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FEDERAL. RESERVE BANK OF DALLAS Dallas, Texas, June 16,1941 To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: The Secretary of the Treasury has issued the following general license: GENERAL LICENSE NO. 48 UNDER EXECUTIVE ORDER NO. 8389 of 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 complete, on or before June 17, 1941, purchases and sales made prior to 11:00 a. m., Eastern Standard Time, June 14, 1941, of securities purchased or sold for the account of any foreign country designated in Section 3 (j) of the Order, or any national thereof, provided that: (a) The proceeds of such sale are credited to a blocked account in a banking institution in the name of the person for whose account the sale was made; and (b) The securities so purchased are held in a blocked account in a banking institution in the name of the person for whose account the purchase was made. “ Banking institutions within the United States engaging in any transactions authorized by this general license shall file promptly with the appropriate Federal Reserve bank reports setting forth the details of such transactions; including the name of the person for whose account the purchase or sale was made, the nationality of such person, the price at which each such purchase or sale was made, a description of the securities purchased or sold, the date of the purchase or sale, an appropriate identification of the blocked account to which the proceeds of such sale were credited and in which the securities so purchased are held, and the name of the banking institution holding such blocked account. “ This general license shall not be deemed to authorize: (a) The purchase or sale of any security registered or inscribed in the name of any blocked country or any national thereof; (b) Any transaction for which a license is required under Section 2 A ( l ) of the Order unless the provisions of General License No. 25 have been complied with; or any transaction for which a license is required under Section 2 A (2) of the Order. D. W. BELL Acting Secretary of the Treasury” June 15, 1941 *Part 178— 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; Regulations, April 10, 1940, as amended June 14, 1941. Yours very truly, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
@FedFRASER