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FE DER AL R E S E RV E BA N K OF NEW YORK CIRCULARS FOR THE YEAR ON C ER TAI N O PE RA T I O N S AS FISCAL j AND A C T I V I TI E S AGENT' OF THE UNITED INCLUDING THOSE STATES . ■ Circulars Nos. ' 7787 - AT8025 PA fir l VOL UM E 50 RESEARCH LIBRARY