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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
r Circular N o. 3 7 9 2 1
L Decem ber 5, 1951 J
DEPOSITS OF DECEMBER TAX COLLECTIONS IN TREASURY
TAX AND LOAN ACCOUNTS
Amended Instructions
T o all Banlcs and Trust Companies in the
Second Federal R eserve D is tr ic t:
In our Circular N o. 3788, dated N ovem ber 29, 1951, we advised you that the S ecretary o f
the T reasury had instructed collectors o f internal revenue 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 or m ore submitted in paym ent o f individual or corporate income
taxes, excess profits taxes, interest, or penalties, including deficiencies and paym ents o f esti
mated taxes. W e further advised you in that circular that we w ould prepare daily a special
cash letter fo r the Decem ber tax collections so that special depositaries, wishing to accept
funds equal to the amount o f the cash letter fo r deposit in their T reasury T ax and L oan
A ccounts, could execute and return the certificate o f deposit attached to the cash letter.
The T reasury D epartm ent has advised us today by w ire as fo llo w s :
Further examination of factors influencing money market and reserves of banking institutions in
relation to Treasury’s available balances during this period indicate that deposit of entire amounts
of income tax checks for $10,000 or more in manner outlined [in our Circular No. 3788] isnot advisable.
Therefore you are authorized and requested in processing income tax checks for $10,000 or more
during current tax payment period to issue drafts or special cash letters only up to 50 percent of the
amount of such checks.
In accordance with these amended instructions, during the period Decem ber 6,1951 through
January 4, 1952, we w ill prepare daily a special cash letter fo r the D ecem ber tax collections,
together with a certificate fo r only 50 percent o f the amount o f the special cash letter.
Special depositaries, wishing to accept funds equal to 50 percent o f the amount o f the cash
letter fo r deposit in their T reasury T ax and L oan A ccounts, should execute and return the
certificate attached to the cash letter, in accordance with the instructions contained in the letter.
A dditional copies o f this circular will be furnished upon request.
A
llan
S proul,
President.
3
79^
TR. 206
CHECK DEPARTMENT
( T R 206.2-1M -12-51)
F E D E R A L R ESERVE BAN K
OF N E W YORK
SPECIAL CASH LETTER
TO______________
ABA No.
I f payment for this letter is made through a clearing arrangement, the drawee
bank may receive credit in its reserve account for 50 per cent o f such payment by
executing and returning direct to the Federal Reserve Bank o f New York, the Certificate o f Deposit to the
Treasury Tax and Loan Account attached to the bottom o f this letter.
Banks located in New Y ork City should deposit the executed certificate at the
receiving window on the first floor o f our Head Office. Banks located in Buffalo should deposit the executed
IM P O R T A N T N O T IC E
certificate at the Buffalo Branch.
Certificate of Deposit to Treasury Tax and Loan Account
Cash Letter Date
The undersigned depositary certifies that it has
A g e n t o f the U nited States in the
indicated above. This am ount represents 50 p e r c e n t
*{0
.
b e ^ h e ld * s u b je c T 't ^ ^ t h d r a w u l on demand the sum
dated today containing checks drawn on
DaTmL t9 0 f certain Federal taxes. These checks were presented
o f 8UCh pre8entation in accordance with the
^
i T
e U
l r i f
J
S
T
l
exercising the option afforded to Special Depositaries by the Second Am endm ent to
D epartm ental Circular 92 o f the Treasury D epartm ent.
(Name of depositary)
(Location)
D ate d .
by
TR. 207
CHECK DEPARTMENT
( T R 207.1-2M -12-51)
F E D E RA L RESERVE BANK
OF NEW YORK
SPECIAL CASH LETTER
TO
ABA No.
Payment may be made fo r 50 per cent o f the amount o f this letter by executing and returning the Certificate
o f D eposit to Treasury Tax and Loan Account attached to the bottom o f this letter, or by the usual form
o f authorization or remittance. I f the Certificate o f D eposit to Treasury Tax and Loan Account is executed
in payment fo r 50 per cent o f this letter, the total amount o f the letter should be included on the Remittance
Letter — Cash Items (Pink Form R E M 4) which accompanies our regular cash letter, together with the
amount o f such regular cash letter, and the certificate should be used in part payment for the total o f the two
cash letters received.
WW~ P L E A S E do not return the attached certificate .eparately for credit to your reserve account. If executed, use it a . part
of you r remittance for our cash letters.
1
Certificate of Deposit to Treasury Tax and Loan Account
$
i
Cash Letter Date
(Name of depositary)
(Location)
Dated
by
(Authorized Signature)
g
@FedFRASER