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FED ER AL RESERVE BANK O F NEW YORK Fiscal Agent o f the United States f Circular N o. 5 0 0 2 1 I February 16, 1961 J Deposits o f March Tax Collections in Treasury Tax and Loan Accounts To All Treasury Tax and Loan Depositaries in the Second Federal Reserve District: The Treasury Department lias advised us that Directors of Internal Revenue will be instructed to make special deposits with Federal Reserve Banks, during the period March 1 through April 7, 1961, o f checks o f $10,000 or more, representing payments of corporation income taxes due March 15, 1961. Drawee banks qualified as Special Deposi taries o f Public Moneys may receive up to 50 per cent o f the amount o f these remittances for 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, for 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 of 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 fo r 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. The Treasury will deny credit to depositaries fo r customers’ tax checks arising out o f sales to the depositaries of customers’ tax anticipation Treasury bills maturing March 22, 1961. A s the Treasury has in the past stated, it does not look with favor upon such transactions, inasmuch as they increase the amount o f tax anticipation bills presented for cash redemption in advance o f the availability o f Treasury receipts from the income tax installment due on the 15th of the month and make it more difficult for the Treasury and the Federal Reserve System to handle the large income tax collections during the month in a manner that will maintain stability in the money market. Additional copies of this circular will be furnished upon request. A lfred H ayes, President. At 5002 FED ER A L RESERVE BANK O F N EW YORK February 16, 1961 To All Member and Nonmember Clearing Banks, and Others Concerned, in the Second Federal Reserve District: On the reverse side o f this letter there are set forth lists showing (1) the currently effective Operating Circulars of this Bank, and the supplements thereto, and (2) the currently effective Regulations o f the Board of Governors o f the Federal Reserve System, and the amend ments and supplements thereto. The lists will enable you to determine whether your sets of those documents are complete. W e shall be pleased to furnish copies of any yoti do not have, upon request addressed to our Circulars Division. A lfred H ayes, President. (O V E E ) C U R R E N T L Y E FFEC TIVE O P E R A T IN G C IR CU LARS OF F E D E R A L R E SER V E B A N K OF N EW Y O R K and R E G U LATIO N S OF TH E B O A R D OF GO V E R N O RS OF TH E F E D E R A L R E SER V E SYSTEM February 16, 1961 Operating Circulars Regulations . January February 11,1961 6,1961 Regulation A . . . May 19, 1960 Regulation C ......................................August 31,1946 . . . . . A p ril . J uly 4,1956 2,1957 4 . . A ugust 10,1960 Operating Circular No. 5 . . October 31,1960 O perating Circular No. 6 . . Operating Circular No. 7 . . October 2 8 , 1957 Operating Circular No. 8 . . August 18,1960 . . . January 15,1957 Operating Circular No. 11 . . . October 31,1960 Regulation K ................................ November 12,1958 Operating Circular No. 12 . February 15,1955 Regulation L ......................................August 21,1959 Operating Circular No. 13 . . . A ugust 12,1960 Regulation M ..................................... A u gu st 14,1937 Operating Circular No. 14 . . . March 9,1959 . . . January 1,1957 16 . . . . June Operating Circular No. 17 . F irst Supplement . . . Second Supplement . . A p p e n d ix ........................... . . . . . . . Operating Circular No. 18 F irst Supplement . . . . . . . . July 2 8 , 1953 . October 7 , 1954 Operating Circular No. 19 F irst Supplement . . . . . . . . A p ril November 13,1960 17,1960 20 . . November 12,1959 Operating Circular No. F irst Supplement . 1 Operating Circular No. 2 . . Operating Circular No. 3 F irst Supplement . . Operating Circular No. Operating Circular No. 10 Operating Circular No. 15 O perating Circular No. Operating Circular No. . . . J u ly 1,1959 25,1951 May 17,1957 March 2 5 , 1960 . J uly 11,1960 ................................ February 15,1955 Regulation B ........................................... M ay 15,1930 Regulation D ................................ December 31,1959 Supplement . November 24 and December 1,1960 Regulation E ......................................August 21,1959 Regulation F ................................ February 5,1951 A m e n d m e n t......................................June 13,1955 Regulation G ......................................A ugust 21,1959 Regulation H ......................................August 21,1959 Regulation I ......................................January 1,1936 Amendment (supersedes Amendment dated January 3, 1959) . . August 21,1959 Regulation J ......................................August 10,1960 Regulation N ..................................... January Regulation 0 ...........................................J u ly Regulation P ..................................... January 1,1944 1,1939 9,1959 Regulation Q ......................................October 1,1959 S u p p le m e n t................................January 1,1957 Regulation R ......................................October 23,1959 Regulation T ...........................................June 15,1959 S u p p le m e n t ..................................... J u ly 28, 1960 Regulation U ...........................................June 15,1959 A m e n d m e n t................................ August 21,1959 A m e n d m e n t................................ March 8,1960 S u p p le m e n t..................................... J u ly 28, 1960 Regulation V ................................ September 27,1950 Regulation Y ........................................ July 1,1960 At 5002A Federal R eserve NEW Ba YORK RECTOR n k 45, of N ew York N.Y. 2 - 5 7 0 0 February 20, 1961 To the Member and Nonmember Clearing Banks of the Second Federal Reserve District: The strike by flight engineers against most of the major airlines, which began Friday night, February 17 , has disrupted air transportation through out the nation. As a result, delays will probably occur in the presentment of cash items, in the receipt of advices of nonpayment, and in the return of unpaid items from banks in many parts of the country. We will continue to accept and endeavor to dispatch cash items deposited with us payable in the affected areas and to give credit therefor in accordance with our time schedules, but we reserve the right to charge back any unpaid items at any time. ALFRED HAYES, President.
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