View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 2070, June 3, 1940
Reference to Circulars Nos. 2044, 2046, 2050, 2053, 2056,
2057, 2058, 2059, 2060, 2062, 2063, 2064, 2065 and 2069.

Executive Order No. 8389, April 10, 1940, as Amended by Executive Order
No. 8405, May 10, 1940, and Regulations Issued Pursuant Thereto
Relating to Transactions in Foreign Exchange, Etc.
To all Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

For your information we quote below the text of a telegram received today from the
Treasury Department:
The following amendment of General License No. 4 and new general rulings have been issued
today pursuant to Executive Order No. 8389 of April 10, 1940, as amended, and the Regulations
issued thereunder:
Code of Federal Regulations
Title 31—Money and Finance: Treasury
Chapter I—Monetary Offices, Department of the Treasury
Part 134
TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

Amendment to General License No. 4 under Executive Order No. 8389, April 10, 1940, as
amended, and Regulations issued pursuant thereto, relating to transactions in foreign exchange, etc.*
General License No. 4 is hereby amended to read as follows:
"A general license is hereby granted authorizing the bona fide sale of securities on a
national securities exchange by banking institutions within the United States for the account,
and pursuant to the authorization, of nationals of Norway, Denmark, the Netherlands,
Belgium or Luxembourg, and the making and receipt of payments, transfers of credit
and transfers of such securities which are necessary incidents of any such sale, provided that:
(A) The proceeds of the sale are credited to an account in the name of the
national for whose account the sale was made and in the banking institution within
the United States which held the securities for such national; and
(B) This general license shall not be deemed to authorize (1) the sale of any
security registered or inscribed in the name of Norway, Denmark, the Netherlands,
Belgium or Luxembourg, or any national thereof, irrespective of the fact that at any
time (whether prior to, on, or subsequent to April 10, 1940) the registered or inscribed
owner thereof may have, or appears to have, assigned, transferred or otherwise disposed of the security; or (2) the sale of any securities not physically situated in the
United States on June 1, 1940.
"Each banking institution making any sales herein authorized is required to file
promptly with the appropriate Federal Reserve bank weekly reports showing the details
of the transactions, including a description of the securities sold, the dates of sales, the
persons for whose account the sales were made, and the prices obtained.
"This amendment of General License No. 4 shall not be deemed to prevent the completion on or prior to June 6, 1940 of purchases and sales, which were made prior to
June 4, 1940 pursuant to General License No. 4, of securities other than securities registered or inscribed in the name of Norway, Denmark, the Netherlands, Belgium or Luxembourg, or any national thereof."
D. W. BELL,

June 3, 1940.
v

Acting Secretary of the Treasury.

*Part 134:—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405,
May 10, 1940; Regulations, April 10, 1940, as amended May 10, 1940.




General Ruling- No. 4 under Executive Order No. 8389, April 10, 1940, as amended,
and Regulations issued pursuant thereto, relating to transactions in foreign exchange, etc.
Except as otherwise specifically indicated, all definitions appearing in Executive Order
No. 8389, of April 10, 1940, as amended, and the Regulations issued thereunder, shall applyto the terms employed in all rulings, licenses, instructions, etc., issued pursuant to such
Executive Order and Regulations.
D. W. BELL,

Dated: June 3, 1940.

Acting Secretary of the Treasury.

General Ruling No. 3 under Executive Order No. 8389, April 10, 1940, as amended,
and Regulations issued pursuant thereto, relating to transactions in foreign exchange, etc.
The attention of banks, brokers, transfer agents, registrars and all other persons and
banking institutions in the United States is invited to the fact that the Treasury Department construes Executive Order No. 8389, April 10, 1940, as amended, and the Regulations
issued pursuant thereto as prohibiting the acquisition, transfer, disposition, transportation, importation, exportation, or withdrawal of, or the endorsement or guarantee of signatures on, or otherwise dealing in, or with respect to, any security (or evidence thereof)
registered or inscribed in the name of Norway, Denmark, the Netherlands, Belgium or
Luxembourg or any national thereof, except pursuant to a specific license, irrespective of
the fact that at any time (either prior to, on, or subsequent to April 10, 1940) the registered or inscribed owner thereof may have, or appears to have, assigned, transferred or
otherwise disposed of any such security. Applications for licenses should be made in the
manner provided in the Regulations issued under the Executive Order of April 10, 1940, as
amended.
D. W. BELL,

Dated: June 3, 1940.

Acting Secretary of the Treasury.

Additional copies of this circular will be furnished upon request.




GEOEGE L. HARBISON,

President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102