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and in good condition, from date of the passage of this rule, shall not be in excess of three-quarters (%) of 1 cent per bushel, for the first ten days or part thereof, and one-quarter 04) of 1 cent per bushel for each additional ten days or part thereof, so long as such grain or flax seed remains in good condition; and unless the proprietors or managers of such warehouse are in good financial standing and credit, and are carrying on and intend to continue to carry on the legitimate business of public warehousemen under the laws of the State of Illinois and in accordance with the Rules of the Board of Trade of the City of Chicago and the Regulations and Requirements of the Board of Directors and until the proprietors or managers of such warehouse shall file a bond with sufficient sureties in such sum and subject to such conditions as may be deemed necessary by the Board of Directors, under the Rules of the Board of Trade and the Regulations and Requirements of the Board of Directors in reference to warehouses.

And furthermore, the proprietors or managers of such warehouse shall be required to sell their regular contract grades of grain or Hax seed in the Chicago market only, and shall not ship any grain from any regular warehouse, of which they are proprietors or managers, except those grades which are denominated and understood to be " off grades"; provided, however, that the Board of Directors of the Board of Trade may, upon application, grant to such elevator proprietors or managers the privilege of shipping such quantity of grain from their elevators as will sufficiently relieve such elevators from being overloaded, or as will maintain the condition of such grain: and furthermore, the proprietors or managers of such warehouse shall be prohibited from buying grain at any non-competing points.

The chief inspector of grain of the State of Illinois may, upon supervising request of the Board of Directors of the Board of Trade, appoint a lnspectorsupervising inspector who shall so supervise the storage and distribution of grain and of ilax seed in such warehouse that no discrimination or selection can be made in the quality or grade of grain or (lax seed in the delivery of such grain or flax seed.

Warehouse receipts issued by warehouses so declared regular by Term for the Board of Directors shall be regular for delivery on contracts *hl'|l^I"ule under the Rules of the Board of Trade so long as the said warehouse shall continue to be a regular warehouse, but the term for which any warehouse is declared a regular warehouse to issue such receipts shall be limited to and expire on the first day of July in each year. No receipts issued on grain received in any warehouse shall be regular for delivery under the Rules of t he Board of Trade after that date unless the warehouse upon which it has been issued has again been declared a regular warehouse by the Board of Directors ; provided, however, that receipts issued before the first day of July by warehouses which have been regular warehouses during the preceding year, but which have not been declared regular for the succeed

ing year, shall be regular for delivery upon such contracts for six months after the first day of July; but nothing contained herein shall prevent the Board of Directors from declaring any warehouse, or the receipts thereof, irregular at any time for violation or noncompliance with the laws of the State of Illinois or any of the Rules of the Board of Trade or of the Regulations and Requirements of the Board of Directors.

Other storage room may be provided in case of necessity.

Provided, that the Board of Directors shall have power, when in their judgment an emergency exists requiring more storage room than can be supplied by the regular elevator warehouses, to declare any storehouses, vessels, or places suitable for the storage of grain or flax seed within the city limits—wherein the cost of delivery to vessels or railroad cars shall not be greater than such as is made by the regular elevators for the same service—to be regular places for the storage of grain deliverable under the Rules of the Board of Trade.

And provided further, that in case it shall happen that at any time there shall be no warehouses which shall be regular warehouses for the storage of grain and flax seed, then the Board of Directors may declare any warehouses suitable for the storage of grain or flax seed, whose aggregate capacity shall not exceed twelve million (12,000,000) bushels, regular warehouses for the storage of grain or flax seed, upon such terms and for such period as the Board of Directors in its discretion may deem necessary or proper, and the warehouse receipts issued by warehouses so declared regular under this proviso, shall be regular for delivery on contracts under the Rules of the Board of Trade, in the same manner as if issued by warehouses declared regular under the foregoing provisions of this section in regard to declaring warehouses regular for the term ending on the first day of July in each year.

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All complaints against elevator proprietors under this section shall be heard and decided by the Board of Directors of the Board of Trade of the City of Chicago.

Deliveries on time

contracts.

After II
o'clock In the
Exchange
Hall by
written notice.

Sec. 2. All deliveries of grain and liax seed in 1,000 and 5,000 bushel lots; of mess pork, lard, or s. p. hams in 50 and 250 package lots; or of meats in lots of 25,000 and 50,000 pounds in store, on time contracts, after 11 o'clock A. M., shall be made in the Exchange hall, or in such other place as may be designated by the Board of Directors, between the hours of 1:30 and 2 o'clock p. M., and shall be made by a notice in writing, which notice shall state on its face the place of business of its issuer. Such notice shall state in detail the warehouse receipts proposed to be delivered, and in the case of provisions in packages, or lard, the packer's brand, and the contract price on which delivery is proposed to be made, also the net cash value (deducting extra storage) of said property at the market price. At a stated hour each day it shall be the duty of the Secretary to post or cause to be posted, in a suitable place, the market price of such gram or provisions as are deliverable on time contracts. Such delivery Notice may notice may be passed from one purchaser to another, before 2 o'clock Smother?TM" i'. M., by indorsement thereon, by the seller, of the name of the party to whom it is to be delivered, together with the contract price at which the property is sold, and also the time at which the delivery is made. The first delivery of such notice shall be made before 1:35 o'clock p. M., and any party holding such notice longer than five minutes, as shown by the indorsements on same of the time of the previous delivery, shall not be permitted to deliver it. All delivery notices Notices to be issued under this Rule shall be consecutively numbered by the parties issuing them. Notice of readiness to deliver property as herein pro- sufficiency of vided, and all subsequent transfers of such notices, shall be deemed notice uid7 and held to be a valid and sufficient tender of property, on time con- Jo^?1""11 tracts, under the Kules of this Board of Trade, provided the property delivery, is actually delivered, or is shown to have been ready for delivery, in the manner and upon the terms herein provided. It shall be the I(})J"y1^(,be duty of the party regularly holding such notice at 2 o'clock P. M., to Sow. °r'an present) the same at the office of its issuer before 2:30 o'clock p. M., of the same day, together with a certified check on some Chicago bank, in good standing, or other satisfactory payment for the net amount due for the property represented by said notice at the market price; and upon tendering said notice, with payment, at the office of its issuer, the holder of said notice shall be entitled to receive the property represented by same. All differences due from or to parties to Differences in such delivery shall be paid upon the basis of a full delivery, and no Seavery' how more, and each purchaser receiving notice of delivery shall be responsible to the seller from whom the notice was received for the difference between the price actually paid for the property and their contract price. In cases where the seller's contract price is less than the price actually paid for the property, such seller shall be responsible to the purchaser to whom he delivered the notice, for the difference. All such differences shall be due and payable immedi- Differences, ately upon the delivery and payment for the actual property; it whenP»yul,,a being the duty of each person transferring the delivery notice to ascertain what price was actually paid for the property.

On the first business day of eacli month all deliveries on time Deliveries on contracts of the kinds of property mentioned in this section, if deliv- contracts, ered before 11 o'clock A. M., shall be delivered in the Exchange hall, Before n or such other place as may be designated by the Board of Directors, Rxi°iCangethe between the hours of 8:30 and 9:15 o'clock A. M., in the same manner "bitten and under the same regulations, except as hereinafter provided, as is o°"«sspecified for similar deliveries after 11 o'clock. The delivery notice shall be of the same form and character in all respects as that prescribed for deliveries between 1:30 and 2 o'clock, except that it shall state the net value (deducting extra storage) of the property at the closing market price on the last business day of the previous month, for the delivery on which the property is tendered, which price shall be posted on the bulletin board of the settlement room immediately after the close of the market. The first delivery of the notice shall deltvery.

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not be later than 8:35 o'clock, and it shall be the duty of the party regularly holding such notice at 9:15 o'clock to present the same at the office of its issuer before 11:00 o'clock A. M. of the same day, together with a certified check on some Chicago bank, in good standing, or other satisfactory payment, for the net amount due for the property represented by said notice, as hereinbefore provided, and upon tendering said notice with payment at the office of the issuer, the holder of such notice shall be entitled to receive the property represented by the same.

All differences between the price paid for the property and any contract prices involved in its delivery, due to or from parties to such delivery, shall be adjusted and paid in the same manner and with the same liabilities as in the case of delivery made under this section between 1:30 and 2 o'clock r. M. In case property represented by either of the delivery notices mentioned in this section is not called and paid for as herein provided, it may be held by the issuer of the notice, for and at the expense for storage, interest, insurance, or other risk of the party whom it may concern, until 12 o'clock jr. of the next business day, at which time it shall be sold in open market for account of whom it may concern; or it may be sold, if the notice was delivered before 9:15 o'clock A. M., at any time between 12:30 o'clock p. M. of that day and 12 o'clock M. of the next business day. If the notice was delivered between 1:30 and 2 o'clock p. M., it may be sold at any time between the beginning of trading hours and 12 o'clock M. of the next business day. The party holding the property shall, however, notify the party to whom he delivered the original delivery notice, before 2 o'clock of the same day, of the default, if the delivery notice was delivered before 9:15 o'clock A. M., or before 4 o'clock p. M., if the delivery notice was delivered between 1:30 o'clock and 2 o'clock p. M.—such notice of default to be in writing; and each purchaser receiving said notice of default shall in turn deliver the same, without delay, to the party to whom he passed the original notice of proposed delivery. All expense and risk of carrying property defaulted on, including a commission of onequarter of one cent per bushel on grain, and one-quarter of one per cent, on the market value of provisions, shall be payable to the party required to make resale, by the party to whom he had the property sold, he to be reimbursed by the one to whorn he delivered the notice of delivery, and so on until it is finally paid by the party in defaultAnd in case of such default and resale of property, all differences shall be adjusted, as hereinbefore provided, on the basis of the price at which the property shall have been resold. All parties having property-due them on time sales shall be present, or shall be represented by an authorized employe, in the Exchange hall, or such other place as may be designated by the Board of Directors, between the hours of 1:30 and 2 o'clock p. M. of each business day, and on days when the Board adjourns at 12 o'clock M., between the hours of 12:15 and 12:45 o'clock P. M., and on the first business day of each month between the hours of 8:30 and 9:15 o'clock A. M.; and admission to the Exchange hall, or such other place

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as may be designated by the Board of Directors, shall be denied all parties after 1:30, 12:15 or 8:30 o'clock, as the case may be. A.ny property which cannot be delivered, owing to the absence of the J^fPfJJa °°* buyer from the Exchange hall, or such other place as the Directors reason of may have designated for the purpose of delivery, may be sold out by purchaser, the party having same sold to such absentee, as hereinbefore provided o°.w <""posed in cases of default; all expenses and risk of carrying the property, commissions, etc., shall be paid by the absentee, the same as in case of default; provided, however, such property shall not be sold until the absentee has had notice in writing, either delivered to him in person, to his business representative, at his place of business, or left at the Secretary's office in case he has no regular place of business, that the property was ready for delivery under this Kule on his contract. In F»jm notice, case it should appear on complaint duly made to the Board of punishable. Directors that any member has been guilty of issuing a notice of readiness to deliver property as herein provided, who had not the property mentioned in such notice in his control or possession at the time of issuing such notice, or, having issued such notice, shall thereafter dispose of the property, except as herein provided, or who refuses to deliver up such property when demanded, as provided for under this Bule, such party shall be deemed guilty of gross fraud, and may be suspended or expelled from membership in the Association, under the provisions of Rule IV.

Provided, however, that upon days when the Board adjourns at rimoof first 12 o'clock M. all deliveries herein provided to be made between the nottce'on0' hours of 1:30 and 2 o'clock p. 3t. shall be made between the hours of f j5;,8^ 12:15 and 12:45 p. M., and upon such days the time for the first •""> August delivery of the notice in regard to such afternoon deliveries hereinbefore provided for shall be made before 12-20 p. M., and the time when the endorsement thereof shall cease, the time for the presentation of such notice at the office of its issuer and the time for payment for the property represented by such notice shall be one hour and fifteen minutes earlier than on other days in the year.

Sec. 3. The Board of Directors may prescribe all necessary regu- Directors lations and requirements for warehousing all kinds of property (other other"TM"0'"* than grain) deliverable by warehouse receipts. KtSmoL.

Sec. 4. It shall be the duty ;of the Board of Directors, under Jg^jw^ this Bule, to publish annually, oroftener if necessary, by posting on warehouses, the bulletin of the Exchange, the names of all elevators and other warehouses conforming in all respects to prescribed requirements of £^l"^riMeB said Board; and to report immediately to the Association, by posting as above, any irregularity in the management of such elevators or warehouses, or any fact calculated to discredit or impair the value of warehouse receipts of any such elevators or warehouses, as the same shall come to their knowledge.

Sec. 5. All warehouse receipts for property tendered or deliv- gjwj^ ered on contracts shall be for quantities or parcels, in the aggregate, as sold, accompanied by a memorandum of the property delivered, with the price of the same, together with the amount due therefor; provided, on all time contracts of five thousand (5,000) bushels of of gram

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