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
O F N E W YORK
Fiscal Agent of the United States
r Circular No. 2 6 9 2 1
I September 15, 1943 J

WAR

LOAN

DEPOSIT

ACCOUNT

Authorization to Credit Proceeds of Certain Checks
To all Incorporated Banks and Trust Companies
in the Second Federal Reserve District Qualified
as Special Depositaries of Public Moneys:

In connection with the Third War Loan Drive, banking institutions are receivingnumerous subscriptions for United States Government securities accompanied by checks
made payable to the order of the Treasurer of the United States or to the order of this
bank as fiscal agent of the United States. In view of the volume of such checks received,
banking institutions qualified as special depositaries of public moneys have suggested
that it would be helpful to them and would permit greater use of their War Loan Deposit
Accounts if such institutions were permitted to collect such checks and credit the proceeds thereof to their War Loan Deposit Accounts in payment for the subscriptions in
connection with which the checks are received.
The Treasury Department has approved the procedure suggested. Accordingly, any
banking institution qualified as a special depositary of public moneys may endorse any
check payable to the order of the Treasurer of the United States or to the order of this
bank as fiscal agent of the United States, received by such depositary in connection with
a subscription for United States Government securities, as follows:
For credit to "War Loan Deposit Account
Federal Reserve Bank of New York
Fiscal Agent of the United States
in payment for U. S. Government securities
Name of Bank

and credit the proceeds of such check to its War Loan Deposit Account in payment for
the securities.
Credit should not be entered in the account and the subscription should not be
forwarded to us (or, in the case of War Savings Bonds of Series E, the bonds should not
be delivered) until the banking institution is satisfied that the check has been paid in
actually and finally collected funds. In this connection, reference is made to our Circular
No. 2496, dated September 4, 1942, containing instructions with respect to the delivery of
War Savings Bonds of Series E against checks tendered in payment therefor. The
instructions contained in the next to the last paragraph of that circular are, of course,
modified hereby.
In addition to checks drawn in the manner described above, this authorization covers
any checks drawn in substantially similar forms, such as 1 'Secretary of the Treasury",
' 'United States Treasury", 4 'War Finance Committee", or "Federal Reserve Bank",
received in connection with subscriptions for United States Government securities.




ALLAN SPROUL,

President.

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