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219 At a meeting of the Executive Cozmittee of the Federal Reserve Lore held in the office cf the Covernor at 2:30 P. Y., on Frioay, September 14, 1917. Present: Governor Harding, presiding, Yr. Warburg, Li.. Delano, yr. Willis, Secretbry. Present Llso: Lr. ;t1Lert Strauss, representin the Treasury Depart- gr. Strauss, vho ht.d teen in conference with la informal comittee of bankers and °there which had been working on the protlen, et fGreign exchanKe an6 gold exports during September 12 and 13, made a general statement to the Executive Comniittee with rference to the conclusions ar!-ived at by the informal committee. The Corlmittee then preceded to the consiG.eration of various applicatione for the exportation of gold and currency now pending and on some of which recemmendations had been made by the informal committee above referred to1 It apt.oaring that a numerical UesiEnation had her applied to each of these aptlicatione by the comILitte3 in question, the Executive ComiAttee resolved to fellow these designatione. Applications were then acted 'upon in their order, as follows: 250 1. A. Torrance, for Balfour, Williamson 4c Co., of New York, shipment of 0.00,000 of p,clu bullion to Calcutta September 14, approved. 2. Bankers Trust Company, New Ycrk, ;. 500,C,00 gold bullion, New York to Calcutta, September 15, approved. 3. Nacozari Railroad Company, Douglas, Arizona, 4100,000 gold to Mexico, suspended pending further information. 4. First National Bank, Nogales, amount not stated, in order to enable depoEiters withdrawing funds to take money into Mexico. 5. Suspended. Casco Mercantile Trust Company, Portland, Maine, currency for railway use, in any form except gold. Approved. 6. Federal Reserve Bank of Linneapolie, on behalf of Twin City Banks shipping Canadian currency tc Winnipeg, approved, with instructions that future shipments need not be submitted for approval of the Boaru, but that the Board be notified from time to time of amounts. 7. Duplicate of No. 1. 8. Duplicate of No. 2. 9. Bank of New York to Bank of Nova Scotia, at Toronto, 4500,000. Declined. - 10 Bank of British North America, 03,000 silver bul1i^,1. San Franlisco to Criert. 11. i gold, San Francisco Bank of California, '25C,C00 to Orient. 12. Apl,rcveu. Suspended. Hongkong c, Shang-hai Banking Corporation, t750,000 San Francisco to Calcutta. Suspenued. 13. anu Comii.ercial Trust & Savings Bank, 050,000, , 100,00G, 4c,UO holU, Eew Orldans to 14. Sp-in. Suspenued. Kerr Jteamship Company, 41,000,LOC New Ycrk to Declinuu. lb. Farmer.; Loan 0.. Trust Company, 415,750 San Fran- cisco to Caloutta. 16. Declinuu. Cerro oe Pasco Linir4-, Co., S,1,951,865 in rold disks, Nt).!, York to Callao, Peru. 17. W. Laid on the table. Grace c'k Company, ;973,2E3 Eold diEks, Nfy:. York to Lima, Peru, laid cn the tabie. 18. Uniteu Letais Sellim: Company, 237 bars or 233,121 ounces silver bullion, New York to Lcnacn. 19. liombay. 19a Api,rcved. Mitsui & Company, 41,000,00C San Francisco to Suspenued. Los Angeles Tunnin k_ Cc., 14oga133 to L )xico, ap- proved if approval of the Collector at Noudes i;k first cbtained. 20. Guaranty Trust Company, 41C0,000 cold, Nev. Ycrk to Barcelona. Suspended pending further informticn. James Scott 21 Sons, p30,000 New York to Calcutta. Suspended. Guaranty Trust Company, 41,000 New York to Turin 22. Italy by Registered Mail. 23. Commercial Trust & Savings Bunk, 4750,000 gold New Orleans to Spain. 24. Declinod. Declined. Lawrence Turnure 4100,000 New York to Barcelona. Suspended. 25. H. S. Berner, 410,000 New York to Barcelona. Suspended. 26. Cadiz. Santiago Brieones, 4200,000 gold, New York to Suspended. 27. National Bank of Commerce, New York, 4100,000 Company, of Minreapolis, gold on behalf of Northern B San Francisco to Calcutta. 28 Eeculante 6. Company, 410,000 sold, New York to Yucatan, Lexico. 29 Suspended. H. Hikosaka, for Nosawa & Co., 44,200,000gold bullion, Seattle tc Kobe. 30 Approved. Suspended. to W. E. Grace 6. Co., 4250,000 gold, New York Valparaiso, Approved. 31 York Irving National Bank, t1,000,000 gold, New to Ottawa. Suspended inasmuch as the proposed shipment transaction in goods* does not appear to represent a, definite 32. celona. Lawrence Turnure, .1'25,000 golci, New York to Bar— Declined, inasmuch as the transaction in intended to finance trade with Cuba. 33. Equitable Trust Company, to Earcelona. 34. eft(liZ. 36. to adiz. 37. Suspenuea. Equitable Trust Company, eadiz. 40 Equitable T1 ..,st Co., ,f 650,000 601,1, New York to Suspena. Equitable Trust Co., ;200,000 gol,;, New York to Suspenuea. Equitable Trust Cc., t40,000 go Cuuiz. 42 York to Equitable Trust Co., 466,000 gold, New York to Suspended. Equitable Trust Cc., V750,000 gola, New York to Suspendea. EAuitablo Trust Cc., 4725,000 gold, Dew Ycrkto Sual,er—ed. Cadiz. 43 Equitable Trust Co., 4350,000 gold, Nev. York to Barcelona. , Ne Suspeneed. Barcelona. 41 7b0,000 gold, New York Suspended. Barcelona. 39 Suspenued. Equitable Trust Co., 4io,000 gold, New York to Barcelona. 36 Suspented. Equitable Truet Company, 4280,300 gold, New York to burcolona. 35. 2OC,00. gold, New Orleans Suspended. 44 Equitable Trust Co., 470,000 gold, New York to Barcelona. 45 Equitable Trust Co., t200,000 gold, New York to Barcelona. 46 Suspenued. Suspended. Equitable Trust Co., 11,000,000 gold by each of six steamers, 47 San Francisco to Orient. Suspended. Potosi Mining Company, 0,000 El Paso to Lexie°. Approved if sent in Federal Reserve notes. 46 In answer to a general applicaticn from El Paso expert banking interests, it was agreed that applications for of Federal Reserve notes should be made, for which special withforms will later be provided, but pox-mite may be granted out submission to the Federal Reserve Board until further notice. Report cf apaicaticns so grantee should be made to the Federal Reserve Board by the Federal Reserve Bank. Suggestion of the Union Trust Cc., of El Paso, to for give bond for the return of gold furnished to customers export will probably receive favorable consideration, but bank should state amount for which permission is 49 requested. 44C,000 Pan American Commission Corporation, up to monthly, Ne., Orleans to Yucatan. Approved if sent in Federal Reserve notes. 50 A. Vales, 47,500 New York to Yucatan. Laid on the table; deelined unless in Federal Reserve notes. 51 Isaa,-As & Lessing, El Paso, Texas, 4,000,0O0 American gold and 0.,000,000 Z4exican gold, El Paso to L'exico. Referred buck to State Departm(mt an.; not approv- ed unless request is made by the Department. 52 Cleveland-Akron Bag Company, 20,0(,0 pounds sterl- ing mcnthl-, September, October, November, to Cuicutta via Ottawa. 53 i.iexico. Approved fcr September only. B. 24ontes & Cc., 420,000 gold New Orleans to Referred to ;(3w Orleans Branch for formal applica- tion and information. 54 Bank of California, San Francisco, 1104,000 Lexi- can gold, .1'50,000 United States gold, 425,00C United States silver, San Francisco to -exico. of obscurity of telegram. Laid on the table because Secretary directed to iet more informatien. 55. Canadian Bank of Commerce, 260,000 ounc-s bar sil- ver and 614 ounces cf bar silver, San Francisco to Embay and Calcutta, rospectively. Approve. (See amenued application of rlepturEber 21.) 56 A telegram from Deputy Governor Calkins of San Francisco, inquiring whether Lexican mining companies cculd Ship 1:.exican money through the United States and back into Ltexico, or have it reshippeu frou, the United States, was ordered an13,ereu in the affirmative, provided proper safe- guards were applied. 57 Tampico. Thu Texas Company, 425,000 gold, Port Arthur to Approved, but future shipmnts must be in Federal Reserve notes. (See No. 86. No notice eent for 57. P.P.W. September 21.) 58 St. Clair County S vings Bank, Port Puron, Mich., 05,000 Port Huron to Canada in Canadian currency. 59 Approved. Anderson, Clayton 4.; Co., 4125,000 gcld, Galveston to Barcelona. Declined. On motion the form of application for pnmissicn to export'gold in use heretofore by Reserve Banks was a6opted, sUb'" ject to minor modifications, making the form in question read as follows: APPLICATION FOR PAIMISSION TO EXPORT COIN BULLION OR CURRENCY FRU THE UNITE.D STATES, (To be executed in triplicate and forwarded through the F. Bank of to the Fe er 1 Reserve Board). Sirs: The undurs4,ned hereby makes application for permis Rion to export from the United States coin, bullion or currency as hereinafter set forth,: 1. 2. Description of shipment (i.e. gold coin, silver bullion, etc.) Value 000111.111Nommorrolop....141,11110 . 0 3. Date and place of shipment 4. Destinatioh 5. Proposed route (including name of vessel, if possible) 6. Consignor 7. Consignee 8. Name and address of person, firm, corporation cr government for whose account shipment has been ordered 9. Name and addre:3s of pert;on, firm, corporation or government to whose account shipment will be charged 1C Names and addresses of all other persons interested in the transaction, directly or inairectly 11 Specific transaction which res.dted in order for shipment (Note. If shipment is in payment of balance due consignee or on exchange operations, give full details of commercial transactions of which such balance or exchange operations are the result.) 12 If shipment is made for applicant's own account, state whether the purpose is to furnish customers with exchange. If so, give names and addresses of itach customers 13 Additional information indicating that the exportatic cill be compatible with the public interest on cath depose an I„ 110100 say that I know the facts hereinabove set forth to be true, and that I have no knowledge of any material facts in connection with the proposed shipment above described which have 258 not been set forth in this application. (Signature o applicant) (-Address-) Subscribed and sworn to before me this) day of ,1917. ) Notary public. RECUMENDATIO OF FEDERAL RESERVE BANK OF The above application is forwarded to the Federal Reserve Boara with a recommendation that the license for granted be refused for the following reasons: Respectfully, Secretary or Cashier To the Federal Reserve Board, Washington. On motion, at 7:15 P. M., the Comiltittee adjourned. APPROVED: Chairman.
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