ACT OF INCORPORATION, INSPECTION REGULATIONS I Board of Trade of the City of Chicago. m Return this book on or before the Latest Date stamped below. University of Illinois Library APR -5 1354 NOli 2G 1354 MAR 21 19(:8 APR2B lOte NOV 1 c L161— 1141 Digitized by the Internet Archive in 2017 with funding from University of liiinois Urbana-Champaign Aiternates https://archive.org/detaiis/actofincorporati00chic_0 ACT OF INCORPORATION, EULES, BY-LAWS AND INSPECTION liEGDLATlONS OF THE Board of Trade of the City of Chicago. AS ADOPTED SEPTEMBER 25, 1875, AND SUBSEQ.UENTLY MODIFIED. CHICAGO: KNIGHT & LEONARD, PRINTERS. 1877. $ INDEX. f r. I IN ii'f> Act of Incorporation, - - 5 Preamble, - 11 Pule I — Government and Elections, - - - - 13 Rule II — Duties of the President, - - - - 14 Rule III — Vice-Presidents — Duties, - - - - 15 Rule IY — Po^yers and Duties of the Board of Directors, 16 Rule V — Duties of the Secretary and Assistant Sec- retary, 26 Rule VI — Duties of the Treasurer, - - - - 28 Rule VII— Duration of Offices, - - - - • 28 Rule VIII — Committees of Arbitration and Appeals,- 28 Rule IX — Special Committees, 34 Rule X — Memberships, 34 Rule XI — Clerks, 35 Rule XII — Visitors, - - - 36 Rule XIII — Complimentary Tickets, - - - - 36 Rule XIV — Brokers, -37 Rule XV — Annual Meeting, . _ . _ . 37 Rule XVI — Special Elections, - - - - - 37 Rule XVII — Annual Assessment — when due, - - 38 Rule XVIII — Appropriateons. 38 9661b- 4 lis-DEX. EuLE XIX — IliREGULAE TrADIXG, - - . _ 39 Eule XX — Smoking Prohibited, - - - - - 39 Eule XXI — Seal, - - - 39 Eule XXII — Quorum, _ 40 Eule XXIII — Margins on Time Contracts, - - 40 Eule XXIV — Eegular Deliveries, - - - _ - 46 Eule XXV — Eights of Parties on Grain Contracts, 47 Eule XXVI — Failure to Deliver or Deceive on Con- tracts, 49 Eule XXVII — Distilled Spirits, - - - - - 50 Eule XXVIII — Provisions, 53 Eule XXIX — Sale of Provisions, - - - - - 54 Eule XXX — Tares, ------- go Eule XXXI — Eepeal, ------- go BY-L4WS, Eules of Order and Proceedings, - - 61 Eegulations for the Inspection of Provisions, - - 65 Eequirements as to Cut and Packing of Hog Products, 69 Barreled Pork, 69 Pickled Meats, - - 72 Cut Meats, ----- 74 Lard, 77 Packages, 77 Eegulations for the Inspection of Flour, - - 79 Eegulations for the Inspection of Hay, - - - 83 AK ACT TO IlSTCOEPOEATE THE BOARD OF TRADE, CHICAGO. Be it enacted hy the People of the State of Illinois, represented in the General Assembly : Section' 1. That the persons now composing the Board of Trade of tlie City of Chicago, are hereby created a body politic and corporate, under the name and style of the Board oe Trade of the City of corporate title. Chicago,” and by that name may sue and be sued, implead and be impleaded, receive and hold property and effects, real and personal, by gift, devise or pur- chase, and dispose of the same by sale, lease or other- wise ; said property so held not to exceed at any time Limit of property. the sum of two hundred thousand dollars ; may have a common seal, and alter the same from time to time. Seal, and make such Enles, Regulations and By-Laws from Power to . , adopt rules, time to time, as they may think proper or necessary for the government of the corporation hereby created, not contrary to the laws of the land. Sec. 2. That the Rules, Regulations and By-Laws Present rules, regulations of the said existing Board of Trade shall be the Rales and by-iaws to and By-Laws of the corporation hereby created, until changed, the same shall be regularly repealed or altered ; and that the present officers of said Association known as the 6 BOARD OF TRADE, CHICAGO. Officerg. Rules, regulations and by-laws Manner of bold- ing elections. Power to admit and expel. “Board of Trade of the City of Chicago,^’ shall be the officers of the corporation hereby created, until their respective offices shall regularly expire, or be vacated, or until the election of new officers according to the pro- visions hereof. Sec. 3. The officers shall consist of a President, one or more Vice-Presidents, and such other officers as may be determined upon by the Pules, Regulations or By- Laws of said corporation. All of said officers shall respectively hold their offices for the length of time fixed upon by the Rules and Regulations of said corpo- ration hereby created, and until their successors are elected and qualified. Sec. 4. The said corporation is hereby authorized to establish such Rules, Regulations and By-Laws for the management of their business, and the mode in which it shall be transacted, as they may think proper. Sec. 5. The time and manner of holding elections and making appointments of such officers as are not elected, shall be established by the Rules, Regulations and By- Laws of said corporation. Sec. 6. Said corporation shall have the right to admit or expel such persons as they may see fit, in manner to be prescribed by the Rales, Regulations and By-Laws thereof. Committees. Sec. 7. Said Corporation may constitute and appoint Committees of Reference and Arbitration, and Com- mittees of Appeals, who shall be governed by such rules and regulations as may be prescribed in the Rules, Regu- lations or By-Laws, for the settlement of such matters ACT OF II^COKPORATION. 7 of difference as may be voluntarily submitted for arbi- tration by members of tlie Association, or by other per- sons not members thereof, the acting chairman of either of said committees, when sitting as arbitrators, may administer oaths to the parties and witnesses, and issue subpoenas and attachments, compelling the attendance of witnesses, the same as justices of the peace, and in like manner, directed to any constable to execute. Sec. 8. When any submission shall have been made Executions upon awards. in writing, and a final aw\ard shall have been rendered, and no ajopeal taken within the time fixed by the Rules or By-Laws, then, on filing such award and submission . with the Clerk of the Circuit Court, an execution may issue upon such award as if it were a judgment ren- dered in the Circuit Court, and such award shall thence- forth have the force and effect of such a judgment, and shall be entered upon the judgment docket of said court. Sec. 9. It shall be lawful for said corporation, when Bonds, they shall think proper, to receive and require of and from their officers, whether elected or appointed, good and sufficient bonds for the faithful discharge of their duties and trusts; and the President or Secretary is oaths of office, hereby authorized to administer such oaths of office as may be prescribed in the By-Laws or Rules of said cor- poration. Said bonds shall be made payable and con- ditioned as prescribed by the Rules or By-Laws of said corporation, and may be sued and the moneys collected suits upon and held for the use of the party injured, or such other use as may be determined upon by said corporation. Sec. 10. Said corporation shall have power to appoint 8 BOARD OF TRADE, CHICAGO. Inspectors, gaugers and weighers. Certificates, evidence of. one or more persons, as they may see fit, to examine, measure, weigh, gauge or inspect flour, grain, provisions, liquor, lumber, or any other articles of produce or traffic commonly dealt in by the members of said corporation ; and the certificate of such person or inspector, as to the or quaiRy^^^^^ quantity of any such article, or their brand or mark upon it, or upon any package containing such article, shall be evidence between buyer and seller, of the quantity, grade or quality of the same, and shall be bind- ing upon the member of said corporation, or others in- terested, and requiring or assenting to the employment of such weighers, measurers, gaugers or inspectors; Employment of nothing herein contained, however, shall compel the appointees not . obligatory. employment, by any one, ot any such appointee. Fines. Seo. 11. Said corporation may inflict fines upon any of its members, and collect the same, for breach of its Ellies, Eegulations or By-Laws; but no fine shall exceed five dollars. Such fines may be collected by action of debt, before a justice of the peace, in the name of the corporation. Sec. 12. Said corporation shall have no power or authority to do or carry on any business, excepting such as is usual in the management of boards of trade or chambers of commerce, or as provided in the foregoing sections of this bill. WM. E. MOEEISON, Speaker of the House of Representatives. JOHN WOOD, Speaker of the Senate. Approved February 18, 1859. WM. H. BISSELL. Shall not exceed five dollars. Limitation of powers. i ACT OF IJ^COKPORATIO^^. 9 UNITED STATES OF AMERICA, ) STATE OF ILLIis'OIS. j ' ‘ I, 0. M. Hatch, Secretary of State of the State of certificate. Illinois, do hereby certify that the foregoing is a true copy of an enrolled law now on file in my office. In witness whereof I have hereunto set my hand and affixed the Great Seal of State, at [seal] Springfield, this seventh day of March, A.D. 1859. 0. M. HATCH, Secretary of State. I RULES, BY-LAWS, AND INSPECTION REGULATIONS OF THE Board of Trade of the Crri of Chicago. AS ADOPTED SEPTEMBER 25, 1815, AND SUBSEQUENTLY MODIFIED. OBJECTS. The objects of the Association are: To maintain a Preamble. Commercial Exchange; to promote uniformity in the customs and usages of merchants; to inculcate princi- ples of justice and equity in trade; to facilitate the speedy adjustment of business disputes; to acquire and to disseminate valuable commercial and economic infor- mation ; and generally, to secure to its members the benefits of cooperation in the furtherance of their legit- imate pursuits. In accordance with the franchises conferred by its Charter, and to accomplish the objects sought by the Association in its organization, The Board of Trade of the City of Chicago has adopted, for its direction and government, the fol- lowing Rules, By-Laws and Regulations. GENERAL RULES. RULE 1. GOVERNMENT AND ELECTIONS. Section 1. The Government of the Board of Trade Government of the Association of the City of Chicago is hereby vested in a President, vested, two Vice-Presidents, and fifteen Directors, who, collect- ively — including the President and Vice-Presidents — shall be known as the Board of Directors, all of Board of Directors — whom shall have been members of the Association for at least one year next preceding their election. The President, one Vice-President, and five Directors shall be elected annually. The President shall hold his office for the term of one year, or until his successor is elected and qualified; the Vice-Presidents, in like manner, shall Terms of office, hold their offices for the term of two years, and the Di- rectors, in like manner, for the term of three years. Ten members of the Board of Directors shall constitute a Quorum, quorum for the transaction of business, but a less num- ber may adjourn from time to time to any fixed date preceding the next regular meeting of the said Board. Sec. 2. There shall also be elected by the members of committees of Arbitration and the Association a Committee of Arbitration and a Com- Appeals, mittee of Appeals, consisting of ten members each, who shall hold their respective offices for the period of two 14 BOARD OF TRADE, CHICAGO. Qualifications. Annual election. Commence- ment of oflicial term. Requirements of an election. Failure to .elect. Subsequent trials. Executive powers. To act as presiding officer. years. Five members of each committee shall be elected "" annually. The qualifications for election to either of these committees shall be the same as for the office of Director. No person shall, at the same time, be a mem- ber of both committees. Sec. 3. The annual election for all elective officers of the Association shall be held in the Exchange Hall on the first Monday after the second day of January in each year, between the hours of ten o’clock A. M. and four o’clock P. M., and all voting shall be by ballot. The official term of all officers shall commence on the Monday succeeding their election. Sec. 4. For President and Vice-Presidents, a major- ity of all the votes cast shall be necessary to a choice ; but for all other elective officers, a plurality shall elect. Sec. 5. In case of failure to elect any officer voted for on the first trial, another election, in like manner, shall be held on the succeeding day, and if there shall again be a failure to elect, then, upon a third trial, held in like manner, on the day following, a plurality shall elect. PULE II. • DUTIES OF THE PRESIDENT. Section 1. It shall be the duty of the President to act as the general executive officer of the Association and of the Board of Directors ; to preside at all meet- ings of the Association and of the Board of Directors, and to direct the proceedings of each in accordance with the Pules, By-Laws and Pules of Order governing the GEi^EKAL RULES. 15 same: to call special meetings of the Board of Directors To can special meetings — and of the Association; and also, upon the written Jggociation^*^ quest of twenty-five members, to call special meetings of the Association, which shall be done by causing notice of the same to be publicly announced on ’Change; Pro- vided, such request shall state the object for which such meeting is to be called, and it shall be made at least three business days preceding the said meeting. Sec. 2. It shall be the duty of the President to pre- To preserve order in the serve order and proper business decorum in the Ex- Exchange change Eooms of the Association during all business hours; and in case any member or other person shall be Penalty for disorderly guilty of any disorderly, boisterous or ofiensive conduct while in the Exchange Rooms, he shall for that otfense be suspended from the privilege of admission to said rooms, for such time as may be determined by the Pres- ident, subject, however, to appeal to the Board of Di- rectors, but pending such appeal he shall remain so sus- pended if the President shall so elect. ' Sec. 3. It shall be the duty of the President to tern- power to mi , . vacancies and porarily fill any vacancy which may occur m any ap- to appoint pointive office of the Association, and to appoint all committees whose appointment is not otherwise pro- vided for. committees. RULE III. vice-presidents — DUTIES. Section 1. The Vice-President serving upon the last First and SGcon(i year of his official term shall be the first Vice-President, Presidents, and the Vice-President serving upon the first year of his 16 BOARD OF TRADE, CHICAGO. . Respective duties. Business and financial concei’ns — how managed. Appointment of officers and employes. Compensation of oflicers and appointees. Terms of appointed officers. Appointments revocable. official term shall be the second Vice-President. It shall be the duty of the Vice-Presidents, respectively, in this order to perform the duties of the President, in case of his absence or disability. EULE IV. POWERS AHD DUTIES OF THE BOARD OF DIRECTORS. Section 1. All the business and financial concerns of the Association shall be managed and conducted (in ac- cordance with the Charter, Eules, Eegulations and By- Laws of the Association) by or under the direction of the Board of Directors. Sec. 2. The Board of Directors shall, on the Monday succeeding each annual election, or as soon thereafter as may be practicable, appoint a Secretary, an Assistant Secretary, a Treasurer, and such Inspectors, Gaugers, Weighers, Measurers, and other officers, clerks, assist- ants and employes as they may consider necessary for the purposes of the Association, and they may establish such regulations for the direction and government of such appointees as they may think proper; and may fix their compensation, and determine by Avhom the same shall be paid. The term of office of all such appointees shall commence on the Monday succeeding their ap- pointment, or at such other time as the Board of Di- rectors may designate, and shall continue for one year, or until their successors are appointed and assume their duties ; but all such appointments shall be revocable at the will and pleasure of the said Board. GENERAL RULES. 17 Sec. 3. The Board of Directors may require of all Oath of office, appointees an oath to well and faithfully perform all and singular the duties of their office, and a good and Bond, sufficient bond to secure such performance. Sec. 4. The Board of Directors shall hold stated stated meetings of meetings every Monday, except when Monday shall fall i>ii’ectois. upon a legal holiday, in which case the meeting for that day may be omitted. Sec. 5. The Board of Directors shall cause to be an- Announcement of appoint- nounced on ’Change, all appointments of public concern ments and ° ^ ^ ^ -*• revocatiofis. which they shall make, and all revocations of the same ; and at every annual meeting they shall make a full Annual report of receipts and report of receipts and expenditures, properly classified, expenditures, and an exhibit of the financial affairs, property and gen- eral condition of the Association. They shall, previous Assessments, to the annual meeting of the Association, assess on each of the members of the Association a ])ro rata amount, which, in their judgment, will be sufficient, in the aggregate, to meet all estimated expenditures of the Association for the ensuing fiscal year, and they shall, at the annual meeting, report to the Association the pro rata amount thus ^ssessed. Sec. 6. The Board of Directors shall provide suitable Rooms, and convenient Exchange, Reading and other necessary rooms and offices for the purposes of the Association, and they shall cause the same to be kept in a comfort- able, neat and orderly condition. They shall, on all Rooms to be business days, cause the rooms to be open for the ad- mission of members of the Association from 9^^ o’clock A. M. to 1 o’clock P. M., and from 2^ o’clock P. M. to 18 BOARD OF TRADE, CHICAGO. Closing of rooms Saturday p. m. General Exchange. Power to regulate use of rooms. Cause for suspension. Applications for reinstate- ment. Reinstatement of members 3 ^ o’clock P. M., except on Saturdays, when the Ex- change Eoom shall not be opened after 1 o’clock P. M. — From 11 o’clock A. M. to 1 o’clock P. M. the main Exchange Hall shall he set apart and devoted to the purposes of a G-exeral Exchange. They shall have power to make all needful rules and regulations in regard to the use of such rooms, and to enforce the same by the necessary penalties or discipline. Sec. 7. When any member of the Association has failed to comply promptly with the terms of any busi- ness contract or obligation, and has failed to ecpiitably and satisfactorily adjust and settle the same; or when any member has failed to promptly comply with and fulfill the award of any Committee of Arbitration or Committee of Appeals, made in conformity with the Rules, Regulations, and By-Laws of the Association, he shall, upon admission or proof of such delinquency, before the Board of Directors, be by them suspended from all privileges of the Association until all his out- standing obligations to members of the same shall have been adjusted and settled, when he may, upon applica- tion, be reinstated. Notice of all applications for relief from suspension, under the provisions of this section, shall be posted upon the bulletin of the Exchange, for at least one week prior to the hearing of any such appli- cation by the Board of Directors, when, if no further just claims shall be filed against the said applicant, he may be so reinstated ; and if the Board of Directors shall be satisfied that such failure was merely from financial inability or misfortune, such member, having GENERAL RULES. 19 so adjusted or settled such outstaudiug obligations, shall be reinstated, and such reinstatement, in either case, shall thereafter serve as a bar to any further discipline a bar to further diBcipline. by the Association, on account of any claims maturing at a date prior to the reinstatement of the said applicant. Sec. 8. When any member of the Association shall be improper conduct. guilty of improper conduct of a personal character in any of the rooms of the Association, or when any mem- ber shall be guilty of a willful violation of any business contract or obligation, and shall neglect or refuse to Refusal to adjust equitably and satisfactorily adjust and settle the same ; contracts, or when any member shall willfully neglect or refuse to Refusal to comply with comply promptly with the award of any Committee of awards. Arbitration or Committee of Appeals, rendered in con- formity with the Eules, Eegulations, and By-Laws of the Association; or when any member shall violate any violation of of the Eules, Eegulations or By-Laws of the Associa- tion; or when any member shall be guilty of making or False and reporting any false or fictitious purchases or sales; oi’ when any member shall be guilty of any act of bad faith. Dishonorable conduct. of any attempt at extortion, or of any other dishonor- able or dishonest conduct; he shall be censured, sus- Penalty, pended or expelled by the Board of Directors, as they may determine, from the nature and gravity of the offense committed. A majority of a quorum sitting at a vote necessary to convict. regular or adjourned meeting of the Board of Directors shall be necessary to censure or suspend, and an affirm- ative vote of at least twelve members of the Board of Directors shall be necessary to expel. Sec. 9. If, during the progress of any arbitration or 20 BOARD OF TRADE, CHICAGO. Charges for establishing fictitious market. Penalty. Refusal to appear as a witness. Or to answer questions. Punishment for such contempt. other investigation before any committee of the Associ- ation, it shall appear to the satisfaction of such commit- tee that any member of the Association has been guilty of attempting to establish a fictitious market, as a basis for extorting unreasonable damages, or for the purpose of avoiding payment of just obligations, the said com- mittee shall thereupon make formal charges to that ef- fect, against the member thus implicated, to the Board of Directors. The member thus charged shall be promptly summoned to appear before the Board of Di- rectors for an investigation of the charge ; and if found guilty, he shall be expelled from the Association, if so determined by an affirmative vote of at least twelve members of the Board of Directors. Sec. 10. In any investigation or trial before the Board of Directors, or before any other duly constituted committee or other tribunal of the Association, if any member, who shall have had notice from the Secretary, in writing, to appear and testify in the case ; or if any member who shall have been cited by the chairman of any duly constituted committee or other tribunal of the Association to appear and testify, shall neglect or refuse to so appear and testify, or, if testifying, shall refuse to answer any question which may, by a majority vote of the said Board of Directors, committee or other tribu- nal, be declared proper and pertinent to the case in hearing, he shall be subject to suspension by the said Board, from all privileges of the Association, for such period as said Board may determine ; which may be done by said Board in case of contempt of a witness be- GENERAL RULES. 21 fore said Board of Directors, or on the report in writing of any such committee or other tribunal, in case the contempt shall occur before such committee or other tribunal of the Association. It is hereby provided that Privileged Answers. no witness shall be compelled to answer any question which shall criminate himself; nor shall any testimony irrelevant * testimony not be admitted which, in the opinion of the committee or allowable, other tribunal, is irrelevant to the case in hearing. Sec. 11. A member suspended for misconduct may be Reinstatement, reinstated by a majority vote of a quorum of the Board of Directors. Sec. 12. An expelled member shall not be readmitted Expelled members — to membership except upon payment of the regular initiation fee and annual assessment, and upon satisfac- tory evidence that he is a fit person for membership in the Association, and then only upon an affirmative vote of at least tAvelve members of the Board of Directors ; provided such vote shall be had at a regular meeting at least one week succeeding a motion to readmit. Sec. 13. All charges made to the Board of Directors charges to be against any member of the Association for any default, misconduct or offense, shall be in writing, and shall state the default, misconduct or offense charged, and the how signed, same shall be signed by one or more members of the Association, or by a business firm, one or more of whose members shall be a member of the Association. Sec. 14. No member shall be censured, suspended or Examination n T 1 1 • 1 • 1 charges. expelled under this rule without an examination of the charges against him by the Board of Directors, nor without having an opportunity to be heard in his own 22 BOARD OF TRADE, CHICAGO. Notice of trial. Copy of charges. Sufficiency of notice. Public rumors or reports of grave offenses of members. Informal investigation by Committee. Punishment, if sustained. Professional counsel not allowed. Discharge in bankruptcy. defense. No examination shall take place until notice has been served on the accused member, accompanied by a copy of the charges against him, in writing. Such notice may be served upon the accused personally, by the Secretary or any of his assistants, or it may be left at his (the accused’s) ordinary place of business; in either of which cases the notice shall be considered suf- ficient, and the examination may proceed whether the accused is present or not. Sec. 15. It shall be the duty of the Board of Direct- ors, in case any grave offense committed by any member against the good name or dignity of the Association shall come to their knowledge, either by public rumor, report or otherwise, to cause a preliminary or informal investigation to be made by a committee of their num- ber into the truth or falsity of such rumor or report ; and if the said committee, after investigation, shall deem any member guilty of such offense as rumored or re- ported, they shall so report to the Board of Directors, with charges; whereupon the member thus imj)licated shall be notified to appear before the Board of Directors in manner as provided by Section 14 of this rule, and, if found guilty, the said member shall be suspended or ex- pelled, as hereinbefore provided. Sec. 16. In investigations before the Board of Direct- ors, or before any committee of the Association, no party shall be allowed to be represented by professional counsel. Sec. 17. When a member against whom are pending no complaints or charges preferred by a member of the Association, or who is not under sentence of suspension, GENERAL RULES. 23 shall have been duly discharged from his legal responsi- bilities or debts by a Court of Bankruptcy, he shall not thereafter be liable to discipline on account of such ob- ligations: Provided, the institution of proceedings in Proceedings in bankruptcy. bankruptcy shall in no wise affect the action of the Board of Directors in matters of discipline, brought before said Board before a final discharge in bankruptcy shall have been granted; nor shall a discharge in bank- subsequent ruptcy affect subsequent proceedings, in the way of cipline, before said Board, for immoral or dishonest transactions, occurring prior to said discharge. Sec. 18 . It shall be the duty of the Board of Direct- standards of grades. ors, as occasion may require, to fix and establish stand- ards of grades or qualities for Flour, Grain, Provisions, Liquors, Lumber, and any other articles or commodities dealt in by the members of the Association; and the certificate of any Inspector, Weigher, Measurer, or certificates. Gauger, appointed by the said Board, as to the quality or quantity of any such articles, or his brand or mark upon it, or upon any package containing such article, shall be evidence between buyer and seller of the qual- ity, grade or quantity of the same, and shall be binding upon the members of the Association, or others inter- ested or requiring or assenting to the employment of such Inspectors, Gaugers, Weighers or Measurers; noth- inspection not ing herein contained, however, shall compel the employ- ment, by any one, of any such appointees. Sec. 19. It shall be the duty of the Board of Direct- standing . . p • T • Committees. ors, upon the nomination of the President, to appoint such Standing Committees from their own number as 24 BOARD OF TRADE, CHICAGO. they may deem necessary. The Inspection Committees, for the purpose of having the proper branches of trade represented, may be selected in part or wholly from the other members of the Association. All such commit- tees, however, shall be fully under the control of the Delegates to said Board of Directors. The said Board of Directors Xationai Board. shall, in like manner, appoint all delegates to the Na- tional Board of Trade, and all representatives to other deliberative gatherings in which the Association may he entitled to a voice, and to which it may desire represen- tation ; and such delegates and representatives may be appointed wholly or in part from the membership of the Association not members of the Board of Directors. Sec. 20. The Board of Directors may employ such legal advice and assistance as they may deem necessary for the purposes of the Association. Sec. 21. In case of absence or disability of the Presi- dent and both Vice-Presidents, it shall be the duty of the Board of Directors to elect from their number a temporary chairman, who, in addition to his duties as Chairman of the Board of Directors, shall also tem- porarily perform all other duties devolving upon the President. Sec. 22. The Board of Directors shall have power to meetings of the Association - call Special meetings of the Association upon such notice how called. i = and for such purposes as they may deem proper. All calls for special meetings of the Association shall state the specific object of such meetings, and no other busi- ness than that for which a special meeting was called shall be considered or transacted at any such meeting. other repre- .sentatives. Legal advice. Absence or disability of presiding officers. Temporary chairman. Special GENERAL RULES. 25 Sec. 23. It shall be the duty of the President, prior Tellers of election. to any election to he held by the Association, to appoint a sufficient number of tellers, who shall have charge of Duties, the ballot boxes and poll lists of the Association, and who shall receive, consecutively, and place the same in the ballot box, all ballots of members who shall he in good and regular standing, who shall have paid all dues and assessments. They shall keep a record of all mem- bers voting, and opposite each name shall place the number of the ballot deposited by said member. Three Quorum, of the tellers shall constitute a quorum for receiving and recording the votes. No ballot box shall be opened, nor shall any votes be counted, except in the presence of at least four of their number. They shall make all returns Returns in writing. in writing to the Secretary of the Association, duly signed by at least four of their number, and the Secre- Preservation of ballots. tary shall preserve all ballots for the period of at least two months, for further examination, if the same shall May be subsequently be ordered by the Board of Directors, to verify the cor- examined, rectness of the returns of said tellers. Sec. 24. In case any member of that body shall absent Absence of himself from six consecutive regular meetings of the Board of Directors, without having been previously ex- cused, or without communicating to the President, in writing, a good and sufficient excuse for his absence, or a resignation of his office, the Board of Directors shall Forfeiture of office of have power to declare the office of said Director vacant, directors, and to immediately order a special election by the Asso- ciation to fill said vacancy. 26 BOARD OF TRADE, CHICAGO. Special meetings of Directors. How called. Sufficient notice. Records. Property. Statistics. Annual report. Notice to committees. Sec. 25. Special meetings of the Board of Directors may be convened by order of the President, or by written request of any five members of the said Board, addressed to the Secretary. Such meetings may be called by pub- lic notice announced on ’Change, or by service of per- sonal or written notice by the Secretary, or by any of his assistants, upon the members of the said Board. A written notice left at the usual place of business of any member of the said Board of Directors shall be a suffi- cient notice in case of meetings called by service of personal or written notice. RULE V. DUTIES OP THE SECRETARY. Section 1. The Secretary, under the direction and control of the Board of Directors, shall keep a journal of the proceedings of the Association ; take charge of the seal, books, papers, and property belonging to the Asso- ciation ; keep an account of the imports and exports of the city;' collect and record valuable statistical informa- tion pertaining to the commercial, mercantile and manu- facturing interests of the City of Chicago, and post the same on ’Change, daily; and on or about the first of January in each year he shall make to the Association a full report of the business of the city for the preceding year, ending December 31st, embracing such other in- formation, in his possession, as may be of interest to the members. He shall furnish to the chairman of every special committee a copy of the resolutions whereby such committee shall have been appointed, and under the GENERAL RULES. 27 direction of the President, he shall give notice of any meetings of the Board of Directors or of the Association. He shall conduct the correspondence of the Association, correspond- and read such records or papers as the presiding officer may direct; shall attend meetings of Committees of Attend meetings of Arbitration or Appeals, and of the Board of Directors, committees, and keep an official record of their proceedings, give- notice when their services are required, issue the neces- sary notices and papers to parties, and deliver copies of all awards or findings. He shall collect all moneys due Collections, to the Association for assessments, fines, fees or other- wise, and pay the same to the Treasurer; shall keep his office open during usual business hours, shall see that the rooms and property of the Association are kept in good order, and shall perform such other duties as the other duties. Board of Directors may from time to time direct. Sec. 2. It shall be the duty of the Secretary to furnish certificates of appointment. to all Inspectors, Gaugers, Weighers and Measurers, ap- pointed by the Board of Directors, official certificates of their appointment, bearing the signatures of the Presi- dent and Secretary and the seal of the Association. Such certificate shall specify their duty and the time for which they are appointed, and also that such appointments are Appointments revocable at the will and pleasure of the said Board. DUTIES or THE ASSISTANT SECRETARY. Sec. 3 . The Assistant Secretary shall perform such To assist in performing the duties pertaining to the office of the Secretary as the Directors or the Secretary shall order, and in the tem- porary absence or disability of the Secretary shall per- form the duties of the Secretary. 28 BOARD OF TRADE, CHICAGO. To receive all funds. (Quarterly and anniial reports. Books accessible to Directors. Present officers. New officers. Duties of Committee of Arbitration. EULE VI. DUTIES OF THE TREASURER. Section 1. The Treasurer shall receive from the Secretary all funds belonging to the Association, and shall disburse the same on the order of the Secretary, countersigned by the President; he shall make a quar- terly report to the Board of Directors in April, July, October and January, and a full report to the Associa- tion at its annual meeting in January of each year, of all receipts and disbursements of the Association. The accounts of the Treasurer shall be kept in books belong- ing to the Association, which books shall be at all times open for the examination of the Board of Directors or any committee of said Board. RULE VII. DURATION OF OFFICES. Section 1. The present officers of the Association shall continue in their respective offices during the term for which they were elected. And the election held by the Association on March 26, 1875, for five directors to serve until the commencement of the official year in 1878, is hereby ratified and confirmed. RULE VIII. COMMITTEES OF ARBITRATION AND APPEALS. Section 1. It shall be the duty of the Committee of Arbitration to hear and determine all cases of disputed claims voluntarily submitted for their adjudication by GEITERAL RULES. 29 members of the Association. All evidence in snch cases shall be taken under oath or affirmation, and shall be duly recorded. In all such adjudications, the Committee How to construe rules. shall construe all Rules, Regulations and By-Laws of the Association as being designed to secure justice and equity in trade ; and all awards or findings shall be made in conformity therewith, and in accordance with the laws of the land. It is hereby provided, that in How to determine determining the legitimate value of property, in cases of dispute, its value in other markets, or for manufacturing- purposes in this market, together with such other facts as may justly enter into the determination of its true value, shall be considered, irrespective of any fictitious price it may, at the time, be selling for in this market. Provided, that in case of default on contracts for future Penalty, delivery, if it shall not be shown that the seller had pro- vided by a i^revious purchase of the property for delivery on his contract, he shall, in the judgment of the Com- mittee, be liable to pay, as penalty for such default, dam- ages not exceeding five (5) per cent of the value of the property sold. In case either party shall so demand, by previous no- stenographic tice given to the Secretary, the testimony and proceed- ings of the Committee of Arbitration shall be taken by a stenographer, the cost of which shall be assessed by the Committee as in cases of other costs incurred. Sec. 2. Any award or finding of the Committee of Appeal to Arbitration may be appealed from, and the case may be Appe^if- carried to the Committee of Appeals for revision; Pro- vided, notice of such appeal shall be given to the Secre- 30 BOAKD OF TKADE, CHICAGO. / tary, in writing, within two business days after such award or finding shall have been delivered to the parties in controversy. Committee of Sec. 3. It shall he the duty of the Committee of Ap- Appeals — duties. peals to review such cases as may he appealed from the Committee of Arbitration and formally brought before Its awards not it, and its awai’ds or findings shall be final and binding, subject to revision. and shall not be subject to revision by any other tribunal Regularity. of the Association ; Provided, the Board of Directors may determine, from the Eecord and other evidence, as to the proper constitution of any committee and as to New evidence, the regularity of its proceedings. The said Committee of Appeals shall receive such new evidence as may be otfered under oath or affirmation ; and if, in its judg- Remanding meiit, evidence is produced which will justify a rehearing of the case by the Committee of Arbitration, it shall remand the case to the said Committee of Arbitration Final awards, for a iiew trial. Any final award or finding of the Com- mittee of Appeals shall be based on the record of the How governed. Committee of Arbitration, and shall be made in like manner as prescribed by Section 1 of this rule. Quorum. Sec. 4. Five of either of these Committees shall be a Number neces- quorum for the transaction of business, and a majority sary to concur ^ i i i • t in an award, decision of such quoruni shall be binding. Awards— bow Sec. 5. The Committee of Arbitration and the Corn- rendered. . n r* T mittee of Appeals shall each render their awards or find- ings in writing, through the Secretary of the Association, When made, witliiii two busiiiess days after their decision shall have been made. Such awards or findings shall be signed by the Chairman of the Committee, and shall be certified GENERAL RULES. 31 by the Secretary, under the Seal of the Association. The official record and decisions of these committees, official records open to and all other records of the Association, may be inspected members, by any member of the Association, upon application to the Secretary. Sec. 6. When, from absence or disqualification of vacancies — how filled. regular members, either the Committee of Arbitration or Appeals cannot be formed, the parties in* controversy shall be allowed to fill vacancies with any jnember or members of the Association willing to serve (not being of the other Committee) on whom they may agree; or if Special Committees of such parties are unwilling to submit their case to the-^i’^’itration — ^ ^ bow formed Committee of Arbitration, they may choose three or more members, (willing to serve, and not being of the Committee of Appeals,) whom they may agree upon ; such agreement, in either case, to be communicated to the Secretary in writing, signed by all the parties in controversy. A majority award or finding of any such Committee shall be binding, and any award or finding of Committees thus formed shall be made under the same rules and shall have the same effect as if made by the regular Committees, respectively. Sec. 7. Before entering upon the duties of their office the members of any Committee of Arbitration or Com- mittee of Appeals shall be required to take or subscribe to the following oath or affirmation, viz: “You do oath of solemnly swear (or affirm) that you respectively will S)Tmitteel faithfully and fairly hear and examine all matters of controversy which may come before you during your tenure of office, and that you will in all cases make just 32 BOARD OF TRADE, CHICAGO. Administration of oaths to witnesses. Submissions— how made. Agreement to abide by award. Postponement of trial. Triflingmatters not to be entertained. Fine of members of Committee. Fees. and equitable awards or findings upon the same, in con- formity with the Rules, Regulations, and By-Laws of the Association, and according to the evidence, to the best of your understanding; so help you God.” Sec. 8. The Chairman or Acting Chairman of any Committee of Arbitration or Appeals shall have power to administer suitable oaths to the parties and witnesses, and to issue citations to witnesses. Sec. 9. Parties desiring the services of either of the foregoing Committees shall notify the Secretary to that effect in writing, and, before the hearing of the case, shall file an agreement with him, signed by the parties to the controversy, binding themselves to abide, perform and fulfill the final award or finding which shall be made touching the matter submitted, Avithout recourse to any other court or tribunal. Neither party shall postpone the trial of a case longer than ten days after it has been submitted, unless good cause can be shoAvn therefor, satisfactory to the Committee. Trifling and unimportant matters shall not be entertained by the Committee of Arbitration. Any member of a firm may execute said agreement on behalf of such firm. Sec. 10. Members of the Committees of Arbitration or Appeals, failing to attend when their services are required, may be fined, for the use of the Association, three dollars for each default, unless a satisfactory excuse shall be made to the Committee. Sec. 11. The fees for arbitration, under the Rules, By-Laws and Regulations of the Association, shall be as follows : GENERAL RULES. 33 For the benefit of the Committee, for each case where the amount in controversy shall be • under 1500 110 00 For the benefit of the Committee, for each case where the amount in controversy shall be from 1500 to $1,000 15 00 For the benefit of the Committee, for each case where the amount in controversy shall be from $1,000 to $1,500 20 00 For the benefit of the Committee, for each case where the amount in controversy shall be from $1,500 to $2,500 25 00 For the benefit of the Committee, for each case where the amount in controversy shall be from $2,500 upwards 50 00 The fees, as above, shall be paid in advance, to the Secretary, by the party bringing the case. Sec. 12. The fees of the Committee of Appeals shall Fees on appeals. be the same as the fees in the same case before the Com- mittee of Arbitration, and they shall be paid and dis- posed of in the same manner. Sec. 13. If parties to a controversy fail to appear at Failure to the time set for trial, or request a postponement, they may (if the case is postponed) be assessed with costs, by costs for and for the use of the Committee, in any sum, in the Committee’s discretion, not exceeding five dollars. The Committee, however, may insist that the trial shall take place wfithout postponement. Sec. 14. When neither of the parties in the contro- Fees on versy is a member of the Association, the aforesaid fees non'^^mbeVs.^ 3 M Costs to be assessed by Committee. Howappointed. Qualifications. Application. How admitted. Initiation fee. BOARD OF TRADE, CHICAGO. may be doubled. Fees, and all additional costs that may be incurred in the investigation of suits, shall be finally paid by either of the parties in the case, as may be decided by the Committee hearing the same, and shall be included in their award or finding. RULE IX. SPECIAL COMMITTEES. Section 1. Special Committees may be appointed by the Association or by the Board of Directors, to such service and in such manner as they may see fit, and it shall be the duty of every Committee appointed by the Association, the President or the Board of Directors, to act when properly called upon. RULE X. MEMBERSHIPS. Section 1. Any person of good character and credit, and of legal age, and resident of or permanently doing business in the city of Chicago, on presenting a written application, indorsed by two members, and stating the name and business avocation of the applicant, after ten days’ notice of such application shall have been posted on the bulletin of the Exchange, may be admitted to membership in the Association, upon approval by at least ten (10) affirmative ballot-votes of the Board of Directors, and upon payment of an initiation fee of one thousand dollars, or on presentation of a certificate of unimpaired or un forfeited membership, duly transferred, GENERAL RULES. 35 and by signing an agreement to abide by the Eules, Regulations and By-Laws of the Association, and all amendments that may, in due form, be made thereto. Sec. 2. Every member shall be entitled to receive a certificate of membership. certificate of membership, bearing the corporate seal of the Association, and the signatures of the President and Secretary ; and if the member in whose name said cer- tificate stands has paid all assessments due, and has against him no outstanding unadjusted or unsettled claims or contracts held by members of the Association, and said membership is not in any way impaired or for- feited, it shall, upon the payment of ten (10) dollars, be How transferable. transferable upon the books of the Association, to any person eligible to membership, who may be approved by the Board of Directors, after due notice, by posting, as provided in Section 1 of this rule. The membership of a deceased member shall be transferable, in like manner, by his legal representative. Prior to the transfer of any membership, application for such transfer shall be posted upon the bulletin of the Exchange for at least ten days, when, if no objection is made, it shall be assumed the member has no outstanding claims against him. RULE XL CLERKS. Section 1. Every firm or business house, all the resi- conditions dent members of which are members of the Association, shall be entitled to one or more clerk’s tickets of admis- sion to the Exchange Rooms, by the payment of the 36 BOARD OF TRADE, CHICAGO. Assessments. Restrictions. Forfeiture. Introduction. Restrictions. Under control of Board of Directors. current annual assessment of members, such clerk to be a regular employe of the firm applying for the ticket, and to be approved by the Board of Directors ; but no clerk shall be entitled to transact any business on the fioor of the Exchange Rooms, for himself, or for any other person than the employer to whom the ticket is issued. Any clerk’s ticket, and all payments for the same, may be declared, by the Board of Directors, for- feited, upon satisfactory evidence that the party holding it has violated any of the privileges granted by it, or that he is not a Iona fide employe of the party upon whose application the same was issued. RULE XII. VISITORS. Section 1. Visitors may be introduced to the Ex- change Rooms upon such terms and for such time as the Board of Directors may from time to time determine. Xo person holding a visitor’s ticket shall be permitted to negotiate or transact any business in the Exchange Rooms. For any violation of this rule the privilege of visiting the rooms may be forfeited. RULE XIII. COMPLIMENTARY TICKETS. Section 1. The Board of Directors may authorize the issue of complimentary tickets of admission to the Ex- change Rooms to such persons as they may designate ; but no person holding such a ticket shall be entitled to Restrictions. GENERAL RULES. 37 vote, or to transact any business in the Exchange Eooms, except such as may be incident to the business on ac- count of which the ticket was issued. RULE XIV. BROKERS. Section 1. Any person claiming to act as a broker Duties and re- sponsibilities. shall be required to name his principal during the ses- sion of the Association, at which the trade was made, or at the time the trade was made, if demanded ; or, failing to do so, shall thereafter be held responsible for such trade, at the option of the party with whom he shall have made the same, and shall also be held liable for the acceptance of such trade by his principal. RULE XV. ANNUAL MEETING. 'Section 1. The Association shall hold its Annual one week after . annual election, Meeting on the second Monday after the second day of January. RULE XVI. SPECIAL ELECTIONS. Section 1. If from any cause an election of officers is not had at the regular Annual Election, or in case of the death, resignation or removal of the President, either of the Vice-Presidents, Directors, or members of either of the Committees of Arbitration or Appeals, it shall be in the power of the Association to fill such vacancies for 38 BOARD OF TRADE, CHICAGO. the remainder of the official term, at any regular or called Notice— how meeting thereafter : Provided, notice of said meeting and pai)liphed. ° ^ election shall have been announced on ’Change and pub- lished in two of the Chicago daily newspapers for at least three days immediately preceding such meeting. RULE XVII. ANNUAL ASSESSMENT — WHEN DUE. When due. SECTION 1. When the Annual Assessment is made, it Delinquents shall be considered due ; and any member neglecting or excluded from . , the Exchange, refusiiig to pay the same within thirty (30) days there- after, may be excluded from the rooms of the Association Forfeiture of uiitil such asscssmcnt is paid; and all members failing membership for of di?es^"'^"* to pay the assessments during the whole of any fiscal year of the Association, shall be deemed to have relinquished their membership, and the same shall be forfeited, and such parties shall thereafter be readmitted only as new applicants. Payment of annual assessments by a mem- ber, while under suspension, shall not be construed as in any way affecting such suspension. RULE XVIII. APPROPRIATIONS. Limitations. Section 1. Xo appropriation of money or other prop- erty of the Association shall be made, except to defray its legitimate business expenditures or to promote the purposes of its organization. GENERAL RULES. 39 RULE XIX. IRREGULAR TRADING. Section 1. Xo time or option trade or contract in grain shall be made by members of the Association before 9^ o’clock A. M., or after o’clock P. M., or on any Saturday after 1 o’clock P.M., nor on any day or part of a day on which the Association shall hold no business session ; and any member who shall make any trade or contract herein prohibited, shall be deemed to have violated the Rules of the Association, and shall therefor be summarily fined by the President in a sum not exceeding five dollars for each and every such of- fense, and shall be liable to such additional discipline as the Board of Directors may determine ; and any mem- ber neglecting or refusing to pay any such fine shall be suspended by the Board of Directors from all privileges of the Association during the time such fine shall re- main unpaid. RULE XX. SMOKING. Section 1. Smoking in the Exchange Rooms of the Association shall be deemed discourteous and offensive conduct, and the same is hereby prohibited. RULE XXL SEAL. Section 1. The Association shall have a Seal, bear- ing a figure of Justice, with a ship in the distance, sur- Trading prohibited except within certain hours. Fined for violation. May be suspended. Prohibited. Description. 40 BOARD OF TRADE, CHICAGO. One hundred members a quorum. Protection to purchasers. Protection to sellers. Margins — where deposited. Excepted depositories. rounded by the words, “ Board of Trade of the City of Chicago.” RULE XXII. QUORUM. Section 1. One hundred members of the Association shall constitute a quorum, but a smaller number shall have power to adjourn. RULE XXIII. MARGINS ON TIME CONTRACTS. Section 1. On time contracts, purchasers shall have the right to require of sellers, as security, ten (10) per cent margins based upon the contract price of the prop- erty bought, and further security, from time to time, to the extent of any advance in the market value above said price. Sellers shall have the right to require as security from buyers ten (10) per cent margins on the contract price of the property sold, and in addition, any difference that may exist or occur between the estimated legitimate value of any such property and the price of sale. All securities or margins shall be deposited, either with the Treasurer of the Association or with some bank duly authorized by the Board of Directors to receive such deposits; Provided, such deposit shall not be made with any bank or banks to which the party calling for the said security or margin shall expressly object, at the time of making such call ; but in such case the deposit shall be made with some duly authorized bank not thus GEN^ERAL RULES. 41 objected to, or with the Treasurer of the Association, as the depositor shall elect. Sec. 2. All banks which may be appointed to act as Bonds, depositories for securities or margins, shall execute and file with the Secretary of the Association, a good and suf- ficient bond, with sureties, to be approved by the Board of Directors, for the proper disposal of the said securi- ties or margins, in accordance ’vvith the provisions of the Rules, Regulations and By-Laws of the Association. Said banks shall issue certificates in duplicate, not Certificates for deposits. transferable, for all such deposits. Said certificates shall state by whom the deposit was made, and for whose se- curity the same is held, that the deposit has been made under the Rules of the Board of Trade, and is payable upon the return of the certificate or its duplicate duly indorsed by the parties to the contract or contracts, or on the order of the President of the Board of Trade, as provided by Section 6 of this rule. Said certificate shall be in the following form, to wit : Original (or) Duplicate. Not Negotiable or Transferable. Eorm for certificates. Chicago, 18 . has deposited with this Bank Dollars, as margin or security on a contract or contracts between the depositor and which amount is payable on the return of this certificate or its duplicate duly indorsed by both of the above named parties, or on the order of the President of the Board of Trade of the City of Chi- cago, indorsed on either the original or duplicate hereof, as pro- 42 BOARD OF TRADE, CHICAGO. vided by the Rules of said Board of Trade, under which the above named deposit has been made. Cashier. Deposits to be All deposits SO made shall be held to have been made as held as security on all coup-acts security for the faithful fulfillment of any contracts parties. made or to be made between the parties during the time Exception. the deposit shall remain unpaid: Provided, it shall be competent for either party to a contract to demand that the certificate shall express the particular contract upon which the deposit shall haye been made, and in such case the deposit shall he applicable only to the settle- ment of that contract. Margins with Sec. 3. The Treasurer of the Association shall, in like the Treasurer. . , . „ manner, and under like safeguards, receiye deposits for securities or margins, and issue certificates for the same, payable as is proyided by Section 2 of this rule. Sec. 4. The party depositing securities or margins shall, within one hour from the time such deposit shall be called, deposit with the Secretary of the Association, or with the party calling for such deposit, the duplicate certificate for the same, in due form, as provided for in Section 2 of this rule. Sec. 5 . Should any party called upon, as herein pro- yided for, fail to deposit the security or margin called, within the next banking hour thereafter, the party mak- ing such call shall have the right, if he be the seller, to resell the property for account of the delinquent, such resale to be for the same delivery as was named in the Notice of deposit of ruHigins. Failure to deposit margins. GENERAL RULES. 48 original contract; if he be the buyer he shall have the right to repurchase the property for account of the de- linquent deliverable at the time named in the original purchase, in either case he shall at once communicate to the delinquent the action he has elected to take, and all losses or damages on such defaulted contract shall be closing of ^ contract in case at once due and payable, the same as though said con- tract had fully matured ; the party so calling may, how- ever, elect to permit the contract to stand, in which case no notice to that effect shall be necessary to the delin- quent : Provided, when the call is made during the gen- eral meeting of the Association, between 11 A.M. and 1 P.M., the deposit shall be made before 2 o’clock of the same day. All notices for the call of margin, or of the Notices of caii, or of the closing of contracts under this rule, mav be served on closing of the party called, either in person or by leaving a written notice at his place of business, or may be served in per- son upon his authorized representative, or upon any clerk representing the party on ’Change ; and in case the party called upon shall not be known to have a reg- ular place of business, a written notice left in the office of the Secretary of the Board shall be deemed sufficient. Sec. 6. Upon the fulfillment or settlement of anyEeieaseof margins on contract, deposits upon which have been made, and when settlement, the full adjustment of all differences relating to the same shall have been effected, the deposits shall thereupon be payable to the party depositing the same ; and the joint indorsement of both parties upofi^the certificate shall be a sufficient authority to the party holding the deposit to pay the same to the holder of the certificate ; or in case 44 BOARD OF TRADE, CHICAGO. Failure to adjust contracts. Disputes to be submitted to a committee. President may release. Excessive deposits — how released. of a failure between the contracting parties to adjust and settle their respective claims upon the deposit within three (3) business days after the maturity of all contracts upon which the deposit is applicable, the matter in dis- pute shall, upon the application of either party to such contracts, be submitted to a Select Committee of three disinterested persons, members of the Association, to be appointed by the President, which Committee shall, without unnecessary delay, summon the parties before them, and hear such evidence, under oath, as either may wish to submit touching their claims to the deposit, and shall by a majority vote decide, and report to the Presi- dent of the Board, in writing, in what manner and to whom the deposit is payable, either wholly or in part ; whereupon the President shall indorse on either the original or duplicate certificate an order for the payment of such deposit in accordance with the decision of said Committee, and such order shall be a sufficient warrant to the party holding the deposit to pay the same in accordance with such order. In case it should occur that by reason of changes in the market, or of delivery upon, or the settlement of a portion of the contracts upon which margins or securities that have been depos- ited are properly applicable under this rule, that a larger sum remains on deposit than is contemplated by Sec- tion 1 of this rule upon then existing, unadjusted con- tracts between the parties, and either party to such contract should refuse to release such excess of deposit, the President of the Board is authorized, upon a repre- sentation of the facts, and admission or proof that such GENERAL RULES. 45 excess ought to he released, to order such release, and payment to be made to the party to whom it right- fully belongs, by the indorsement of an order to that effect on either the original or duplicate certificate or certificates issued for such deposits : Provided, in case of value of property such disagreement, no surrender of the deposit shall be defaulted ^ on — now ordered until the Board of Directors shall have first estimated and determined the value of the property covered by any contract upon which the deposit has been made, and upon which a default has occurred, on the day of such default, in case either party shall request such decision ; nor shall any such surrender be ordered pending any arbitration touching the rights of the par- ties under the said contract or contracts, or in case the party refusing to adjust the dispute shall signify his willingness to submit the matter to arbitration. Sec. 7. In determining the value of property under Value of property under these rules, its value in other markets, or for manufact- t^hese rules — uring or consumptive purposes in this market, together with such other facts as may justly enter into the deter- mination of its value, shall be considered, irrespective of any fictitious price it may at the time be selling for in this market. Such value, for marginal purposes, in case values for marginal of disagreement, shall be determined by the Board of Directors, and communicated to the parties in interest through the President or Secretary. 46 BOARD OF TRADE, CHICAGO. RULE XXIV. REGULAR DELIVERIES. Tender of warehouse receipts. Requirements for regular warehouse receipts. Directors may prescribe other warehouse regulations. Posting elevators and warehouses. Posting irregularities. Section' 1. All deliveries upon grain contracts, un- less otherwise expressly provided, shall be made by ten- der of regular warehouse receipts, which receipts shall have been registered by an officer duly appointed for that purpose. All such warehouse receipts shall be made to run five days from date of delivery, on regular or customary storage charges; which regular or custom- ary charges shall follow such warehouse receipts, and be chargeable upon the property covered by the same, and shall be issued by such houses as are in good credit, are conveniently approachable by vessels of ordinary draft, have customary shipping facilities, and are, in other respects, comformable to such requirements as may be prescribed by the Board of Directors. Sec. 2. The Board of Directors may prescribe all necessary regulations and requirements for warehousing all kinds of property (other than grain) deliverable by warehouse receipts. Sec. 3 . It shall be the duty of the Board of Directors, under this rule, to publish annually, or oftener, if neces- sary, by posting on the bulletin of the Exchange, the names of all elevators and other warehouses, conforming in all respects to prescribed requirements of the 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 GEJfERAL RULES. 47 any such elevators or warehouses, as the same shall come to their knowledge. Sec. 4. All warehouse receipts for property tendered Proper teuders. or delivered on contracts, shall be for quantities or par- cels, in the aggregate, as sold, accompanied by a mem- orandum of the property delivered, with the price of the same, together with the amount due therefor. Provided, on all time contracts for five thousand (5,000) bushels of Grain, of Grain, or any multiple thereof, deliveries shall be made in lots of five thousand (5,000) bushels; and on all time contracts for Mess Pork for two hundred and of Mess Pork, fifty (250) barrels or any multiple thereof, deliveries shall be made in lots of two hundred and fifty (250) barrels; a variation, however, of one per cent in the quantity of grain 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 cur- rent market. PULE XXV. RIGHTS OF PARTIES OH GRAIH CONTRACTS. Section 1. On time contracts, made between mem- contracts- Buyer’s opti bers of the Association, where pro]3erty is bought at as to time. bicyer^s option, the time of delivery shall be as follows : When the call is made by the buyer before twelve o’clock M., the property shall be due and deliverable before half-past two o’clock P. M., same day. When the call is when made after twelve o’clock M., the property shall be due and deliverable before three o’clock, same day, or before eleven o’clock A. M., next day. Or the buyer may 48 BOARD OF TRADE, CHICAGO. When no call 8hall be made. Contract!^— Seller’s option as to time. Sufficiency of a tender. Tenders— when not good. Delivery of grain sold in store. Delivery of cash grain. specify any particular future day, during the term of the option, upon which the property shall be due and de- liverable, and the property shall be due before eleven o’clock on the day designated ; Provided^ no call shall be made before the beginning of the option ; and if no call is made, the property shall be deliverable before three o’clock P. M., on the day of maturity of contract. Sec. 2. On contracts for grain at sellers option, the seller may deliver the property on any day during the life of the option, between the hours of nine A. M. and half-past two P. M. Sec. 3. On contracts for property for future delivery, the tender of a higher grade of the same kind of grain than the one contracted for shall be deemed sufficient; Provided, the higher grade of grain tendered shall not be of a color or quality that will depreciate the value of the other, if mixed. Sec. 4. When a contract shall mature on Sunday, or on a legal holiday, delivery on such contract shall be made on the preceding business day. No property shall be tendered on any day upon which the Association shall hold no business session. Sec. 5. On contracts for grain sold in store, without special agreement as to delivery, the property shall be deliverable before half-past two o’clock P. M. of the day of sale, or before eleven o’clock A. M. of the next busi- ness day. In case a purchase is specified as for cash, it shall, if purchased before two P. M., be deliverable before half-past two o’clock, same day ; if purchased after two P. M., it shall be deliverable before eleven A. M., of the GENERAL RULES. 49 next business day. No property shall be tendered be- tween the hours of eleven A. M. and one P. M., except by special agreement. In case of the tender of property Tenders duriug absence of during the temporary absence of the purchaser from his^'^yei’- place of business, notice of such tender shall be left at his office, and he shall have the right to call for the same and pay for it within one hour thereafter. Sec. 6. In case sales are made for future delivery by car load to be car loads, a car load shall be deemed to contain twenty thousand (20,000) pounds. RULE XXVI. 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, at his option, consider the contract for- feited ; or he may purchase the property on the market for account of the seller, by one 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 con- tract. 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, Rights of vendors may be forfeited. May purchase property on the market. May require settlement at market. Rights of vendors. Failure to receive. 50 BOAKD OF TRADE, CHICAGO. Unreasonable claims based on fictitious markets not allowed. Committee. Duties. liuorum. and any loss resulting to tlie seller shall be paid by the party in default. Sec. 3. Sections 1 and 2 of this rule shall not be con- strued as authorizing unjust or unreasonable claims, based upon manipulated or fictitious markets; and in case of any disagreement arising from any action taken under this rule, the expressed willingness of either party to the controversy, ' to submit the pending question of difference to arbitration, under the Eules, Eegulations and By-Laws of the Association, shall be accepted and construed by the Board of Directors, as evidence, on the part of such member, of his readiness to equitably adjust and settle his said disputed obligation, and he shall not therefor be subject to discipline for such matter, pend- ing such proffered arbitration, if he shall abide by the same in good faith, and in case of an award, shall promptly perform such award. EULE XXVII. DISTILLED SPIRITS. Section 1. At the first meeting of the Board of Directors after their election, the President shall, subject to the approval of the Board, appoint as a Committee ojs' Distilled Spirits, three members of the Association who are engaged in the Distilled Spirits trade. It shall be the duty of this Committee to consider and decide all disputes arising between members dealing in Distilled Spirits which may be submitted to them. Two of the Committee shall constitute a quorum, and a decision of any two of their number shall be final. A fee of nine Fee. GENERAL RULES. 51 dollars shall be paid to the Committee for every reference case submitted to them, the same to be paid by the party adjudged to be at fault, unless otherwise ordered by the Committee. Provided, nothing herein shall prevent set- tlement of questions of difference by private arbitration. Sec. 2. All inspecting shall be performed by Inspectors inspectors, regularly appointed by the Board of Directors, and the returns of such Inspectors shall be made in exact accord- ance Avith the instruments prescribed by the Commis- sioner of Internal Revenue for all U. S. gaugers. Sec. 3. Inspectors shall make a detailed return (in Returns of inspectors. duplicate) of each lot inspected, showing the serial num- ber of each barrel, the serial number of each stamp affixed thereto, the gauge, ^vantage, proof, and number of proof gallons. In case of measurement on account of com- plaint, he shall make a certificate, in duplicate, showing the serial numbers of the barrels measured, and the re- sult of such measurement. He shall also note on his certificate any imperfection in the quality of the goods or cooperage. Sec. 4. The buyer shall have the right to designate the Fee of Inspector, who shall be entitled to receive ten (10) cents Low pakl. per barrel for inspection, to be paid by the seller. The seller may add one-half inspection to the invoice, and the same shall be reimbursed by the buyer. Sec. 5. All complaints relative to inspection must be complaints of made in Avriting, and addressed to the Inspector who”^ inspected the goods, and he shall immediately notify the other party or parties in interest. Sec. 6. Complaints concerning inspection must 52 BOARD OF TRADE, CHICAGO. Error in gauge. Complaint, b. Average gauge- lot. Fees for reinspection. Limitation of claim. made within forty-eight hours after the delivery of the goods. Sec. 7. No claim made for error in gauge shall be allowed, unless all the barrels in the lot in question be submitted, and have not received any driving or other cooperage subsequent to the inspection complained of. Sec. 8. In case of a complaint based upon an alleged error in gauge, the Inspector who made the original inspection shall immediately measure the lot in question in conformity with the following, viz. : The average gauge of a lot of twenty-five (25) barrels or more, shall be esti- mated by the actual measurement, with a sealed measure, or by actual weight, of not less than one barrel in five of the lot, and the serial numbers of the barrels so measured shall, when the lot sold runs serially, be in direct rotation. In lots of less than twenty-five barrels, either buyer or seller may insist upon the measurement or weight of the whole lot, or of any portion thereof, greater than one barrel in five. If the complaint be ascertained to be not well founded, the inspector shall be entitled to receive twenty-five (25) cents per barrel on the lot so measured, to be paid by the complainant. Should the error have arisen from the false shape or construction of the barrel, he shall be entitled to receive twenty-five (25) cents per barrel on the lot, to be paid by the seller. Should the fault have been his own, through the error of his instruments or otherwise, he shall not be entitled to receive any compensation for such measurement: Provided^ no claim on account of barrel measurement shall be considered adjustable un- GEJifERAL RULES. 53 less made within forty-eight hours after delivery, at the place designated by the buyer at the time of purchase. Sec. 9. Upon the receipt of an amended Inspector’s Amended return. return, or a certificate showing amendment, the seller shall alter his bill in accordance with said amendment, which bill, so altered, shall be paid by the buyer. Sec. 10. High wine barrels must be new (not refilled) New barrels, and made of well-seasoned timber of the kind usually employed in the manufacture of whisky barrels. They Dimensions, must be sound, in good cartage order, and bound with not less than six (6) iron hoops, and must gauge from forty to forty-six wine gallons,^ and a barrel of high- wines, in all settlements, shall be considered as sixty proof gallons. KULE XXVIII. PROVISIONS. Section 1. The Board of Directors shall appoint five inspection members of the Association as a Committee on Provision Inspection, who shall have and exercise a general con- trol over the inspection of provisions, and shall act as referees in case of complaint against the inspectors, or the inspection of any lot of provisions, or any matter of difference pertaining to the same. Sec. 2. The Board of Directors shall also appoint five inspectors, or more Inspectors of Provisions who shall have power to appoint competent assistants ; such assistants, in all cases, to be approved by the Committee on Provision Inspection. 54 BOARD OF TRADE, CHICAGO. Compensation of inspectors. Complaints against inspectors. Fees of Committee. Provisions to be standard unless otherwise agreed. Requirements for standard. Sec. 3. The Inspectors of Provisions shall furnish the necessary labor and materials for inspecting, receiving as compensation the fees arising from the same. They shall keep a record, in detail, of every examination they may make, that they may be qualified to testify, posi- tively, at any time, as to the facts in regard to the same. Sec. 4. Parties complaining of any Inspector, or the inspection of any lot of provisions, shall have the right to appeal to the Inspection Committee, and the decision of said Committee shall be final. All appeals from in- spection must be adjusted before the property leaves the city, packing point or place of delivery. Sec. 5. The Committee shall be allowed three dollars each for every case decided by them, to be paid by the party at fault. PULE XXIX. SALE OF PROVISIOKS. Section 1. All provisions sold in this market, in the absence of special agreement, shall be deemed Standard, and the property delivered must comply with the re- quirements of the Eegulations of Inspection established by the Association. And all provisions sent to this market for sale, which, upon examination, shall be found to have been manufactured, handled or packed, in all respects and to all appearances, in conformity with those rules, shall be classed as Standard. Sec. 2. All provisions sold as Standard, shall be cut, selected and packed, in all respects, as to quality and GEJ^EEAL RULES. 55 condition, conformably to the classification of inspec- tion as adopted by the Association, and, unless otherwise stipulated, on all sales made of any of the grades of pro- visions as Standard, the seller shall deliver the parcels of the kind and quality called for by such sale, wdiich any duly appointed Inspector of the Association has examined, and has certified to have been packed accord- ing to the classification, and is at the time of delivery in good merchantable condition in every respect ; or, fail- Settiemeuts. ing to so deliver, he shall be bound to settle his contract iinder the provisions of Eule XXVI of the Association. Sec. 3. Lard, hams or shoulders may be packed in how packed, tierces, either wood or iron bound, or bound partly with both. Provisions from which any gain has been re- moved, shall not afterwards be classed as Standard. Sec. 4. Hog products packed between November 1 standard product— and March 1 shall alone be classed as Standard, and packed, all deliveries of hog products, on and after January 1, as Standard, shall include only such as have been packed on or after the first day of the previous November, in new and standard cooperage. Provided, that all hog products cut and packed on and after November 1, 1877, in accordance with the requirements of the Eules of Inspection adopted by the Board of Trade, shall be deemed Standard, and shall be deliver- able on regular contracts between members of the Asso- ciation ; but in the case of Mess Pork, packed between summer March 1 and November 1, two hundred (200) pounds of pork.^*^ green meat shall be packed into each barrel. Sec. 5. No original weight shall be taken out of any original weight. 56 BOAKD OF TRADE, CHICAGO. ' package of provisioDS which is afterwards 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. Buyer’s option Sec. 6. Buyers of provisions on contracts, at buyer’s — deliveries. option, 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 privilege of having the property inspected, the cost to he paid by the buyer. Seller’s option Sec. 7. Oil sales of pi’ovisious at seller’s option, the —deliveries. seller shall have the privilege of delivering, at any time during the life of the contract, without previous notice to the purchaser, by the tender of a regular warehouse receipt, together with a certificate of inspection, by an Inspector of the Association (such inspection having been made within the last three days) ; such a delivery shall be held to be regular, and the buyer shall receive and pay for the same, together with the fees for inspec- irreguiar tion. If, however, within the next forty-eight (48) hours deliveries. the buyer shall produce the certificate of the Committee on Provision Inspection, that the property so delivered is not Standard, the seller shall immediately receive the property back, paying all accrued expenses, and substi- tute other property that is Standard; Provided, that the evidence of the Committee on Provision Inspection, as herein referred to, shall be furnished during the next forty-eight (48) hours, or as soon as said Committee can GENERAL RULES. 57 report, they having been called for such examination during the next twenty-four (24) hours. A regular Regular warehouse. warehouse shall be deemed only such as can be reached by railroad cars, or such as will deliver free to any rail- road cars, and shall in other respects conform to all such requirements as may be prescribed by the Board of Directors. On sales at buyer’s option, if the buyer calls Buyer’s option, before the expiration of contract, the seller, if he so elect, shall, in the case of pickled meats, have twenty- four hours to prepare the property for delivery, and on bulk or boxed meats, four working days. Sec. 8. On sales of bareled meats, or lard, if more than Two or more brands — fees. one brand is tendered, the purchaser shall be required to pay such inspection fees only as would be proper were it all of one brand. Sec. 9. On sales of provisions as Standard, or of a standard or • special brands. particular packer’s brand, in case the property does not pass inspection, the buyer shall elect either to take the lot named at contract price, after being regularly inspected at cost of seller, or to require that some standard lot be substituted, but the buyer shall receive the one or the other, if tendered within a reasonable time. Sec. 10. In sales of fully cured meats, or to be fully cured meats— deliveries. cured and delivered at any specified time, the seller must deliver in good faith according to contract, the Inspector ' to be the judge, who shall always be informed of the conditions of the contract before proceeding to inspect. Where sales of dry salted meats are made without other Dry salt meats, specifications, it shall be considered that the sale contem- plates meats fully cured, the Inspector to be the judge. 58 BOARD OF TRADE, CHICAGO. Inferior to sample. Examination and care of property. Frozen joints. Bulk meats — saltage. Tare of lard. Weight of lard in tierces. Sec. 11. In sales of provisions, when an article is sub- stituted or delivered inferior in quality to the sample exhibited, or which had been passed upon by the In- spector as Standard, the seller shall be responsible for any damage resulting from such exchange or substitu- tion. All examinations or inspections are to be made within a reasonable time, and proper care of the property is to be taken by the owner or his agent. Sec. 12. Joints cut from hogs that have been frozen shall not be classed as Standard. Sec. 13. In case of no specific agreement, the saltage allowed on bulk meats shall be one per cent ; but should the buyer or seller object, the Inspector shall sweep as many drafts as he may consider necessary, and the per- centage so determined shall be binding on both parties. But from June 1 to November 1 the tare shall be ascertained by washing in cold water with a cloth, in case of no specific agreement to the contrary. One per cent for drainage shall be allowed on pickled meats. Sec. 14. To determine the tare of lard, the package shall first be weighed gross, the lard then removed, and the empty package subjected to dry heat and drained, the empty package to be then weighed and its weight deducted from the gross weight. The difference so ob- tained shall be considered the net weight of the lard. Sec. 15. In case lard in tierces be delivered of a weight more or less than 320 lbs. net per tierce, the shortage or excess shall be settled for at the current market price, but the full number of packages con- tracted for shall be delivered. In the settlement of con- Settlements. GENERAL RULES. 59 tracts for lard, 320 lbs. net shall be taken as the average weight of a tierce. Sec. 16. Provisions, if desired by the purchaser, must Deliveries by car or team. be delivered at cars or on teams, from packing house or store, free of charge. All deliveries of provisions in store shall be free of storage to the buyer for five (5) days, or, if in packing houses, for three (3) days from the time the seller signifies his readiness to deliver, and any extra expenses attending the examination of provisions are to be paid by the party ordering the same. Sec. 17. The standard net weight of meats packed in standard net weight of meat boxes shall be between 400 and 485 pounds for each box, inboxes, and in all settlements or deliveries of boxed meats an average of 450 pounds net per box shall be made the basis for settlement, and the excess or shortage from said average shall be settled at the market value of the property delivered at the time of its delivery. But in case of delivery the full number of packages contracted for must be delivered. Sec. 18. Long clear sides shall not average less than weight of forty-five (45) pounds; short clear sides shall not aver-^^^^^' age less than forty (40) pounds ; and short rib sides shall not average less than thirty (30) pounds, and dry salted Shoulders, shoulders shall not average less than twelve (12) pounds, to be standard and regular on delivery, either loose or ‘ boxed. Sec. 19. On an examination by an Inspector of Dry on Salted meats, in bulk or for boxing, if over twenty (20) to bf?4uia?.^ per cent turns out rejected, he shall not be required to take the lot in that condition. 60 BOAED or TRADE, CHICAGO. Unsound hams Sec. 20. A delivery of sweet pickled hams or shoul- or shoulders. ders shall be considered regular if they average not over two (2) pieces unsound per tierce, and a deduction of twenty-five (25) per cent on the price shall be made on the unsound. RULE XXX. TARES. Packages to be SECTiOi^ 1. In the Sale of any property in packages, involving the question of tare, the actual weight of pack- ages (to be ascertained by stripping, at the time of deliv- ery) shall be deducted from the gross weight. RULE XXXI. Repeal. SECTION 1. All former Rules, By-Laws and Regula- pending tions of the Association are hereby repealed : Provided, complaints and defaults, pending complaints and complaints based on transac- tions or defaults which have occurred prior to the adop- tion hereof, shall be governed by the rules heretofore in force, except that it shall not be required that such com- plaints shall be heard or investigated by the Committee of Reference. BY-LAWS. ARTICLE I. At all general or stated meetings of the Association or stated meet- ings ; order of Board of Directors, the following shall be the order of Proceedings, business : Call to order. Reading minutes of previous meeting (which may be dispensed with). Hearing reports. General business. Adjournment. ARTICLE II. At all special meetings of the Association or Board of Business of special Directors, only such special business shall be considered meetings, as was expressly embraced in the call for such meeting. ARTICLE HI. When any member requires it, the mover of a propo- on debates, sition shall put the same in writing. Ho debate shall be permitted, except on a motion regularly made and seconded. A member, however, shall not be prevented 62 BOARD OF TRADE, CHICAGO. Limitations upon debate. (iuestiou of order. Appeals. Interruptions and privileged questions. from prefacing with explanatory remarks, any proposi- tion he may he about to make. ARTICLE IV. Every member who speaks shall rise and address the President, and no person shall speak more than twice on the same subject, except by way of explanation, if objection is made thereto, unless permitted to proceed by a majority of those present. ARTICLE V. The presiding officer shall be judge of all questions of order and proceedings, and when the rules of the Asso- ciation or of parliamentary order are infringed upon, he may call any member to order. A member may appeal to the Association on any question of parliamentary pro- ceeding, not provided for by the Rules or By-Laws of the Association, or by a special order, and, if seconded on such appeal, a majority of the members present shall decide the question at issue. ARTICLE VI. No business before any meeting of the Association shall be interrupted, except by motion for the previous question, to lay upon the table, to postpone, or to ad- journ, and such rnotion shall preclude amendment or decision of the original subject, until such motion shall be disposed of. BY-LAWS. 63 ARTICLE VIL A member may call for the division of a question Division of the question. when the sense will admit of it. A motion to lay upon what motions not debatable. the t^ble, or to indefinitely postpone, shall not be debat- able, and a proposition, once acted upon, shall not be revived at the same meeting, except by a vote to recon- sider; and a motion to reconsider shall not be enter- Reconsidera- tion— when in tained, except at the same or the next meeting after the former action, and then only when made by a member absent or voting with the majority. ARTICLE VIII. Xo vote shall be taken on ’Change, other than one Votes on ’Change. relating to decease of a member, or on a question of ad- journment, except when notice has been given at least one day, or by unanimous consent. Upon demand of Reference to a special meeting. one-third of the members present, any question, except as herein named, shall be referred to a meeting of the Association at some time other than the usual hours of ’Change. ARTICLE IX. All questions of order or proceedings provided for by Application of the Rules and By-Laws, shall be held to govern both the Association and the Board of Directors, so far as they may be applicable. 64 BOARD OF TRADE, CHICAGO. Rules and By-Laws — how altered or amended. Directors may alter grades. ARTICLE X. None of the foregoing Rules or By-Laws shall be rescinded or altered, nor shall any new Rules Regula- tions or By-Laws be adopted, unless by an affirmative ballot vote of a majority of the members present (their number being not less than three hundred) at a regular or called meeting of the Association, and after notice of the proposed change shall have been conspicuously posted in the Exchange Room of the Association for at least ten (10) days immediately preceding. No proposi- tion to amend the Rules, Regulations or By-Laws, shall be acted upon by the Association, unless it has, pre- viously to being posted as above, been approved by a majority of the Board of Directors, at a regular meeting of the said Board, or has been proposed in writing by at least twenty-five (25) members, nor until such proposi- tion shall have been submitted to a regular or special meeting of the Association (not during the regular business hours on ’Change) for discussion, at least one day previous to final action thereon, at which meeting the proposition may be amended or modified in any way that is germane to its original intent: Provided^ the Board of Directors may fix, alter or repeal any Regula- tions establishing grades or standards of inspection, as contemplated by Rule IV, Section 18. REGULATIONS EOR THE INSPECTION OF PROVISIONS. Regulation 1. For the examination of provisions Duty of inspectors. sold as Standard, it shall be the duty of any Inspector 0 properly appointed by the Association, on receiving no- tice, to go to any packing house or warehouse in the city, to examine provisions, in such quantities as may be required, selecting the same in such a manner, from the lots specified, as, in his judgment, will give a fair sample of the whole. Reg. 2. If, upon examination, the property is found, certificates, in all respects, up to the requirements of the classifica- tion of the grades adopted by the Association, he shall issue a certificate to that effect, which certificate shall state the number of packages, pieces or pounds exam- ined, and also the number of packages, pieces or pounds in the lot to which the examination is intended to apply, and that the packages (if any) are in good merehan table order and condition. In the case of Lard, no certificate for inspection shall be issued unless every package is ex- amined ; but, on request of the owner or person order- ing the inspection, the Inspector may examine a part of a lot, and issue a certificate of such examination, stating the number of packages examined, and also the whole number of packages in the lot. 5 66 BOAKD OF TKADE, CHICAGO. Kenioval of provisions. Fees. Eepacked provisions Eeg. 3. When necessary to remove property for the convenience of examination, it shall be the duty of the Inspector to send for the same, that a fair sample may be obtained. In no case should a certificate be granted on samples delivered by the seller. Eeg. 4. The fees for inspection shall be: For all Pickled Meats (including repacking and coopering), one dollar per package for first five packages. For Bulk or Boxed Meats, twenty-five cents per one thousand pounds. For Lard, five cents per package. For strip- ^ ping Lard, one dollar per package. All inspection fees to be paid by the buyer unless the property is rejected ; then to be paid by the seller. Eeg. 5. It shall be the duty of the Inspector, when requested by the owner, either at any packing house, warehouse, or in yards provided by the Inspector, to overhaul and inspect provisions, according to the quali- fications and classifications authorized; two hundred pounds of meat, with abundance of good salt, to be re- packed into each barrel, and cooperage to be put in good order; each barrel of Provisions that is sound, sweet and free from any and every defect, to have grade and date of inspection branded thereon, and the word Eepacked,” as hereinafter specified ; and any portion that is defective to be branded, in like manner, Eusty, Sour, or Tainted, as the case may be ; the said brand to be placed with the Inspector’s brand across the regular packer’s brand ; such provisions, according to the grade or quality, to be classed as “ Eepacked 200 lbs.” INSPECTIOJf OF PKOVISIONS. 67 Eeg. 6. The Inspectors shall use metallic letters and Branding implements. figures, marking iron or stencil for their dates and class of inspection. Eeg. 7. It shall also be the duty of the Inspector to Branding, put his metallic brand, marking iron, or stencil on all samples of Provisions in tierces or barrels that he inspects ; and he shall pass no Hog products in tierces or barrels as Standard, unless the real packer’s name, location, num- ber of pieces, date and weight of the products contained therein are branded according to these rules, on the head of every package. Eeg. 8. Should the Inspector be called upon to inspect Pickled meats. Pickled meats, and upon examination, he should be of the opinion that the number of pounds required by these rules had not been originally packed, he shall not pass them as Standard, but shall refer the matter at once to the Committee on Provision Inspection, who shall inves- tigate, and if a satisfactory explanation can be given or arrived at, they shall instruct the Inspector to proceed and inspect and pass them; but if not satisfactory to the Committee, they shall, in their judgment, make the fact known to the Association in any way they may think most proper. Eeg. 9. Contents of each package of Pickled Meats uniformity of contents. must show a reasonable uniformity in weight, according to its class. Eeg. 10. It shall be the further duty of the Inspectors, visitation of • . packinghouses. during the packing season, to visit frequently the different packing houses to see that Provisions are properly dated and branded at time of being packed. 68 BOARD OF TRADE, CHICAGO. Cut of sides may . Keg. 11. Dry Salted Eough Sides may be made into bechanced. qj. Short Clear Sides, and Dry Salted Short Rib Sides may be made into Short Clear Sides, if, in all other respects, they are up to the requirements, and shall be classed as Standard. Technicalities. Reg. 12. All the foregoing Regulations must be justly and liberally construed, and no property shall be rejected or condemned on mere technicalities. REQUIREMENTS AS TO CUT AND PACKING OF HOG PRODUCTS. BARRELED PORK. MESS PORK. Standard Mess Pork should be made from sides of standard, well-fatted Hogs, split through or on one side of the backbone, and equal proportions on both sides, cut into strips of reasonably uniform width, properly flanked and not b^ackstrapped. One hundred and ninety (190) pounds of Green Meat, 190 pounds green meat. and between March 1 and November 1 two hundred (200) pounds, numbering not over sixteen (16) pieces, including Proportion, the regular proportion of flank and shoulder cuts, placed four layers on edge, without excessive crowding or bruis- ing, shall be packed in each barrel, with not less than thirty (30) pounds of coarse salt, and barrel filled with brine of full strength, or thirty (30) pounds of coarse Brine, salt, and in addition thereto, fifteen (15) pounds of salt, and barrel filled with cold water. / PRIME MESS PORK. Prime Mess Pork should be made from the Shoulders size of hogs— Style of cut. and Sides of Hogs weighing from one hundred (100) to one hundred and seventy-five (175) pounds, net, to be cut as near as practicable into square pieces of four (4) 70 BOARD OF TRADE, CHICAGO. Weight. Proportion of pieces. Brine. Make and cut. Requirements. Requirements. pounds each ; the shank of the Shoulder to he cut off close to the breast. One hundred and ninety (190) pounds of Green Meat in the proportion of twenty (20) pieces of Shoulder cuts to thirty (30) pieces of Side cuts, shall be properly packed in each barrel, with not less than twenty (20) pounds of coarse salt, and barrel filled with brine of full strength ; or, twenty (20) pounds of coarse salt, and in addition thereto, fifteen (15) pounds of salt, and barrel filled with water. There shall also be put into each bar- rel twelve (12) ounces of saltpetre. EXTRA PRIME PORK. Extra Prime Pork should be made from heavy un- trimmed Shoulders, cut into three (3) pieces; the leg to be cut off close to the breast, and in all other respects to be cut, selected and packed as Mess Pork. LIGHT MESS PORK. Light Mess Pork should be made from Sides of rea- sonably well-fatted Hogs ; and in all other respects ^to be cut, selected and packed same as Mess Pork, except that as many as twenty- two (22) pieces may be put into each barrel. BACK PORK. Back Pork should be made from backs of Hogs after bellies have been taken off, cut into pieces of about six (6) pounds each, and in all other respects to be cut, selected and packed in the sanie manner as Mess Pork; EEQUIREMENTS AS TO CUT AKD PACKING. 71 EXTRA SHOULDER PORK. Extra Shoulder Pork should be made from heavy Requirements, trimmed Shoulders, cut into three (3) pieces; the leg to be cut off close to the breast, and in all other respects to be cut, selected and packed in the same manner as Mess Pork. EXTRA CLEAR PORK. Extra Clear Pork should be made from the Sides. of Requirements, extra heavy, well-fatted Hogs, the backbone and ribs to be taken out, the number of pieces in each barrel not to exceed fourteen (14), and in all other respects to b^ cut, selected and packed in the same manner as Mess Pork. CLEAR PORK. Clear Pork should be made from the Sides of extra Requirements, heavy, well-fatted Hogs, the backbone and half the rib next the backbone to be taken out, the number of pieces in each barrel not to exceed fourteen (14), and in all other respects to be cut, selected and packed in the same manner as Mess Pork. CLEAR BACK PORK. Clear Back Pork should be made from the backs of Requirements, heavy, well-fatted Hogs, after bellies have been taken off and backbone and ribs taken out, cut into pieces of about six (6) pounds each, and in all other respects to be packed in the same manner as Mess Pork. TZ BOAED OF TEADE, CHICAGO. Kequirements. How cut. Weight. Tickle. How cut. W eight. Pickle. EUMPS. Eumps should be trimmed with only enough taken off to make them neat and smooth ; the tails to be cut off close, and in all other respects to be cut, selected and packed in the same manner as Mess Pork. PICKLED MEATS. STANDAED SWEET PICKLED HAMS. Standard Sweet Pickled Hams should be cut short and well rounded at the butt, properly faced, shank cut in or above the hock joint; to be reasonably uniform in size, and average, in lots, not to exceed sixteen (16) pounds. Three hundred (300) pounds, block weight, shall be packed in each tierce, with either twenty-four (24) pounds of salt, three (3) quarts of good syrup, twelve (12) ounces of saltpetre, and tierces filled with water; or tierce filled with sweet pickle, made according to above standard. STAHDAED SWEET PICKLED SHOULDEES. Standard Sweet Pickled Shoulders should be well cut and trimmed, reasonably uniform in size, and average, in lots, not to exceed sixteen (16) pounds. Three hundred (300) pounds, block weight, shall be packed in each tierce. Pickle the same as used for Hams. EEQUIREMENTS AS TO CUT AKD PACKII^G. 73 KEW YORK SHOULDERS. New York Shoulders should be made from small, Requirements, smooth Hogs, shank cut off one inch above knee joint, trimmed close and smooth, reasonably uniform in size, and to average, in lots, not to exceed fourteen (14) pounds. Three hundred (300) pounds, block weight, weight and pickle. shall be packed in each tierce. Pickle the same as used for Hams. SWEET PICKLED BELLIES. Sweet Pickled Bellies should be made from nice Requirements; smooth Hogs, well cut and trimmed, to average, in lots, not to exceed fourteen (14) pounds. Three hundred (300) pounds, block weight, shall be weight and pickle. packed in each tierce. Pickle the same as used for Hams. BRAKDIKTG. The packer’s name, location, number of pieces, and Requirements, date of packing, shall be branded on the head of each package of Pickled Meats at the time of packing. UNIFORMITY OF PICKLED MEATS. All Pickled Meats should be sized when packed — To he uniform, the light, medium and heavy separately, as nearly as practicable. 74 BOAKD OF TKADE, CHICAGO. How cut. CUT MEATS. HAMS. Hams should be cut short, well rounded at the butt, properly faced, cut in or above the hock joint. How cut and handled. SHOULDERS. Shoulders should be cut as close as possible to the back part of the forearm joint, butted off square on top ; neckbone and short ribs taken out, blood vein lifted and cut out, breast flap to be trimmed off, and foot to be cut off in or above the knee joint. BEADED SHOULDERS. Shoulder-blade Bladed Shoulders should be cut the same as Standard out. Shoulders, excepting the shoulder-blade to be taken out and the corners rounded. How made. ROUGH SIDES. Eough Sides should be made by splitting the Hog through or on one side of the backbone, and an equal proportion of both Sides must be delivered on sales to make them Standard. How made. SHORT CLEAR SIDES. To make Short Clear Sides, the backbone and ribs should be taken out, henchbone and breastbone sawed or cut down smooth, and even with the face of the Side ; feather of bladebone not to be taken out, and Sides not to be backstrapped or flanked. KEQUIREMEKTS AS TO CUT AND PACKING. 75 SHORT RIB SIDES. To make Short Eib Sides, the backbone should be How made, taken out, henchbone and breastbone sawed or cut down smooth and even with the face of the Side; feather of bladebone not to be taken out, and Sides not to be back- strapped or flanked. LONG CLEAR SIDES. To make Long Clear Sides, the backbone, shoulder How made, bones and ribs must be taken out, leg cut off close to the brisket, henchbone and breastbone sawed or cut down smooth and even with the face of the Side, and Sides not to be backstrapped or flanked. CUMBERLAND SIDES. To make Cumberland Sides, the Side and Shoulder how made, should be left together in one piece, leg cut otf below the knee joint; shoulder ribs, neckbone and backbone taken out; blood vein lifted and cut out; henchbone and breastbone sawed or cut down smooth and even with the face of the Side, and Sides not to be backstrapped or flanked. LONG RIB SIDES. Long Rib Sides should be made same as Cumberlands, how made, except that the shoulder bones must be taken out, and leg cut otf close to the brisket. STRETFORD SIDES. Stretford Sides should be made from Hogs weighing iiow made, about 140 to 160 pounds net; backbone and half of the 76 BOARD OF TRADE, CHICAGO. How made. How made. How made. How made. How made. ribs taken out, bladebone taken out, knuckle left in, and foot cut off close to the breast. BIRMINGHAM SIDES. Birmingham Sides should be made from Hogs weigh- ing about 170 pounds net; backbone, ribs and bladebone taken out, pocket piece cut out and pocket nicely rounded, knucklebone left in, and leg cut off close to the breast. SOUTH STAFFORDSHIRE SIDES. South Staffordshire Sides should be made the same as Birmingham, except loin taken out full to top of shoul- der-blade, leaving only a thin strip of lean along the back; knuckle left in, and leg cut off close to the breast. YORKSHIRE SIDES. Yorkshire Sides should be made the same as Cumber- lands, with ribs out and leg cut off about two inches above the knee. IRISH CUT SIDES. Irish Cut Sides should be made the same as Long Clear, except top of the pocket cut off, knuckle-bone left in. LONG HAMS. Long Hams should be cut from the Side by separat- ing with a knife the hipbone from the rump, properly rounded out, foot unjointed at first joint below the hock joint. REQ.UIEEMEKTS AS TO CUT AND PACKING. 77 SOUTH STAFEOEDSHIRE HAMS. South Staffordshire Hams should be cut short, hip- How made, bone taken out at socket joint, hock unjointed at first joint below the hock joint. UNIFORMITY OF BOXED MEATS. In packing Meats in boxes, the pieces should be Direction for ° packing. classified — the light, medium and heavy separately, as nearly as practicable, in packages made to suit the different sizes. LARD. CHOICE LARD. Choice Lard to be made from leaf and trimmings Requirements, only, either steam or kettle rendered, the manner of rendering to be branded on each tierce. PRIME STEAM LARD. Prime Steam Lard shall be Standard made from the Requirements, head, gut, leaf and trimmings, in the proportion in which the same came from the hog. PACKAGES. COOPERAGE. Cooperage shall be made of well-seasoned White or Materials. Burr Oak, free from objectionable sap. BARRELS. For barrels, staves should be five-eighths (f) of an Dimensions, inch thick, twenty-nine (29) or thirty (30) inches long ; 78 BOARD OF TRADE, CHICAGO. Hoops. Dimensions. Hoops. How made and secured. heads eighteen (18) inches, one (1) inch thick in center, and three-eighths (f) at bevel; hoops hickory, or white oak, to be hooped not less than eleven-sixteenths (i^). TIERCES. Tierces for Hams, Shoulders, Beef or Lard, should be thirty-two (32) inches long with a twenty-one (21) inch head, or thirty-three (33)’inches long with a twenty and one-half (20^) inch head ; staves to be chamfered at the head. Quality of staves and hoops to be the same as for barrels ; staves (f ) of an inch thick ; heads same thick- ness as for barrels ; hooped eleven-sixteenths (|-|-). Iron- bound tierces for Lard, Hams or Shoulders, shall be classed as Standard if made in compliance with the requirements of this rule, as to heading and staves, and hooped with not less than four good hoops on each end. BOXES. Boxes should be made of sound common boards, reasonably dry, one inch thick, dressed on one side, not over three strips to each end, side, bottom or top ; to have good, strong, hardwood, whitewood or sap pine stays inside each corner; should be well nailed and strapped with birch, oak or hickory straps around each end, to lap three inches on the cover. Boxes should be nailed together with tenpenny nails, and the stays nailed in with eightpenny nails. REGULATIONS FOR THE INSPECTION OF FLOUR. Eegulationt 1. SOUKD. — To be strictly sound, free sound, from any or every defect or fault causing either smell or taste. Reg. 2. WEEDY. — Flour made from wheat that has weedy, come in contact with a noxious weed, imparting an un- pleasant smell, which it is supposed will cook out. Reg. 3. UNSOUND. — All Flour not Sound or Weedy, Unsound, whether the unsoundness is derived from the condition of the wheat or has originated in the Flour. The In- spectors are required to note on their certificate the character of the unsoundness, such as musty, hard sour, soft sour, or slightly unsound; the latter explanation of the unsoundness being intended to indicate that the Flour will probably work sound for immediate use, and is but slightly depreciated in value. Reg. 4. All Flour that inspects sound and full weight inspection and ° Branding. shall be branded, and none other ; except when part of a lot proves so far below sample as to be clearly differ- ent, the Inspectors may omit branding the barrels that are below, and it shall be their duty, when working to a sample, to state on their certificate the number of bar- rels above or below the sample, and have a sample or samples of the same, which the parties may examine ; 80 INSPECTION OF FLOUK. Certificates. Weights. Inspectors’ liabilities. Grades — “ extra” and “ superfine.” Standard samples. also, to state on their certificates, when the Flour is Un- sound or Weedy, the number of barrels of each descrip- tion, and also, wdien practicable, the number of barrels that are so stained or out of condition, as to depreciate the market value of the Flour. When Flour has been overhauled and cleaned on account of being wet, the In- spectors shall note on their certificate, wet and cleaned, either by Inspector or by owner, as the case may be. The Inspectors shall satisfy themselves in regard to weights, and in case they deem it necessary to strip some of the Flour, they shall be entitled to twenty-five (25) cents for each barrel so stripped (if it proves to be short weight), in addition to the regular fee of two cents per barrel for inspecting and branding. The charge for stripping shall be paid by the seller. Uo certificate shall be issued for a part of a lot of Flour inspected, without the consent of both the buyer and seller. The Inspectors shall only be liable to damage for any dis- crepancy between the Flour for which a certificate is issued, and the sample which they retain of the Flour so inspected, unless the buyer hands them the sample to inspect by, or the standard sample is used. Eeg. 5. The Directors shall establish grades of Extra and Superfine, with a proper standard for each grade; samples of these standards shall be furnished to the Flour Inspectors, and also to the Secretary of the Asso- ciation. It shall be the duty of the Inspector to furnish monthly (or oftener, if directed) to the Flour Inspection Committee, for the use of the Secretary of the Board, the standard samples that they are working to. INSPECTION OF- FLOUR. 81 Reg. 6. Whenever desired to do so by both parties to inspection by standard. a trade, the Inspectors shall inspect by such standards, under the same rules which govern inspection by sample; it being understood that, in such trades, the Inspector’s certificate of sound, full weight, and equal to standard of extra (or superfine), shall be satisfactory, and in no other respect is inspection by grade to vary from the rules established for inspection by sample. Reg. 7. In all cases of claims for errors in inspection ch.ims lor errors. by grade, the final test shall be by the standard samples in the care of the Secretary of the Association. Reg. 8. Besides the stencils already in use the Inspect- stenciis. ors shall provide others, stating the grade as well as the month of inspection, and, whenever desired by either buyer or seller, the latter stencils shall be used. But no Unsound, Weedy or light weight Flour shall be stenciled in any way by the Inspectors. Reg. 9. Flour shall be sold on the basis of one bun- Weight, dred and ninety-six pounds to the barrel. In case of short weight, the buyer shall be allowed at the rate he pays, and three-fourths of a cent per pound on same for freight, and in addition, five (5) cents per barrel for the expense of refilling. HEGULATIONS FOR THE INSPECTION OF HAY.- No. 1 Timothy — Shall be Timothy, and not more RequiremeDts. than one fifth of other tame grasses mixed; good color, well cured, and free from must. No. 2 Tiaiothy — Shall be Timothy, and not more Requirements, than one-third of other tame grasses mixed ; good color, well cured, and free from must. Mixed Hay — Shall consist of tame grasses, mixed ; Requirements, good color, well cured, and free from must. Prime Prairie — Shall be purely upland Hay, free Requirements, from swail grasses; good color, well cured, and free from must. No. 1 Prairie — Shall be upland and midland Prairie Req uiremeuts. Hay : good color, well cured, and free from must. No. 2 Prairie — Shall be swail or slough Hay, either Requirements, wholly or mixed with upland; good color, well cured, and free from must. No Grade Hay — All kinds of Hay, badly cured. Hay out of condition. Stained, or in any way out of condition ; the certificate of inspection stating whether it is Tame or Prairie Hay. All Hay that is sent for inspection under the Rules of to be classed when received the Board shall be graded, and each separate bale marked with its respective grade immediately when taken from 84 BOARD OB TRADE, CHICAGO. Final inspection. ^ertiticates. Fees. the car in which it is sent to this city. The final in- spection and plugging, in order to ascertain the sound condition of each bale, can take place at any time sub- sequent, or at the time of shipment. All certificates of inspection shall give the weight of each bale of Hay weighed and inspected. The expenses for inspection shall not exceed thirty (30) cents per ton of two thousand (2,000) pounds, and shall be divided equally between buyer and seller.