Show I FEDERAL BANKS TAKE OIL AS COLLATERAL TULSA Okla July 22 Crude Crude oil all in has been recognized as collateral collat collat- eral ual by the federal reserve banks of ot the United States it was announced 1 ere today by local members of ot the federal reserve system Oil on men of the field regard the decision as of ot momentous importance to every oil producer opening large resources to the men whose credit hitherto has been limited to the amounts banks cared to lend on first mortgages It was said that large loans could not be obtained in this way Crude oil now will have the same sarno standing as a basis for credit as cotton or corn stored In Ina a government warehouse |