Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, May 9, 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 an Thursday, May 9, at 10:30 A. M.,
PRESENT:
Mr. Warburg, presiding,

Mr. Miller,

Mr. Hamlin,

Mr. Willis, Secretary.

Present also:

Mr. Strauss.

Applications for permission to export coin,
bullion and currency, with papers relative thereto,
were presented and acted upon as follows:
Letter from Mr. Ely, War Trade Intelligence,
transmitting copy of letter to Mr. Paul Fuller from
Lieut. Wm. Elkins-re shipments of gold to Negociacion Minera San Rafael, Mexico City.

Noted; no ac-

tion.
Letter from R. P. Jennings re applications
to be forwarded by Dallas Federal Reserve Bank.
Noted.
Correspondence with Governor Van Zandt and
with State Bank and Trust Co. of Brownsville, Texas,
re practices of latter in connection with export of
gold.

Noted.
Telegram to all Federal Reserve Banks re




instructions relating to export of currency or gold
on persons of travellers.

Correspondence with

Messrs. Kent, Penny, and Nevin attached.

Discussed

cirand instructions given Secretary to prepare new
cular.
Letter from R. C. Leffingwell, transmitting
correspondence with American Legation at Copenhagen
regarding Executive regulation requiring declaration
of non enemy interests and financial transactions between neutral and American subjects.

Noted.

Letter from R. C. Leffingwell, transmitting
letter written by him to the Postmaster General regarding shipment of American currency through mails.
Noted.
Telegram from Merchants National Bank of
Brownsville, Texas, requesting extension of time for
completion of shipment of $25,000 gold to Mexico,
granted under license #1419; unused balance being
0,810.

Granted.
Letter from Mr. Chapin, Assistant Cashier,

Federal Reserve Bank of New York, asking reconsideration of application #1797, filed by Dr. R. M. Maxwell,
of New York, for permission to carry an person to

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(4

Chile ;200 gold.

Letter and identification cards

of Dr. Baxwell enclosed.

Noted; no change in de-

cision.
Letter from Federal Reserve Bank of New
York, requesting supply of circularsre regulations
governing exportation of coin, bullion and currency,
and calling attention to correction made by them
under "Travelers Leaving the Country", with proposed
change in regulations.

Noted; referred to Secretary.

Telegram from Governor Lynch, San Francisco,
re pending instructions to member banks about travelers'
regulations.
1619.

International Banking Corporation,

San Francisco, to same, Yokohama, Japan, V/,500 paper
currency except gold or silver certificates.

Granted.

At 11:0u A. U., the meeting adjourned.
APPROVED:

Secretary
Chairman