The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-06-11
TRADE RULES FOR
LINSEED FUTURES
NEW YORK PRODUCE EXCHANGE
DOWN TO BUSINESS.
The Trading Unit 5000 Gallons Con.
tract Grade Fixed, Warehouses Des-
ignated, and a Registrar, Inspectors
Testers and Weighers, Under Ex-
change Supervision, Provided For.

New York, June 1.-THE members Of
the linseed oil trade have adopted a Sc
ries of rules regulating transactions in
lipseed oil among members of the New
York Produce Exchange and governing
dealings in futures on the exchange These
rules provide, first of all, for the appoint
ment of committee Of five to consider
and decide all disputes which may be sub
mitted to them A fee of SIS is to be
paid this committee for each reference
case heard by Them to be paid by the
party adjudged to be in fault, unless
otherwise ordered by the committee.
The rules next provide for inspectors.
testers and Weighers of linseed oil, the
appointment of a registrar and the desig-
nation of warehouses. Regular warehouses
shall embrace only those in which oil Is
stored in bulk, and in which the oil Of
different owners is mixed together or in
which oil is stored in such manner that
the identity Of different lots or parcels is
not accurately preserved. But two or
more warehouses owned or operated by
one individual, firm or corporation, in
which contract linseed oil is stored, shall
constitute what shall be known as a "sys-
tenn" and warehouse receipts designat-
ing such system may be issued withouS
designating the particular warehouse into
which the oil was delivered.
The rules provide that deliveries Of
contract linseed oil shall be made by
"elSAt d. Ille Idle VI IL pOuIluS net 10
the gallon, and in lots of not less than
5000 gallons. The contract grade shall
be known as pure raw linseed oil, made
from haxseed and Corr linseed, and free
from roots. Linseed oil sold for future
delivery and at public call on the floor
of the exchange shall be known as CON
tract linseed oil'' upon which seller shall
have the right to deliver in lots Of 5000
gallons in tanks on storage.
Unless otherwise specified, all offers to
buy or sell shall be understood to be in
lots Of 5000 gallons Offers to buy or
sell larger quantities than above specified
shall be in multiples thereof
Price per gallon, and In fractions Of
not less than 1sc per gallon.
Deliveries on sales of cash contract linz
seed oil shall be made before o'clock ..
| M of the same day.
| The following rates of commission are
| established as the minimum charges which
shall be made for the transaction of the
business hereinafter specified:
For the purchase or sale, and for the
purchase and sale Of contract linseed oil
! for future delivery, whether the contract
for purchase or for sale be first made, as
follows: In s,000-gallon lots. or multiples
thereof, not less than $3.50, except as
| hereinafter provided. It Is provided that
where the trade is made for account Of
any member, or for firms one of whose
general partners is a member, or for cor
porations one Of whose executive officers
is a member Of this exchange, not less
than 1878 per 5000 gallons shall be
/ charged.
i For the purchase or sale of contract
j]lnseed oil for future delivery a broker
| age rate of SO cents per 5000 gallons for
buying or selling Is established as tho
minimum charge which shall be made
Nothing in this rule shall be so construed
as to prevent special agreements by
which higher rates OF commission or
!, brokerage may be charged.