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FE D E RA L R E SE R V E BANK O F NEW YORK Fiscal Agent of the United States r Circular No. 4 4 3 8 "1 L March 19. 1957 J Deposits o f March Tax Collections in Treasury Tax and Loan Accounts Am ended Instructions To all Treasury T ax and Loan D epositaries in the Second Federal Reserve D istrict: In our Circular No. 4428, dated F ebruary 19, 1957, we advised you that D irectors o f Internal Revenue would be instructed to make special deposits with F ederal Reserve Ranks, during the period M arch 1 through A pril 5, 1957, o f checks o f $10,000 or more, representing payments o f corporation and individual income taxes. W e advised you fu r ther in that circular that we w ould prepare daily a special form o f cash letter, with an attached certificate form , fo r the M arch tax checks included in the special deposits o f the D irectors o f Internal Revenue during the period, and that the amount shown in the certifi cate would be fo r 50 per cent o f the amount o f those checks eligible fo r credit to T reasury Tax and Loan Accounts or fo r such other percentage o f the amount o f the checks as the T reasury might subsequently specify. The T reasury has instructed us today to limit the amount shown in the certificate to 25 per cent fo r special cash letters prepared on March 20, 21 and 22, 1957, regardless o f the dates on which the amounts are credited to Tax and Loan Accounts. A ccordingly, on M arch 20, 21 and 22, we will prepare daily a special form o f cash letter, with an attached certificate form showing only 25 per cent o f the amount o f the March tax checks that are eligible fo r credit to T ax and Loan Accounts. D uring the period March 25 through A p ril 5, 1957, the amount shown in the certificate will again be fo r 50 per cent o f the amount o f the eligible checks or fo r such other percentage as the T reasury may subsequently specify. Special depositaries wishing to accept fo r deposit in T ax and Loan A ccounts the amount shown in the certificate attached to the cash letter should execute and return the certificate, in accordance with the instructions contained in the cash letter. A dditional copies o f this circular will be furnished upon request. A lfred H ayes, President.
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