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A meeting of t1-B Federal Reserve Board was held in the office °f the Governor on Wednesday, August 17, 1921, at 3:10 p.m. PRESENT: Governor Harding Mr. Miller Mr. Mi tche 11 Mr. Cri ss inger Mr. Hoxton. Secretary. PRESENT ALSO: Mr. Lon, General Counsel. Governor Harding submitted. drafts of proposed letters and telegrams to ti a Governor of tke Federal Reserve Bank of Kansas City and to the President of the Torchange National Bank of Tulsa, Okla., in rePly to a request that the Federal Reserve Board rule as to whether or hot the Federal Reserve Bank of Kansas City in considering the finan- cial statement of oil companies should regard as quick assets stocks of alIPPlies which are not held for sale but which are held to be used. Iii drilling wells. After discussion and some amendment, the letters and telegrams were ordered transmitted. Draft of letter prepared for the si gnature of Governor Harding, thi —131Y to a letter of June 29th, addressed to tha Board by Mr.George E. ti arrand of 6= Francisco, in vilich letter Mr. iarrand desired a 11.11111g from the Federal Reserve Board as to whather or not the paper or e°0Perati ve marketing associations milt properly be considered as 46'iriciatural paper and. eligible for discount at Federal reserve banks 1711/11 said paper has a maturity up to six months. VIM After full discussion, it was determined to defer a definite ruling on this mat ter for further consideration and, if desirable for consideration at the conference of the Governors and Federal Reserve Agents with the Federal Reserve Board on October 25th. At 4:15 p.m. the meeting adjourned. Secretary.
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