Page:United States Statutes at Large Volume 38 Part 1.djvu/714

 SIXTY·THIRD CONGRESS. Sess. II. Ch. 255. 1914. 695 The Secretary of Agriculture is authorized to rescribe rules and R“l°¤’°' d°°*‘=*¤·*¤· regulations for carplying out the purposes of the eleventh subdivision mgdmputss _ of this section, an his findings, upon any dispute referred to him s..ii§?°t° msu under said seventh subdivision made after the parties in interest have had an opportunity)to be heard by him or such officer, officers, agent, or agents of the e&artment of Agriculture as he may designate, shall be accepted in e courts of the United States in all suits between such parties, or their privies, as prima facie evidence of the true quality, or igrade, or lengt of staple, of the cotton involved. Dmmmamm M Sec. 6. hat or the piuposes of section five of this Act the differ- emu-ms or 1>r1¤¤¤- ences above or below the contract price which the receiver shall pay for cotton of grades above or below the basis de in the settlement rmm spot cotta: of a contract of sale for the future delivery oglcsotton shall be deter- §,°vlg°ry*{* m°'k°* °‘ °*’* mined by the actual commercial differences in value thereof u on the sixth business day prior to the day fixed, in accordance with tdb sixth subdivision of section five, for the deliverii of cotton on the contract, established by the sale of spot cotton in e market where the future transaction involved occurs and is consummated if such market be a F tn bona fide spot market· and in the event there be no bona Bde spot spe? r$:1i:i;°° ° v° market at or in the place in which such future transaction occurs, then, and in that case, the said differences above or below the contract price which the receiver shall ppg for cotton above or below the basis grade shall be determined by e average actual commercial differences in value thereof, upon•the sixth business day prior to the day Exed, in accordance with the sixth subdivision of section live, for the delivery of cotton on the contract, in the spot markets of not less than five places designated for the piupose from time to time bg the Secretary of Agriculture as such values were established by the sales of ,,m,,_,,,,_ spot cotton, in such designated five or more markets: Promded, That sgnigaus mw ¤¤ · for the purposes of this section such values in the said spot markets md°°' be base upon the standards for grades of cotton established by the nmmmsuen tau Secretary of Agriculture: And provided further, That whenever the mg? °” °°°“*°' value of one grade is to be determined from the sale or sales of spot cotton of another grade or grades, such value shall be fixed in accordance witgi rtiilesscandtmguftgelns Shich shall be prescribed for the ur ose e cre ary o me ture. P Sliic. 7. Xl`hat for the purposes of this Act the only markets which dnmst-31ikm to N shall be considered bona fide spot markets shall be those which the Secretary of Agriculture shall, rom time to time, after investigation, determine and designate to be such, and of which he shall give public Hotli-79- Bona Bde spot mar- Sec. 8. That in determining, (pursuant to the provisions of this kggémods 0, dm Act, what markets are bona H e spot markets, the Secretary of mmm;. Agriculture is directed to consider on {markets in which spot cotton is sold in such volume and under suc conditions as customarily to reflect accurately the value of middling cotton and the differences between the prices or values of middling cotton and of other grades of cotton for which standards shall have been establisheduléy the PWM Secretary of Agriculture: Provided, That if there be not s cient Fixing grsdsvsiusgé places, in the markets of which are made bona tide sales of spot g,,§§§,,_,‘§f‘"‘°“ “ cotton of igrades for which standards are established by the Secretary of Agricu ture, to enable him to designate at least five spot markets in accordance with section six of this Act, he shall, from data as_to spot sales collected by him, make rules and regulations for determining the actual commercial differences in the value of spot cotton of the grades established léy him as reflected by bona fide sales of spot cotton, of the same or iiferent grades, in the markets selected and designated by him, from time to time, for that purpose, and m that event, differences in value of cotton of various grades involved in