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FEDERAL RESERVE BANK OF DALLAS Dallas, Texas, May 16, 1940 To All Banking Institutions, and Others Concerned, In the Eleventh Federal Reserve District: The Secretary o f the Treasury has issued the following general license (Code o f Federal Regulations, Title 31, Money and Finance, Treasury Chapter 1, Monetary Offices, Part 139): GENERAL LICENSE NO. 9 UNDER EXECUTIVE ORDER NO. 8389 of April 10, 1940, as amended, and Regulations issued pursuant thereto, relat ing to transactions in foreign exchange, etc.* “ A general license is hereby granted authorizing the bona fide pur chase and sale of commodities futures contracts and o f evidences of ownership of actual commodities by banking institutions within the United States, fo r the account o f nationals of Norway, Denmark, the Netherlands, Belgium, or Luxembourg, within the meaning o f the Executive Order of April 10, 1940, as amended, and the regulations issued thereunder, pursuant to the instructions o f such nationals, and necessary transfers of credit and payments between accounts in bank ing institutions within the United States as required in connection with such purchases or sales or because o f fluctuation in the market value of the commodities covered by such contracts or evidences of ownership, provided that— (a) In the case o f the purchase of commodities futures contracts or evidences o f ownership o f actual commodities, the contracts or evi dences of ownership purchased are held in an account in a banking institution within the United States in the name o f the national of Norway, Denmark, the Netherlands, Belgium, or Luxembourg, whose account was debited in connection with such purchase. (b) In the case of the sale of commodities futures contracts or evidences o f ownership o f actual commodities, the proceeds o f the sale are credited to an account in a banking institution within the United States in the name o f the national of Norway, Denmark, the Nether lands, Belgium, or Luxembourg, for whose account the sale was made. Each banking institution making such a purchase or sale is re quired to file promptly with the appropriate Federal Reserve bank weekly reports showing the details of the transaction, including a description of the commodities futures contracts or evidences of owner ship of actual commodities purchased or sold, of the person for whose account the purchase or sale was made, and the price at which the purchase or sale was made. HERBERT E. GASTON Acting Secretary of the Treasury” May 14, 1940 *Part 139— Sec. 5 (b ), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public R esolution No. 69, 76th C ongress; 12 U.S.C. 95a; E x. Order 6560, Jan. 15, 1934; E x. O rder 8389, A pril 10, 1940; Ex. Order 8405, M ay 10, 1940; R egulations, A pril 10, 1940, as amended M ay 10, 1940. 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)
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