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FEDERAL RESERVE BANK
OF NEW YORK

^

Fiscal Agent of the United States
Circular No. 1864
July 22, 1938

Public Notice of Offering of $100,000,000, or thereabouts, of Treasury Bills
Dated July 27, 1938
Maturing October 26, 1938

To all Incorporated Batiks and Trust Companies in the
Second Federal Reserve District and Others Concerned:

Following is the text of a notice today made public by the Treasury Department with respect to a new
offering of Treasury bills payable at maturity without interest to be sold on a discount basis to the highest
bidders.

"^

The Secretary of the Treasury gives notice that tenders are invited for Treasury bills to the amount of $100,000,000,
or thereabouts. They will be 91-day bills; and will be sold on a discount basis to the highest bidders. Tenders will be
received at the Federal Reserve Banks, or the branches thereof, up to two o'clock p.m., Eastern Standard time, on
Monday, July 25, 1938. Tenders will not be received at the Treasury Department, Washington.
The Treasury bills will be dated July 27, 1938, and will mature on October 26, 1938, and on the maturity
date the face amount will be payable without interest. They will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied
by the Federal Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Each tender must be in multiples of $1,000. The
price offered must be expressed on the basis of 100, with not more than three decimal places, e. g., 99.125. Fractions
must not be used.
Tenders will be accepted without cash deposit from incorporated banks and trust companies and from responsible
and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of 10 per cent
of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment
by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on July 25, 1938, all tenders received at the
Federal Reserve Banks or branches thereof up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the following morning. The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance
or rejection thereof. Payment at the price offered for Treasury bills allotted must be made at the Federal Reserve Banks
in cash or other immediately available funds on July 27, 1938.
The Treasury bills will be exempt, as to principal and interest, and any gain from the sale or other disposition
thereof will also be exempt, from all taxation, except estate and inheritance taxes. (Attention is invited to Treasury
Decision 4550, ruling that Treasury bills are not exempt from the gift tax.) No loss from the sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or
hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this notice prescribe the terms of the Treasury bills
and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or
branch thereof.

In accordance with the above announcement tenders will be received at the Securities Department of
this bank (2nd floor, 33 Liberty Street, New York City) or at the Buffalo Branch of this bank (272 Main
Street, Buffalo, New York) until two o'clock p.m., Eastern Standard time (three o'clock p.m., "Daylight
Saving time"), on Monday, July 25, 1938.
It is requested that tenders be submitted on special form and in special envelope enclosed herewith.
Attention is invited to the fact that payment for the Treasury bills cannot be made by credit through the
War Loan Deposit Account. Payment must be made in cash or other immediately available funds.
->.




GEORGE L. HARRISON,

President.

No

TENDER FOR 91-DAY TREASURY BILLS
Dated July 27, 1938.

Maturing October 26, 1938.
Dated at

T o THE FEDERAL RESERVE BANK OF N E W YORK,

1938

Fiscal Agent of the United States,
New York City, N. Y.
Pursuant to the provisions of Treasury Department Circular No. 418, as amended, and to
the provisions of the public announcement on July 22, 1938, as issued by the Secretary of the
Treasury,

the

undersigned

offers

to

pay

* for

a

total

amount

(Rate per 100)

of $

(maturity value) of the Treasury bills therein described, or for any less

amount that may be allotted, payment

therefor

to be made at your bank in cash or other

immediately available funds on the date stated in the public announcement.
The

Treasury

bills for

which

tender

is hereby

made

are

to

be dated July 27, 1938,

and are to mature on October 26, 1938.
This tender will be inserted in special envelope entitled "Tender for Treasury bills."
IMPORTANT INSTRUCTIONS:
1. No tender for less than $1,000 will be considered, and each tender must be for an amount in multiples
of $1,000 (maturity value). Also, if more than one price is offered, a separate form must be executed at each
price.
2. If the person making the tender is a corporation, the form should be signed by an officer of the corporation authorized to make the tender, and the signing of the form by an officer of the corporation will be
construed as a representation by him that he has been so authorized. If the tender is made by a partnership, it
should be signed by a member of the firm, who should sign in the form "
,a
copartnership, by
, a member of the firm."
3. Tenders will be accepted without cash deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a
deposit of 10 per cent of the face amount of Treasury bills applied for, unless the tenders are accompanied by
an express guaranty of payment by an incorporated bank or trust company.
4. If the language of this form is changed in any respect, which, in the opinion of the Secretary of the
Treasury, is material, the tender may be disregarded.
Payment by credit through War Loan Deposit Account will not be permitted.

Before signing fill in all required spaces.
Bank or Trust Company
Post Office Address.
State
Official signature required.
SPACES BELOW ARE FOR THE USE OF THE FEDERAL RESERVE BANK
Classified

Carded

Examined

Figured

Allotment

Received

Checked

TENTB-421-a




Checked

Ledger

Advised

Recorded

Acknowledged

Method of Payment

Window

Disposition

Amount

Custody

* Price should be expressed on the basis of 100, with not more than
three decimal places, e.g., 99.125. Fractions must not be used.

Date Released

Mail

By

Other Departments

FEDERAL RESERVE BANK
OF NEW YORK

July 22, 1938,
NSW COUNTERFEIT
To Member Banks in the Second Federal
Reserve District and Others Concerned:
In a letter dated July 20, 1938, the Treasury Department, Secret Service
Division, describes a certain new counterfeit as follows:
$10 SILVER CERTIFICATE
Series of 1934; check letter "D"; face plate No, 44; back plate
No, 549; serial No. B89520101A; W. A. Julian, Treasurer of the United
States; Henry Morgenthau, Jr., Secretary of the Treasury; portrait of
Hamilton.
This counterfeit is printed on one sheet of bond paper from photoetched plates of fairly good workmanship.
DEFECTS
1. The highest serial number to date on genuine $10 Silver Certificates of this series is A39,336,000A. In this counterfeit the letter B
appears before the serial number and this discrepancy alone will stamp
the note as counterfeit, as genuine notes of this series and denomination
have been issued to date with serial numbers preceded ONLY BY THE LETTER
A* In the counterfeit the letter A following the serial number is crossed
midway instead of at the bottom, and the numerals 1, 2 and 9 are shaped
differently from the same numerals on genuine notes.
2. The blue seal is slightly smaller than the genuine and the seal
rim points are not sharp and regular. The check letter "D" in both places
on the counterfeit is incompletely formed, the curved section being detached through faulty etching. The large blue 10 above the serial number
to "the left of the portrait is crudely reproduced and printed in a fainter
shade of blue than on the genuine. In the lower left hand corner of the
front of the note, the cipher in the number 10 has an ink spot at the top
inside edge of the figure caused by an imperfection in the plate.
3. In the portrait the hair lines over the left ear and forehead are
too light and broken in many places. The lines over the bridge of the nose
are also broken. The outside border line enclosing the portrait oval is
ragged. The background of the portrait over the shoulder of the coat
blends with the coat. On the left side of the oval border around the portrait at a point directly opposite Hamilton's mouth is a small black ink
spot caused by an imperfection in the plate.




7/22/38

2

(f4)

4. The back of the counterfeit is poorly executed, the line work
in the sky and foreground being scratchy and lacking in detail. The
reproduction of the Treasury Building is generally rough and the border
lathework smudgy through heavy inking. In the small frame in the foreground, the words U. S. TREASURY are barely discernible.
In addition to the serial number B89520101A, this counterfeit has
also appeared with serial Nos. B52010189A and B95201018A. The combination 8952010 is also appearing on counterfeit $10 Federal Reserve Note
described in circular letter dated April 18, 1938, and the same style of
serial numbers, unlike the genuine, is being used on the counterfeit $10
Federal Reserve Note described in circular letter issued March 24, 1938
and also on counterfeit $5 Silver Certificate described in circular
letter dated April 19, 1938.
This counterfeit will deceive unwary handlers of currency and you
are requested to notify handlers of money to exercise caution in accepting notes of this variety and denomination.

The Treasury Department has requested that any counterfeits which come to
the attention of banks or others be forwarded with all available information to the
office of the United States Secret Service having jurisdiction in their territory.
Offices of the Secret Service are located in Albany, Buffalo, Syracuse and New
York City, New York, and in Newark, New Jersey.




George L. Harrison,
President.

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