RULE X. MEMBERSHIP AND ASSESSMENTS. membership to SEC. 1. All applications for membership in the Association, Committee on shall be referred to the committee on membership, who shall hold hold regular regular stated meetings for examining such applicants and their meetings. sponsors, in person, under such rules and regulations as may be made by the Board of Directors. Any male person of good character Qualifications. and credit, and of legal age, on presenting a written application, indorsed by two members, and stating the name and business avocation of the applicant, after ten days' notice of such applica- Application. tion shall have been posted on the bulletin of the Exchange, may be admitted to membership upon approval by at least ten (10) affirmative ballot votes of the Board of Directors; provided that three negative ballot votes are not cast against such applicant, and upon payment of an initation fee of ten thousand dollars, or on presentation of an unimpaired or unforfeited membership, duly transferred, and by signing an agreement to abide by the rules, regulations and by-laws of the Association, and all amendments that may be made thereto. membership. When transferable. transferable. SEC. 2. Every member shall be entitled to receive a certificate Certificate of of membership, bearing the corporate seal of the Association and the signatures of the President and Secretary; and if the member in whose name said certificate stands has paid all assessments due, and has against him no outstanding, unadjusted or unsettled claims or contracts held by members of the Association, and said membership is not in any way impaired or forfeited, it shall, upon the payment of How twenty-five (25) dollars, be transferable upon the books of the Association to any person eligible to membership who may be approved by the Board of Directors, after due notice, by posting, as provided in Section 1 of this Rule. The membership of a deceased member Membership shall be transferable in like manner, by his legal representative. Prior to the transfer of any membership, application for such trans- Application to fer shall be posted upon the bulletin of the Exchange for at least transfer to be ten days, when, if no objection is made, it shall be assumed the member has no outstanding claims against him. of deceased persons. posted. ment, payment SEC. 3. When the annual assessment is made, it shall be con- Annual assesssidered due, and any member neglecting or refusing to pay the same of within thirty days thereafter, may be excluded from the rooms of the Association until such assessment is paid. And in case of the failure of any member to pay the annual assessment during the whole of any fiscal year of the Association (said fiscal year beginning and closing with the day of the regular annual election), such failure shall of itself operate as a forfeiture and cancellation of the membership of such member and of all rights and privileges there under. Payment of annual assessments by a member while under suspension, shall not be construed as in any way affecting such suspension. SEC. 4. If any applicant shall intentionally or wilfully misstate or suppress any fact, or be guilty of any other fraudulent or dishonest act to secure his acceptance as a member, and thereafter and thereby become a member, the Membership Committee shall, upon the discovery of such misconduct, immediately report the same to the Board of Directors, which, after due notice to such member of the time and place of such hearing, shall investigate such charges, and if such member shall be found guilty the Board of Directors shall declare such membership forfeited. Conditions. Privileges of messengers. RULE XI. MESSENGERS. SECTION 1. The Board of Directors shall be authorized, under such restrictions, regulations and limitations as they may deem proper, to grant admission to the Exchange rooms to messengers for members, such messengers not to be allowed to transact any business beyond communicating with their principals, and not to remain longer than is necessary for that purpose. Introductions. Restrictions. RULE XII. VISITORS. SECTION 1. Visitors may be introduced to the Exchange rooms upon such terms and for such time as the Board of Directors may from time to time determine. No person holding a visitor's ticket shall be permitted to negotiate or transact any business in the Exchange rooms. For any violation of this Rule the privilege of visit ing the rooms may be forfeited. Under control of Board of Directors. Restrictions. RULE XIII. PRESS TICKETS. SECTION 1. The Board of Directors may authorize the issue of tickets of admission to the Exchange rooms to members of the newspaper press under such restrictions and regulations as they may deem proper; but no person holding such a ticket shall be allowed to transact any business in the Exchange room except the collection of information for the newspaper for which he shall be employed. RULE XIV. BROKERS; AND COMMISSION RATES. responsi SECTION 1. A member of this Association may act as a broker Duties and only as between other members, except as hereinafter provided. A bilities. broker shall be held personally liable on any trade or contract made by him until he shall give the name of a principal, satisfactory to and accepted by the other party to the trade or contract. on trades made members. SEC. 2. In no case shall a member of this Association, for Responsibility himself or through any other person acting in his behalf, make for nontrades for or give the name of any person, firm or corporation not a member of the Board of Trade as the principal on any such trade or contract. It being understood that this rule shall not apply to contracts between members of this Association and authorized agents of transportation companies, vessel owners, railroad, insurance or banking companies in connection with the ordinary legitimate business of the latter; but in all such cases the agent or broker of such person, firm or corporation shall be held liable both for the acceptance of the same by the alleged principal, and for the faithful exccution of the same under the rules of the Board of Trade by such principal. "Provided, that on c. i. f. contracts C. i. f.contracts. for grain for shipment to points outside of Chicago, made by a member of this Association through a broker, such broker so contracting may, if so desired, give up to the member for whose account such contracts have been made, the name of his principal, even though such principal be not a member of this Association; provided, however, that in such cases the broker is held liable both for the acceptance of all such contracts and for their faithful performance under the rules of this Association, by such principal. commission. SEC. 3. The following rates of commission, being just and Rates of reasonable, are hereby established as the minimum charges which shall be made for the transaction of the business hereinafter specified by members of this Association. For the purchase or sale and for the purchase and sale of property for immediate or future delivery, whether the contract for purchase or for sale be first made, as follows: On all kinds of grain in 1,000 and 5,000 bushel lots, or multiples thereof, cent per bushel. On flaxseed in 1,000 and 5,000 bushel lots, or multiples thereof, 4 cent per bushel. On lard in 50 and 250 tierce lots, or multiples thereof, 4 cents per tierce On mess pork in lots of 50 and 250 barrels, or multiples thereof, 21⁄2 cents per barrel. On D. S. short ribs and D. S. extra short clears in lots of 25,000 and 50,000 pounds, or multiples thereof, 121⁄2 cents per 1,000 pounds It is hereby provided that in cases where property is bought or sold for immediate or future delivery for account of members of Clearing contracts through or firms. this Association, or for firms one of whose general partners is a member, one-half of the foregoing minimum specified rates shall be charged and shall be the minimum rates in such cases. Nothing in this rule shall be so construed as to prevent special agreements by which higher rates of commission may be charged in special cases. It is further provided that members who personally do their other members Own buying and selling, but who clear their contracts through other members or firms doing business on the floor of the exchange, 25 cents per 1,000 bushels of grain, or multiples thereof, 1 cent per package on pork, $3.00 per lot of 250 tierces of lard, and 5 cents per 1,000 pounds on D. S. short ribs and D. S. extra short clears, shall be charged and shall be the minimum rates of commission in such cases. But it is hereby expressly understood and declared that all such transactions shall be bona fide trades made for their own account only, and in no case, either directly or indirectly, on behalf of any other person, either wholly or in part. Penalty. Rates of brokerage. Any member who, or whose firm or corporation, shall be convicted by the Board of Directors of a violation of the provisions of this section, or of any evasion thereof by making rebates in prices, by rebating the government tax, by making any contract or observing any contract already made, by furnishing a membership in this exchange, by giving any bonus, gift, donation or otherwise, or by rendering any other service or concession whatsoever, shall be expelled from this Association. Free telegraphic communication, however, shall not be construed as a violation or evasion of this rule. SEC. 4. For the purchase or sale of property for immediate or future delivery, the following rates of brokerage, being just and reasonable, are hereby established as the minimum charges which shall be made: On wheat, corn and oats, 12 cents per 1,000 bushels. On lard, cent per tierce. On mess pork, cent per barrel. On D. S. short ribs and D. S. extra short clears, 2 cents per 1,000 pounds. For purchasing or selling for cash, green, cured or partly cured meats, of one per cent. Higher rates of brokerage may be charged by special agreement, provided that such higher rates do not exceed double the minimum rates above named. Brokerage shall not be allowed to, nor received by a member who makes his own transactions, but who places his contracts with another member, firm or corporation. Commission for purchasing, selling or shipping cash pork, lard. green, cured or partly cured meats, of one per cent. Any member who, or whose firm or corporation, shall be con- Penalty. victed by the Board of Directors of a violation or evasion of the provisions of this section, shall be suspended for not less than six months. mission, etc. SEC. 5. For purchasing or selling hay and straw in car loads Rates of com containing ten tons or less, $5.00 per car load, and on cars containing more than ten tons, 50 cents per ton shall be the minimum charge. Any member who, or whose firm or corporation, shall be convicted by the Board of Directors of a violation or evasion of the provisions of this section, shall be suspended for not less than six months. SEC. 6. The following rates of commission, being just and reasonable, are hereby established as the minimum charges for receiving, selling and accounting for the following kinds of property: For selling car-load lots of wheat in store, free on board cars or vessels, on track, delivered, or to be shipped from any other point, cent per bushel. For selling car-load lots of rye and barley, 1 cent per bushel. For selling corn otherwise than in store, cent per bushel. For selling car-load lots of oats, cent per bushel. For selling canal-boat loads of grain in store, afloat or free on board vessels, cent per bushel. For selling flaxseed in bulk or in bags, 1 per cent. For selling clover seed in car-load lots, 1 per cent. For selling clover seed in less than car-load lots, 13 per cent. For selling timothy seed, 14 per cent. For selling all other seeds in bulk, 13 per cent. For selling dressed hogs in car-load lots, 14 per cent. For selling dressed hogs in less than car-load lots, not less than 1 per cent nor to exceed 24 per cent. For selling bran, shorts, screenings and mill stuffs, $3.50 per car. For selling broom corn, cent per pound. In addition to the foregoing specified rates of commission there shall be charged all legitimate expenses, such as storage, inspection, government tax, insurance and other expenses which are necessarily or properly incurred in caring for the property and guarding the interests of both consignor and consignee. evasion. Any member who, or whose firm or corporation, shall be con- Penalty for victed by the Board of Directors of a violation or evasion of any of violation or foregoing provisions of this section, either directly or indirectly, in any manner whatsoever, shall be expelled from this Association. purchase, etc. Whenever a member of this Association, acting on his own Notification of behalf or as a representative of a firm or corporation, shall have made a purchase of any of the articles mentioned in this section, to arrive, in transit, or already arrived, such member, or the firm or corporation of whom he is the representative, as the case may be, |