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FEDERAL RESERVE BANK
OF DALLAS

Dallas, Texas, October 24,1941

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:
The Secretary of the Treasury has issued the following press statement:
“ The Treasury Department today took further strong measures to pre­
vent the Axis from realizing free dollars or other valuable foreign curren­
cies through remittances to Axis controlled areas. Under today’s amendment
to General License No. 32 remittances to persons in the Axis countries and
in Axis controlled countries cannot be made if such remittances make free
dollars or valuable foreign currency available to the Axis. Such remittances
are still permitted if only blocked dollars result from the transaction.
“ This policy has not as yet been fully applied with respect to remittances
to American citizens in the ‘frozen’ countries. Remittances to such Amer­
icans may continue substantially as at present under General License
No. 33.
“ The Treasury Department also indicated that the same strict policy
would be followed in dealing with applications for special licenses. It was
further indicated that amounts made available to American citizens in Axis
countries and Axis controlled countries under special licenses may be dras­
tically curtailed.
October 23, 1941

E. H. FOLEY, JR.
Acting Secretary of the Treasury”

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)