Time when transfer of property sold must be made. Duty of buyer to provide railroad or of mixing, and penalty. shall have the right to sell out for account of the purchaser, all property so involved; any loss which accrues, shall be paid by the original purchaser of the property. All property sold as herein before provided for transfer or for cleaning, clipping or mixing at time of transfer, must be transferred or unloaded within fifteen days after delivery to the railroad nominated by the buyer, and be weighed under the supervision of an official weighmaster. On all property not transferred or unloaded within the fifteen days, for any reason whatsoever, the purchaser shall pay eighty (80) per cent. of the value of the grain-on demandfor the grain so delayed, based on shippers weights, or based on the capacity of the car; subject however to final adjustment based on official weights at Chicago, or as may be otherwise agreed between buyer and seller. It shall be the duty of the buyer to provide and deliver within 48 hours to the railroad or elevator nominated by him for the transelevator in case fer, mixing, clipping, cleaning or shipment of any property bought cleaning, etc., by him, the necessary instructions for the unloading, cleaning, mixing or handling and shipment of such grain, and upon the failure to provide such necessary orders within 48 hours after the delivery of the property to the designated railroad or tracks he shall pay, in addition to the contract price, one per cent. per day as liquidated damage for each day's delay, until such necessary instructions have been delivered; the purchaser shall also be responsible for any delay caused by neglect or errors that may occur through his agents. Liability of articles are unloaded or bill of lading furnished. SEC. 15. Whenever grain, mill feed, hay or seeds are sold by purchaser after sample and are not paid for within twenty-four hours after any such articles are unloaded, or before 10 o'clock of the business day next succeeding the day when a bill of sale accompanied by a proper bill or bills of lading, and necessary certificates shall have been presented to the purchaser, the purchaser shall pay, in addition to the contract price, one-half of one per cent. per day as liquidated damage for each day's delay in paying for any such articles. Rights of vendors may be forfeited. property on the market. RULE XXIII FAILURE TO DELIVER OR RECEIVE ON CONTRACTS SECTION 1. In case any property contracted for future delivery is not delivered at maturity of contract, the purchaser may, if he May purchase shall so elect, consider the contract forfeited; or he may purchase the property on the market for account of the seller, by 1:15 o'clock of the next business day, notifying him at once of such purchase; or he may require a settlement with the seller at the average market price on the day of maturity of contract, and any damages or loss due to the purchaser, by reason of such purchase or declared settlement, shall be due and payable by the seller immediately. May require settlement at market. Rights of vendors. Failure to receive. SEC. 2. In case any property contracted for future delivery is not received and paid for when properly tendered, it shall be the duty of the seller, in order to establish any claim on the purchaser, to sell it on the market at any time during the next twenty-four hours, at his discretion, after such default shall have been made, notifying the purchaser within one hour of such sale; and any loss resulting to the seller shall be paid by the party in default. RULE XXIV. PROVISIONS. Committee. SECTION 1. The Board of Directors shall appoint five members Inspection of the Association as a Committee on Provision Inspection, who shall have and exercise a general control over the inspection of provisions, and shall act as referees in case of complaint against the Powers. Chief Inspector of Provisions or the inspection of any lot of provisions, or any matter of difference pertaining to the same, except as hereinafter provided. The committee shall be authorized, in determining the correctness of any inspection they are called upon to revise, to adopt any measure they may deem necessary under the circumstances for the ascertainment of its true character. The com- Fees of Committee. mittee shall be entitled to fees amounting to three dollars each for each case of reference decided by them, to be paid by the party against whom the decision shall be made. Inspector of SEC. 2. The Board of Directors will also appoint a suitable Chief person as Chief Inspector of Provisions, who shall be required to Provisions. give a bond in such amount as shall be fixed by the Board of Direct- Bond. ors, conditioned for the faithful performance of his duties as prescribed by the Rules and Regulations of the Board of Trade of the City of Chicago, and the Regulations of the Board of Directors; which said bond shall be made to the Board of Trade of the City of Chicago, for the use and benefit of any parties having claims under the Rules and Regulations of the said Board of Trade for damages against said Chief Inspector on account of any of his official acts. Said bond shall be satisfactory to and approved by the Board of Directors before the said Chief Inspector shall be entitled to enter upon the discharge of his official duties. Inspectors, SEC. 3. The Chief Inspector of Provisions shall appoint, to be Deputy confirmed by the Committee on Provision Inspection, a sufficient how number of competent deputy inspectors, who shall be under his con- appointed. trol and subject to his orders in all matters pertaining to the performance of official duty. SEC. 4. The Chief Inspector, through and by his deputies, shall Inspecting. furnish the necessary labor and materials for inspection. The Reports. several deputy inspectors shall make a report in detail of every inspection or examination they may make, which report shall be returned to the Chief Inspector, and be by him preserved for future reference. Registrar of SEC. 5. The Board of Directors shall also appoint a competent person as Registrar of Provisions, whose duty it shall be to provide and Provisions. cause to be kept suitable books, in which shall be registered all warehouse receipts for beef, sheep and hog product issued as "regular" or for Property to be marked. for the "regular delivery" of such property in the Chicago market under the Rules of the Board of Trade; such receipts, after being so registered, shall be stamped or written across their face with the word "Registered" and the date of such registry, and signed, in writing, by the said Registrar or some person duly authorized by him Requirements for that service. All warehouse receipts, before being registered, registration. shall be plainly numbered, and shall indicate on their face the number or mark of the particular lot of property intended to be covered or represented by such receipt. All such 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. All property covered or represented by registered warehouse receipts shall be plainly marked in such manner as will clearly distinguish it from all other property stored in the same warehouse or place of storage, and by such marks, numbers or characters as may be approved by the Registrar of Provisions; such marks to be so arranged as to avoid the possibility of duplication or uncertainty as to the identity of the property so receipted for. No warehouse receipt shall be registered until a report shall have been received at the office of the Registrar of Provisions from a duly authorized deputy that the property represented by the receipt is actually in the place of storage and is marked as indicated in the receipt; such reports shall be in a form prescribed by the Registrar, and shall be preserved by him for future reference. 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. In such case, new receipts, either for the whole or parts of lots, or the consolidation of different lots, may be registered upon the report of a deputy that the property is in the place represented, and is marked as represented. All new receipts so registered shall bear the same date, as near as may be, with the originals so canceled, and no receipts differing in date more than thirty days shall be consolidated into a new receipt. New receipts. Property not until No property shall be removed from the place of storage indicated to be removed 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 Provisions, by writing or stamping across its face the words, "Registration Canceled." registration is canceled. Compensation of Chief Inspector. Compensation of Registrar. Claims for damages. How decided. SEC. 6. The Chief Inspector shall receive for his services and for the compensation of the deputy inspectors employed by him, the fees for inspecting as established by the Board of Trade. The Registrar shall receive, as compensation for his own services and the necessary expenses of his office, such sum, to be paid from the funds of the Association, as may be determined by the Board of Directors. SEC. 7. All claims for errors of inspection, or damages resulting from improper inspection, shall be made to the Chief Inspector, and in case of dispute as to the validity of any claim so made, the question shall be decided by the Committee on Provision Inspection, or by a special arbitration, if either of the parties so prefer. In the latter case the arbitrators shall be chosen either by mutual agreement, or an equal number, not exceeding two, may be selected, each by the Chief Inspector and the claimant; and the persons so chosen shall select an additional arbitrator. Arbitrations, either by the Committee on Provision Inspection or special arbitrators, shall be conducted under substantially the same form of proceedings as regular arbitrations under the Rules of the Board of Trade, and shall be subject to all the provisions of regular arbitrations, except that they shall not be subject to appeal. Regular storage. SEC. 8. All deliveries of beef, sheep or hog product in store, in the absence of special agreement, shall be by the delivery of registered deliveries. warehouse receipts, issued from such warehouses or places only as shall have been declared regular warehouses for the storage of such property, by the Board of Directors, under the Rules of the Board of Trade; such places of storage, in all cases, to be under cover, and Character of such as are suitable for the proper preservation of the property. All Certificate of such deliveries shall be accompanied by a certificate of inspection of inspection. the Chief Inspector of Provisions, which certificate shall state the number of packages or the number of pieces, together with their weight, in the lot to which it applies, the place where the same is stored, and the distinguishing marks upon it; also the number of packages or pieces examined, and that the same was found to be in good merchantable condition and of Standard quality. In the case of barreled Pork, the number of pieces and the weight in each barrel shall be stated, likewise the date when packed; and in the case of Lard, the date of its packing, as indicated by the packer's brand upon the packages. Such certificate shall be dated within five (5) days of such delivery; the required number of days shall include both the day of date and the day of delivery. Date of certificate. warehouse. To take effect on and after January 1, A. D. 1900. SEC. 9. No warehouse receipts for beef, sheep or hog product shall Regular 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; and before any warehouse or storage place shall be declared a Warehouse regular warehouse for the storage of such property, the proprietors bond. or managers thereof 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 and Regulations of the Board of Trade and the Regulations and Requirements of the Board of Directors in reference to such warehouse. RULE XXV. SALE OF PROVISIONS. be Standard agreed. SECTION 1. All provisions sold in this market, in the absence of Provisions to special agreement, shall be Standard, and the property delivered must unless comply with the provisions of the Rules of the Board of Trade of otherwise the City of Chicago applicable thereto, and with the regulations for the inspection of provisions, and, in case of hog products, with the requirements as to the cutting and packing of hog products estab Provisions packed at other points. Requirements lished by the Board of Directors. And all provisions sent to this market for sale which, upon examination, shall be found to have been manufactured, handled and packed in all respects in conformity with the Rules of the Board of Trade and the said Regulations and Requirements, shall be classed as Standard. SEC. 2. All provisions sold as Standard shall be cut, selected, for Standards. and packed, in all respects as to quality and condition, conformably to the classification of inspection as adopted by the Association; and unless otherwise stipulated on all sales made of any of the grades of provisions as Standard, the seller shall deliver the parcels of the kind and quality called for by such sale, which any duly appointed inspector of the Association has examined, and has certified to have been packed according to the classification, and is at the time of delivery in good merchantable condition in every respect; or, failing to so deliver, he shall be bound to settle his contract under the provisions of Rule XXIII of the Association; provided, that in all sales specified as for cash, the buyer shall not be bound to pay inspection fees unless he orders the inspection of the property. Settlements. Inspection of cash property. How packed. Requirements of hog product Original weight. Buyer's demanddeliveries. Deliveries at seller's pleasure. SEC. 3. All hog products may be packed in tierces, either wood or iron bound, or bound partly with both, but if delivered in iron bound tierces, such tierces shall be subject to a deduction of five (5) cents per hundred pounds. Provisions from which any gain has been removed shall not afterwards be classed as Standard. SEC. 4. All hog product to be classed as Standard shall comply in all respects with the requirements of the rules of inspection adopted by the Board of Trade, and if delivered on or after January 1st shall include only such as have been packed on and after the first day of the previous October, provided that barreled Pork must be kept in cold storage, and is deliverable on contracts only when fully cured. To take effect on and after January 1, A. D. 1900. SEC. 5. No original weight shall be taken out of any package of provisions which is afterward to be offered for sale by the package, without removing the original packer's brand entirely from the head of the package, unless the property be repacked and so branded by the party repacking. SEC. 6. Buyers of provisions on contract deliverable on the demand of the buyer within a specified time, shall have the right to inspect the same before the day of delivery, provided they send an inspector in time to allow the inspection to be completed before the proposed delivery; but failing to do so, the seller shall have the priv ilege of having the property inspected, the cost to be paid by the buyer. SEC. 7. On sales of provisions deliverable at the pleasure of the seller within a specified time, the seller shall have the privilege of delivering, at any time during the life of the contract, without previous notice to the purehaser, by the tender of a registered regular warehouse receipt, together with a certificate of inspection, by an inspector of the Association (such inspection having been made within the last five business days); such a delivery shali be held to be regular, and the buyer shall receive and pay for the same together with |