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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States

r Circular N o . 2 7 4 1 , December 24, 1943 1
LRefcrence to Circulars Nos. 2713 and 2714.J

CHANGE IN PROCEDURE REGARDING DISTRIBUTION
OF DOCUMENTS PERTAINING TO FOREIGN FUNDS CONTROL

To all Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

F o r your information we are sending yon herewith a copy of Public
Interpretation No. 14, dated December 22, 1943, f r o m a supply which
we have received f r o m the Treasury Department.
In the future when the Treasury wishes us to distribute documents
pertaining to Foreign Funds Control we shall ordinarily do so by mailing documents substantially in the form of that transmitted herewith
without any accompanying circular of our own. This new procedure is
intended to effect economies in the distribution of such documents.
Additional copies of the documents will be furnished as usual upon
request.




ALLAN

SPEOUL,

President

T r e a s u r y Department
FOREIGN FUNDS CONTROL
D e c e m b e r 2 2 , 1943

PUBLIC INTERPRETATION NO. 14
UNDER EXECUTIVE ORDER NO. 8 3 8 9 , AS AMENDED, EXECUTIVE ORDER NO. 9 1 9 3 ,
SECTIONS 3 ( a ) and 5 ( b ) OF THE TRADING WITH THE ENEMY ACT, AS AMENDED
BY THE FIRST WAR POWERS ACT, 1 9 4 1 , RELATING TO FOREIGN FUNDS CONTROL.

SUBJECT: APPLICATION OF GENERAL RULING NO. 17 TO BANKERS'

I n q u i r y h a s b e e n made as t o w h e t h e r
" s e c u r i t i e s " w i t h i n t h e m e a n i n g of G e n e r a l

ACCEPTANCES.

bankers' acceptances
R u l i n g No. 1 7 .

are

The T r e a s u r y D e p a r t m e n t has r e p l i e d in t h e a f f i r m a t i v e . B a n k e r s '
a c c e p t a n c e s and c o m m e r c i a l p a p e r a r e " s e c u r i t i e s ' ' w i t h i n t h e m e a n i n g
of General R u l i n g No. 17, n o t w i t h s t a n d i n g p r e v i o u s a d v i c e that s h o r t t e r m c o m m e r c i a l p a p e r was n o t t o be c o n s i d e r e d as " s e c u r i t i e s ' ' w i t h i n
t h e m e a n i n g and f o r t h e p u r p o s e s of P u b l i c C i r c u l a r N o . 1 4 , and t h a t
l e t t e r s o f c r e d i t , c h e c k s , and t r a v e l l e r s c h e c k s w e r e n o t t o be c o n s i d e r e d as " s e c u r i t i e s " w i t h i n t h e m e a n i n g and f o r t h e p u r p o s e s o f
G e n e r a l R u l i n g N o . 5*




J . W. PEHLE
A s s i s t a n t t o the
Secretary

J 7 9V

TREASURY DEPARTMENT
WASHINGTON

25

December 22, 1943

To Banks and Other Financial I n s t i t u t i o n s in the United States:
I wish to express the Treasury Department's deep apprec i a t i o n f o r the aid rendered by the f i n a n c i a l i n s t i t u t i o n s of this
country in the survey of the American stake abroad conducted upon
Form TFR-500. The Department is p a r t i c u l a r l y g r a t e f u l f o r the
manner in which f i n a n c i a l i n s t i t u t i o n s informed t h e i r customers of
the census requirements and a s s i s t e d them t o prepare reports. The
e f f e c t of these a c t i v i t i e s has been constantly apparent and i t is
c l e a r that they have contributed in great measure t o the success of
the survey.
You may r e c e i v e inquiries about the procedure to be followed
by persons who have learned of the reporting requirements only r e c e n t l y .
They should f i l e t h e i r reports at once with a b r i e f explanation of the
circumstances. This Department has no d i s p o s i t i o n to seek the a p p l i c a t i o n of penalties against anyone who submits his report promptly
upon becoming aware of the requirements.

yiCTORY
BUY
UNITED
STATE*

WAR

BONDS
AND

STAMPS




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