Page:United States Statutes at Large Volume 42 Part 1.djvu/1027

 srxrrsnvnurn couonnss. sms. rr. ou. see. 1922. 999 District of Columbia, and any place outside thereof; or between points within the same State, Territory, or ossession, or the District of Columbia, but through any place outside thereof, or within any Territo or possession, or the District of Columbia. (lii1_For the purposes of this Act (but not in any wise limiting the s,}`,,‘;*d“§,{°*;,‘;";‘,’,;,,c,6§°; foregoing definition of interstate commerce) a transaction in respect interstate w¤¤¤¤r¤¤. to any article shall be considered to be in interstate commerce if such article is part of that current of commerce usual in the grain trade whereby gain and grain products and by-products thereof are sent from one tate with the expectation that they will end their transit, after purchase, in another, including, in addition to cases within the above glelneral description, all cases where purchase or sale is either for s `pment to another State, or for manufacture within the State and the shipment outside the State of the products resulting from such manufacture. Articles normally in such crurent of commerce shall not be considered out of such commerce through resort being had to any means or device intended to remove transactions in respect thereto from the provisions of this Act. For the ,, é1`¤rr¤t9ryi¤¤¤¤d¤dby _Brgpose of this paragraph the word "State" includes Territory, the m°` trict of Columbia, possession of the United States, and foreign nation. Sec. 3. Transactions in ain involving the sale thereof for future i,,£,,°§§’{”°§‘,§'§c‘§§§“°,?§ delivery as commonly congircted on boards of trade and known as g*t°gu<;gr*;°g;g;g**¤d¤ "futu.res" are affected with a national public interest; that such v¤1ume or gsm. transactions are carried on in large volume by the public generally '”°“" and by persons engagied in the business of buying and selling grain and the products an by-products thereof in interstate commerce; _ _ that the prices involved in such transactions are generally quoted p §.,§§‘§,°‘§,,°§ and disseminated throughout the United States an in foreign cormtries as a basis for determinirgg the prices to the producer and the consumer of grain and the gr ucts and by-products thereof and to facilitate the movements thereof in interstate commerce; that such Mm}? mmm transactions are utilized by shippers, dealers, millers, and others ` engaged in handling grain and the products and b —products thereof in interstate commerce as a means of hedging themselves against S N possible loss through fluctuations in (price; t at the transactions and ;,,f{Z°X$"m§§§S§,°$YQ prices of grain on such boards of tra e are susceptible to ?eculation, §;*§{}’§g°,f;· ,g';g;s,g}’,; manipulation, and control, and sudden or unreasonable uctuations wwwin the prices thereof frequently occur as a result of such speculation, manipulation, or contro, which are detrimental to the producer or the consumer and the persons handling grain and products and by- products thereof in interstate commerce, and that such fluctuations ui prices are an obstruction to and a burden upon mterstate commerce in grain and the products and by-products thereof and render regulation imperative for the protection of such commerce and the national public interest therein. Sec. 4. It shall be unlawful for any person to deliver for transmis- sa,(§fjg'*g*;g,¤°°gg,{,*}*_j{m°; sion through the mails or in interstate commerce by tel?raph, tele- delivery, imnwrur. phone, wireless, or other means of communication any 0 er to make or execute, or any confirmation of the execution of, or any quotation or report of the price of, any contract of sale of for future delivery on or subject to the rules of any board o trade ru the United States, or for an person to make or execute such contract of sale, UM I which is or may lie used for (a) hedging any transaction in interstate ,,,1,,,, ,,m§f,.,,l,§§?,€§f; commerce in rain or the products or by-products thereof, or (b) g,gni¢2é;ef¤ i¤t¢¤t¤t¤ determining the price basis of any such transaction m interstate commerce, or (c) delivering-\§1ain sold, shipped, or received in inter- Em,p,_,,,,,s_ state commerce for the ful ent thereof, exce   H sm h ml (a) Where the seller is at the time of the making of such contract 0,,,,,,, ,,,°'g,,,§.,,§$f,m_ the owner of the actual physical property covered thereby, or is the