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Senate Passes Cotton Futures Bill to Standardize Grades
Senator Hoke Smith urged adoption of the conference report on the cotton futures bill. The act aims to regulate futures trading nationwide, standardize cotton grades under official U S standards, and require exchanges to trade only compliant cotton. Penalties apply for noncompliant contracts. The secretary of agriculture may set and revise standards, with protections against rapid changes. Smith criticizes the New York Cotton Exchange for manipulating prices and harming southern growers, outlining how futures contracts have misrepresented actual cotton quality and value.
MENTIONED IN THIS ARTICLE
John Corrigan
Washington
Hoke Smith
Senate
House
United States
Department of Agriculture
Secretary of Agriculture
Hoke Smith Lymins BI
New York Cotton Exchange
New Cotton Exchange
England
Europe
Japan
China
Bayers
New York Cotton, Exchange
Department of Commerce
Exchange
New York Cution Exchange
New York
Cotton Exchange
Newark Cab For Exchange
York
Calton
Cotten Exchange
Nerth
Department of Iariculture
South
Stern
State of