Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1880-04-17

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GRAIN CONTRACT.
ST. LOUIS, May l, 1873.
We have this day bought OF Craig AL
sxander five thousand bushels OF No.
2 red winter wheat, at one dollar per
bushel, to be delivered at sellers option
during the month OF July IN regular ell
evater.
This contract is subject, in all respects.
to the rules and regulations OF the Mer-
chants Exchange OF the city of st. Louis.
GSigned7 JOHN SMITH.
GRAIN CONTRACT.
ST. LOUIS, May 1st, 1873.
We have this day sold John Smith |
five thousand bushels of No. 2 red win
ter wheat, at 81 per bushel, to be deliv-
cred at sellers option, during July, in
regular elevator.
This contract is subject,in all respects,
to the rules and regulations of the Mer-
chants Exchange of the city OF st.
Louis.
GSioned7 CRAIG ALEXANDER.
Witness testified that he was confident
that it was after receiving plaintiffs let
ter and these sample contracts that he
gave plaintiff his first order to buy ior
him ten thousand bushels OF the July
wheat, which he thinks was on the End
Of May, 1878; that he afterward, in SAID
month OF May, and at dates and for
amounts corresponding with those of
plaintiffs account, gave plaintiff orders
to make up the remainder of .orty-five
thousand bushels of wheat for the July
market. Witness further stated that
copy OF the rules and regulations of.the
Merchants Exchange of St. Louis. which
is printed copy, and here produced In
court, contains, among other things,
rules as follows:
RULE VII.
| Rules on Sales.
l Section l. The secretary OF the eX-
change shall be the custodian OF all de-
posts which may be demanded as Sc
curity on margin on time contracts mado
by members of this Exchange where no
special agreement to the contrary Is
made. He shall issue certificates OF de-
posit in duplicate, payable to any party
presenting the same. properly endorsed,
which shall be evidence OF the fulfill
ment of such contract; or he may pay
the same as provided for in section II
He shall be required to give bond te
the ASSOCIATION in the amount OF twenty
five thousand dollars. He shall be re
quired to hold all such deposits as ;
trust fund to be deposited with such
banking institution as may be designa
n ted by the board Of directors. He shall
J. keep an account and entries in separate
: books, prepared Tor this special pur
: pose, with the names of the parties t.
9 each contract entered therein.
}. Sec. 2. When time contracts are mad
d between members OF this Exchange, de
s pe>its, as margins to secure the partlc
o in interest, may be called Tor at an
II time during the existence of contrat
r by either party to be deposited by both
of such call shall not exceed ten per cent
II of the contract price of the property sol
y or bought. On failing to respond to th
i call before p. m. OF the same day, hay
1T ing had at least one. hours notice, or
IN case notice is given alter l. p. m., by
I'd o'clock, a. m. of the day following,
r. shall be optional with party making sue
8, call to consider the contract as annullt
a. or to consider the contract as filled
the market value of the contract on Il
d. day of such call, or to sell or purcha
" the property at the best obtainable pri
ed on the next business day after the call
all made provided, however. that a mott
le, in writing be given the party delaultln
ut. at once. OF the intention OF the 9th
los party and any difference in value sh
on be due and payable at once, the same
20, If the contract was due. Deposits mt
he be made in cash or certified checks,
'n- Sec. 3. Either party to IA contract m
at anv time before the fullilmeut of /
'rn same, call tor additional deposit to
ng made as security. such additional C
led to be put up by the party only agail
in whom the market may be, aud to
lis. based upon the change OF the act
ad, value of the property bought or so
tte Should the party called upon fail TO
rO- spond before p. NJ. of the same d
lily having had at least one hours notice,
he in case notice is given after l D. m,
on, IL O'Clock a. m. OF the .lily tollowin @
in shall be optional with the party max
ad, such call. by giving notice OF his int
,m- ton to the delinquent, at once, to Z
ia slider the contract as filled at the mar
me, value of the option on the day the
lou was made, or to purchase or sell to
and the contract on the next business
ugh after such call is made, and all dtfel
ome ces in value shall be due and payabl
oril, once, the same as though the time
ma said contract had fully expired;
ness when such additional calls are consi
had ed excessive, the same shall be relel
ndi- at once to the committee OF three III
S77, bers OF the association, provided tc
him section IL, appointed by the boarc
ars directors, whose decisions thereon,
per- as to the proper amount of margin, 5
dol be final and if the margin require
lifted not deposited within the next banl
S0th hour after tho decision Of the commi
iniiff then the party calling shall procee
at OF above stated. Provided. however,
} the when any additional deposit or dep
and shall be put up,i the market shall re
one OF advance, TO the extent of such add
this al deposits, or any one OF them, then
is or additional deposit or deposits ma
ac- withdrawn by the party making
mt, 1t same, with the consent cs the other
and ty to the contract, and in case such
pur- drawal is objected to by the other y
Fhsat the question shall be submitted u