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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,
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