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At a meetini of the Executive CcLittee of the
Federal Reserve koara hela in the office of tha Governor
on Londay, Septamber 17, 1917, at 4:25 F. :4.
Fresont:
r. Haruing, presiding, 14r. Warburg, Lr, Delano,
Ur. Willis, secretary.
Prosnt also:
Alb3rt Strauss, reprasontini: th3 Treasury Department.
Applications for p;:rmisiion to exort coin, bul,hare taken unaer aJviaement and passed
lion LInu currency '
apon

A3

follows:

60.

See file.

l.

Bonbright

1,500,000 on behalf of the Ar-

gertinu Cov-inu,ant, to be earmarked In New York.
the table.

Laid 04

Governor to r-fer the rJatter to the State Depart-

ment throw,h the Secretary of ths Treasury, pointing out the
fact that this transaction seems to be merely the transfer
of a. balance from Paris to i,iew York, owing to ibi1ity to
export

cic frol:, Franca.

62.

Charterou bank of India, Australia & China,

4. 662,L00 silr bullion, San Francisco to Shanghai, approved.
6-i.

Bank of Nova Scotia, 47,t60 Cunauiar3 bank notes,

Uguenliburg to Cttav,a.




Apt..roveci.

260




64.

Cg.;iensturb Lank, pLickage of Canudiun currency

Cgdensburg to ettav.a.
65.

Approved.

National City Ea nk , 300,000 po unus st
Laid or, the table. See 61.

gold, Few Ycrk t( Valparais,o.
66,

New York Central :735 Canadian ccin :inu currency,

New York to Cttawz.l.
6'1.

Approv'-d.
Ycrk to Cadiz.

National Park 1-,unk, •150,0C.0

Declined.
68.

..ercz.-..nt_'Lle Earth of the All..ericas, 0.,000,000

New York to Peru.
69.

Approveci.

Comision fiuladora, New Y;:rk to iera Cruz,

0.00,000, declined.
70.

if‘rnest Tornabeli tk, Co., t20U,COC ,,L,olu coin, ie-o;

York tc Barcelona.
71.

Equitable Trust Co., 0.00,000

York to Cuba.
72.

Declined.

Suspended.

Equitable Trust Co.,

cisc.,.o to Japan or India,
73.

74.
0i300

gold, F,an Fran-

Declined.

Declined.

Equitable Trust Co.,

to Japan or India.
75.

41,000,OCO

Equitable Trust Cc., :1,000,000 gold, San Fran-

to Japan or Ind1u.

3iFACC

olu coin, New

1,000,C,C0 i,o1,J, San Frart••

Declined.

Equitable Trust Cc., ;1,COU,000

cisco to Japan or Cz...lcuttu..

Declined.

olu, Sun Fran-

76.

Equitable Trust Co.,

cisco to Calcutt.
77.

Declined.

Equitable Trust Co., 41,C00,000 gold, San Fran

cisco to inaia or Japan.
78.

1,000,000, gold, 7,an Frar-

Duclinea.

Royal Bank of Canada, New York, 00,000 golds

New York to Toronto. Declinea.
79,

International Banking Corpera;ion, ;,t500,000

San Francisco to Australia (ultimately Calcutta)
suspenuod and referreu to Feaeral Reserve Bank of New
York with request that it connect the proposed shipgent
ipith a aefinitt tran5iaction.
80.

Colonial 1.ank of Lagos, Nigeria, 45,000 f:ola

coin, Now Ycrk to Los.
81.

Suspended.

Bank of Taiwan, ;244,754.76 ounc3s gold, value

4506,015.03, Seattle to Kobe.
82.

Kerr Steamship Co.

News to Bilboa.
83.

Suspended.
1,C0O,O00 gold coin, N1wport

Declined.

Mexican Gulf Oil Co., 420,000 gold and

currency, Houston to TILpico.

25,CC0

Approved as to currency,

disapproved as to gold.
84.

Hawley & Letzerich, agents for Huastoca Petroleum

Company, .5,000 Federal reserve notes, :t15,C0C one aollar
bine, r2,000 subsiuiary silver, Galveston to Tampico. Approveu.







85.

Bank of California, 4104,000 Loxican joid, ,25,000

subsidiary silver, t50,000 U. S. gold, San Francisco to
Lower California.

Approved as to 1,;(exican gold crd U. S.

silvcr, declined as to U. S. gold.
86.

Texas Cmpuny of Lexico, 125,COU jcIu, Port Arthur

to Tampico.

Suspended except as to Federal rot,erve notes and

other forms of currency except cold and gold certifi:tates.
87.

Hongkdng & Shanghai Banking Corporation, 050,000

gold, San Francisco to Calcutta.
88.

Declined.

Hongkong (f. Shanghai Banking Corporation, $3,000,CCO

ounces bur silver, 6un Francisco to Shanghai.
89.

Bank of California, 1250,000 golu, San Francisco

to Calcutta.
90.

Approved.

Declined.

Wells-Fargo Nevada National Bank, N,000,000 gold,

San Francisco to Eutavia.. Suspended.
91.

Bank of British North America, 493,047.25 San

Francisco to Shanghai.
92.

Eateve Bros.,

Approved.
4O,OCO ;old, Savannah to Santander.

Declined.
93.

Esteve Bros., 0,000 golu, Savannah to Barcelona.

Declined.
94,

Fotcsi Mining Co.

25 000 U. S. currency, t100,00C

Mexican gold, El Paso to Mexico.

Approved except as to gold.

95.

Fircil Ahency of the Lexie-an Government,

000,000, El Paso to i.exico.

Laiu on the Table, the

matter tc be referred to the State Department.
96.

First

Old Detroit National e
- ank, Detroit,

V.ichigan, f22,462.7.5 Canaeian currency, Detroit to
Vlinesor, Cntario.

Approved.

A communication free, the War Department inquiring
abeut exportatich ef told from the Fanaa C4na1 Zone,
was preeented anu, on moticn, Governor EarUing was authorized to state te the War Department, through the :-ecretary of thc Treasury, that the neatter ehoul, be left
tc th') local Zone authorities, giving at the same time a
general statement of the Beard's policy and purposes in
Einiinistering the export embarge, the Boare to be aevised
of the action taken.
In answer to u letter frem the Poet Cffice Department relative to the transmi33ion of gold through the
LeAils was presented an

it *as agreed that the Governer

write a general letter calling attention to the Board's
forthcoming regulations, and that he ask for a conference
vdth reference to rulings for controlling relations with
postreaetere.
Applicetion No. 5, Nacozari Failroad Corepany, Douglas,
Arizona, was -reconsidered and the shipping of

220,000 gold

in3tead of 0.0C,000 (see Linutes of Septen.ber 14) was approved.



261

Ur. Warburg subcdttea

4

telegram from the Bank of

Java inquiring about genor,..1 conditions of exchange in
Java growing out of the sale of sugar expected to take
place.

It was agreed that Mr. Strauss

and Yr. Warburg

communicate with Ur. Hoover in order to ascertain further
details.
A memorandum submitted by mr. Albert Strauss and
setting forth the Board's general policy ir passing upon
gold export applications, was taken under advisement,
modified and adopted, the Secretary being directed to
prepare blanks t,na regulations on the basis thereof.
On motio, at 6:45 P. M., the Committee adjourned.

APPRCVED:




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