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FE D E RA L RESERVE BANK OF NEW YORK Fiscal Agent o f the United States r C ir c u la r N o . 4 9 6 5 1 N o v e m b e r 16, 1 9 6 0 L J Deposits o f December Tax Collections in Treasury Tax and Loan Accounts To All Treasury Tax and Loan Depositaries in the Second Federal Reserve District: The Treasury Department has advised us that Directors o f Internal Revenue will be instructed to make special deposits with Federal Reserve Banks, during the period December 1,1960 through January 6,1961, o f checks o f $10,000 or more, representing pay ments of corporation income taxes due December 15,1960. Drawee banks qualified as Spe cial Depositaries o f Public Moneys may receive up to 50 per cent of the amount of these remittances fo r deposit in Treasury Tax and Loan Accounts, subject, however, to the condition that the Treasury may find it necessary to increase or decrease the percentage amount o f the checks for credit to the Tax and Loan Accounts from time to time during the period, if such action is required to prevent undue fluctuations in the account o f the Treasurer of the United States with Federal Reserve Banks. W e will prepare daily a special form o f cash letter, with an attached certificate form, fo r the tax checks included in the special deposits of the Directors o f Internal Revenue during the period. The amount shown in the certificate will be for up to 50 per cent o f the amount o f those checks eligible for credit to Treasury Tax and Loan Accounts or for such other percentage as the Treasury may subsequently specify. Special depositaries wishing to accept for deposit in Tax and Loan Accounts 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. Additional copies o f this circular will be furnished upon request. A lfred H ayes, President.
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