View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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

f Circular No. 2 5 1 0 * 1
L September 24, 1942 J

UNITED STATES WAR SAVINGS BONDS, SERIES E
Special Month-End Reports and Remittances

To all Banking Institutions in the Second Federal
Reserve District Qualified as Issuing Agents for Sale
of United States War Savings Bonds, Series E:

^

Under the procedure adopted by the T r e a s u r y Department, sales of United States W a r
Savings Bonds are reported as of the date on which the proceeds thereof are credited by the
several Federal Reserve Banks to the general account of the Treasurer of the United States.
Accordingly, sales of Series E bonds made by issuing agents on the closing days of a particular
month have not in general been reported by the Treasury Department as sales in that month
because remittances f o r such sales have not been received by the Federal Reserve Banks f r o m
the issuing agents, and the general account of the Treasurer has not been credited, until the
following month.
The T r e a s u r y Department has stated that in order to insure satisfactory operation of the
state and county quota system in connection with the W a r Savings Bond sales program, it is
important that the basis of reporting sales be revised so that the figures will approach as nearly
as possible the actual amount of bonds issued during each month. To accomplish this objective,
the T r e a s u r y Department requests that effective immediately all banking institutions qualified
as issuing agents of Series E bonds, regardless of the reporting schedule otherwise beingfollowed by them, submit a month-end report of sales accompanied by a remittance which should
be mailed in sufficient time to be received by the Federal Reserve Banks on the next-to-the-last
business day of the month.
I t is suggested that all banking institutions in the Second Federal Reserve District submitting special month-end reports and remittances pursuant to the request of the Treasury
Department confine such reports to actual sales of bonds, and that any spoiled bonds in the
possession of such agents be held over f o r inclusion in the next regular report.
A L L A N SPROUL,

\




President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102