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FE D ERAL R E SE R V E BANK OF N E W YORK Fiscal A gen t o f the U nited States r C i r c u la r N o . 3 7 5 1 "1 L A u g u s t 3 0 , 1951 J DEPOSITS OF SEPTEMBER TAX COLLECTIONS IN TREASURY TAX AND LOAN ACCOUNTS To all B anks and Trust Companies in the Second Federal R eserve D istrict: The Secretary o f the Treasury has announced that collectors o f internal revenue have been instructed to deposit with Federal Reserve Banks, during the period September 1 through October 1, 1951, all remittances (except savings notes) o f $10,000 or more submitted in payment o f individual or corporate income taxes, excess profits taxes, interest, or penalties, including deficiencies and payments of estimated taxes. These instructions will enable banks qualified as Special Depositaries o f Public Moneys to receive these remittances for deposit in their Treasury Tax and Loan Accounts. The above procedure was first adopted last March and was repeated in June. On those two occasions, the Treasury withdrew from Tax and Loan Accounts the balances resulting from tax remittances o f $10,000 or more before withdrawing other funds accumulated in the accounts. On this occasion, however, the Treasury will decide from time to time whether to make with drawals from funds arising from September tax payments or from other funds accumulated in the Tax and Loan Accounts, basing its decision on the Department’s financing needs and the condition of the money market at the time. W e will prepare daily a special form o f cash letter for the September tax collections, in accordance with the conditions prescribed in the Second Amendment, dated February 12, 1951, to Treasury Department Circular No. 92. Special depositaries, wishing to accept funds equal to the amount o f the cash letter fo r deposit in their Treasury Tax and Loan Accounts, should execute and return the certificate attached to the casli letter, in accordance with the instruc tions contained in the letter. Additional copies of this circular will be furnished upon request. A llan S proul, President.
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