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paid for, and

how.

[RULE XXI.}

Property to be 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.

Differences in prices of delivery, how adjusted.

Charges.

When sale to be made.

Notice of

default to be given.

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 P. 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 M. 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 м. 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 whom he delivered the notice of delivery, and so on until it is finally paid by the party in default. And 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 reprerepresented in sented 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

Charges on default in receiving

rty, paid.

Parties entitled to receive property to be

the Exchange hall.

[RULE XXI.]

delivered by

absence of

how disposed

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. Any property which cannot be delivered, owing to the absence of the Property not 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 b 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 Rule on his contract. In False 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 Rule, 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.

how

Provided, however, that upon days when the Board adjourns at Time of first 12 o'clock M. all deliveries herein provided to be made between the delivery of notice on hours of 1:30 and 2 o'clock P. M. shall be made between the hours of Saturdays during July 12:15 and 12:45 P. M., and upon such days the time for the first and 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.

may prescribe

SEC. 3. The Board of Directors may prescribe all necessary regu- Directors lations and requirements for warehousing all kinds of property (other other than grain) deliverable by warehouse receipts.

warehouse regulations.

elevators and

irregularities.

SEC. 4. It shall be the duty of the Board of Directors, under Posting this Rule, to publish annually, or oftener 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 Posting 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.

tenders

SEC. 5. All warehouse receipts for property tendered or deliv- Proper 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 grain

Of mess pork, hams or lard.

Meats.

Of grain, flax seed.

Of mess pork hams or lard.

Meats.

Variation affecting delivery.

Flax seed.

Registrar of

flax seed. appointment of and duties defined.

Regular warehouse receipts for nax seed

and canceled.

RULE XXI.1

grain or flax seed, or any multiple thereof, deliveries shall be made in lots of five thousand (5,000) bushels; and on all time contracts for mess pork, sweet pickled hams, or lard, for two hundred and fifty (250) packages, or any multiple thereof, deliveries shall be made in lots of two hundred and fifty (250) packages; and on all time contracts for fifty thousand (50,000) pounds of meats, or any multiple thereof, deliveries shall be made in lots of fifty thousand (50,000) pounds; and on all time contracts for one thousand (1,000) bushels of grain or flax seed, or any multiple thereof, except as provided above, deliveries shall be made in lots of one thousand (1,000) bushels; and on all time contracts for mess pork, sweet pickled hams, or lard, for fifty (50) packages, or any multiple thereof, except as provided above, deliveries shall be made in lots of fifty (50) packages; and on all time contracts for twenty-five thousand (25,000) pounds of meats, or any multiple thereof, except as provided above, deliveries shall be made in lots of twenty-five thousand (25,000) pounds; a variation, however, of one per cent. in the quantity of grain or flax seed delivered, and that contracted for, shall not vitiate a tender or delivery. Any excess or deficit within the above limits shall be settled for at the current market.

SEC. 6. All sales of flax seed, unless otherwise agreed, are made upon the basis of pure seed, that is: Seed tendered or delivered on contracts may carry impurity or foreign matter, but must contain the sale quantity of pure seed, and for such pure seed only shall payment be required.

The Board of Directors shall also appoint a competent person as Registrar of flax seed, whose duty it shall be to provide and cause to be kept suitable books, in which shall be registered all warehouse receipts for flax seed issued as "regular," or for "regular delivery" of such property under the rules of the Board of Trade; such receipts, after being so registered, shall be stamped or written across their how registered face the word "Registered," and the date of such registry, and signed, in writing, by the said Registrar, or some person duly authorized by him for that service. All such warehouse receipts issued from or by each warehouse, or other place of storage, shall be consecutively numbered, and no receipts of duplicate numbers issued from the same place of storage shall be registered. No second warehouse receipt for the same property shall be registered unless the original is presented at the time and its registration canceled by the Registrar.

No property shall be removed from the place of storage indicated by any registered receipt issued to represent it, until the registration of such receipt has first been canceled in the office of the Registrar of flax seed, by writing or stamping across its face the words "Registration canceled."

[RULES XXI-XXII.]

SEC. 7. No warehouse receipts for flax seed shall be registered Warehouse receipts for except such as have been issued by or from a warehouse or place of flax seedissued only by storage declared to be a regular warehouse for the storage of such regular property by the Board of Directors of the Board of Trade.

RULE XXII.

RIGHTS OF PARTIES ON CONTRACTS.

warehouse.

buyer's

time.

deliverable.

SECTION 1. On time contracts made between members of the ContractsAssociation, where property is bought, deliverable on the buyer's demand as to demand within a specified time, the time of delivery shall be as follows: When demand for the property is made by the buyer before 12 o'clock M., the property shall be due and deliverable before 2 o'clock P. M. same day. When the demand is made after 12 o'clock M., the When property shall be due and deliverable before 2 o'clock same day, or before 11 o'clock A. M. next day. Or the buyer may specify any particular future day during the time when the property is deliverable, upon which the property shall be delivered, and the property shall be delivered before 11 o'clock on the day designated; provided, no When no demand shall be made before the beginning of the time specified, be made. when it may be made; and if no demand is made, the property shall be deliverable before 2 o'clock P. M. on the day of maturity of contract; and provided, also, that all deliveries after 11 o'clock A. M. shall be made under the provisions of Section 2 of Rule XXI.

demand shall

seller's

time.

SEC. 2. On contracts for property deliverable at the pleasure of Contractsthe seller, within a specified time, the seller may deliver the property pleasure as to on any day during such time, between the hours of 9 and 11 o'clock A. M., or between the hours of 1:30 and 2 P. M., as provided by Section 2 of Rule XXI.

a tender.

wheat on

SEC. 3. On contracts for grain or flax seed for future delivery, Sufficiency of the tender of a higher grade of the same kind of grain or flax seed than the one contracted for shall be deemed sufficient. All contracts Tender of made for wheat hereafter, unless otherwise specified, shall be under- contracts. stood as for No. 2 wheat; and on such contracts a tender of either or both No. 2 spring and No. 2 red winter, and higher grades of each, or a tender in part of one kind, and in part of the other, making the amount required by the contract, shall be deemed sufficient.

holidays.

SEC. 4. When a contract shall mature on Sunday or on a legal Sundays or holiday, delivery on such contract shall be made on the preceding business day. No property shall be tendered on any day upon which Tenders the Association shall hold no business session.

prohibited.

grain sold in

cash grain.

SEC. 5. On contracts for grain sold in store without special Delivery of agreement as to delivery, the property shall be deliverable before store. 2:30 o'clock P. M. of the day of sale, or before 11 o'clock A. M. of the next business day, except as hereinafter provided. In case a pur- Delivery of chase is specified as for cash, it shall, if purchased before 1:15 P. M., be deliverable before 2:30 o'clock same day, except as hereinafter provided. No property shall be tendered between the hours of 11 A. M. and 1:15 P. M., except on Saturdays, unless by special agree- Tenders durment. All deliveries under this section on Saturday shall be made buyer. before 12 o'clock M. In case of the tender of property during the

ing absence of

Settlement of contracts by offset.

Market value to be posted.

Adjustment of balances on settlement.

Clearing
House.

Reports.

Manner of confirming transactions.

[RULE XXII.]

temporary absence of the purchaser from his place of business, notice of such tender shall be left at his office, and he shall have the right to call for the same, and pay for it, within one hour thereafter.

SEC. 6. In case it shall appear that the delivery of any outstanding trade or contract between members of the Association may be offset by some other corresponding trade or contract, made by the parties with other members of the Association, and the parties to such trade or contract, or their authorized agents, consent to such offset, such trade or contract shall be deemed to have been settled, and any balance between the current market value of the property covered by such trade or contract, and the several contract prices shall be due and payable immediately by the party from whom such balance may be due to the party entitled to receive the same under his contract. The current market value of the property contracted for shall be conspicuously posted, at a stated hour each day, under the direction of the Board of Directors, in the Exchange hall and in the settlement room of the Board, which posting shall serve as a basis for the adjustment of all contracts settled, as herein provided, on that day.

In order to facilitate the operation of this section, each member is required to keep a settlement book in which shall be entered the names of parties with whom settlements have been made, and the dates and terms of the trades included in such settlements, and the terms of such settlements, and the prices at which the commodities were originally sold or purchased, and the amounts due to or from him or them on each separate settlement, also the net amount due to or from him or them on all settlements; and the Board of Directors is hereby authorized to provide a suitable office, with the necessary employes, to which members shall be required, at stated hours each day, to make reports, showing the net balance due to or from each member, as shown by such settlement book, and also the general balance due to or from him or them upon all such settlements; each report to be accompanied with an acceptable check for the aggregate of balances, if any, due from him or them on the contracts so settled; whereupon, if said report is found to be correct, as compared with other reports rendered him, the person in charge of said office shall, at a stated hour each day, pay to each of the parties making such reports any balances which he may have collected, and which shall appear to be due to them by said reports, less such charges as shall be prescribed by the Board of Directors as compensation for the services of said office.

SEC. 7. It shall be the duty of each member or firm making a transaction for future delivery of grain in 5,000 or 1,000 bushel lots, lard and pork in 250 or 50 package lots, and short ribs in lots of 50,000 or 25,000 pounds, under the Rules of the Association, to confirm such transaction by sending to the Clearing House a memorandum of the same by 6 o'clock P. M. of the day on which it is made; such memorandum shall be in writing, and shall state on its face the date of the transaction, the quantity and kind of property covered by the same, the month of delivery, the price, and the name of the party to whom

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