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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States

[Circular No. 1 7 6 81
L July 30, 1937
i

Public notice of offering of two series of Treasury bills to the aggregate amount
of $100,000,000, or thereabouts.
Dated August 4, 1937.
One series of $50,000,000, or thereabouts, of 135-day bills maturing on December 17,1937, and
the other series of $50,000,000, or thereabouts, of 273-day bills maturing on May 4, 1938.
Bidders will be required to specify the particular series for which each tender is made. Any
tender which does not specifically refer to a particular series will be subject to rejection.

To all Incorporated Banks 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 two series of Treasury bills payable at maturity without interest
to be sold on a discount basis to the highest bidders.
STATEMENT BY ACTING SECRETARY OF THE TREASURY MAGILL

The Secretary of the Treasury gives notice that tenders are invited for two series of
Treasury bills to the aggregate amount of $100,000,000, or thereabouts. One series will be
135-day bills and the other series will be 273-day bills. Both series will be sold on a discount
basis to the highest bidders. Tenders will be received at the Federal Eeserve Banks, or the
branches thereof, up to two o'clock p.m., Eastern Standard time, on Monday, August 2, 1937.
Tenders will not be received at the Treasury Department, "Washington.
The Treasury bills will, as stated, be issued in two series, $50,000,000, or thereabouts,
maturing on December 17, 1937, and $50,000,000, or thereabouts, maturing on May 4, 1938;
both series to be dated August 4, 1937. Bidders will be required to specify the particular series
for which each tender is made. The face amount of the bills of each series will be payable without
interest on their respective maturity dates. The bills 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 Keserve 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 August 2, 1937, 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 for each series 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. Any tender which does not
specifically refer to a particular series urUl be subject to rejection. 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 August 4, 1937, provided, however, any qualified depositary will be permitted to make payment by credit for Treasury bills maturing December 17, 1937 allotted to it
for itself and its customers up to any amount for which it shall be qualified in excess of existing
deposits when so notified by the Federal Reserve Bank of its district.
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")? o n Monday, August 2, 1937.
It is requested that tenders be submitted on special form for each series and forwarded
in special envelope enclosed herewith. Bids for both series may be enclosed in a single envelope.
Attention is invited to the fact that payment for Treasury bills maturing May 4, 1938,
cannot be made by credit through the War Loan Deposit Account. Payment on that series
must be made in cash or other immediately available funds. It will be noted, however, that
any qualified depositary will be permitted to make payment by credit for Treasury bills
maturing December 17, 1937, allotted to it for itself and its customers up to any amount for
which it shall be qualified in excess of existing deposits.




GEORGE L. HARRISON,

President.

No.
TENDER FOR 135-DAY TREASURY BILLS
Dated August 4, 1937. Maturing December 17, 1937.
Dated at
To THE FEDERAL RESERVE BANK OF NEW YORK,

.1937

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 30, 1937, as issued by the Acting 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 on the date stated in the
public announcement, as indicated below:
By cash or other immediately available funds •
The Treasury bills for

By credit

•

which tender is hereby made are to be dated August 4, 1937,

and are to mature on December 17, 1937.
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. Any qualified depositary will be permitted to make payment by credit for Treasury bills maturing December
17, 1937, allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing
deposits.

5. 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.
HW" 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
Examined

Allotment

Received

Classified

Carded

Figured

Checked

ENTB-359-*




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. #., 99.125. Fractions must not be used.

Date Released

Mail

By

Other Departments

No
TENDER FOR 273-DAY TREASURY BILLS
Dated August 4, 1937.
Maturing May 4, 1938.
Dated at
To THE FEDERAL RESERVE BANK OF NEW YORK,

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 30, 1937, as issued by the Acting 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 August 4, 1937,
and are to mature on May 4, 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

Allotment

Received

Figured

Checked

ENTB-360-6




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

(r3)

FEDERAL RESERVE BANK
OF NEW YORK

July 31, 1937.

NEW COUNTERFEIT
To Member Banks in the Second Federal
Reserve District and Others Concerned:
Circular letter No. 692, dated July 29, 1937, of the Treasury Department,
Secret Service Division, describes a certain new counterfeit as follows:
&1 SILVER CERTIFICATE
1935 Series; check letter f* and face plate No, 282 in lower
right hand corner slightly above facsimile signature of the Secretary of the Treasury; back plate number illegible; W. A. Julian,
Treasurer of the United States; Henry Morgenthau, Jr., Secretary of
the Treasury; portrait of Washington.
This is a poorly executed counterfeit printed on paper heavier
than the genuine.
The portrait background is printed heavily in black, failing to
reveal the delicately cut cross-ruled lines which distinguish the
genuine. The portrait, likewise, is too dark and Washington's hair
too light.
The serial numbering, slightly smaller than that appearing on
genuine notes, is applied carelessly and the Treasury seal is offcenter in the imprint over Washington, D. C. The back of the note
is printed with smeary effect in dull, olive green.
This note should not deceive the careful handler of currency.

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.

(s3)

FEDERAL RESERVE BANK
OF N E W YORK

July 31, 1937.

NEW COUNTERFEIT
To Member Banks in the Second Federal
Reserve District and Others Concerned;
Circular letter No. 693, dated July 29, 1937, of the Treasury Department,
Secret Service Division, describes a certain new counterfeit as follows:
$20 FEDERAL RESERVE NOTE
On the Federal Reserve Bank of New York, N. Y., Series of 1928 B;
check letter tfE" and face plate No. 9 in lower right hand corner
slightly above facsimile signature of the Secretary of the Treasury;
back plate No, 27; W. 0. Woods, Treasurer of the United States;
A. W. Mellon, Secretary of the Treasury; portrait of Jackson.
To aid in detecting this counterfeit, take a genuine $20 Federal
Reserve Note and examine the background surrounding the large figures
20 at the upper right-hand corner of the face of the note. On the
genuine note you will see that five short white lines radiate from the
bottom of the figures. Notice that these five lines are straight,
clear and distinot. Then look at the lines that radiate from the
figures 20 in the counterfeit note. They are not as clear and distinct as those in the genuine, but are irregular, uneven and broken.
Look again at the genuine note and notice that other short white
lines also radiate from the sides and top of the figures 20. See
how clear and even and straight the lines are. In the counterfeit
these lines have uneven edges end are irregular and blotched.
Continue this study at the other corners of the counterfeit note
and notice the same defects in these radiating lines. See also that
the uneven edges make these lines appear to be slightly wider than
those on genuine notes.
The green ink used to color the back of the counterfeit is somewhat darker than on the genuine and the shading on the back of the
counterfeit is also much darker*
Give attention to the three spaces between the windows at the
right side of the White House. On the counterfeit, notice that two
lines extend in these three spaces from the bottom of the first floor
windows to the top of the second floor windows. The lines can be
easily seen on the counterfeit, but on the genuine note these lines
are so extremely fine and light they are hardly perceptible. On
many used genuine notes they cannot be seen at all except by the aid
of a
 magnifying glass*


NOTE TO EDITORS:
Kindly omit, at this time, from any published notice
on this counterfeit the following confidential information, as such
publicity will tend to jeopardize steps being taken to apprehend
the counterfeiters:
On the back of the note, study the flag on top of the White House,
In the genuine the line representing the flag pole is very fine and
faint, and the line representing the rope from the bottom of the flag
is so light and extremely fine that it can hardly be seen with the
naked eye. On the counterfeit there are two distinct lines, one representing the rope and the other representing the pole, Tho rope line
for about one-half the distance from the bottom of the flag to the
roof can be easily seen on the counterfeit. Watch for notes of this
type on which the first four figures of the serial number are 1067, as
it has been established that a very large number of the counterfeit
notPS appearing so far bear these four figures. Of course, other
counterfeit notes may appear with other serial numbers.
The highest serial number appearing on genuine notes of this type
is 630,240,000, As counterfeiters frequently use some serial number
higher than the highest number appearing on genuine notes, you and your
customers should watch for all notes of this type which have serial
numbers starting with 31 or more, and at the same time explain to your
customers that some counterfeit notes of this type may bear serial
numbers starting with 0 to 30.
It is requested that this information be furnished to all employees
of financial institutions who are required to handle currency. It is
further requested that banking institutions advise all commercial accounts regarding this counterfeit and its defects. In the event a
counterfeit is detected, mark the note for identification, if possible
secure a description of the passer, or his automobile, and always immediately notify the nearest Secret Service office.
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