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FEDERAL RESERVE BOARD WASHINGTON X-3U3O J u n e 6, SUBJECT: 1921 Annual Report, Dear Sir: T h e r e h a s b e e n f o r w a r d e d to y o u today u n d e r separata cover a b o u n d copy of the A n i m a l Report of the Federal Reserve Board covering operations during the calendar year 1921. Very truly yours, Walter L. Eddy, Assistant Secretary. TO EACH GOVERNOR, F. R- AGENT, AKD BRANCH MANAGER.