Book excerpt: Excerpt from Trading in Wool Top Futures Wool which has been scoured, carded, and combed in preparation for spinning into worsted yarn is known as wool tops. Trading 111 wool tops for future delivery was inaugurated by the Wool Associates of the New York Cotton Exchange in May 1931. By an act of Con gress approved April 7, 1938, the provisions of the Commodity Exchange Act were made applicable to wool tops. This act, the basic part of which has been in force since 1922, provides Federal regulation and supervision of futures trading on commodity exchanges in certain specified commodities.2 It is administered by the Commodity Exchange Administration under the direction of the Secretary of Agriculture. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.