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F E D E R A L R E S E R V E BAN K O F NEW YORK Fiscal A g en t o f the U nited States r Circular No. 3 5 7 9 * 1 L A ugust 18, 1950 J ANNOUNCEMENT REGARDING NEW TREASURY OFFERINGS 1 o all Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The following press statement was released fo r publication today: Secretary o f the Treasury Snyder announced today that lie will offer a 1*4 percent thirteenmonth Treasury note, dated September 15, 1950, and m aturing on October 15, 1951, in exchange fo r the 2 percent bonds and the 2y2 percent bonds called fo r redemption on September 15, 1950, and the 1 % percent certificate o f indebtedness maturing on that date; and that he w ill offer a thirteen-month l 1 percent note dated October 1, 1950, and m aturing on November 1, 1951, in /^ exchange fo r the 1 % percent certificate o f indebtedness m aturing on October 1, 1950. The Secretary also announced that institutional investors o f the classes defined in D epart ment Circular No. 814, dated September 22, 1947, will be permitted to purchase United States Saving's Bonds o f Series F and G in amounts in excess o f the existing limitations during the follow in g periods: (a ) From October 2 through October 10, 1950, fo r bonds dated October 1, 1950; (b ) From November 1 through November 10, 1950, fo r bonds dated November 1, 1950; and (c ) From December 1 through December 11, 1950, for bonds dated December 1, 1950. Purchases in excess o f existing limitations will not be permitted at other times during the remainder o f this calendar year. The Secretary stated that the present offering is designed to attract new money accruing in the hands o f institutional investors durin g the last quarter o f the calendar y ea r; and that this offering is in line with his statement o f September 5, 1947, when he announced the offering o f the Treasury Bonds, Investment Series A-1965, in which he said that “ further offerings o f securities suitable prim arily fo r institutional investment needs will be made available whenever the situation warrants such action.” The special offering o f Series F and G bonds will be open to institutional investors hold ing savings, insurance, and pension funds, which were eligible to purchase the 2y 2 percent Treasury Bonds, Investment Series A-1965, under Department Circular No. 814, dated Sep tember 22, 1947, subject to the follow in g lim itations: (a ) Each investor in the follow ing categories will be permitted to purchase Series F and G savings bonds combined up to a total amount o f $1,000,000 (issue price) fo r the calendar year 1950 in addition to an y bonds which may be purchased under the exist ing lim it o f $100,000 provided that any bonds in excess o f the existing lim it are p u r chased during the periods from October 2 through October 10, 1950, inclusive; November 1 through November 10, 1950, inclusive; and December 1 through Decem ber 11, 1950, inclusive: 1. Insurance companies 2. Savings banks 3. Savings and loan associations and building and loan associations, and coopera tive banks 4. Pension and retirement funds, including those o f the Federal, State and local governments 5. Fraternal benefit associations 6. Endowm ent funds 7. Credit unions (b ) Each commercial and industrial bank holding savings deposits or issuing time certifi cates o f deposit in the names o f (1 ) individuals, and (2 ) corporations, associations, and other organizations not operated fo r profit, will be perm itted to purchase F and G savings bonds combined up to an aggregate o f $100,000 (issue price) during the periods set forth above. Further details with respect to these offerings will be announced later. Additional copies o f this circular will be furnished upon request. A llan S peoul, President. FEDERAL RESERVE BANK of New York N e w Y o r k 4 5 , N .Y . August 21, 1950 DANGEROUS CO U N TE R FE IT FEDERAL RESERVE NOTES To all Banks in the Second federal Reserve District: New counterfeit Federal Reserve notes in the $10 and $20 denominations are now appearing in the Second Federal Reserve District in considerable volume. They are not easily detected, and your tellers and customers should be warned to scrutinize any Federal Reserve notes in these denominations. These notes are similar to the counterfeit Federal Reserve Bank of Chicago issue (G) that circulated in 1948, but they are now appearing as Federal Reserve Bank of St. Louis (H) and Federal Reserve Bank of Minneapolis (I) issues. It would be prudent to assume that similar counterfeits on other Federal Reserve Banks may also appear. The United States Secret Service describes the counterfeits that are now appearing as follows: $10 FEDERAL RESERVE NOTE The id e n t ific a t io n marks on the c o u n te r fe its detected in th is denomination are: Check L etter DISTRICT Minneapolis (I ) St. Louis (H) .(H) (H) (H) F C C C C Front Plate Number_____ 11 43 43 43 43 Back Plate Number 1219 121 9 1207 120 Series 1934C They are o f good workmanship and bear the fa csim ile signatures o f W A. Julian, Treasurer o f the United States, and John W Snyder, Secretary . . o f the Treasury. The c o u n te r fe its are printed on poor qu ality paper and brigh t red ink strok es are used (on the face on ly) to simulate fib e rs. (o v e r) The Treasury Department seal and the s e r ia l number are a brigh ter green than the genuine. M agnification o f the seal shows round dots instead o f 5-p oin ted sta rs . between the words around the border, and the stem o f the key is wider than the genuine. On the p o r tr a it o f Hamilton, a lack o f proper shading makes the ou tlin e o f the lower lip in d e fin ite . $20 FEDERAL RESERVE NOTE These notes are also o f good workmanship and bear the fa csim ile signatures o f ff. A. Julian, Treasurer o f the United S tates, and John W Snyder, . Secretary o f the Treasury. They are printed on f a ir q u a lity paper and b righ t red ink strokes are used to simulate fib e r s. Hie Treasury Department seal and the s e r ia l number are a brigh ter green than the genuine. M agnification o f the part o f the seal having a row o f fou r dots ju s t above that key shows the dot at the extreme righ t touching the handle; on the genuine note, th is dot does not touch. Hie key also appears to be wider on the c o u n te rfe it. The co u n te r fe it p o r tr a it and cross-hatched background are lig h te r in tone than the genuine. Several lin e s have been om itted in Jackson’ s h air above h is righ t ear, crea tin g an unnatural white space. C o u n terfeit d escrib ed $10 and M arch in $20 24, our $10 letter notes on of and November variou s other again , bear the but the $10 seal Federal w ith check The o ffice Secret New Y o r k O ffice of the N. seal of the Y. ; B u ild in g, j, has in 15, Federal are s t ill Federal Reserve front the and 1, d escribed Reserve in Banks Federal Reserve p late in 24, Secret States and th is 1950 of 16 Bank of circu latio n , described C h icago as in our Bank of any (B) Septem ber are are the letter D allas p late (K). of number rather than Federal O ffice B u ild in g, B u ffa lo 1060 B road and o f be Street, our fu rn ish ed 1, upon to be 12 120. P r e s id e n t. or to the W ashington, D. C. 90 Church 1, in Street, the Post New J e r s e y . November request. ALLAN SPR O U L, appear detected New Y o r k ; of to as forw arded Newark le tters 1949 Those Service, House, 15, begin n in g sh ou ld letter w ill New Y o r k of source Court at le tter and b ack from R o om 9 1 7 , New Y o r k ; of number received States U nited M arch our Bank money cop ies in Reserve the o ffices U tica 1949, notes U n ited A ddition al Septem ber of co u n terfeit Service 7, the letter A ll nearest the 1948 30, on 1950. C o u n terfeit b earin g $20 n o tes 30, 1948,