The times-herald. [volume] (Burns, Harney County, Or.) 1896-1929, 1920-07-31
A Word to Sheepnen

II will be- of interest to all sheep
men In Harney County TO know that
the various wool growers associations
working with the National Farm
Bureau. have arranged with the Fed
erai Reserve Board. a plan whereby
the wool grower may be financed on
this seasons wool clip until such time
as a normal buyers market prevails.
Under no circumstances should the
grower sell on the present market
and since he can secure n loan OF Mt
least 2b per cent per pound on his
wool II Il In shipped TO some wool
warehouse. there should be but few
instances where the grower cannot
hold for q higher price.
This money can be borrowed from
your local bank on a bill OF iading
or II can be borrowed from the wool
warehouse companies on either the
bill OF Iading or the warehouse re-
ceipts.
The following In a statement auth
orized by the Federal Reserve Board
following the conference OF the wool
growers and the National Farm Bur
eau executives at Washington, ID. c.:
"Tho Federal Reserve Board has
restored confidence In the wool In
dustry by suggesting a plan for fin-
ancing the wool growers during the
present emergency. by advance ar
with the Federal Reserve
Board. wool growers. bankers. In the
wool section and eastern wool mar
kctS. wool dealers. warehouse men.
and others interest
cd In the wool trade. held an all day
session with the Federal Reserve
Board yesterday. The condition OF the
wool market caused by. the recent
cessation OF purchases OF raw wool
was laid before the board and full
was had OF various plans
for financing the industry until nor
mai buying operations are resumed.
Unlike most other crops. wool Id mar
keted I'm the spring and early sum
mer. and the marketing conditions
prevailing during the past month
have threatened great losses 10 wool
growers which might be disastrous.
Such condition. II II develops might
cause serious sacrifice OF sheep on
farm and range. and result In reduced
supplies OF wool and mutton In
future years. II was clearly shown
hat there was no disposition on the
part OF anyone TO maintain artificial
prices. but simply TO make arrange
ments by which temporary Interrupt
lion OF the market would be removed
and normal marketing conditions re-
stored"
The plan OF action finally arrived
It was adopted as more simple and
way of dealing with the
situation than the Cotton Loan Plan
" 1914 which had been suggested.
At the termination OF conference
between the Board and sub-commit-
go consisting OF bankers thoroughly
amiliar with the entire situation, the
3oard authorized the following state
nent:
"A wool grower may ship his w'o!
O one of the usual points OF dIs,ri'
,ution, obtaining from the railroad
bill OF lading for the shipment; the
ROVER may then draw draft
gainst this bank secured by. the bill
4 lading The Federal Reserve Act
uthorized any member bank, to ac-
ept draft secured In this manner at
he time OF acceptance, provided that
he draft natures In not more than
TX months from the time OF accept
nee. After acceptance such a draft
caring the endorsement OF a mem
er bank is eligible for rediscount or
urchase by Federal Reserve Bank,
CONTINUED on page FOUR