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FEDERAL RESERVE BANK O F N EW YORK Fiscal A gen t o f the U nited States I Circular N o. S 5 2 8 1 I January 12, 1950 J 2 PERCENT DEPOSITARY BONDS, SECOND SERIES NOTICE OF REDEMPTION To all Banks and Trust Companies in the Second Federal Reserve D istrict Qualified as Depositaries fo r Withheld T a xes: Pursuant to Treasury Department Circular No. 660, First Amendment to First Sup plement, dated November 10, 1949, a copy o f which was sent to you with our Circular No. 3518, dated December 2, 1949, and in accordance with instructions o f the Treasury Department, notice is hereby given that all 2 Percent Depositary Bonds, Second Series, outstanding on February 28, 1950, will be redeemed as o f the close of business on that date. These bonds were purchased by depositaries fo r withheld taxes qualified under Treasury Department Circular No. 714. A ll such bonds purchased by depositaries in this District are registered in the name o f the Federal Reserve Bank o f New York, as fiscal agent o f the United States, in trust fo r the respective depositaries, and are in our possession. In the case of bonds purchased with a depositary’s own funds, the principal amount and accrued interest from January 1, 1950, to and including February 28, 1950, will be paid to the depositary on February 28, 1950. Since the bonds are in our possession, no action will be required on the part o f the depositary. In the case o f bonds purchased with funds provided by a Treasury time deposit, accrued interest from January 1, 1950, to and including February 28, 1950, will be paid to the depositary on February 28,1950. The deposit liability on the books o f the depositary now carried in an account entitled “ Federal Reserve Bank of New York, Fiscal Agent of the United States, fo r Account of the Treasurer o f the United States— Time D eposit” will be extinguished as o f the close o f business on February 28, 1950, and the depositary should make an appropriate record o f such fact in its books; this is the only action required on the part o f the depositary. Unless we are instructed to the contrary, payment in respect of the 2 Percent Depositary Bonds, Second Series, will be made by us as follow s: (a ) In the case o f a depositary which is a member bank, by credit to its reserve accou n t; (b ) In the case o f a depositary which is not a member bank, by check drawn on the Treasurer o f the United States, which will be mailed to the depositary. Additional copies o f this circular will be furnished upon request. A llan S pkoul, President.
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