REGULATIONS GOVERNING THE

TRADE IN HOPS.

First. It shall be the rule that a bale of hops shall weigh not less than one hundred and seventy-five (175) nor more than two hundred (200) pounds; but the tender or delivery of any lot of hops on a sale or a contract, averaging one hundred and eighty-five (185) pounds to one hundred and ninety-five (195) pounds shall be deemed a compliance with this rule.

Second. The sacking of hops shall not weigh more than twentyfour (24) ounces per yard, and seven (7) pounds shall be deducted from the weight of each bale as tare; and any additional weight of sacking, or any extraneous matter, shall be considered as irregular, and the seller be liable to the purchaser for such excess.

Third. Each and every bale of hops sold must be marked with the growers' name or initials, and the name of the State where the hops have been raised, and the year produced.

Weight of a bale.

Sacking.

Marks on

bales.

Clearing House of the Board of Trade of the City of Chicago.

I

The style and address of every business house making clearings, and, in the case of a corporation, the names of the officers and directors thereof, and, in the case of a firm, the names of the individual members thereof, must be registered at the Clearing House; and any subsequent changes in such style or address, or in the officers or directors of any corporation or in the individual members of any firm, must also be registered.

The manager shall prepare suitable blanks for furnishing the information required by this regulation, which shall be filled out by the business houses using or desiring to use the Clearing House.

II.

Printed reports to show the net balances, as provided in General Rule No. XXII, Section 6, Paragraph 2, must be obtained at the Clearing House.

III.

Parties whose reports shall show a net balance against them shall accompany the report with a check for the said net balance, made payable to the order of Chicago Board of Trade Clearing House. Such check must be certified, under penalty of a fine of five dollars. No money will be accepted, but the checks of the Clearing House may be used in payment of balances.

IV.

All reports must be in the Clearing House by 11 A. M., of each business day, under penalty of a fine of five dollars if tardy, and the posting of the delinquent party on 'Change at 12 M., except on days when the exchange room is closed at 12 o'clock M., when the names of delinquents shall be posted at 11:30 A. M.

V.

Parties having no items to clear must so report in writing, under penalty of a fine of one dollar for neglect of such report; and parties whose reports may be equal on both sides, and those whose reports show a credit balance, must put them in the Clearing House, under penalty, as provided in Art. IV above.

N. B.- To insure accuracy and expedite the clearings, parties must be sure the amounts claimed are mutually agreed upon and correct. A penalty of one dollar will be collected of any party claiming from or allowing to another party a wrong amount, and also for each error in footing or subtraction. All doubtful items must be excluded from the report.

93

If a claim is not allowed by the debtor party, the claimant must, on notice thereof, pay to the Clearing House by certified check the amount claimed; such payment to be made before 1:00 P. M., under penalty of a fine of five dollars.

VII.

In case a party, in his report, allows another party an amount in excess of that claimed by the second party, the excess will be refunded to the first party.

VIII.

The charge for clearing, as provided by the Rules, has been fixed at one cent, for each item in each report, the same to be paid monthly on presentation of the bill by the Clearing House. Fines to be paid at time of notification that the same have been incurred, under penalty of the withholding of the next amount due such debtor or reporting the delinquency to the Board of Directors.

IX.

Parties whose reports show a net balance in their favor may call for check after 2:30 P. M.

X.

No reports shall be amended after 11 A. M.

XI.

Office hours shall be from 9 A. M. to 3:30 P. M.

XII.

No firm shall be allowed the privileges of the Clearing House while any member of said firm is under sentence of suspension by the Board of Directors.

XIII.

No corporation shall be allowed the privileges of the Clearing House while any officer of said corporation is under sentence of suspension by the Board of Directors. And whenever the President or Secretary of any corporation enjoying the privileges of the Clearing House shall have been expelled or suspended for misconduct in connection with the business of said corporation, such corporation shall thereafter and during the period of such suspension be entitled to the privileges of the Clearing House only after favorable action of the Board of of Directors upon its written application for such privileges.

XIV.

Any corporation applying for membership in the Clearing House of the Board of Trade of the City of Chicago, may be admitted to such membership only upon recommendation of the Clearing House Committee, in the exercise of its discretion, and upon approval by at least ten affirmative ballot votes of the Board of Directors; provided, that three negative ballot votes are not cast against any such corporation.

XV.

When any member of the Clearing House, whether person, firm or corporation, is, in the opinion of the Clearing House Committee, using such Clearing House for the purpose of clearing the business of a member suspended from the privileges of the Board or one expelled therefrom, or of a corporation a stockholder of which is suspended from the privileges of the Board or expelled therefrom, the Clearing House Committee shall report such fact to the Board of Directors, who, in the exercise of its discretion, may deprive such a person, firm, or corporation of the privileges of the Clearing House for such period as they may see fit; the intent hereof being to prevent any membership in the Clearing House being used as a subterfuge to enable one suspended or expelled from the Board to still enjoy the advantages of the Clearing House, but not to prevent a member from clearing the individual trades made for the account and personal benefit of one suspended or expelled from the Board.

XVI.

Applications by persons or firms for membership in the Clearing House of the Board of Trade of the City of Chicago must be submitted to the Clearing House Committee and passed upon favorably by them before applicants will be entitled to the privileges of the said Clearing House of the Board of Trade of the City of Chicago.