Show WOOL FINANCE PLAN ADOPTED W WASHINGTON June 22 Plans 2 Plans for financing the were until a market market market mar mar- ket for wool is established have been worked out at conferences between the growers and the federal reserve board it was today by F. F R. R Marshall of Salt Lake City efty secretary of the National National National Na Na- association Under the plan Mr Marshall said sald a may ship his wool to one of the usual points of distribution obtaining obtain obtain- ing Ine from the railroad a a. bill of lading for forthe forthe a ih the draft shipment ri against fo the his grower bank k may mg for t then such h draw r an amount a as may be agreed upon by the grower and the bank secured by the bUtOf bill bUt of lading Jading The federal reserve act authorizes authorizes au- au thorlies any member bank to acce accept a draft secured In this manner at ht the time of acceptance provided that the a raft aratt I matures In not more than six months from the time time- of acceptance After ac acceptance acceptance acceptance ac- ac such a draft bearing the In InI Indorsement indorsement In- In of ot a member bank is eligible for rediscount or purchase by a a. federal I reserve bank provided that it has a maturity maturity maturity ma ma- of not more than three months I I from the date of rediscount or pur pur- chase Mr Marshall said Governor Harding had called attention to the provision of the federal reserve act as to eligibility for discount of paper secured by warehouse warehouse warehouse ware ware- house receipts receipt It was the unanimous opinion of or the Mr Marshall said that the plan suggested was practicable and feas- feas I ble |