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FEDERAL RESERVE BANK OF NEW YORK Fiscal A g e n t o f the U n i t e d States rCircular N o . 2 6 2 3 May 10, 1943 J L CHANGE IN METHOD OF MAKING CALLS FROM WAR LOAN DEPOSITARIES To all Incorporated Banks and Trust Companies in the Second Federal Reserve District: The Treasury Department has decided to change the method of making calls from war loan depositaries. Depositaries will be divided into two groups based on the size of their war loan balances. In order to lessen the work and inconvenience caused by frequent, small-percentage calls and remittances in banks where the working staff is small, a special schedule will be established to govern withdrawals from depositaries in the group with the smaller balances. Pursuant to the special schedule there will be fewer calls upon banks with the smaller balances, and each call wjll be for a larger percentage of the total balance. All depositaries in this District will be classified into two groups, as follows: Group A—All depositaries having war loan balances of $300,000 or less at the close of business May 11, 1943. Group B—All depositaries having war loan balances of more than $300,000 at the close of business May 11, 1943. Until further notice the classification of a particular bank in Group A or in Group B will remain unchanged, notwithstanding any subsequent increases or decreases in the war loan balance of such bank. There will be no change in the manner of making calls upon banks in Group B. Tentative plans provide for the issuance on Friday, May 14,1943, of a special call for withdrawals from banks in Group A, based upon balances as of the close of business May 11, 1943, for payment in approximately seven equal instalments extending over a period of about three months, the dates of which will be indicated in the notice of call. Member banks from whom we have standing instructions to charge their reserve accounts will continue to receive advices of charge on the dates payments from them are due. Nonmember banks will be expected to remit to us in funds available on the dates the payments become due. ALLAN SPROUL, President.
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