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FED ERAL RE SE R V E BANK OF NEW YORK Fiscal A g en t o f the U nited States rC ircu la r N o. 3 5 4 9 1 L March 24, 1950 J REPORTS OF TRANSACTIONS IN FOREIGN EXCHANGE, TRANSFERS OF CREDIT, AND THE EXPORT OF COIN AND CURRENCY Revision of Operating Circular No. 19 To all Banks, Bankers, Brokers and Others Concerned, in the Second Federal Reserve D istrict: The Regulations of the Secretary of the Treasury, as amended A p ril 27, 1949, relating to transactions in foreign exchange, transfers o f credit, and the export of coin and currency, were further amended on January 14, 1950, so as to eliminate the filing of monthly reports on Form s B -l-G and B-3, and to provide fo r the consolidation on one form, Form C -l/2 , o f the quarterly reports previously required on Forms C -l and C-2. W e have revised our Operating Circular No. 19 to conform to the amended regulations, and a copy of the revised circular is transmitted herewith. Additional copies o f the revised operating circular will be furnished upon request. A llan S proul, President. aT 3^Vf FE D E RA L RE SE R V E BANK OF NEW YORK March 24, 1950. To all Member and Nonmember Clearing Banks in the Second Federal Reserve District, and Others Concerned: On the reverse side o f this letter there are set forth lists showing (1) the currently effective operating circulars (numbered 1 through 20) of this Bank, and the supplements thereto, and (2) the currently effec tive Regulations (lettered A through V ) of the Board o f Governors of the Federal Reserve System, and the amendments and supplements thereto. The lists will enable you to determine whether your sets of those documents are complete. W e shall be pleased to furnish upon request copies o f any which you do not have. W e transmit herewith a revised table of contents of the regulations to replace the one now in your binder. A llan S proul, President. (o v e r ) C U R R E N T L Y E F F E C T IV E O P E R A T IN G C IR C U L A R S O F F E D E R A L R E S E R V E B A N K O F N E W Y O R K and R E G U L A T IO N S O F T H E B O A R D O F G O V E R N O R S OF T H E F E D E R A L R E S E R V E S Y S T E M March 24, 1950 Operating Circulars Regulations Operating Circular No. 1 F irst Supplement . . Second Supplement . . . . January 6,1950 . . February 27,1950 Operating Circular No. 2 . . . October 18,1949 Regulation A ................................ A m e n d m e n t........................... A m en dm en t............................. Regulation B 1,1937 20,1942 February 17,1949 ................................ 15,1930 Regulation C ................................ 31,1946 Operating Circular No. 3 . . September 23,1949 Regulation D ................................ S u p p le m e n t........................... September 16,1948 5,1949 Operating Circular No. 4 . . . January 1,1949 Regulation E ................................ 1,1940 Operating Circular No. 5 . . September 1,1949 Regulation F ................................ A m e n d m e n t........................... Amendment to A ppendix A m e n d m e n t........................... Operating Circular No. 6 . . February 1,1950 Operating C ircular No. 7 . . . A ugust 1,1949 Operating Circular No. 8 . . November 1,1949 Operating Circular No. 9 . . December 8,1947 Operating C ircular No. 10 . . December 8,1947 Operating Circular No. 11 . . September 26,1949 Operating Circular No. 12 . . . . O perating Circular No. 13 . O perating Circular No. 14 F irst Supplement . . Second Supplement . . . December 8,1947 . . February 9, 1948 . . . . J u ly 29,1948 . . June 17,1949 A ugust 12,1948 . . December Operating Circular No. 16 . . . Operating Circular No. 17 F irst Supplement . . . . . . . March 1,1948 December 20,1948 Operating C ircular No. 18 . . . March 15,1950 Operating C ircular No. 19 . . . March 24,1950 Operating Circular No. 20 . . . October 8,1947 . June 10,1949 1,1948 . . Regulation G ................................ February 1,1940 Regulation H ................................ September 1,1948 Regulation I ................................ 1,1936 Regulation J ................................ 1,1949 Regulation K ................................ A m e n d m e n t........................... A m e n d m e n t........................... A m e n d m e n t........................... September November February 29,1930 1,1937 1,1943 2,1945 Regulation L ................................ A m e n d m e n t........................... February . . J u ly 1,1940 1,1948 Regulation M ................................ 14,1937 Regulation N ................................ 1,1944 Regulation O ................................ Regulation P Operating Circular No. 15 1,1940 1,1945 — May 20,1949 September ................................ . J u ly 1,1939 . January 1,1936 Regulation Q ................................ S u p p le m e n t........................... . February 11,1937 1,1936 Regulation R ................................ 4,1936 Regulation S ................................ 30,1942 Regulation T ................................ S u p p le m e n t........................... Regulation U ................................ S u p p le m e n t........................... Regulation V ................................ . . July 20,1949 30,1949 20.1949 30.1949 September 11,1944 Feder al Reser ve Bank of N e w Yo (q4) r k N e w Yo r k 45.N.Y. March 24, 1950* DANGEROUS COUNTERFEIT FEDERAL RESERVE NOTES To all Banks in the Second Federal Reserve District: This is to inform you that new counterfeit Federal Reserve notes in the $10 and $20 denominations on all Federal Reserve Banks, but of common origin, are being circulated. These notes have recently appeared in the Second Federal Reserve District in considerable volume. They are deceptive and not readily detected and your tellers and customers should be warned to scrutinize all Federal Reserve notes in these denominations. There is enclosed a schedule supplied to us by the United States Secret Service, listing the Federal Reserve Districts, check letters and plate numbers reported for each of the 29 varieties of counterfeit $10 notes and the 5 varieties of counterfeit $20 notes thus far detected. With few exceptions, the letters preceding the serial numbers appearing on these counterfeit do not coincide with the large letters appearing in the Federal Reserve Bank seals. This variation should afford a ready test of the genuineness of a note. All of the counterfeits of each denomination are described by the United States Secret Service as follows: $10 FEDERAL RESERVE NOTE These counterfeits are of good workmanship and are printed on fair quality paper. They do not contain the red and blue fibres appearing in the genuine notes. In the portrait of Hamilton, the line on the bridge of the nose is broken giving it a hooked appear ance. The fine etched hairlines from the middle of the forehead to the left eye level are broken or missing, causing this area to appear unnaturally white. The seal is heavily printed, with the dots and saw-tooth points irregular and uneven, and with the star between the three Latin words appearing as irregular dots. On the back of each note some of the fine detail on the Treasury Building is missing. $20 FEDERAL RESERVE NOTE These counterfeits are also of good workmanship and are printed on fair quality paper. The portrait is lifeless, lacks depth and lacks the proper shading in the hair which has an uncombed, or unruly appearance. Several black spots appear throughout the hair just about the middle of the forehead. Several small black spots appear in the letter "S" in the word RESERVE at the top of the note while slightly below the angle of the "Y" in the word TWENTY, which is superimposed on the Treasury seal, there is a small black line extending from the inner shading line to the left outer border line. The back is printed (over) in a lighter green than is found in a genuine note and there is an overall white appearance in the illustration of the White House due to lack of shading. In the phrase THE UNITED STATES OF AMERICA, the crossbar in the letter "H" is broken and the top bar of the letter "F" is missing. The counterfeit $10 and $20 notes described in our letter dated November 30* 1948 purporting to be issued by the Federal Reserve Bank of Chicago, and those described in our letter of September 15, 1949 purporting to be issued by the Federal Reserve Bank of New York, are still appearing and all banks should continue to scrutinize notes of such Reserve Banks in these denominations for possible counterfeits. All counterfeit money received by banks from any source should be for warded to the nearest office of the United States Secret Service rather than to Washington, D. C. The Secret Service has offices in Room 917^ Federal Office Building, 90 Church Street, New York 7 New York; in the United States Court House, Buffalo 1, New York; in the Post Office Building at Utica 1, New York; and at 1060 Broad Street, Newark 1, New Jersey. , Additional copies of this letter and of our letters dated November 30, 1948 and September 15, 1949, will be furnished upon request. , ALLAN SPROUL President. Enclosure FEDERAL RESERVE BANK OF NEW YORK COUNTERFEIT $10 FEDERAL RESERVE NOTES Check Letter Face Plate E E B B 255 255 247 247 1220 I 597 1364 B B G G 231 231 150 150 1193 142 875 K K L L 197 197 1946 1946 1223 G G G G 108 116 8 595 595 108 1142 1263 1219 DALLAS D D 36 49 875 193 SAN FRANCISCO L G G I L I 152 1907 1907 49 1142' 152 142 187 Federal Reserve Bank BOSTON *NEW YORK PHILADELPHIA CLEVELAND ATLANTA 1946 Back Plate 223 051 1187 168 1217 1051 1222 116 8 168 220 *The New York note bears the facsimile signature of Georgia Neese Clark as Treasurer of the United States. All other notes bear the facsimile signature of W. A. Julian as Treasurer of the United States. All notes also bear the facsimile signature of John W. Snyder as Secretary of the Treasury. COUNTERFEIT $20 FEDERAL RESERVE NOTES Federal Reserve Bank Check Letter Face Plate Back Plate NEW YORK E 128 604 RICHMOND L 67 124 ST. LOUIS C 40 122 DALLAS D 36 105 SAN FRANCISCO I 49 116 All notes bear facsimile signatures of W. A. Julian as Treasurer of the United States, and John W. Snyder as Secretary of the Treasury.
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