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 in wool tops for future delivery was inaugurated by the Wool Associates of the New York Cotton Exchange in May 1931. By an act of Congress 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. It is administered by the Commodity Exchange Administration under the direction of the Secretary of Agriculture. The present report is devoted to an examination of futures trading on the New York Wool Top Exchange, known officially as the Wool Associates of the New York Cotton Exchange, Inc.