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A r., At a meetipg of the Executive' Committee of the FederrIllleserve Board held in the officL, of the Coverno on Mond9.y, February 11, 1918, 9t 10:35, PRESENT: Hr. Hardin, presiding, Mr. -tailor, -W. Hamlin, Mr. Willis, Secretary. Applications for periuc3ol to export coin, currency and bullion, with papers in connection therewith, were presented and acted upon as follows: A letter from -Federal Reserve B9nk of Dallas, concerning shipments of gold to Mexican border. Noted. 11i A letter from Federal Reserve Bank of New York inclosing report of Ameritlan Metal Co. re use of gold shipped to Mexico. Noted. A niemorandulp from State Depart ent, submitted by Customs Diviioi transmitting pnraphrase of tele— c'ram from Amoricnn Embassy, Mexico, Yebru9ry 4, re transactions of A. J. Largardo & Co; Noted. A letter from J. B. D. Edge, of DuPont Nitrate Co., Wilmington, Delaware, re license NO. 958. to lettor of Februnry 6. License extended reply s request- ed. Correspondeuce ru Board policy re export dent91 gold. Rend and the Secretary directed to ndviee War Trade Board to rrnnt current applications. Request for extension Licenst. !Jo. 853, silver to Montevideo. Grnnted. Request for chlnge consignee License No. 10Y... Approved. Letter from El Potosi Mining Co., re their application. Read and Secretnry directed to reply stating their request for gold is granted. Letter from Federnl Reserve Bank Dalirs re license Tigre Mining Company and complete file re. • 0. K. 1088. Letter to Mexicnn Ambnssador- dated February 4, .,skin for a00,000 gold for Stnte of Sonora. 1105. gold coin. Charles Co'en, Chicnro, to Persin, t1,200 Refer back to Chicnr,o b-Irk for inquiry. 110C. Handy F Hnminn, New York, to Geo. H. Lees Compnny, Hamiiten, Cnnndn, 13.75 ounces gold. 086) Approved. (Value Approved. 1107. First National Bank, Nogales, to J. P. Scally, San Blns, Mexico, durinF February $7,000 to 10,000 silver and minor coin. Granted. 1108. ,Handy & Harman, Nev York, to David Andersen, Christiana„ Norway,. 16,075 ounces Silver. fer to War Trade Board. Re- 1109. Union Savings 4: Trust Co., Seattle, Washington, to The Dominion Bank of Victoria, B. C., 62,000 United States gold coin. 1110. Declined. Eagle Pass Lumber Co., Eagle Pass, Texas, to Yex. Customs Officers, Piedras Negras, Mexico, during February and March, $5,000 gold coin. Declined. 1111. Engle Pass lumber Co., Ehgle Pass, Texnr, to Ferrocarribes Constitucicnalietas, Piedras Negras, Mexico, during February and March, *5,000 National Bank notes, not gold certificates. 1112. Granted. H. Rivera,:Douglas, Arizona, to Mey.ican Customs Officials, Nogales, Mexico, 050,000 gold Granted. 1113. H. Rivera, Douglas, Arizona, to Mexican Customs Ofria4als,.Agua.Prietai Mexico,• 150,000 gold coin. Granted. 1114. Moctezuma Copper Co., Douglas, Arizona, to r.:10, Mexico, durin7 February, 1S18, 160,000 paper currency and e20,000 silver coin (total of !)80,000) Granted. 111, Moctezum Copper Co., Douglas, Arizona, to Mexico, during February, t20,000 gold - coin or its cquiva- fi lent in Mexican gold coin. 1116. Granted. Juan M. Garcia, Laredo, Texas, to France E. Cavazos, New Laredo, Mexico, S20,000 gold coin. Grant- ed. 1117. City National Bank, El Pnso, Texas, to L. Alvarez, Jusrez, Mexico, t10,000 gold coin. Gravted sub- ject to verificntion as to State taxes. 1118, 7-1.nk cf Manhattnn Company, New York, to Imperial Bank of C,111-,6-1, Montreal, ,3,000 Federal Reserve Granted. Notes. 1119. Chase National Bank, flew York to Royal *Lank of Canada, Caliarien, Cuba, 4i20,000 paper currency. Granted. Redmond e Co., New York to Russo-Asiatic Bank, Shanghai, S92,000 approximately, silver bullion. Granted. 1121. Chartered Bank of India, A in China, New York through Anglo & London Paris National Bank, San Francisco, to Shangh , 101,000 ounces silvr, value $1,152. Grnnted. 1122, Standard Oil Company,'Nev York to Mexico 500 silver coin. 13:23. Granted. National 13.-.rk Bank, New York to Pace Nncionnl de Cuba., Havana, Cuba, t500,000 paper currency. Grinted. F.trmers Loan & Trust Company, New York 1.124. to Compania Rxportadorn de Vern Cruz, Mexico, 442,000 rolcl coin. Granted. 115. Kountze Brothers, New Ycrk,to C Diiz Ceballos,l etc., Mexico City. April 1, 1218, in rold coin. 1126. Not ov:r e30,000 before Granted. Zimmermann 8 Forshny, New York to Rahnmnt, San Fernando, TrinVad, 1,000 Mexican silver dollars valued at $500. Granted. Mr. Miller filed with the Committee the following memorandum from the Navy Department, dated February 7, for Assistant Secretary: "SUBJTICT - Shipment of Fold to Commander in Chief, Pacific Fleet: "Correspondence received from the Commander-in- Chief, Pacific Fleet, states that United States paper currency in South American countries is subject to a discount of seven to ten per cent and that the loss on bills of exchange ranges from ten per cent at Rio de Janeiro to twenty per cent at Montevideo. On one hundred thousand dollars this represents a loss of ten to twenty thousand dollars. "Shipment by Government conveyance or express would have all, or the major pnrt of this expense. The Federal Reserve Doard was therefore .asked if gold cculd be released at this time. In view of their disinclination to ship gold, the Commander-in-Chief has been advised that funds will have to be secured by the sale of bills of exchange. He (Signed) iexxxx**
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