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F E D E R A L R E S E R V E BANK O F N EW Y O R K Fiscal A gent o f the United States r Circular No. 5 5 7 4 1 I November 17, 1904 J Deposits of December Tax Collections in Treasury Tax and Loan Accounts To All Treasury Tax and Loan Depositaries in the Second Federal Reserve District: The T reasury Departm ent has advised us that D irectors o f Internal Revenue will be instructed to make special deposits with F ederal R eserve Banks, during the period Decem ber 1 through Decem ber 31, 1964, o f checks o f $10,000 or more, representing p a y ments o f corporation income taxes due D ecem ber 15, 1964. Drawee banks qualified as Special D epositaries o f Public M oneys m ay receive up to 50 per cent o f the amount o f these remittances fo r deposit in T reasury T ax and L oan Accounts, subject, however, to the condition that the T reasury m ay find it necessary to increase or decrease the percentage amount o f the checks fo r credit to the T ax and Loan A ccounts from time to time during the period, if such action is required to prevent undue fluctuations in the account o f the T reasurer o f the United States with F ederal R eserve 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 o f the D irectors o f Internal Revenue during the period. The amount shown in the certificate will be fo r 50 per cent o f the amount o f those checks eligible fo r credit to T reasury T ax and Loan Accounts or fo r such other percentage as the T reasury m ay subsequently specify. Special depositaries w ishing 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. 19 14 A lfred H ayes, P resident. F I F T I E T H A N N I V E R S A R Y 1 9 6 4