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F E D E R A L RESERVE BANK O F N E W YORK Certificates of Indebtedness Department [Circular No. 3581 [March 31, 1921J Treasury Certificates Maturing April 15, 1921 Redeemable in Cash At Holder's Option on and after April 1, 1921 To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers and Principal Corporations in the Second Federal Reserve District: The Secretary of the Treasury has authorized this bank on and after Friday, April 1, 1921, and until further notice to redeem in cash before April 1.5, 1921, at the holder's option, at par and accrued interest to the date of such optional redemption Treasury certificates of indebtedness of Series E 1921 maturing April 15, 1921. As stated by the Treasury, March collections of income and profits taxes have amounted to slightly over $700,000,000 and have thus exceeded by about $125,000,000 the March 15 maturities of principal and interest. This margin is, therefore, available lo meet other Treasury requirements including the Treasury certificates above called for redemption which were offered with a maturity one month after the quarterly tax payment date in the expectation that they might be retired out of tax receipts. Very truly yours, BENJ. STRONG Governor