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FEDERAL RESERVE BOARD WASHINGTON January 12, 1921. St.1726. SUBJECT: Rdviscd form 38, Classific~tion of holdings of Discounted and Purchased Bills. ยท Dear Sir: With reference to the Board's letter St. 1674 dated December 24, 1920, thera are being forwarded to you today under s~parate. cover copies of revised form 38, "Classification of Discounted and Purchased Bi 11 s held by the Federal Reserve Bank and Agent, " for the use of your bank (and branches, if any) during the current year. Very truly yours, R. G. Emerson. Assistant to Governor. Letter sent to each F. R. Agent.