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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 1 4 7 3 T L November 8,1934 J INTERPRETATION OF REGULATION T To National Securities Exchanges in the Second Federal Reserve District: For your information I quote below the text of a telegram which I have received today from the Federal Reserve Board: Ruling No. 36 Interpreting Regulation T. The Federal Reserve Board has been asked whether under Regulation T a broker may pay to a customer from a restricted new account the proceeds of the sale of unregistered, non-exempted securities sold in such account. In reply the Board rules that, in the absence of other material facts, the broker may permit the withdrawal of any part of the proceeds of such sale, if the sale, the payment of the proceeds into the account, and the payment of the proceeds from the account, all occur on the same day so that the withdrawal of the proceeds constitutes a part of a combination of transactions which does not result in a net withdrawal or in an increase in the excess of the adjusted debit balance of the account over the maximum loan value of the securities in the account in violation of section 4(d) of the regulation. Additional copies of this circular will be furnished upon request. J. H. CASE, Federal Reserve Agent. FEDERAL RESERVE BANK OF NEW YORK November 10, 1934, NEW COUNTERFEIT To Member Banks in the Second Federal Reserve District and others concerned: At the request of the Secret Service Division of the Treasury Department, New York District, we are forwarding to all member banks in the Second Federal Reserve District and others concerned the following information which we have received from the Secret Service Division describing a new counterfeit silver certificate: NEW COUNTERFEIT $1 SILVER CERTIFICATE: Series of 1928 B; Check Letter «E'; Face Plate No. 380; Back Plate No, 2617; Serial No. D24307538B; bearing facsimile signatures of W. 0. WOODS, Treasurer of the United States, and OGDEN L. MILLS, Secretary of the Treasury; portrait of WASHINGTON. The face of this counterfeit is grayish in appearance and lighter than the genuine, but the Treasury Seal and serial numbering are well executed in a blue which approximates the coloring in the original. The back of the counterfeit is printed in a dull green, and both the back plate and the face plate are about one-eighth of an inch shorter than the genuine. If this or any other counterfeit is brought to your attention you should forward it with all available information to the office of the U. S. Secret Service having jurisdiction in your territory. Secret Service offices are located in New York City, Buffalo and Syracuse, New York, and in Newark, New Jersey. George L. Harrison, Governor.
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