HEARINGS BEFORE THE A BILL FOR THE PREVENTION AND REMOVAL OF OBSTRUCTIONS AND BURDENS UPON INTERSTATE COMMERCE IN COTTONSEED OIL BY REGULATING COTTONSEED OIL FUTURES TUESDAY, MAY 18, 1926 UNITED STATES SENATE, COMMITTEE ON AGRICULTURE AND FORESTRY, Washington, D. C. The committee met, pursuant to call, at 10.30 o'clock a. m., in room 326, Senate Office Building, Senator George W. Norris presiding. Present: Senators Norris (chairman), Gooding, Ransdell, Kendrick, Heflin, Caraway, Ferris, and Mayfield. The CHAIRMAN. The committee will take up this morning Senate bill 4208, to regulate transactions in cottonseed oil on future exchanges, introduced by Senator Mayfield. (The bill is here presented in full as follows:) [S. 4208, Sixty-ninth Congress, first session.] A BILL For the prevention and removal of obstructions and burdens upon interstate commerce in cottonseed oil by regulating transactions on future exchanges, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this act shall be know by the short title of "The cottonseed oil futures act." SEC. 2. (a) For the purposes of this act "contract of sale" shall be held to include sales, agreements of sales, and agreements to sell. The word "person shall be construed to import the plural or singular, and shall include individuals, associations, partnerships, corporations, and trusts. The words "cottonseed oil" shall be construed to mean the oil extracted from cottonseed by pressure or otherwise, either crude or refined. The term "future delivery" as used herein, shall not include any cash or spot sale of cottonseed oil for deferred shipment or delivery. The word "exchange" shall be held to include and mean any exchange or association, whether incorporated or unincorporated, of persons who shall be engaged in the business of buying or selling cottonseed oil or receiving the same for sale or consignment. The act, omission, or failure of any official, agent, or other person acting for any individual, association, partnership, corporation, or trust within the scope of his employment or office shall be deemed the act, omission or failure of such individual, association, partnership, corporation, or trust, as well as of such official, agent, or other person. The words "interstate commerce" shall be construed to mean commerce between any State, Territory, or possession, or the District of Columbia, and any place outside thereof; or between points within the same State, Territory, or possession, or the District of Columbia, but through any place outside thereof, or within any Territory or possession, or the District of Columbia. (b) For the purposes of this act (but not in anywise limiting the foregoing definition of interstate commerce) a transaction in respect to any cottonseed oil shall be considered to be in interstate commerce if such cottonseed oil is part of that current of commerce usual in the trade whereby cottonseed oil is sent from one State with the expectation that it will end its transit, after purchase, in another, including, in addition to the cases within the above general description, all cases where purchase or sale is either for shipment to another State or for manufacture within the State and the shipment outside the State of the products resulting from such manufacture. Cottonseed oil normally in such current 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 purpose of this paragraph, the word "State" includes Territory, the District of Columbia, possession of the United States, and foreign nation. 1 |