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FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 2 2 5 8 , August 11, 1941
Reference to Circulars Nos. 2129, 2131, 2132, 2144, 2171, 2182,
2183, 2185, 2187, 2188, 2194, 219S, 2207, 2208, 2216, 2219, 2221,
2222, 2223, 2226, 2229, 2232, 2233, 2238, 2241, 2242, 2244, 2245,
2246, 2247, 2249, 2250, 2251, 2254, 2255 and 2257.

Executive Order No. 8389, 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 texts of telegrams received today from the
Treasury Department:
The following general license has been issued today, August 11, 1941, pursuant to
Executive Order No. 8389, as amended, and the Regulations issued thereunder:
CODE OF FEDERAL REGULATIONS
TREASURY DEPARTMENT
Title 31—Money and Finance: Treasury
Office of the Secretary
Chapter I—Monetary Offices, Department of the Treasury
+11 1QA1
A
Part 131—General Licenses under Executive Order No. 8389,
A u g u s t 11, 1^4-1
April 10, 1940, as amended, and Regulations
issued pursuant thereto.
Section 131.70
GENERAL LICENSE NO. 70 UNDER EXECUTIVE ORDER NO. 8389, APRIL 10, 1940, AS
AMENDED, AND REGULATIONS ISSUED PURSUANT THERETO, RELATING TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.*

(1) A general license is hereby granted licensing any transaction referred to in Section
1 of the Order, if (i) such transaction is by, or on behalf of, or pursuant to the direction of
Portugal, or any national thereof, or (ii) such transaction involves property in which
Portugal, or any national thereof, has at any time on or since the effective date of the
Order had any interest, provided, that:
(a) Such transaction is not by, or on behalf of, or pursuant to the direction of any
blocked country or any national thereof, other than Portugal or any national of
Portugal;
(b) Such transaction does not involve property in which any blocked country or any
national thereof, other than Portugal or any national of Portugal, has at any time on
or since the effective date of the Order had any interest; and
(c) If such transaction is not by, or on behalf of, or pursuant to the direction of
the Government of Portugal or the Banco de Portugal, such transaction shall not be
effected until the Banco de Portugal has certified in writing that the Banco de Portugal
has determined that such transaction complies with the conditions of paragraphs (a)
and (b) above.
(2) This general license also authorizes any payment or transfer from a blocked
account in which any national of Portgual has an interest to a blocked account in a
domestic bank in the name of the Banco de Portugal; provided, however, that this authorization shall not be deemed to authorize any payment or transfer from a blocked account
in which any national of a blocked country, other than Portugal, has an interest, or has
had an interest at any time on or since the effective date of the Order.
(3) Except as provided in paragraph (2), this general license shall not be deemed to
permit any payment, transfer or withdrawal from any blocked account other than blocked
accounts in the name of the Government of Portugal or the Banco de Portugal, until the
Banco de Portugal has certified, with respect to the transaction, as provided in paragraph
(1) (c) above.
(4) This general license shall not apply with respect to any national of Portugal who
is also a national of any other blocked country.
(5) Banking institutions within the United States engaging in any transactions authorized by this general license shall file promptly with the appropriate Federal Reserve Bank
weekly reports setting forth the details of transactions effected by them under this license.
(6) As used in this general license, the "Government of Portugal" shall include the
government of any political subdivision (territories, dependencies, possessions, states,
departments, provinces, counties, municipalities, districts or other places subject to the
jurisdiction thereof), or any political agency or instrumentality of the government.
(Signed) E. H. FOLEY, JR.

Acting Secretary of the Treasury.
* Part 131;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations,
April 10, 1940, as amended June 14, 1941, and July 26, 1941.




General License No. 9 has been amended to read as follows:
CODE OF FEDERAL REGULATIONS
Title 31—Money and Finance: Treasury

TREASURY DEPARTMENT
Office of the Secretary

Chapter I—Monetary Offices, Department of the Treasury

»

Part 131—General Licenses under Executive Order No. 8389,
April 10, 1940, as amended, and Regulations
issued pursuant thereto.
Section 131.9

. •,-, -IQA-I

A u g u s t 11, 1*4-1

GENERAL LICENSE NO. 9, AS AMENDED, 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. 9 is amended to read as follows:
A general license is hereby granted authorizing the bona fide purchase and sale of commodities futures contracts and of evidences of ownership of actual commodities on an
exchange or board of trade within the United States by banking institutions within the
United States, for the account of nationals of any blocked country, pursuant to the instructions of such nationals, and necessary transfers or other dealings in evidences of ownership
of commodities, transfers of credit and payments between accounts in banking institutions
within the United States as required in connection with such purchases or sales or because
of fluctuations in the market value of the commodities covered by such contracts or evidences of ownership, provided that:
(a) In the case of such purchases, the futures contracts and evidences of ownership
of the commodities are held in a blocked account in the name of the national for whom
the purchase was made and in the banking institution within the United States which
maintained the account for which the purchase was made; and
(b) In the case of such sales, the proceeds of the sale are credited to a blocked
account in the name of the national for whose account the sale was made and in the
banking institution within the United States which maintained the account for which
the sale was made.
Each banking institution engaging in any transaction herein authorized is required to file
promptly with the appropriate Federal Reserve Bank monthly reports showing the details
of each such transaction, including a description of the commodities futures contracts or
evidences of ownership of actual commodities purchased or sold, the dates of the purchases
or sales, the persons for whose account the purchases or sales were made, the price at which
each purchase or sale was made, and the name of the exchange or board of trade on which
each such transaction was effected.
(Signed) E. H. FOLEY, JR.
Acting Secretary of the Treasury.

* Part 131;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations,
April 10, 1940, as amended June 14, 1941, and July 26, 1941.

Additional copies of this circular will be furnished upon request.




ALLAN SPEOUL,

President.

FEDERAL RESERVE BANK
OF NEW YORK

August 14, 1941.

To all Banking Institutions in the
Second Federal Reserve District:

We are pleased to announce that the following banks have
become members of the Federal Reserve System effective
August 14, 1941:




Bank of Rockville Centre Trust Company,
Rockville Centre, New York
Solvay Bank, Solvay, New York.

ALLAN SPEOUL,

President.

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