Full text of Federal Reserve Bank of New York Circulars : 1037. Special Deposit of Public Moneys under the Act of Congress Approved September 24, 1917

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

[

Circular No. 1037, May 25, 1931*"l
Reference to Treasury Department I
Circular No. 92 Revised
J

Special Deposits of Public Moneys under the Act of Congress
Approved September 24, 1917, as Amended.

To designated special depositaries of public moneys and all other banks
and trust companies in the Second Federal Reserve District:

Enclosed will be found a copy of the 1931 Fourth Supplement to Treasury
Department Circular No. 92 Revised, from which you will note that the rate of
interest to be paid by special depositaries upon War Loan Deposit accounts has
been reduced from 1 per cent per annum to % per cent per annum, effective
June 1, 1931.
Special depositaries should accordingly compute interest on War Loan
Deposit accounts at the rate of 1 per cent per annum to and including May
31, 1931, and at the rate of y% per cent per annum beginning June 1,1931, until
further advised to the contrary.




GEOEGB L. HARBISON,

Governor.

SPECIAL DEPOSITS OF PUBLIC MONEYS UNDER THE ACT OF CONGRESS APPROVED SEPTEMBER 24,1917,
AS AMENDED

1931
Fourth Supplement to
Department Circular No. 92
ReV1Sed

Division of Deposits.

TREASURY DEPARTMENT,
O F F I C E O F THE SECRETARY.
Washington, May 21, 1931.

To Federal Reserve Banks and other banks and trust companies incoi'porated under the laws of
the United States or of any State:
Effective as of June 1, 1931, Treasury Department Circular No. 92, dated October 1, 1928,
as amended, is hereby further amended by changing the paragraph under caption "Interest on
Deposits" to read as follows:
"Until further notice, each depositary will be required to pay interest at the rate
of ^ of 1 per cent per annum on daily balances."
Accordingly, on and after June 1, 1931, the rate of interest to be paid on daily balances in
the "War Loan Deposit Accounts" by special depositaries will be ^ of 1 per cent per annum,
instead of 1 per cent per annum.
A. W . M E L L O N ,
Secretary of the Treasury.