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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 1 5 3 9 1 L May 6, 1935 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. 43 Interpreting Regulation T. In reply to an inquiry of a business conduct committee of a national securities exchange, the Federal Reserve Board rules that if such a committee has granted a "creditor", as defined in Regulation T, an extension of time amounting to less than 10 days in which to obtain margin under section 4 (e) of Regulation T, such committee may grant a further extension of time if the circumstances of the case warrant such action provided that the aggregate of all extensions so granted in such case does not exceed 10 days. The Board also rules that if, in the case of a cash transaction under section 6 of the regulation, such a committee has granted a "creditor" an extension of time amounting to less than 35 days, such committee may grant a further extension of time if the circumstances of the case warrant such action provided that the aggregate of all extensions so granted in such case does not exceed 35 days. Additional copies of this circular will be furnished upon request. J. H. CASE, Federal Reserve Agent. c3) FEDERAL RESERVE BANK OF N E W YORK May 8, 1935. NEW COUNTERFEIT To Member Banks in the Second Federal Beserve District and others concerned: At the request of the Secret Service Division of the Treasury Department, New York District, we are hereby transmitting to all member banks in the Second Federal Reserve District and others concerned the following description of a new counterfeit $1.00 silver certificate: COUNTERFEIT #1.00 SILVER CERTIFICATE Series of 1928 A; Check Letter *Af; Face Plate number indistinct, probably 1182; back plate number omitted; serial number of specimen at hand is R92980261A; W. 0. WOODS, Treasurer of the United States; A. VS. MELLON, Secretary of the Treasury; portrait of WASHINGTON. This note is a crude reproduction on one piece of glossy bond paper. The face and hair in the portrait of WASHINGTON are very blotchy, and the Treasury seal and serial numbers are printed in a very dark blue unlike the genuine. The back of the note is executed in a dark green, and the entire reproduction represents inferior workmanship. This note should not deceive the average handler of currency. If any of these notes or other counterfeits are brought to your attention they should be forwarded with all available information to the office of the U. S. Secret Service having jurisdiction in your territory. Offices of the Service are located in Buffalo, Syracuse and New York, N. Y., and in Newark, N. J". George L. Harrison, Governor,
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