BUREAU OF MARKETS. 455 



As tlie amendments to the cotton futures act became effective on 

 March 4, 1919, the date of their enactment, there was some un- 

 avoidable dehiy and inconvenience both to the trade and the Gov- 

 ernment in the execution of their provisions. The delay in begin- 

 ning actual classification of cotton at the New York and Nev/ 

 Orleans Exchanges occasioned by the necessity for providing an 

 organization and the time required for drafting regulations for 

 this work, however, was not considerable, and only slight incon- 

 venience was caused to the cotton trade with respect to deliveries of 

 cotton on contracts entered into after March 4. Conferences were 

 held with members of the two future exchanges, temporary regula- 

 tions Avere adopted, and classification was begun at New Orleans 

 on jMarch 24. Classification for New York began on April 4. Ap- 

 proximately 30,000 bales were classed in New York during April 

 and May for delivery on May contracts and the work was satis- 

 factorily performed with no further delay to the trade. Final 

 regulations governing the classification of cotton for future delivery 

 under section 5 of the cotton futures act were ado])ted by the Sec- 

 retary on May 20, 1919, and became effective immediately. 



Cotton classed to June 30 in New York amounted to 37,354 bales ; 

 in New Orleans, G,741 bales. 



Owing to the congestion at the warehouses in New Orleans, de- 

 livery of spot cotton on future contracts has been considerably less 

 than normal. 



PREPARATION AND DFSTRIBUTIOX OF OFFICIAL COTTON STANDARDS. 



During the greater part of the fiscal year this work was super- 

 vised by Mr. Fred Tavlor. and after his resignation by Mr. D. E. 

 Earle. 



Since the standards for grade of upland cotton were promul- 

 gated in 1914, and up to June 30, 1919, 1,145 full white and colored 

 sets and 29G fractional colored sets were sold. On August 1, 1918, 

 the price of each box of all grade standards was advanced from 

 $2.50 to $5 on account of increased cost of labor, material, and trans- 

 portation. Every important cotton exchange and spot market in 

 the United States has adopted these standards and uses them as a 

 basis of daily quotations. 



Official cotton standards for American-Egyptian and Sea Island 

 cottons and standards for length of staple were established and 

 proundgated effective October 25, 1918. Thirty-four full sets and 

 one fractional set of American-Egyptian grade standards, four full 

 sets of American Sea Island standards, and 72 sets of the standards 

 for length of staple have been sold to the trade since their promulga- 

 tion. A method of pulling staple has been devised and recommended 

 for adoption by the trade. 



During the fiscal year ending June 30, 1919, $37,810.71 was cov- 

 ered into the Treasury as miscellaneous receipts — $31,987.71 from 

 the sale of miscellaneous and rejected cotton ancl $5,853 from the sale 

 and revision of copies of the standards. 



ENFORCEMENT OF THE UNITED STATES GRAIN STANDARDS ACT. 



The enforcement of the United States grain standards act Avas 

 carried out in its third year under the direction of Mv. Georgo 

 Livingston. 



