Page:United States Statutes at Large Volume 39 Part 1.djvu/498

 SIXTY—FOURTH CONGRESS. Sess. I. Ch. 313. 1916. 477 fifth subdivision of this section, the price er pound at which the cotton of such basis grade is contracted to be bought or sold, the date when the purchase or sale was made, and the month or months in which the contract is to be fulfilled or settled: Promkied, That middling i’iiii°iiiiig ampm shall be deemed the basis grade incorporated into the contract if no ""°°° “°""°°‘°°d‘ other basis grade be specified either in the contract or in the memo- » randum evi encing the same. "Third. Provide that the cotton dealt with therein or delivered Stf,,%§,.§1§§,{',,§f’ °' thereunder shall be of or within the grades for which standards are estabhshed by the Secretary of Agriculture except grades prohibited from being delivered on a contract made under this section by the fifth subdivision of this section and no other grade or grades. _ "Fourth. Provide that in case cotton of grade other than the basis ,,,{m}’,Y{,'§.°°°,,,,”l{1,‘°",l?,,'§,f§ grgde be tendered or delivered in settlement of such contract, the *'°°*°‘“°'· ` erences above or below the contract price which the receiver shall pay for suclaxgrades other than the basis grade shall be the actual commercial erences, determined as hereinafter provided. "Fifth. Provide that cotton that, because o the presence of ,,,*,§‘;f,,‘g°;*,g,,’{'°' P’°· extraneous matter of any character or  or defects, is D¤¤¤1¤¤¢¤i=l¤¤i¤¤. reduced in value below that of Good Ordinary, or cotton that is below the Iggade of Good Ordinary, or, if tinged, cotton that is below the ade of w Middling, or, if stained cotton that is below the graille of Middlirig, the grades mentioned  of the official cotton standards of the nited tates, or cotton that is less than seven-eighths of an inch in length of staple, or cotton of perished staple or 0 immature staple or cotton that is ‘gin cut’ or reginned, or cotton that is ‘repaclred’ or ‘false packed’ or ‘mixed 1packed’ or ‘water packed,’ shall not be delivered on, under, or in sett ement of such contract. " Sixth. Provide that all tenders of cotton imder such contract ,,,F,g‘,‘},,,,',{‘,’jf‘*·°‘°-·'° shall be the full number of bales involved therein except that such variations of the number of bales may be (permitted as is necessary to bring the total weight of the cotton ten ered within the provisions of the contract as to weight; that, on the fifth business dag prior to N°“°° °“°“d°’· delivery, the person maiing the tender shall `ve to the person Umm to ud m receiving the same written notice of the date of d$very, and that, on °° ° °° " or prior to the date so fixed for delivery, and in advance of final settlement of the contract, the person making the tender shall fumish to the person receiving the same a written notice or certificate stating the grade of each in vidual bale to be delivered and, by means 0 mar or numbers, identifying each bale with its Qade. ‘ ‘Seventh. Provide that, in case a dispute arises etween the person S,§§"‘:,““§,?°,,,',§,,“§ making the tender and the person receiving the same, as to the classi· §£,{$¤¤‘•¢•¤¥¤¢A•· iication of any cotton tendered under the contract, either party may refer the question of the true classification of said cotton to the Secretary of Agriculture for determination, and that such dispute shall be referred and determined, and the costs thereof fixed, assessed, colleoged, apd paid in such) mannerbazrédbin gccgcrdarzce wiph suchdplirles an regu ations as may e rescri y the cre ary 0 Agric ure. _ "The provisions of the third, fourth, fifth, sigcth, and seventh sub- t,,‘},,°°,°,§’,,§“,*,L°§_°'°°“dl divisions of this section shall be deemed fully incorporated mto any such contract if there be written or printed thereon, or on the memorandum evidencing the same, at or prior to the time the same is signed, the phrase ‘Subject to United States cotton futures Act, section five! ,,,6,,,,,, “Tll6 Secretary of _Agriculture is authorized to prescribe rules and mg§;°1§,Jg$,d regulations for carrying out the purposes_of the seventh subdivision Em 0, ,,,,,,,],,4,,,,,, of this section, and his findings, upon any dispute referred to him under mms said seventh subdivision, made after the parties in interest have had 8H opportunity to be heard by him or such officer, officers, agent, or agents of the Department of Agriculture as he may designate, shall be accepted in the courts of United States in all suits be-