New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-26
GAMBLING IN PRODUCE.
PROPOSED AMENDMENTS TO THE BYLAWS OF TIE
PRODUCE EXCHANGE.

| PROPOSED AMENDMENTS TO THE BYLAWS OF TIE
PRODUCE EXCHANGE.
Among the amendments TO the Bylaws
Of the Produce Exchange adopted by the Board Of
Managers the nth inst. aud 70 be presented TO 4
meeting OF the Exchange March 8 for final action
are some which have excited no little discussion among
the members The most important Of these are two ad
diona sections relating tao maturing OF contracts
They are follows
SEC 49, In the event OF inability on the part OF any
member members TO meet his OF ther contracts
duty OF the President the voluntary statement OF the
InsOyen party. or complaint OF their alleged nsoly
ency to appoint committee OF three members OF tho
Board OF Managers, who shall Immediately proceed
determine the question OF inability by summoning the
party parties default before them with such Others
tie Committee may deem necessary for this purpose.
II the Committee shall find that inability
member or members to meet his or their obligations
from Unforeseen circumstances and that his
tEer conduct has been consistent and honorable.
tho Committee shan 80 report 10 the Board OF
Managers. whereupOn the shall be dismissed But
il the party parties IN default shall fail TO appear or
il the Committee shall not be satisfied with the
presented 10 Them they shall refer the same 20 tho
Board OF Managers, VINO shall proceed herewith 10
the manner a. If referred TO them by the Complaint
Committee
SEC. So The inability of either party to meet
shall forthwith work its maturity and settlement
shall be made ageS liked at the prices current
when the inability IL declared. The question OF such
inability shall be determined Is provided In SecIOn ~
failure refusal 10 put cash margin, per terms
of contract shall work the forfeiture thereof and he
treated as all act Of Insolvency.
latter part of the last section provides for the transAc
ton OF purely speculative business like much OF that
which carried in the Stock Exchange Is urged.
other hand, by experienced members OF the Ek
change that section designed 10 lessen the evil Of
gambling in grain and provisions which already exists
and cannot be prevented 1t ia estimated that more
than 0neha OF the sales the Produce Exchange are
made without an intended delivery. They are simply
gambling operations; and heretofore they have been
carried on a comparatively irresponsible manner IL
has customary for either party W contract to call
margin when warranted by the advance or decline IN
price The who lost without giving evidence OF
his inability TO pay, could refuse to do So while
the other party to the contract would have no redress
and the other members OF the Exchange no defense
against subsequent transactions OF the same nature
The two sections above given the result OF the
perience last few months during (which specua
ton has run high in lard and bacon and heavy de-
cline has caused default TO be made several contracts
It's thought that in future time sales" will be made for
the most part specified margin, and that the fact that
the conduct of in all transactions will be sub
eot to the scrutiny OF the Board OF Managers, VIII
render them cautious in entering into engagements
and more anxious 10 fulfill them.