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

I"Circular No. 1 7 7 0 ]
L August 13, 1937 J

Public notice of offering of two series of Treasury bills to the aggregate amount
of $100,000,000, or thereabouts.
Dated August 18, 1937.
One series of $50,000,000, or thereabouts, of 122-day bills maturing on December 18,1937, and
the other series of $50,000,000, or thereabouts, of 273-day bills maturing on May 18, 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 SECEETAEY OF THE TEEASUEY 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
122-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 Reserve Banks, or the
branches thereof, up to two o'clock p.m., Eastern Standard time, on Monday, August 16, 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 18, 1937, and $50,000,000, or thereabouts, maturing on May 18, 1938;
both series to be dated August 18, 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 Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Bach 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 16, 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 will 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 18, 1937, provided, however, any qualified depositary will be permitted to make payment by credit for Treasury bills maturing December 18, 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"), on Monday, August 16, 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 18, 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. However, any qualified depositary
will be permitted to make payment by credit for Treasury bills maturing December 18, 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 122-DAY TREASURY BILLS
Dated August 18, 1937. Maturing December 18, 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 August 13, 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 Q

By credit

•

The Treasury bills for which tender is hereby made are to be dated August 18, 1937,
and are to mature on December 18, 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
18, 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.
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

Disposition

Classified

Carded

Figured

Checked




Checked

Advised

Recorded

Method of Payment

Window

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

No
TENDER FOR 273-DAY TREASURY BILLS
Dated August 18, 1937.
Maturing May 18,1938.
Dated at
To THE FEDERAL EESERVE BANK OF NEW YORK,

Fiscal Agent of the United States,

1937

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 August 13,1937, 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 18, 1937,
and are to mature on May 18, 1938.
This tender ivill 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

lNTB-364-b




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

Bv

Other Departments

(t3)

FEDERAL RESERVE BANK
OF NEW YORK

August 13, 1937.

NEW COUNTERFEIT

To Member Banks in the Second Federal
Reserve District and Others Concerned:
Circular letter No. 694, dated August 12, 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, New York; 1928 B series;
check letter "A"; face plate No, 7; back plate No. 42; W. 0. TSbods,
Treasurer of the United States; A. W. Mellon, Secretary of the
Treasury; portrait of Jackson,
This counterfeit is a fairly deceptive production printed from
plates of good workmanship on one sheet of bond paper. The face of
the note, generally, is too dark and the cross-ruled lines forming
the portrait background seem to blend with the outline of Jackson's
coat. At the top of the note the words UNITED STATES OF AMERICA in
large letters are printed in black so heavily that the shading in
each letter is invisible.
Seal and serial numbering are executed lightly in dull green,
the character formation of the numerals being unevenly impressed.
In view of the deceptive nature of this counterfeit, care should
be exercised in handling notes of this denomination and variety.
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, Buffalof

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