Executive Order 2949

By virtue of the authority vested in me by "An Act to define, regulate and punish, trading with the enemy, and for other purposes," approved October 6, 1917, known as the "Trading with the enemy Act," and the amendment to such Act embodied in "An Act making appropriations to supply urgent deficiencies in appropriations for the fiscal year ending June 30, 1918, and prior fiscal years, on account of war expenses, and for other purposes," approved March 28, 1918, I hereby, in the public interest, make the following determination, order, rule and regulation:

The Alien Property Custodian may sell at private sale, without public or other advertisement, any seats upon or memberships in, any stock, cotton, grain, produce, or other exchanges incorporated or organized and existing anywhere within the United States as defined in the "Trading with the enemy Act;" and any such sale or sales may be made and conducted wherever and upon such terms and conditions as the Alien Property Custodian or his authorized agent shall determine.

My reasons, in the public interest, for the foregoing determination, order, rule and regulation are:


 * (a) The methods required by law and the character of said property to be pursued in the sale thereof are such that the power of sale vested in the Alien Property Custodian cannot be exercised effectively except at private sale; in that such seats upon or memberships in said exchanges can be purchased only by persons who are already members of said exchange or who are approved by said exchange according to its Constitution and By-Laws, and such seats upon or memberships in said exchanges can be sold and transferred therefore only to persons who are members of, or who are approved by the exchange the seat upon or membership in which is the subject matter of sale.


 * (b) The sales hereby authorized may be made at the time and place of most favorable demand and upon such terms and conditions as may be necessary to secure the best market price.


 * (c) Unnecessary expense, delay and inconvenience may be avoided.

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 * 29 August, 1918.