View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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,


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102