Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, May 24, 1918, 3:15 PM, Volume 5, Part 2

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

At a meeting or the Gold Export Committee
of the Federal Reserve Board held in the orrice of tote
Board on Friday, May 24, 191u at 3:15P• M.,
?RESENT:
Mr. Warburg, presidinu,

Mr. Willis, Secretary.

Mr. Miller,
Present also: Mr. Strauss,

Ur. Kent.

Applications for permission to export coin,
bullion and currency, with papers relative thereto,
were presented and acted upon as fellows:
Letter of Musher & Company re attitude of F. R.
Bank of New York to transfer of gold to Spain.
May 23.

Tabled

Ordered acknowledged.
Letter from War Trade Board transmitting radi-

code regarding currency from Honolulu.

Refer to :Ir.

Kent.
Letter from F. R. Bank of New York transmitting
statement from Irving National Bank covering numbers
and descriptions of English bank notes shipped
to Norway under license ;:o. lUlb.

Dy

them

Noted: referred 4O

State Department ror forwarding to Great Britain.
Letter from Standard Oil Compa* asking opinion
or Board as to proposed applications tor permission to




ship $10,000 currency to Tampico each month in
addition to monthly Shipments of $1,000 in subsidiary coin.

Granted.

Approved draft of Statement for the Press
re work of Foreign Exchange Division.

Released.

A letter from National City Bank of New
York re their application No. 1425, for permission
to Ship silver to Norway.

Forward to Nar Trade

Board.
A letter from F. R. Bank of New York transmitting letter from National Park Bank, New York,
with License No. 1639, issued favor Negooiation Minera
de San Rafael, requesting ruling allowing five weekly
shipments of $12,000 each under said license, during
May.

Granted.
A telegram from R. P. Jennings, making inquiry

re import licenses for silver bullion into the United
States.

Secretary to reply.

(Verify).

A letter from Federal Reserve Bunk of Dallas,
inclosing copy of letter to First National Bank of Douglas,
by Custom

itgent, re payment of gold covering Mexican

import duties for Naoozari Railroad Company.

Noted.




A letter from B. S. Cuttler of Department of Commerce re discount conditions in the
United States.

Tabled until 27th.

A letter from Governor Van Zandt re gold
speculation in El Paso.

Noted - acknowledge.

A letter from Federal Reserve Bank of Dallas
transmitting statement by Mexico Northwestern Railway Company re payment of taxes in Mexico.
1925.

Noted.

Application of C. D. Waloott, Secretary,

Smithsonian Institution, permit for A. E. Moore and
L. H. Abbot, sailing from New Orleans, to carry with
them to Chile,
1926.

WU

gold coin.

Granted.

Equitable Trust Company, New York, to

Societe Commerciale Francaise, Valparaiso, Chile,
$92,000 gold burs.

Declined; can return only to

Venezuela or Colombia.
1927.

Graham, Hinkley & Company to Antonio

Revulto, Vera Cruz, Mexico, $10,000 gold coin.
1928.

Granted.

National Park Bank, New York, through

E. Denike, Laredo, Texas, to Negociation Ilinera de San
Rafael y Anexas, Mexico, during May, $7,500.

(Same being

in lieu of $7,500 under No. 1677 - originally issued for




April, extended for May, and returned with present
application.)
1929.

Granted.
M. E. Lowe, Del Rio, Texas, to 1.3elf,

Mexico, 5,000 paper currency except gold or silver
certificates.
1930.

Granted.
Potrero Mining Company, Nogales, Arizona,

to same, Nogales, Mexico, $22,000 gold during June.
Tabled; say will grant up to 25%.
1931.

Milmo National Bank, Laredo, Texas, to

Collector of Customs, New Laredo, Mexico, during June
and July, 1918, 450,000 gold.

Decline; will grant to

25% on bullion only.
1932.

E. Denike, Laredo, Texas, to E. A. Villareal,

Monterrey, Mexico, *00,000 gold coin.

Decline; will grant

to 25;; on bullion only.
1933.

Eagle Pass Lumber Company, Eagle Pass,

Texas, to Customs Officers, Piedras Negras, Mexico, $5,00U
gold coin.

Granted.

1934.

Eirst National Bank, Nogales, Arizona, to

M. N. Bernal & Company, Nogales, Mexico, for account of
E. and A. Cobo, ;35,000 gold coin.
enemy list.

Decline; say Bernal on




1935.

First National Bank, Nogales, to A. C.

Dixon, Mexico, during June, 1918, for account of R. P.
Carreno and others, 410,000 silver coin.

Granted.

1936. '.First National Bank, Nogales, to E. B.
Sorrells, Nogales, Mexico, .47,500 gold coin, during May
and June.

Granted.

1937.

State Bank & Trust Company, Eagle Pass,

Texas, to same, Piedras Negras, Mexico, 437,500 gold and
4100,000 paper currency except gold certificates or
silver certificates, (total $137,b00)

(Suspended)

Decline; more specific information needed.
1938.

First National Bank, Eagle Pass, Texas,

to Oliver American Trading Company, Piedras Negras, Mexico
during June and July, 1918, 02,000 gold coin.

(Suspend)

Granted for manganese ores--detailed data must be furnished as to other articles.
1939.

John Finnigan Company, Eagle Pass, Texas,

to same, Piedras Negras, silver certificates.

Granted.

A letter from the British Embassy to the State
Department re method of transferring United States notes
to Europe and method of restricting; read and noted.
(Papers in hands of Mr. Kent)
Other cable messages, etc., were submitted. •
(Papers in hands of Mr. Kent).




At 3:55 P.M., the meeting adjourned.

gPROVED:

Chairman.

•,•