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FEDERAL RE SE R V E BANK O F NEW YORK Fiscal A g e n t o f the U nited States Circular N o. 4 0 3 8 1 Novem ber 2, 1953 J [ Endorsement of Checks by Special Depositaries of Public Moneys T o all Banks and Trust Companies in the Second Federal R eserve D istrict: The Treasury Department has advised us that it has limited the authority o f special depositaries o f public moneys to endorse checks drawn to the order o f the Treasurer o f the United States. Hereafter, whenever payment fo r United States Government securities may be made by credit to Treasury Tax and Loan accounts, any banking institution qualified under Treasury Department Circular No. 92 (Revised), as amended, to maintain a Treasury Tax and Loan Account is authorized to endorse any check drawn on itself and payable to the order o f the Treasurer of the United States in payment o f a subscription received by such institution for such securities, as follow s: F o r cre d it to T rea su ry T ax an d Loan A cco u n t F e d e ra l R eserve B ank o f N ew Y o r k F isca l A g e n t o f the U n ited States in p a y m en t fo r U. S. G overn m en t securities (N am e o f B a n k ) and credit the proceeds o f the check to its Treasury Tax and Loan Account. Checks drawn in substantially similar form s, such as to the order o f “ Secretary o f the Treasury,” “ United States Treasury,” “ Treasury Department,” “ Federal Reserve Bank,” or “ Federal Reserve Bank o f New Y ork,” with or without the description “ Fiscal Agent o f the United States,” may be handled in the same manner. Enclosed with this circular is a copy o f the First Supplement dated November 2, 1953, to Operating Circular No. 20, Revised A pril 10, 1953, which brings into con form ity with the authority set forth in the preceding paragraph the instructions to issuing agents o f Series E Savings bonds that maintain Treasury Tax and Loan accounts. Additional copies o f this circular will be furnished upon request. A llan S proul, President.
@FedFRASER