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FEDERAL RESERVE BOARD WASHINGTON J a n u a r y 3ยป 1 9 2 2 . s t . 2521. SUBJECT: Revised form 38, Classific a t i o n of Discollated a n d Purchased Bills- Dear Sir: W i t h reference to the B o a r d ' s l e t t e r St. 2 4 9 2 , d a t e d D e c e m b e r 17, 1 9 2 1 , t h e r e a r e b e i n % f o r w a r d e d t o you today, under separate cover, copies of revised form 38, "Classification of Discounted a n d Purchased B i l l s " f o r u s e of y o u r b a n k (and b r a n c h e s , if a n y ) during the current year. Very truly yours, E, L. Smead, C h i e f , Division of Reports and Statistics. * COPY SENT TO EACH F. R. AGENT.