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FEDERAL RESERVE BANK OF NEW YORK Securities Department ["Circular No. 771"] L March 7, 1927J Redemption of Treasury Notes Before Maturity March 15th Securities May Be Cashed Now at Holder's Option To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers, Principal (Corporations and Others Concerned in the Second Federal Reserve District: -s 111 accordance with Secretary Mellon's statement made public today we will, until further notice, redeem in cash before March 15, 1927, at the holder's option, at par and accrued interest to the date of such optional redemption, Treasury notes of Series B-1927, dated May 15, 1923, maturing March 15, 1927. Very truly yours, BENJ. STRONG, Governor.