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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: .00,01.0.0000000.000000.0.00 Cht4man.