The New York herald., 1876-03-10
MEETING OF GRAIN MERCHANTS.
The discussion OF the Committee on Rules yesterday
rnsnliea n Lhn adnrt,nn M The Eo-ln.rin-

The discussion OF the Committee Rules yesterday
resulted in the adoption OF the following
Rule A.-The inspector In Chief under the super
vision and direction Of the Committee on Grain, shall
September 10 of each year. establish the grades OF
grain except for corn, the grade OF which shall be es
tablished ON December l.
Rule Non all sales or purchases OF grain to arrive
for future delivery either party TO the contract shall
have the right TO call original margin OF ten cents
per bushe on wheat rye and barley and five cents per
bushel on corn and oats, and a urther margin from
time TO time to the extent OF any variation in the mar
ket value from the contract price, said margin to be
deposited In such bank or trust company as may have
been designated by the Finance Committee OF the Prod
uce Exchange, provided that said bank trust com
pany shall not be expressly objected TO at the time of
making the call In Of such objection then tho
deposit to be made in some duly authorized bank or
trust company not objected TO. When margins are
called before three NJ they must be deposited before
twelve NJ the following day In case OF failure to do
post then the party calling the margin shall have the
right to cover his or their contract at discretion for ac
count OF the party falling 10 respond to the call for
margin When markets are called original or Tor varl-
aons in the markcs) certified checks must be drawn
10 the order OF The bank or trust company IN which
they to be deposited and sent to the Superntend
ent of the Exchange, who shall deposit the same ana
receive certificate OF deposit made payable on the
ordcr of the Superintendent OF the Exchange and TO
the order OF the buyer aud seller The Superintendent
shall promptly send such cer Gcate to the party max
ing the deposit and copy OF the same TO the party
calling the margin. In settlement, the superintendent
shall ndorse the amount due on the certificate
his own signature as instructed by both parties TO the
contract In case the TWO parties do not agree as to
the amount due the margin certificate, the same
shall DC submitted 10 arbitration Tor nnM adjustment
In case OF the absence Of the Superintendent, the
President OF the Produce Exchange or the Chairman
OF the Finance Committee shall act In his stead under
this rule.
The following was offered as substitute for the
original rule:-
Rule N.-Sellers Of grain have the right 10 deliver
any grain in the customary atoat In the port
provided the shall grade accordance with the
contract which the delivery TO be made, subject
to the following conditions, VIZ When grain aloat is
rendered, the inspector shall inspect the grain IN the
boat and also supernend The actual delivery OF same;
when the grain rendered is In store the Inspector shall
inspect the grain in store and also superntend the de-
livery Of same from store into lighter or vessel Tho
Inspector in chief shall give certificate OF such in
spection, which certificate shall be valid the Same
with graded grain arriving by railroad companies
Rute O-Any party feeling himself aggrieved by the
decision of the Committee on Gram in the nerpreta-
on OF these rules shall have the right OF appeal To the
Arbitration Committee Of the Produce Exchange aud
change shall be made in the rules unless by meet
ing OF the grain trade properly called which twenty
shall constitute quorum