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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States rCircular No. 30321 L November 28, 1945 J WAR LOAN DEPOSIT ACCOUNTS Payments During Victory Loan Drive To all Incorporated Banks and Trust Companies in the Second Federal Reserve District Qualified as Special Depositaries of Public Moneys: In connection with the Victory Loan Drive, a special depositary of public moneys may pay for subscriptions to Government securities by credit to its war loan deposit account even though the balance in the account may exceed the maximum qualification of the depositary, provided the depositary pays us promptly thereafter the amount by which the balance in the account exceeds the maximum qualification. With respect to amounts in excess of maximum qualification accruing during the period December 3 through December 8, the requirement of prompt payment will be modified so as to permit the payment of the aggregate of such amounts in five equal daily instalments in the period December 10 through December 14, but not later. In any case, of course, the entire balance in the war loan account must be secured by the deposit of acceptable collateral with us. If the balance in the war loan deposit account of a depositary appears likely to exceed its present maximum qualification, it may wish to apply f o r an increase in maximum qualification. The limit on maximum qualification of a depositary is an amount not in excess of 30% of its total deposits, exclusive of war loan deposits, as of October 31, 1945. ALLAN SPROUL, President. tiM*
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