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FED ERAL R E SE R V E BANK O F NEW YORK Fiscal A gen t o f the U nited States rC ircu lar N'o. 15254 4 1 M arch 15, 1950 J L DEPOSIT OF FEDERAL TAXES WITH DEPOSITARY BANKS AND FEDERAL RESERVE BANKS Revision o f Operating Circular No. 18 To all Banks and Trust Companies in the Second Federal Reserve D istrict: In our Circular No. 3518 dated December 2, 1949, we advised you that, as a result of the Treasury Department’s revised system fo r the deposit of Federal taxes (income taxes withheld at the source and social security taxes) with respect to wages paid on and after January 1,1950, our Operating Circular No. 18 dated December 8, 1947, as amended, entitled “ Payment Through Depositary Banks of Funds Withheld as Taxes” , would become entirely ineffective at the close o f business January 31, 1950. W e have therefore revised our Operating Circular Xo. 18, a copy o f which we transmit herewith, to set forth information and instructions in connection with transactions with this Bank pur suant to the Treasury Department’s new regulations governing deposits o f Federal taxes. Additional copies of the revised operating circular will be furnished upon request. A llan S proul, President.