Bankruptcy Law In Effect

Yashington, Aug. 2. - Aug. 1 was the date set for the new bankruptcy law to go into effect, but on account of an oversight on the part of the framers of the law it is not expected there will be any important business under the new law before Nov. 1. The law provides that the United States supreme court shall frame rules for proceedings in bankruptcy, but as the supreme court had already adjourned when the measure was passed and does not reassembie until October, no rules, forms and orders for procedure can be issued by the court until it reconvenes, The law also provides that petitions for voluntary bankruptcy shall not be filed until after the expiration of thirty days, and petitions for involuntary bankruptcy until the expiration of four months, so that there will be little business done under the new law until November. The district courts, however, have been empowered in case the necessity arises before October to make their own forms and rules of procedure, which will have a binding" force and effect until the supreme court meets. It is not expected, though, that the district courts will take such a course to any great extent, owing to the future complications likely to arise.