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F E D E R A L R E S E R V E BANK O F N E W Y O RK Fiscal Agent of the United States r Circular N o. 4 7 4 3 1 L M ay 20, 1959 J Deposits of June Tax Collections in Treasury Tax and Loan Accounts To A ll Treasury T ax and Loan D epositaries in the Second Federal R eserve D istrict : The T reasury Department has announced that D irectors o f Internal Revenue w ill be instructed to make special deposits with Federal Reserve Banks, during the period June 1 through July 3, 1959, o f checks o f $10,000 or m ore, representing payments o f corporation and individual income taxes. The T reasury lias also announced that drawee banks quali fied as Special D epositaries o f Public M oneys may receive up to 50 per cent o f the amount o f these remittances fo r deposit in T reasury T ax and Loan Accounts, subject, however, to the condition that the T reasury may find it necessary to increase or decrease the percent age amount o f the checks fo r credit to the Tax and Loan A ccounts from time to time during the period, if such action is required to prevent undue fluctuations in the balances in the accounts o f the T reasurer o f the U nited States with Federal Reserve Banks. W e will prepare daily a special form o f casli letter, with an attached certificate form , fo r the June tax checks included in the special deposits o f the D irectors o f Internal Revenue during the period. The amount shown in the certificate will be fo r up to 50 per cent o f the amount o f those checks eligible fo r credit to T reasury Tax and Loan A ccounts or fo r such other percentage as the T reasury may subsequently specify. Special depositaries wishing to accept fo r deposit in Tax and Loan A ccounts the amount shown in the certificate attached to the cash letter should execute and return the certificate, in accordance with the instructions contained in the cash letter. A dditional copies o f this circular will be furnished upon request. A l fr e d H a y e s , P resid en t.
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