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I

FEDERAL RESERVE BANK OF CHICAGO
79

WEST

MONROE STREET

February 4 , 1918 .
Bulletin No . 96 .

TO ALL BANKS AND BANKERS
IN FEDERAL RESERVE DI STRICT NUMBER SEVEN :
We call your attention to the Executive Order of
the Pr esident , dated Ja nua ry 26 , 19:8 , which expressly prohibits
a ll transactions in foreign ex change , export , or ear marking of
gold or si lver coin or bullio n or currency , transfer s of credit in
any form (other than credits relating sol ely t o transactions to be
executed who lly with in the Uni ted State s) , and transfers of ev i dences
of indebtedness, or of ownership of prop ert y, between t~e Uni ted
Sta tes and any forei gn country, whether enemy , ally of enemy , or
otherwise, or between residents of one or more foreig n countri es , by
any perso n within the United States , except such transactions or
transfers as are conducted in conformity wit h the regulations pre sc ri bed , which r equire all banks and bank er s do ing a forei gn exchange
business, and all oth er dealers i n f orei gn exchange , to app l y for a
Registrat io n Certificate. Such appl i cat i ons to be made to the Federal
Reserve Bank of Chic~go ,
The regulations also pr ovide tha t a dealer shall require
every customer purchasing for ei gn exc hange fr om him or selling foreign
exchange to him to file a statement sh owi ng the purpose of such pur chase or sal e and such details as the Federal Re se rve Board may require , including a declaration to the effec t that no enemy or a lly of
enemy of the United States has any interest , direct ly or indirectly ,
in such purchase or sale . The Federal Reserve Board shall presc rib e
the form of such declaration .
Copies of such statements shall be furnished by such
dealer upo n request to ~he Federal Reserve Board , through the several
Federal Reserve Banks.
All bank s and bankers which do a foreign exchange bu:;iness ,
as wel l as other foreign exchange dealers , are t here fo re req ue sted to
apply immed i ately for cop i es of the Executi ve Ord er and also application
f orm for neg istration Certificates.
The requi re ment s of the Federal Re serve Board pro vid e that
Applications for Regi stration Certificates shoul d be forwarded immed iately
to the FederaJ Reserve Bank of Chicago ; and further , that foreign exchange
dealers who shall not have obtained a Registration Certificate on or
be f or e February 15th , shall not engage in f ore ign exchange transactions .


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Addres s a ll
Federal Reserve Bank of St. Louis

Respectfully ,
J . B. Mc DOUGAL ,
Governor .
communications on this subject to the Foreign Exehange Dept ,