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SECURITIES
The Economics Division of OMGUS ordered its Restitution Control Branch on
September 5, 1947 to "accept and process claims for the restitution of securities and,
upon proper identification and proof of removal from the territory of a country eligible
for restitution, m¥e restitution in the normal way ,to the claimant nation, except that, "for
the time being," the following classes of securities shall not be released for restitution:
a) Securities issued by German corporations or the German Government
("German securities")
b) Securities issued by non-German corporations or Governments ("Foreign
securities") which are shown to have been German-owned prior to the occupation of the
country concerned."J
I
On April 14, 1948, OMGUS unveiled a 4-phase plan to dispose of securities?
• Phase 1 - External restitution with recommended cut-off date of December 31,
1948, after which no further claims would be accepted.
• Phase 2 - Internal restitution which could be cut-off shortly after December 31,
1948, the date which all petitions under MG Law 59 must be filed.
• Phase 3 - Screening of claims for release to owners of securities which had not
been found to be subject to external or internal restitution, with cut-off date after
December 31, 1948.
• Phase 4 - All securities which have been found not to be subject to external or
internal restitution, nor returnable to claimants under the third phase, to be
disposed of after December 31, 1948.
J NARAlCP; RG 260; Entry: External Assets; Box 677; File: Restitutions; Memorandum
No. 10, "Restitution of Securities"; October 3,1947
2 NA RAlCP; RG 260; Entry: Property Division; Box 5; File: Disposition of Property of
War Criminals; Cable CC-3852; April 14, 1948
�OMGUS had warned Washington in October 1947 that "the processing of claims
for restitution constitutes a very heavy demand" upon its staff "and the US delegation
cannot agree to maintain such a considerable staff for an indeterminate period.,,3
It was OMGUS policy that all foreign restitution missions seeking return of
securities should submit their claims with a statement to the effect that the securities
claimed are not securities of German issue and were not German-owned at the time the
occupation of the country began. OMGUS also stated that in case of conflicting claims,
"the burden would be placed on all claimants for the particular security to substantiate
their claims and no delivery would be made until the dispute was settled.,,4
By July 31, 1948, the U.S. and Britain agreed to hold up all restitution of
securities to the USSR and its satellites, "pen~ing receipt of possible independent claims
by non-nationals or refugee nationals of the claimant GovtS.,,5
OMGUS denied claims it felt were essentially cOI1!mercial transactions. The
subscription to or purchase of new issues during occupation will presumed to have been a
normal transaction upon the grounds that the economy of the occupied country benefited
to the extent of the counter value invested in that country at the time! On the other hand,
the U.S. decreed that restitution would take place.when the German owner or holder
.
3 NARAICP; RG 260; Entry: Property Division; Box 14; File: Restitution of Securities;
Cable CC-2029; October 19,1947
4 NARAlCP; RG 260; Entry: Property Division; Box 5; File: Disposition of Property of
War:Criminals; Cable CC-3852;ApriI14, 1948
5 NARAlCP; RG 260; Entry: AG Decimal File; Box 511; File #602.3 - Restitutions;
�cannot show that acquisition from the occupied country took place in the course of a
transaction essentially commercial in character.
The United States differentiated between restitution claims and applications by
the individual owners for the return of their securities in Germany. Restitution claims
can only be filed by governments and must be based on removal by force or duress. It is,
immaterial who the owner is as long as the removal took place under circumstances of
force or duress. As a matter of governmental restitution, titre is of no consequence. On
the other hand, every national of a formerly-occupied country was entitled to the return of
any non-German securities which he had at any time on deposit in Germany and which
hav~
been located. For this purpose, the owners had to file an individual claim.
Applications were r,eceived from the individuals and the securities and were returned
l
directly to the individuals. These individuals were to be taken out of official channels. 6
However, government restitution took precedence over any individual claims. 7
Restitution of looted securities was to be done on a country-to-country basis "since the
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governmentin question will no doubt take measures to protect the legitimate owner."g
An example of American preference for governmental restitution over individual
restitution occurred in August 1950 when the Currency and Credit Branch of the U.S.
High Commissioner for Germany [HICOG], informed a French citizen who filed a
counterclaim to a French government claim for securities that little weight can be given
Cable CC-5364; July 31,1948
6 NARAlCP;
RG 260; Entry: Economics Division; Box 359; Dutch Claims
RG 260; Entry: Economics Division; Box 348; French Claims
8 NARAJCP; RG 260; Entry: External Assets; Box 650; File: Policy - Germany. External
Assets; May 25, 1946
7 NARAlCP;
�to such counterclaims unless it is clearly demonstrated that the securities in question were
\
located in Germany and were owned by the individual or another person in Germany on
the date on which the claimant couritry has occupied or on which they were issued. 9
CURRENCIES
United States policy guided the restitution of foreign currencies based principally
on their provenance-whether they belonged to the Reichsbank: and other German
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government institutions or organizations, or their counterpart in Austria, and/or whether
they constituted loot from victims of political and racial persecution. Currencies were
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treated as loot from victims only where physical evidence of loot appeared when they
were found: Based on this broad categorization, currencies were restituted respectively to
the national governments of the countries of issuance, including the Austrian government
for currencies found in Austria, or to the Inter-Governmental Committee on Refugees
(
(IGCR), and later to its successor, the International Refugees Organization (IRO) and its
eariie~ functional version, the Preparatory Committee of the International Refugee
Organization (PCIRO).
Restitution to national governments
Restitution of foreign currencies to national governments applied under the
following two main guidelines: 10
(1) Currencies issued by countries which experienced Axis occupation were restituted
to the respective national governments. I Furthermore, currency was delivered to
9
NARA/CP; RG 260; Entry: Economics Division; Box 348; French Claims
!
NARA, Record Group 260, Property Division, Box 16, File (?), Cable W-90078, 21 January '1947.
II These countries included Albania, Belgium, Czechoslovakia, Denmark, France, Greece, Italy,
Luxembourg, the Netherlands, Norway, Poland, USSR, and Yugoslavia. Currencies of Bulgaria, Finland,
Hungary, and Romania were restituted to the USSR.
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�the country of issue without necessity of proof that it had been looted or otherwise
'
acquired from that country during German invasion or occupation. 12
Currencies issued by United Nations (UN) and Inter-Allied Reparations Agency (lARA)
countries,13 and which never experienced Axis occupation, were restituted to those
governments through the lARA and accepted as a charge against reparations.
\.
NARA, Record Group 260, Finance Division, Box 420, File 940.15, OMGUSCorrespondence, 31
October 1945.
13 These included Australia, Canada, Egypt, India, New Zealand, Union of South Africa, United Kingdom,
and:United States.
.
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PRESIDENT'S COMMISSION ON HOLOCAUST ASSETS
SECURITIES
Financial Assets Team
The Claims Files for Securities in the Economic Division of Record Group 260 detail U.S. decisions on claims filed
by various countries that were occupied by Germany during World War II. Decisions were made by the U.S.
Military Government in Gennany {OMGUS}, or more specifically, the Office of Economic Affairs, Finance
Division, External Claims Branch.(Box 355) The foundation for American decisions rested in the so-called London
Deciaration of January 5, 1943, also known as the "Inter-Allied Declaration against Acts of Dispossession
committed in Territories under Enemy Occupation or Control." The London Declaration contained a fonnal
warning to all concerned that the Allied Powers would subject the economic exploitation of Axis-occupied countries
to scrutiny and remedial action and that whoever transacted business thereafter in, or acquired property from such
countries, did so at his own risk. Constructive notice was given thereby of possible defects of title to securities
which were purchased in occupied territory, and good faith of the purchases is therefore no valid defense. (Box 358)
In other words, securites purchased in Nazi-occupied countries after the January 5, 1943 Declaration were not
acquired in good faith and therefore did not have good title, whether the purchaser knew of the Declaration or not.
Securities purchased on that date or before were presumed to constitute normal commercial transactions.(Box 353)
The date of purchase was the key factor, not the actual delivery date.(Box 354) The Dutch disagrred, believing that
all securities removed during the war ought to be restituted. OMGUS denied all claims it felt were essentially
commercial transactions. The SUbscription to or purchase of new issues during occupation will be presumed to have
been a normal transaction upon the ground that the economy of th~ occupied country benefited to the extent of the
counter value invested in that country at the the time!(Box 353) On the other hand, the U.S. decreed that restitution
will take place when the German owner or holder carmot show that acquisition from the occupied country took
place in the course of a transaction essentially commercial in character. (Box 353)
Ii
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The London Declaration also entitled the postwar governments of Gennan-occupied countries to the return of all
property, including securities, removed from occupied territory by force, under duress or otherwise. In developing a
set of restitution rules, the tenn "otherwise" has been interpreted restrictively to include only such property which
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was acquired in a transaction not esse.ntiall y commercial in character, i.e., a transaction w~~~p~ ~
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of all factors, would not likely have been entered into by the parties if it had no €etrIDrthe special conditio~ ~
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created by the occupation. The fact that payment wa a
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t th
l:tleS, as far as they were concerned, may
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have acted in good faith, is immateria1.(Box 348) '_.gqQ§ig.ll~¥ eld that the claimant nation must prove that~' ~.
removal of securities were by force or duress in specific 'ca
~_that the sale took place as a .J"'J
c~:~: or under the pressure 9!.~p!.tioni&.J,l.ol.Suffident_t~L~blish restitutability.(B001~)
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" Ary~__Eif:-iJC.tgTIqi!ii"Q(~_p.1!r£AA§~Jl.t:lcl.,,§_<!J~js~!lQt h't..!~~lf sufficrennoprover~y',.fQf~.~_QI.
uress.(Boxes 353, 354 360.~The U
~~«:r of resii§.U..Qi!li~.illf~[liiQ£ed'!!!t.!!!!:ll~Q!~
assertlOno economic penetration is}:!2U!ifE.£!~~t!Q.'p''~Q.~...!.~~~~1 force or duress.(Box 361) The U.S. believed
tlLitaajUSfing theCollflicting~mrerests of the parties concerned is a mattec"mcuml,e"'i'ifiiPOn."Th.eprOper courts and
authorities of the country in which the aryarnzation occurred.(Box 353)
Other reasons for rejecting claims included the absence of certificate numbers; when securities never left 'occupied
country or were never in the occupied country(Box 351); lack of identifiability as it follows from the nature of
"GirosaDlilleldepot" that there is no title to specific certificates(Box 353); names of specific owners not given;
securities in question not found in U.S. Zone; bonds held by same owner before the occupation; when securities
were transferred to Gennany during occupation due to heirship matters(Box 354); lack of description of the
securities in question(Box 356); mere fact of abolition of foreign exchange restrictions between occupier and
occupied nation(Box 359); and when securities were voluntarily sent to Germany(Box 358). Denied government
claims remained on deposit with the Landeszentralbank under Law 53 awaiting final disposition.(Box 355)
(1)
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The United States Qifferentia:ted between restitution cla~s and applications by the individnal owners for the return
of their securities in Germany. Restitution claims can only be filed by governments and must be ba~~~t 9,f.1 removal
by force or duress. It is immaterial who the owner is a$loBg~~"the removal took place under circillnstances of force
or duress. As a matter of governmental restitution, title is"of no consequence. On the other hand, every national of
a formerly-occupied country is entitled to the return of any non-German securities which he had at any time on
deposit in Germany and which have been located. For this purpose, the owners had to file an individual claim.
Applications are received from the individnals and the securities and are returned directly to the individuals. These
individuals are to be taken out of official channels.(Box 360) However, government restitution took precedence
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over any individual claims.(Box 359)
---':--:-----,----"""""
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'7 The U.S.' considered all V~nk rem.~f.securities.as-removals-under. dutess.and_therefo(tLSyl>ject to
(/I#" __ gove~estution.(B~;m5 Certificates that were purchased after the London Declaration on January 5,
n1'rf,z1i
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1943
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were-to oerestittltedTo-tIie government of the affected occupied country. AlsorestituteQ..~~!!!§,,~1!~i.
looted Jewish-owned securities(Box 359) that were now resumed to_be he:ifl?sS. Property ~tncIuding stCunttes}'
"'"which was acquired from erm~occuple 'coliiifries is subject to external restitution in view of the fact that such
occupation was used for the economic exploitation of those countries.(Box 355)
The balance of foreign securities held under Military Government Law 53 which were not restituted or returned to
their rightful non-Gennan owner, were to be disposed of as reparations under the Potsdam Agreement and the Final
Act of the Paris Conference on Reparations. All securities that were issued by the occupied country were to be
restituted back to their country of origin. All German-owned foreign securities were subject to the reparations
obligation of Germany and were to be handed over to the government of the country of issue, irrespective of date'
and manner of acquistion and without the recipient government being required to file a claim.(Box 358)
(2)
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Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Title
A name given to the resource
Presidential Advisory Commission on Holocaust Assets
Description
An account of the resource
<p>The Presidential Advisory Commission on Holocaust Assets in the United States, formed in 1998, was charged with investigating what happened to the assets of victims of the Holocaust that ended up in the possession of the United States Federal government. The final report of the Commission, <a href="http://govinfo.library.unt.edu/pcha/PlunderRestitution.html/html/Home_Contents.html"> “Plunder and Restitution: Findings and Recommendations of the Presidential Advisory Commission on Holocaust Assets in the United States and Staff Report"</a> was submitted to President Clinton in December 2000.</p>
<p>Chairman - Edgar Bronfman<br /> Executive Director - Kenneth Klothen</p>
<p>The collection consists of 19 series. The first fifteen series of the collection are composed mostly of photocopied federal records. These records were reproduced at the National Archives and Records Administration by commission members for their research. The records relate to Holocaust assets created between the mid 1930’s and early 1950’s by a variety of U. S. Government agencies and foreign sources.</p>
<p>Subseries:<br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Art+and+Cultural+Property+">Art and Cultural Property</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Gold+">Gold</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Gold+Team+Review+Form+Binders+">Gold Team Review Form Binders</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Art+and+Cultural+Property+and+%E2%80%9COthers%E2%80%9D+Review+Form+Binders">Art and Cultural Property and “Others” Review Form Binders</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Non-Gold+Financial+Assets+Review+Form+Binders">Non-Gold Financial Assets Review Form Binders</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=History+Associates+Binder+">History Associates Binder</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Non-Gold+Financial+Assets+Review+Form+Binders+%282%29">Non-Gold Financial Assets Review Form Binders (2)</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Financial+Assets+Documents">Financial Assets Documents</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=RG+84%2C+Foreign+Service+Posts+of+the+State+Department%E2%80%94Turkey">RG 84, Foreign Service Posts of the State Department—Turkey</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Financial+Assets+Documents">Financial Assets Documents</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?search=&advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=%5BJewish+Restitution+Successor+Organization+%28JRSO%29%2C+Oral+Histories%5D&range=&collection=20&type=&user=&tags=&public=&featured=&exhibit=&submit_search=Search+for+items">[Jewish Restitution Successor Organization (JRSO), Oral Histories]</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=PCHA+Secondary+Sources">PCHA Secondary Sources</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Researcher+Notes">Researcher Notes</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Unnumbered+Documents+from+Archives+II+and+Various+Notes">Unnumbered Documents from Archives II and Various Notes</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=RG+260%2C+Finance+Inventory+Forms">RG 260, Finance Inventory Forms</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Reparations">Reparations</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Chase+National+Bank">Chase National Bank</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Administrative+Files">Administrative Files</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Art+%26+Cultural+Property+Theft">Art & Cultural Property Theft</a></p>
<p>Topics covered by these records include the recovery of confiscated art and cultural property; the reparation of gold and other financial assets; and the investigation of events surrounding capture of the Hungarian Gold Train at the close of World War II. These files contain memoranda, correspondence, inventories, reports, and secondary source material related to the final disposition of art and cultural property, gold, and other financial assets confiscated during the Holocaust.</p>
<p>For more information concerning this collection consult the<a href="http://clinton.presidentiallibraries.us/items/show/35992"> finding aid</a>.</p>
Provenance
A statement of any changes in ownership and custody of the resource since its creation that are significant for its authenticity, integrity, and interpretation. The statement may include a description of any changes successive custodians made to the resource.
Clinton Presidential Records: White House Staff and Office Files
Publisher
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Clinton Presidential Library & Museum
Is Part Of
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<a href="http://clinton.presidentiallibraries.us/items/show/35992" target="_blank">Collection Finding Aid</a>
<a href="https://catalog.archives.gov/id/1040718" target="_blank">National Archives Catalog Description</a>
Extent
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2954 folders
Text
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Paper
Dublin Core
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Title
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[Securities]
Creator
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Presidential Advisory Commission on Holocaust Assets in the United States
Art & Cultural Property Theft
Is Part Of
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Box 225
<a href="http://clintonlibrary.gov/assets/Documents/Finding-Aids/Systematic/Holocaust-Assets.pdf" target="_blank">Collection Finding Aid</a>
<a href="http://catalog.archives.gov/description/6997222" target="_blank">National Archives Catalog Description</a>
Provenance
A statement of any changes in ownership and custody of the resource since its creation that are significant for its authenticity, integrity, and interpretation. The statement may include a description of any changes successive custodians made to the resource.
Clinton Presidential Records: White House Staff and Office Files
Format
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Adobe Acrobat Document
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Clinton Presidential Library & Museum
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Reproduction-Reference
Date Created
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6/24/2013
Source
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6997222-securities
6997222