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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States f Circular No. 3 7 8 8 I I November 29, 1951 I DEPOSITS O F DECEMBER TAX COLLECTIONS IN TREASURY TAX AND LOAN ACCO U N TS T o A ll Banks and Trust Companies in the Second F edera l R eserve D istrict: The S ecretary o f the T rea su ry has announced that collectors o f internal revenue have been instructed to deposit w ith F ederal R eserve Banks, during the period D ecem ber 1, 1951 through January 4, 1952, all rem ittances (except savings notes) o f $10,000 o r m ore submitted in paym ent o f individual o r corporate incom e taxes, excess profits taxes, interest, o r penalties, including deficiencies and paym ents o f estim ated taxes. These instructions w ill enable banks qualified as Special D epositaries o f P ublic M oneys to receive these remittances fo r deposit in their T reasu ry T ax and L oan Accounts. Continuing the practice used in the withdraw al o f Septem ber tax deposits, the T reasury w ill decide fro m tim e to time whether to make withdrawals from funds arising fro m Decem ber tax paym ents o r from other funds accumulated in the T ax and L oan A ccounts, basing its decision on the D epartm ent’s financing needs and the condition o f the m oney market at the time. W e w ill prepare daily a special form o f cash letter fo r the D ecem ber tax collections, in accordance w ith the conditions prescribed in the Second Am endm ent, dated F ebru ary 12, 1951, to T rea su ry D epartm ent Circular No. 92. Special depositaries, wishing to accept funds equal to the amount o f the cash letter fo r deposit in their T reasury T a x and L oan A ccounts, should execute and return the certificate attached to the cash letter, in accordance with the instruc tions contained in the letter. Additional copies o f this circular will be furnished upon request. A llan S proul, President.
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