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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 2 2 6 4 "1 L August 21, 1941 J UNITED STATES TREASURY NOTES Remittances in Payment of Notes of Tax Series A-1943 and Tax Series B-1943 To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: In connection with applications near the end of the month for United States Treasury Notes of Tax Series A-1943 and Tax Series B-1943, we call your attention to the fact that the month in which payment is received by this bank in immediately available funds will determine the issue date and the purchase price of such notes. See our Circular No. 2252 dated August 1, 1941, (Offering of Two Series of United States Treasury Notes, Tax Series A-1943 and Tax Series B-1943) under the heading "Purchase Prices." The term "immediately available funds" includes cash, checks drawn by member banks on the Federal Reserve Bank of New York or its Buffalo Branch, proper instructions from member banks to charge their reserve accounts with the Federal Reserve Bank of New York or its Buffalo Branch, and advice by qualified depositary banks of credit to War Loan Deposit Accounts. We suggest that payment be made in one of the foregoing forms whenever possible, especially when payment is made near the end of a month. Checks on banks other than the Federal Reserve Bank of New York or its Buffalo Branch will be received subject to collection. Thus, if such checks are received by us in one month but not finally collected until the next month, the purchase price of the notes applied for is computed at the rate specified for the latter month, and we will be obliged to defer issuing such notes unless and until we have received such total price. Accordingly, every applicant who remits in any form other than immediately available funds should allow ample time for collection. For your convenience in this respect, we have prepared the following schedule indicating when applications accompanied by checks drawn on banks in the Second Federal Reserve District should be received by us in order to allow adequate time for the collection of such checks before the end of the month: Checks drawn on New York City banks or on members of The Northern New Jersey Clearing House Association (Commercial Trust Company of New Jersey, The Trust Company of New Jersey, Hudson County National Bank, The Franklin National Bank of Jersey City, The First National Bank of Jersey City, Bayonne Trust Company, and Hudson Trust Company) should be received by us on or before the business day preceding the last business day of the month. (For example, in August such checks should be received by us before the close of business on Friday. August 29, except that checks drawn on banks which are closed on Saturday, August 30. which includes all members of the Northern New Jersey Clearing House Association, should be received on or before Thursday, August 28) Checks drawn on other banks in the Second Federal Reserve District should be received by us on or before the fourth business day before the end of the month. (For example, in August such checks should be received by us before the close of business on Wednesday, August 27) All other checks should be received by us at such earlier times as will enable us to collect such checks before the end of the month. Careful attention to the foregoing is desirable from the standpoint of your institution, prospective purchasers of notes of both series, and this bank. ALLAN SPEOUL, President.