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At a meeting of the Executive Committee of the
Federal. Reserve Board held in the Board Room on Friday,
.

November 3J, 1917, at 4:40 P. M.,
PRESENT:
Mr. Harding, presiding,

Mr. Hamlin,

Mr. Warburg,

Mr. Willis, Secretary.

Present also:

Ur. Strauss, Mr. Kent.

Applications for permission to export coin,
currency and bullion with papers in connection therewith were presented and acted upon as follows:
The application of the Campagnio du Boleo for
gold was reconsidered, and the former position reaffirmed provided gold can be had though at a. premium.
A letter from Manufacturing Jewelers Export
Co., New York, November 27, requesting information as
to exports of jewelry.

Read, and the Secretary direct-

ed to say that licenses should be applied for in the
usual way.
A letter from Federal Reserve Bank of Dallas
re gold to Mexico.

Read and noted.

A letter from G. Edstrom, 76-80 Wall Street,
re transactions in foreign exchange.

Read and re-




ferred to Mr. Kent for investigation.
695.

Huasteca Petroleum Co., to same, Tampico,

Mexico, during the month of December, 1917; $200,000
United States paper currency except gold certificates,
and silver coin.
696.

Granted.

Governor of State of Sonora, Mexico,

through Mexican Ambassador, $50,000 for expenses of
said State during month of December.
697.

Granted.

United Fruit Co., Orleans, La., to

United States paper
4
same, Tela, Honduras, ;40,000
currency except gold certificates.
698.

Granted.

Equitable Trust Co., Few York, to

Banco de Chile, Valparaiso, Chile, about ;10,000
either in gold coin or gold bars.
699.

El Potosi Mining Co., El Paso, to same

Mexico, $75,000 gold coin.
700.

Granted.

Granted.

Farmers Loan & Trust Co., Few York, to

Compania Exportadora de Vera Cruz, Mexico, $7,500
United States gold coin.
701.

Granted.

Guaranty Trust Co., for Zimmerman &

Forshay, New York, to Mocatta & Goldsmid, London,
England, 100,00C ounces silver bullion.
702.

Granted.

Atlas Jewelry Co., Kew York, to un-named




consignee, Vera Cruz, Mexico, 3482.30 watches, gold
jewelry Eind silver.
703.

Granted.

E. Tostman & Co., rew York, to Salvador

Cupello, Maracaibo, Venezuela, $37.5 gold jewelry.

Grant-

ed.
704.

Atlas Jewelry Co., Tow York, to un-named

consignee, Tampico and Mexico City, '1243 gold jewelry
and silver.
705.

Granted.
United Metals Selling Co., New York, to

C. S. Henry Co., Ltd., London, England,750,000 silver
bullion.

Granted.

706.

W. H. Zahniser, Treasurer, Cia, ?etrolera

de Tepetate S. A., New York, to N. L. Vincent, Manage
same company, Tampico, $30,000 gold coin.
Port Arthur)

(Dec. 1 from

Tabled.

The following memorandum relating to an arrangement with the Government of Argentina, was approved an
behalf of the Board:
•

The Treasury Department and the Federal Reserve
Board authorize the delivery, in actual gold coin, to
the Argentine Amuassadcr, by such banker as he may designate, the sum of $3,000,000 monthly, up to a total




aall be deposited

amount of 4 4,000,000 which amount

by the Argentine Ambassador, in account current with
the Federal Reserve Bank of New York, which account is
ot be opened in his name as Argentine Ambassador.
It is understood that this account shall draw
no interest and shall not be closed before the final
conclusion of peace, on which date the Federal Reserve
Bank agrees to pay to the Argentine

Ambassador the

balance due in actual gold of the United

States, and

the Argentine Ambassador is hereby authorized to export said amount then due, after that date, to whatever place his country may desire.
•

The Argentine Ambassador will also deposit in

account current with the Federal Reserve Bank of New
York the sum of

at present earmarked in

the vaults of the rational City Bank, with the understanding, however, that he is absolutely free to dispose of this amount as he may see fit at any time, as
well as to export it at any time in accordance with instructions from his government.

The Federal Reserve

Bank Shall agree to pay this sum in exactly the same
kind of gold coin in which it is received; i. e., so
much in pounds sterling and so much in American gold




coin.
This agreement to be signed by the Federal Reserve Board, the Secretary of' the Treasury, and the
Argentine Ambassador, through the Secretary of State.
On motion at 5 P. L., the Committee adjourned.
APPROVED:

Chairman.