knowledge of the facts, said member shall be liable to discipline for uncommercial conduct.

SEC. 2. In any disagreement between members, growing out of the purchase and sale of a security or securities, as soon as the same is ascertained, if not settled by mutual consent, the money difference shall be established forthwith by a purchase or sale by an officer of the Exchange.

SEC. 3. Whenever a buyer or seller fails to get the name of the other party to a transaction, he shall give notice at all the calls of the Exchange on the day of the alleged transaction, and if he fails to find the party he shall cause the security or securities to be purchased or sold through an officer at the first call of securities on the following day for account of whom it may concern. In any case of this kind growing out of an alleged transaction made at or after the afternoon call, notice shall be given in the Exchange and at the first regular call on the following day, when, if the party cannot be found, the alleged transaction shall be closed at the next regular call in the manner prescribed above.

ALTERATIONS TO BY-LAWS,
PASSED MARCH 1, 1900.

ARTICLE VIII.

Altering Section 3, and make it read as follows:

Section 3. Powers of attorney or substitution signed by trustees, guardians, infants, executors, administrators or attorneys, or by any corporation or officers of same, shall not be a good delivery. Detached powers of attorney or substitution must be attested by a notary public under seal.

1

In the absence of any notice or agreement, the contract shall continue without interest until the following day, when the same rule shall apply. In every case of non-delivery, however, the party in default shall be liable, in addition, for the damages that may accrue.

SEC. 2. This rule shall apply to borrowed and loaned securities. When a sale has been made for cash after I o'clock p. m., the seller shall have until 1:30 p. m. to make his delivery.

ARTICLE VIII.

DELIVERY OF STOCK BY CERTIFICATE AND POWER

SECTION I. In the delivery of stock of which but one transfer in a day is allowed, the receiver shall have the option of receiving said stock by certificate and power irrevocable in the name of, witnessed or guaranteed by a member of the Exchange, or a firm represented at the Exchange, resident or doing business in Chicago, or by transfer thereof. In the case of powers of attorney or substitution not executed or witnessed by a member of the Exchange, or a firm represented at the Exchange, the endorsement there