Show Wool Situation Relieved T is gratifying that plans have been worked out for I IT financing the needs until a n market for wool is re The conferences held at Washington Washington Wash Wash- ington between the growers and officials of the tho federal and if successfully reserve board appear to be practical carried out will probably relieve a n situation which threatened disastrous results Under the plan a may mar ship his wool toone to toone toone one of the usual points of distribution obtaining from rom the railroad a bill of la lading ing- ing for the tho shipment the his bis bank for grower may then draw a draft against such an amount as may be agreed upon by bj the grower and the bank secured by the bill of lading The federal reserve reser e act authorizes any member bank to accept a draft secured in this manner at the time of or I acceptance provided that the draft droit matures in not more mor than six months from the tho time of acceptance After acceptance such a draft bearing the tho indorsement of a member bank is eligible for rediscount or purchase by any federal reserve reser- o bank provided it has a n maturity of not more than three months from the date of rediscount rediscount redis redis- redis j count or purchase The whole scheme seems so feasible that the wonder is is it was not put in effect before the situation became so 50 strained In counsel there is wisdom |