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FEDERAL RESERVE BANK
OF NEW YORK

Circular No. 2 0 8 1 , June 17, 1940

Reference to Circulars Nos. 2044, 2046, 2050, 2053,
2056,
2057, 2058, 2059, 2060, 2062, 2063, 2064,
2065, 2069, 2070, 2071, 2073, 2074, 2078 and 2080

Executive Order No. 8389, April 10, 1940, as Amended, 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 to General Ruling No. 3 has been issued today by the Secretary of the
Treasury pursuant to Executive Order No. 8389 of April 10, 1940, as amended, and the Regulations
issued thereunder:
Amendment to 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.
General Ruling No. 3 is hereby amended to read as follows:
"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 any country designated in Executive Order No. 8389,
April 10, 1940, as amended, 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 Executive Order No. 8389, April
10, 1940, as amended."
D. W. BELL,

Acting Secretary of the Treasury.

Dated: June 17, 1940.




The following- general licenses have been issued today by the Secretary of the Treasury 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 14ft

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY.

General License No. 16, under Executive Order No. 8389, April 10, 1940, as
amended, and Regulations issued pursuant thereto, relating to transactions in foreign exchange, etc.*
General Licenses Nos. 1, 2, 4, 5, 9, 11 and 12, as amended, issued under Executive
Order No. 8389 of April 10, 1940, as amended, are hereby further amended so that as of the
date hereof there shall be substituted for the words "Norway, Denmark, the Netherlands,
Belgium or Luxembourg", wherever they appear in such general licenses, the words
"Norway, Denmark, the Netherlands, Belgium, Luxembourg or France".
General License No. 12, issued under Executive Order No. 8389 of April 10, 1940, as
amended, is hereby further amended by substituting a comma for the semi-colon at the
end of subdivision 2 thereof and adding thereafter the following:
"or subject to the property interests therein as of June 17, 1940, of France or any
national thereof;"
D. W. BELL,

June 17, 1940.

Acting Secretary of the Treasury.

*Part 146:—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; Ex. Order 8446, June 17, 1940; Regulations, April 10, 1940, as amended May 10, 1940, and
June 17, 1940.

Code of Federal Regulations
Title 31—Money and Finance: Treasury
Chapter I—Monetary Offices, Department of the Treasury
Part 147
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY.

General License No. 17 under Executive Order No. 8389, April 10, 1940, as
amended, and regulations issued pursuant thereto, relating to transactions
in foreign exchange, etc.*
A General License is hereby granted authorizing banking institutions within the
United States to make payments from accounts in which France or a national thereof has
a property interest within the meaning of the Excutive Order of April 10, 1940, as amended,
and the Regulations issued thereunder, of checks and drafts drawn or issued prior to June
17, 1940, and to accept and pay and debit to such accounts drafts drawn prior to June 17,
1940, under letters of credit; provided, that each banking institution making any payment
or debit authorized by this General License shall file promptly with the appropriate
Federal Reserve bank weekly reports showing the details of such transactions.
D. W. BELL,

June 17, 1940.

Acting Secretary of the Treasury.

*Part 147:—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; Ex. Order 8446, June 17, 1940; Regulations, April 10, 1940, as amended May 10, 1940, and
June 17, 1940.




For your further information the following press release was issued June 17, 1940 by the
Treasury Department:
[General Ruling No. 5 under Section 5(b) of the Act of October 6, 1917 (40 Stat.
411), as amended, Executive Order No. 8389 of April 10, 1940, as amended,
and Regulations issued pursuant thereto, and under all other
authority of law.}
Supplementing his statement of June 7, 1940, the Secretary of the Treasury announced
today that, until further notice, securities coming into the United States on or after June
17 from France must be forwarded to a Federal Reserve bank for examination under
General Ruling No. 5, issued on June 6, 1940, relating to examination of securities brought
into the United States.

Additional copies of this circular will be furnished upon request.




GEOKGE L. HAEBISON",

President.

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