M., the meeting adjourned. APPROVED: Acting Assistant Secretary
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