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FEDERAL
VOLUME 3

i/A/ITED
1934

REGSTER
NUMBER 129

Washington, Saturday, July 2, 1938
Rules , Regulations , Orders TITLE ftAGRICULTURAL CREDIT
COM M ODITY CRED IT CORPO
R A TIO N
1938 Wool Circular Letter No. 3

1938 W

ool and
M o hair L oan P rogram
AMENDMENT TO INSTRUCTIONS

J u n e 17, 1938.
The instructions 1938 CCC Wool Form 1 issued by Commodity Credit Corporation for the 1938 wool and mo hair loan program1 are hereby amended to provide for the making of loans and the purchase of eligible paper secured by pooled, graded wool in lines.
The following definition is added to Section 1 of the Instructions:

f Graded wool pooh Any informal pool of graded wool delivered by two or more producers of wool which is repre sented by a dealer or others acting as a borrowing or selling representative or agent for such producers pursuant to Producers Authority to Pool and Grade 1938 CCC Wool Form L
The following forms are approved and available for use in connection with loans made and eligible paper purchased by Commodity Credit Corporation and secured by pooled, graded wool in lines:
Producers Authority to Grade and Pool 1938 CCC Wool Form L , Graded Wool Note 1938 CCC Wool Form M
Section 10 of the instructions is hereby amended by adding thereto a paragraph as follows:
Producers may also join with other producers to form informal graded wool pools for the purpose of obtaining loans from Commodity Credit Corporation upon the security of pooled, graded wool in lines. The representative of such in formal graded wool pools must obtain authority from the producers for the 13 F. R. 1181 DI.

pooling, grading and the pledging thereof to Commodity Credit Corporation on a Producers Authority to Pool and Grade 1938 CCC Wool Form L . Under this arrangement the representative will exe cute the note 1938 CCC Wool Form M
evidencing the advance and pledging the graded wool without further liability on the part of such representative to Com modity Credit Corporation except in case of fraud or misrepresentation or the failure of the representative to comply with the terms of the Producers Author ities to Grade and Pool 1938 CCC Wool Form L . Dealers or others may act as representatives of graded wool pools.
Commodity Credit Corporation will not accept notes on 1938 CCC Wool Form M
which were originally secured by less than 75,000 pounds of graded wool in any one line or when the range of shrinkage in any pile exceeds four per cent. Such notes may be made payable to Commodity Credit Corporation and submitted immediately after appraisal with a Lending Agencys Letter of Trans mittal 1938 CCC Wool Form F in j which case no allowance for interest will be made by Commodity Credit Corpora tion. However, if the representative of the graded wool pool has executed a Contract to Purchase 1938 CCC Wool Form H allowance will be made by Commodity Credit Corporation for inter est from the date of the note in accord ance with the terms of the Contract to Purchase. Such notes on 1938 CCC Wool Form M may be endorsed without re course by the lending agencies tendering same.
It is suggested that the representatives of such pools should arrange for the is suance o f warehouse receipts on the basis of not more than 50,000 pounds of graded wool to each receipt, provided all the wool in the graded pile is pledged as security to one note. This will greatly aid in the partial release of such graded wool on a warehouse receipt basis. All the wool in the pool may be pledged as se curity to one note or a separate note may be used for the graded wool in each line subject to the minimum quantity noted
CONTENTS
RULES, REGULATIONS, ORDERS
T it l e 6 A gr icultural C r e d it :

- Commodity Credit Corporation: Page Wool and mohair loan pro gram, 1938, instructions amended________________ 1617
T itle 7 A griculture :
Bureau of Entomology and Plant Quarantine:
Cotton regulations modified__1618
Farm Security Administration:
Emergency Relief Appropria tion Act of 1938, applica bility of orders,rules, etc_ 1619
T it l e 12 B a n k in g and C re d it :
Comptroller of the Currency:
Investment securities regula tion______________________ 1619
T it l e 25 I n d ia n s :
Pueblo Indian lands benefited by irrigation and drainage works, Middle Rio Grande Conservancy District, N.
M e x _______________________ 1620
T it l e 42 P u b l ic H e alth , W e l
fare and
E d u c a t io n :

Public Health Service:
Arsphenamine, control of manufacture, etc., off____
T it l e 45 S e cur it ies and E x

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changes:

Securities and Exchange Com mission:
Public Utility Holding Com pany Act, adoption of Rule U -6 B -2 ______ ,_____
Securities Exchange Act, Rule X-G B 4 amended________
T it l e 49 T ranspor tatio n R ailr o a d s :

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and
Interstate Commerce Commis sion:
Transportation of explosives, etc.; tank-car fabrication for butyraldéhyde_______
Continued on next page
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