Deliveries, when and where made. Description of procedure. 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. SEC. 2. All deliveries of grain and flaxseed 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 Form of notice. 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 grain or provisions as are deliverable on time contracts. Such delivery notice may be passed from one purchaser to another, before 2 o'clock P. 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. "Any person indorsing upon said nosices any fictitious name or the name of any person, firm or corporation other than that of the person, firm or corporation to whom he tenders the notice upon a bona fide sale of the property mentioned therein actually made by himself or the firm or corporation he represents or upon the written order of another member, firm or corporation on whose behalf he makes such tender, or who shall make any alteration therein or any substitution of property other than that originally named in the notice by the original issuer thereof, shall be deemed guilty of gross fraud, and, if a member, he shall be suspended or expelled, at the discretion of the Board of Directors, and if not a member, such person shall forever thereafter be excluded from the Exchange hall, delivery and settlement rooms of the Association. All delivery notices issued under this Rule shall be consecutively numbered by the parties issuing them. Notice of readiness to deliver property as herein provided, and all subsequent transfers of such notices, shall be deemed and held to be a valid and sufficient tender of property, on time contracts, under the Rules of this Board of Trade, provided the property 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 duty of the party regularly holding such notice at 2 o'clock P. M., to 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, upon what based. 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, such delivery shall be paid upon the basis of a full delivery, and no when due and 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 immediately upon the delivery and payment for the actual property; it being the duty of each person transferring the delivery notice to ascertain what price was actually paid for the property. Deliveries first Form of notice. On the first business day of each month all deliveries on time contracts of the kinds of property mentioned in this section, if deliv- day of month. ered before 11 o'clock a. M., shall be delivered in the Exchange hall, or such other place as may be designated by the Board of Directors, between the hours of 8:30 and 9:15 o'clock A. M., in the same manner and under the same regulations, except as hereinafter provided, as is specified 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 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 herein before 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. Mode of settle Default. All differences between the price paid for the property and any contract prices involved in its delivery, due to or from parties to such ment. 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 default. Responsibility of defaulting party. Parties to be of deliveries. 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 Notiacation on 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 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 herein before 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 reprepresent at time 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 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 buyer from the Exchange hall, or such other place as the Directors may have designated for the purpose of delivery, may be sold out by the party having same sold to such absentee, as herein before provided 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. case it should appear on complaint duly made to the Board of 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, In and shall be suspended or expelled from membership in this Associa tion, under the provisions of Rule IV. Board adjourns Provided, however, that upon days when the Board adjourns at Deliveries when 12 o'clock M. all deliveries herein provided to be made between the at 12 m. hours of 1:30 and 2 o'clock P. M. shall be made between the hours of 12:15 and 12:45 P. M., and upon such days the time for the first delivery of the notice in regard to such afternoon deliveries hereinbefore provided for shall be made before 12:30 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 Directors regulations and requirements for warehousing all kinds of property other (other than grain) deliverable by warehouse receipts. warehouse regulations. Posting elevators and warehouses. irregularities. SEC. 4. It shall be the duty of the Board of Directors, under this Rule, to publish annually, or oftener if necessary, by posting on 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. SEC. 5. All warehouse receipts for property tendered or deliv- Warehouse ered on contracts shall be for quantities or parcels, in the aggregate, receipts. 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 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 ots 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 upon the day of delivery. SEC. 6. All sales of flax seed, unless otherwise agreed, are made Sales of flaxupon the basis of pure seed, that is: Seed tendered or delivered on seed, basis of. 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. Registrar, of flaxseed, etc. Warehouse receipts for flax seed issued only by regular warehouse. Contractsbuyer's demand as to time. When deliverable. When no demand shall be made. Contractsseller's pleasure as to time. Tender of wheat on contracts. 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 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 flaxseed 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 Flaxseed, by writing or stamping across its face the words "Registration canceled." SEC. 7. No warehouse receipts for flax seed shall be registered except such as have been issued by or from a warehouse or place of storage declared to be a regular warehouse for the storage of such property by the Board of Directors of the Board of Trade. RULE XXII. RIGHTS OF PARTIES ON CONTRACTS. SECTION 1. On time contracts made between members of the Association, where property is bought, deliverable on the buyer's 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 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 demand shall be made before the beginning of the time specified, 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. SEC. 2. On contracts for property deliverable at the pleasure of the seller, within a specified time, the seller may deliver the property on any day during such time, between hours of 9 and 11 A. M., or between the hours of 1:30 and 2 P. M.,as provided by Sec. 2 of Rule XXI. SEC. 3. On contracts for grain or flaxseed for future delivery, the tender of a higher grade of the same kind of grain or flaxseed than the one contracted for shall be deemed sufficient. All contracts made for wheat hereafter, unless otherwise specified, shall be under |