RULES AND REGULATIONS OF THE CINCINNATI CHAMBER OF COMMERCE AND MERCHANTS' EXCHANGE, FOR THE GOVERNMENT OF VARIOUS DEPARTMENTS OF TRADE, IN FORCE JANUARY 1, 1882. RULES REGARDING SALES OF HIGHWINES. RULE 1. Sales of Highwines made "subject to the market," must not be entered with the price affixed. In order to avoid duplication in the sale of Highwines, the person reporting such sale will furnish the name of both buyer and seller, together with the brand of the same. RULE 2. No sales, aside from those actually made at a fixed price, and for cash, shall in any way affect the market price-by cash being understood, payment the second day after delivery. RULE 3. Each and every sale of Highwines shall be entered separately. * RULE 4. Highwines sold to arrive must be entered with the condition annexed, but shall not affect the market price, but any seller of Highwines, when the terms of sale require delivery at the store of the buyer, can, if mutually agreed, have until noon of the following day to deliver; provided, such Highwines are actually in bond, and the sale is made during 'Change hours, and such a sale shall not be held to be a sale to arrive. RULE 5. Highwines thirty days old and older shall be quoted as "old" Highwines, without price affixed. RULE 6. When Highwines are engaged subject to agreement in price, the price may be settled on arrival and quoted. RULE 7. Transactions between Highwine Commission Merchants, or between Distillers, or between Distillers and Highwine Commission Merchants, can not be quoted; nor can those between Rectifiers or Wholesale Dealers, or Rectifiers and Wholesale Dealers. RULE 8. Sales made after sounding of the gong can not be quoted on the same day. RULE 9. The majority of actual sales at a fixed price, not excepted as heretofore, shall make the market price. RULE 10. Where there are no actual transactions at a fixed price reported, all settlements of sales, at the market," shall be at the price of the previous day. RULE 11. All Highwines shall be gauged on the day of sale. RULE 12. The quotations on the books of the Chamber of sales of Highwines and whisky, shall be for sales, in the re-inspection of which, at the buyer's house, there shall be used the United States Government instruments and manual, and exact fractions shall be computed down to tenths. * As amended November 22, to take effect December 1st, 1879. † Adopted by the Board of Officers, January 14, 1880. *RULES FOR THE REGULATION OF THE GRAIN TRADE IN CINCINNATI. RULE 1, The Board of Officers of the Chamber of Commerce shall appoint a suitable and competent person as Inspector of Grain. † RULE 2. It shall be the duty of the Inspector to inspect, sample and grade, according to the classifications which may be adopted, from time to time, by the Chamber of Commerce, all grain received in this city, in bulk, except corn on the ear, and grain in transitu, and, also, except consignments to parties, who, on application of the Inspector, may direct him not to inspect their bulk grain without special instructions; and to inspect any other grain when called on to do so by the consignee or purchaser; also, all grain sent by transportation lines, to be stored in elevators or public warehouses, without the consent and knowledge of the consignees. He shall also furnish samples, with grading and car numbers, to consignees, when desired. Inspection to be at the expense of the shipper. RULE 3. The Inspector shall have free access to all grain that has been inspected by him, stored in any warehouse or elevator; and when such grain is to be removed from such warehouse or elevator, shall, when called upon so to do by any party interested, re-inspect the same. RULE 4. A certificate of inspection shall be furnished when required by the party ordering the inspection. RULE 5. Upon any difference of opinion between buyer and seller, when grain has been sold by sample, the Inspector may be called upon, and his decision, by comparison, shall be binding between the parties. RULE 6. Any party thinking himself aggrieved by the decision of the Inspector, may appeal to the Committee on Grain Inspection, and the case shall then be decided according to the rules of the Chamber of Commerce. RULE 7. The Grain Inspector shall not inspect grain at any elevator or warehouse, or for any party, unless the proprietor or manager of such elevator or warehouse, or other party desiring his services, shall conform to the rules in reference to inspections established by the Chamber of Commerce. RULE 8. The Grain Inspector shall not be allowed to trade in any article of which he is the Inspector. RULE 9. The fees of the Inspector shall be as follows: †Thirty (30) cents per car, and fifty (50) cents per midship of canal boats, to all who shall give him permission to inspect all their consignments of bulk grain. In sacks, the charge may be one (1) cent per sack, for the first one hundred sacks, and one half (%) cent per sack for any additional number inspected in one place at one time. †The Inspector shall be privileged to charge one dollar ($1 00) per car, and one dollar ($1 00) per midship, to those for whom he does not uniformly inspect bulk grain, as contemplated in the exception named in Rule 2. For Mill Feed, the fees shall be as follows: In bulk, $1 00 per car load; in sacks, one (1) cent per sack. RULE 10. All bulk grain sold from elevators and warehouses, to be regular, shall have three (3) days' storage to run from day of sale. RULE 11. All grain inspected in bags will be graded by the lowest grade found. RULE 12. Elevator companies must deliver grain equal to the standard of the grade called for by the Elevator receipt. RULE 13. In all sales of car lots of grain to arrive, unless otherwise stated, a “car load" shall be twenty-eight thousand (28,000) pounds, any excess or deficiency to be settled at the market price when delivered. RULE 14. In all sales by sample, to arrive, the purchaser shall have the right to accept or reject, * As amended February 11, March 4, June 3, October 8, and December 3, 1878, September 2, 1879, May 27, July 15, 1880, and October 27, and December 23, 1881. As amended December 3, 1878, to take effect January 1, 1879, and October 27, 1881. Adopted March 4, 1878. Grain Inspector authorized, permanently, to inspect Mill Feed, October 8, 1878. As amended July 15, 1880. if not up to sample; but the seller shall not be required to furnish other property in place of specific lots sold, unless otherwise agreed upon. RULE 15. All grain sold by sample shall be examined by the purchaser at the place of delivery, and shall be accepted or rejected within twenty-four hours from the time the order is given for the same. RULE 16. All sales or purchases of grain for future delivery, shall, upon default of either party, be settled at the market value of the grain on the day the contract matures. * RULE 17. All grain shall be weighed at the place of delivery by a weigher, appointed by the Chamber of Commerce, upon request of either buyer or seller; the expense of weighing to be borne by the seller, except at elevator and warehouses, where the expense of weighing shall be borne by the party requesting the same, unless otherwise agreed upon. RULE 18. The charge for weighing car-lots shall not exceed one dollar per car, unless weighed in store or depots, and then not to exceed one cent per hundred pounds, to be in force on and after November 1, 1881. RULE 19. In all sales of grain made for track delivery, the seller, upon delivery of Inspector's certificate and accepted order to the railroad company for the said property, shall have the right to demand from the buyer an advancement in money, which shall, in amount, be equal to seventy-five (75) per cent. of the value of the grain, measured by the price at which the same may have been sold, and on the basis of 28,000 pounds to the cår, the remainder to be paid as soon as the actual weight shall be ascertained, to take effect December 29. 1881. CLASSIFICATION. WINTER WHEAT. No. 1 WHITE.-Shall be pure white, bright, sound, reasonably plump, free from smut and other grain, and well cleaned, and shall weigh not less than sixty (60) pounds to the measured bushel. No. 2 WHITE.-Shall be white, sound, and reasonably clean, and shall weigh not less than fiftyeight (58) pounds to the measured bushel. No. 1 HARD WINTER.-Shall be pure red, composed of Mediterranean, Lancaster, and other hard varieties, sound, reasonably plump, well cleaned, and free from smut and other grain, and shall weigh not less than sixty (60) pounds to the measured bushel. No. 2 HARD WINTER.-Shall be red, composed mainly of the same varieties as No. 1, hard, sound, and reasonably clean, and shall weigh not less than fifty-eight (58) pounds to the measured bushel. No. 1 AMBER.-Shall be pure amber, bright, sound, free from smut or other grain, and well cleaned, and shall weigh not less than sixty (60) pounds to the measured bushel. No. 2 AMBER.-Shall be amber, sound, and reasonably clean, and shall weigh not less than fiftyeight (58) pounds to the measured bushel. No. 1 RED.-Shall be red and amber, sound, reasonably plump, well cleaned, and free from smut or other grain, and shall weigh not less than sixty (60) pounds to the measured bushel. No. 2 RED.-Shall be red and amber, and may contain not over ten (10) per cent. of white wheat; shall be sound and reasonably clean, and shall weigh not less than fifty-eight (58) pounds to the measured bushel. No. 3 RED.-Shall include all sound wheat of any color not fit for higher grades, and not so much damaged from any cause as to be unfit for flouring, and shall weigh not less than fifty-five (55) pounds to the measured bushel. MIXED WINTER.-Shall be winter wheat, red, amber or white wheat mixed, and shall be equal to No. 2 red wheat in all other respects. REJECTED.-Shall include all wheat so badly damaged, from any cause, as to render it unfit for No. 3. As amended June 3, 1878. † As amended May 27, 1880. Adopted October 27, 1881, to go into effect November 1, 1881. SPRING WHEAT. No. 1.-Shall be bright, sound, plump, and well cleaned; and shall weigh not less than fiftyeight (58) pounds to the measured bushel. No. 2.-Shall be sound, reasonably clean, and reasonably free from other grain; and shall weigh not less than fifty-six (56) pounds to the measured bushel. No. 3.-Shall include all sound, inferior, shrunken or dirty wheat, not so much damaged, from any cause, as to be unfit for flouring; and shall weigh not less than fifty-four (54) pounds to the measured bushel. REJECTED.-Shall include all wheat so badly damaged, from any cause, as to render it unfit for No. 3. In all cases where spring and winter wheat have been mixed, it shall be called spring wheat, and graded according to quality. CORN. No. 1 WHITE.-Shall be white, sound, dry, plump, and well cleaned. No. 2 WHITE.-Shall be white, sound, dry, and reasonably clean, but may contain a limited number of colored grains. No. 1 YELLOW.-Shall be yellow, sound, dry, plump, and well cleaned. No. 2 YELLOW.-Shall be yellow, sound, dry, and reasonably clean, but may contain a limited number of white or colored grains, other than yellow. No. 1 MIXED.-Shall be mixed, sound, dry, plump, and well cleaned. No. 2 MIXED.-Shall be mixed, sound, dry, and reasonably clean, but not equal to No. 1 corn. No. 3 MIXED.-Shall be equal to No. 2, except it may contain slightly damp corn, and a few shrunken and rotten grains. REJECTED.—Shall include all corn, from any cause, below the grade of No. 3. OATS. No. 1 WHITE.-Shall be pure white, sound, bright, free from other grain, and well cleaned. No. 2 WHITE.-Shall be white, sound, and reasonably clean, but may contain a limited number of colored oats or other grain. No. 3 WHITE.-Shall include all light weight and stained oats not fit for No. 2. No. 1 MIXED.-Shall be sound, bright, free from other grain, and well cleaned. No. 2 MIXED.-Shall be sound, reasonably clean, and reasonably free from other grain. No. 3 MIXED.-Shall include all light weight and stained oats not fit for No. 2. REJECTED.-Shall include all oats, dirty or badly mixed with other grain, or for any cause below No. 3. RYE. No. 1.-Shall be sound, plump, and well cleaned. No. 2.-Shall be sound, reasonably clean, and not too much mixed with other grain. No. 3.-Shall include all sound, inferior, shrunken, dirty, or slightly damp rye, not so much damaged, from any cause, as to be unfit for milling or distilling purposes. REJECTED.-Shall include all rye which is damp, musty, dirty, or for any other cause unfit for No. 3. BARLEY. No. 1 WINTER.-Shall be sound, plump, clean, bright, and free from other grain. No. 2 WINTER.-Shall be sound and reasonably clean, but not bright or plump enough for No. 1 (may be slightly broken), and reasonably free from other grain, and shall weigh not less than fortyeight (48) pounds to the measured bushel. No. 3 WINTER.-Shall include shrunken or otherwise slightly damaged barley; may be slightly mixed with other grain, but not unfit for malting, and shall weigh not less than forty-four (44) pounds to the measured bushel. † EXTRA NO. 3 WINTER.-Shall be sound, and may be somewhat stained, but otherwise, except † Adopted September 2, 1879. Adopted August 14, 1880. as to weight, equal to No. 2, and shall weigh not less than forty-six (46) pounds to the measured bushel. No. 1 SPRING.-Shall be same as No. 1 Winter. No. 3 SPRING.-Shall be same as No. 3 Winter. † EXTRA No. 3 SPRING.-Shall be same as Extra No. 3 Winter. REJECTED.-Shall include all winter or spring barley, unsound, or below the above standard in other respects. No hot grain of any kind will be graded. *ELEVATOR CHARGES. On all grain, one (1) cent per bushel for the first ten days, or part thereof, and one-third (%) of one cent for each subsequent ten days, or part thereof, including the delivery in seamless bags. Extra charges for delivery in other kinds of sacks. RULES FOR THE REGULATION OF THE GRAIN CALL BOARD. RULE 1. When ten members shall desire the opening of a Call Board, they shall have the right to meet at 1 o'clock on 'Change, and designate one of their number as the Caller. The Caller shall at once proceed to call the various grains and grades in the order they appear in the Inspection Rules, beginning with "Cash," then the month, then the next month, and so on with the next grain, until the list is completed. All disputes shall be decided by the Caller, when appealed to, on the spot, subject to an appeal to the members present at the time, who shall decide the dispute on the spot, and whose decision shall be final. RULE 2. On time contracts, purchasers shall have the right to require of sellers, as security, 10 per cent. margins upon the contract price of the property bought, and further security, from time to time, as the market advances; but no margin of less than 5 per cent. shall be called for, and then only when the market has advanced equal to 6 per cent. RULE 3. Sellers shall have the right to require, as security from buyers, 10 per cent. margins on the contract price of the property sold, and further security, from time to time, as the market may decline; but no call shall be made for less than five per cent., and then only when the market has declined equal to 6 per cent. RULE 4. All securities or margins shall be deposited with the Citizens' National Bank of Cincinnati, unless otherwise agreed upon. The banks so agreed upon shall issue certificates, in duplicate, for all such deposits. Such certificates shall be in the following form, to wit: has deposited with Orginal (or) Duplicate. Not Negotiable or Transferabie. 1 CINCINNATI, -18-. dollars, as margin or security on a contract which amount is payable on the return of or contracts between the depositors and this certificate or its duplicate duly indorsed by both of the above named parties, or on the order of the President of the Chamber of Commerce of the City of Cincinnati, indorsed on either the original or duplicate hereof, as provided by the rules of the said Chamber of Commerce, under which the above named deposit has been made. As amended May 27, 1880. Cashier. Adopted April 7, 1877. These rules, it was specially provided by the Board, should apply only to the Call Board. † Adopted September 2, 1879. |