COTTON FUTURES 
381 
Sec. 8. [Amended by sec. 6, act of March }, 1919 (40 739 
Stat., 1350).] That in determining, pursuant to the pro- maoona bind 
visions of this act, what markets are bona fide spot mar- determining 
kets, the Secretary of Agriculture is directed to consider 
only markets in which spot cotton is sold in such volume 
and under such conditions as customarily to reflect ac- 
curately the value of middling cotton and the differences 
between the prices or values of middling cotton and of 
other grades of cotton for which standards shall have been 
established by the Secretary of Agriculture: Provided, 
That if there be not sufficient places, in the markets of 
which are made bona fide sales of spot cotton of grades 
for which standards are established by the Secretary of 
Agriculture, to enable him to designate at least five spot 
markets in accordance with section six of this act, he 
shall, from data as to spot sales collected by him, make 
rules and regulations for determining the actual commer- 
cial differences in the value of spot cotton of the grades 
established by him as reflected by bona fide sales of spot 
cotton, of the same or different grades, in the markets 
selected and designated by him, from time to time, for 
that purpose, and in that event, differences in value of 
cotton of various grades involved in contracts made pur- 
suant to section five of this act shall be determined in 
compliance with such rules and regulations: Provided 
further, That it shall be the duty of any person engaged Dealers in cot. 
in the business of dealing in cotton, when requested by the Sections. eer 
Secretary of Agriculture or any agent acting under his 
instructions, to answer correctly to the best of his knowl- 
edge, under oath or otherwise, all questions touching his 
knowledge of the number of bales, the classification, the 
price or bona fide price offered, and other terms of pur- 
chase or sale, of any cotton involved in any transaction 
participated in by him, or to produce all books, letters, 
papers, or documents in his possession or under his control 
relating to such matter. Any such person who shall. Penalty for re. 
vithin a reasonable time prescribed by the Secretary of = 
Agriculture or such agent, willfully fail or refuse to 
answer such questions or to produce such books, letters, 
papers, or documents, or who shall willfully give any 
answer that is false or misleading, shall be guilty of a 
misdemeanor, and upon conviction thereof shall be pun- 
shed by a fine not exceeding $500. 
The last proviso was added by section 6. act of March 4. 
(919 (40 Stat., 1352). 
Sec. 9. That the Secretary of Agriculture is author- 740 
zed, from time to time, to establish and promulgate’, Uotten stand 
standards of cotton by which its quality or value may be ment and) promal. 
judged or determined, including its grade, length of Spon’ official 
staple, strength of staple, color, and such other qualities, of the United 
properties, and conditions as mav be standardized in States. 
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