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At an adjourned meeting of the Federal Reserve Board held in the office of the Board at 3:15 p. m., on Thursday, January 13, PREOENT: Mr. McAdoo, presiding Mr. Williams Er. Hamlin Mr. Warburg Mr. Delano Mr. Harding Mr. Miller Mr. Willis, Secretary. On motion a reduction of capital stock on the part of the Farmers and Merchants Bank of Comanche, Texas, in the sum of 020,000, duly recommended by the Comptroller of the Currency, was approved. A letter from Federal Reserve Agent Jay calling attention to a change made by the Federal Reserve Bank of New York in the by-laws of that institution, was received and ordered filed. A letter from Federal Reserve Agent Tenison, informing the Board of a visit of Er. W. P. Ramsey, was read and ordered filed. Mr. Hamlin read a draft of a letter to be sent by himself to the Secretary of the Treasury relating to the plan of bond exchange proposed by Federal Reserve Agent Perrin. No action was taken. Certain correspondence relating to the surety bonds of Federal reserve agents was laid before the Board by Mr. Hamlin, and on motion referred to the Committee on Law. The draft of the Board's annual report was taken up for discussion and a new proof embodying all corrections was ordered. On motion at 5:20 p. in. the Board adjourned to meet on Monday, January 17, at 3:00 p. in. Secretary. APPROVED: Chairman.