Milwaukee Chamber of Commerce Milwaukee Grain & Stock Exchange.

Annual report of the Milwaukee Grain & Stock Exchange online

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On sales made for a period of delivery beyond fourteen
days, where directions are not demanded by the seller, they
shall be furnished by the buyei without demand, at least
fourteen (14) days previous to the expiration of the contract;
and on the buyer's failure so to furnish the same, the seller
shall have the right to deliver to any lake and rail dock during
season of navigation, or after close of i^vigation, to any cross
lake dock on f. o. b. sales, or to ship by any route to the basing
point named in the sale and deliver to buyer, on "delivered"
•sales, after giving notice of his intention so to do to the buyer.

In all "delivered" sales to any of the following trunk line
terminal points, namely, Boston, New York, Philadelphia and
Baltimore, the point specified shall be considered as a rate
basis only and not necessarily final destination of goods, and
shipment shall be made to any point and via any line open for
business in the eastern trunk line territory designated by the
buyer, which is reached by lake and rail lines during the season
of navigation, or by all rail trunk lines at other times, at the
differential in effect at the time of shipment, as shown by pub-
lished tariff rates, provided shipment is made within contract
time.

Nothing in the foregoing rules shall interfere with specific
or special contract which buyers and sellers may agree to at
time of purchase.

Sec. 13. In the purchase and sale of grain for shipment the
following specifications shall govern:

The term "immediate shipment" shall mean that shipment
shall be made within three business days after date billing instruc-
tions are received by the seller. Buyer must furnish billing instruc-
tions personally or by wire on demand made by seller.

The term "quick shipment" shall mean that shipment shall be
made within five business days after date bilh'ng instructions are
received by the seller. Buyer must furnish billing instructions per-
sonally or by wire on demand made by seller.

The term "prompt shipment" shall mean that shipment shall



Directions.



Privileges.



Grain for ship-
ment.

Immediate
shipment.



Quick ship-
ment.



Prompt ship-
ment.



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RULE 11



be made within ten business days after date billing instructions are
received by the seller. Buyer must furnish billing instructions per_
sonally or by wire on demand made by seller.

On all contracts where the number of days is specified it shall
mean that shipment shall be made within the stated number of
business days after biUing instructions are* received by the seller.
Buyer must furnish billing instructions personally or by wire on
demand made by seller.

It shall be understood where no specification of time is named
in the contract, "prompt shipment" shall apply and shall be so con-
sidered and have the same force as though it were actually specified
in the contract.

The buyer shall, unless otherwise specified at time of sale, fur-
nish billing instructions on demand.

In all cases not otherwise stipulated on contracts dealing with
*'first half*' and "second half" of a given month's shipment, it shall
be understood that in the thirty-day months up to midnight of the
fifteenth shall be considered as the "first half" of a said month's
shipment, and that in thirty-one day months up to midnight of the
sixteenth shall be considered as "first half" of the said month's ship-
ment; the remainder of the month to be considered as "second half ."

On contracts relating to shipment during the month of Febru-
ary, when the said month contains but twenty-eight days, up to
midnight of the fourteenth shall be considered as "first half" of the
said month's shipment, and when this month contains twenty-nine
days, up to midnight of the fifteenth shall be considered as "first
half" of said month's shipment, the remainder of the month to be
considered as "second half."

In all shipments of grain the date of issue of bill of lading signed
by agent of the railroad issuing same shall be conclusive evidence
of date of shipment, unless absolute evidence to the contrary shall
be furnished.

On the failure of the buyer to furnish billing instructions on de-
mand, on any contract, the seller shall have the right to. ship the
goods to the post-office address of the buyer or to cancel the con-
tract, as the seller may elect, twenty-four hours notice having been
given by the seller of his intention and election.

"Receipt of billing instructions by seller" shall mean receipt of
same at seller's main office or by his duly authorized representative.

In case of failure on part of the seller to ship the grain within
contract time, it shall be understood that the contract stands from
day to day, unless the buyer gives the seller twenty-four hours
notice of his intention to either cancel or to buy in for the account of
the seller. If upon receipt of such notice by the seller he ships all
or part of contract within twenty-four hours and wires buyer of his



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RULES 11-12



30



action, such shipment must be accepted on contract by the buyer.
If seller fails to make shipment within twenty-four hours after re-
ceipt of such notice, the buyer shall immediately take such action
on the part of the contract still unfilled as elected in his original
notice to seller.

A canal boat-load of grain shall consist of, wheat,' 8,000 bush-
els; of corn and rye, 8,500 bushels; of oats, 13,000 bushels; of
barley, 10,000 bushels.



Canal boat-
load.



RULE XII.



MEMBERSHIP.

Section 1. The President of the Chamber of Commerce
shall, at the first meeting of the Board of Directors after the
annual election in each year, or as soon thereafter as practicable,
appoint a committee of five to serve for one year, or until their
successors shall have been appointed and qualified, to be known
as the Committee on Membership, whose duty it shall be to ex-
amine all applications for membership; and any male person of
legal age wishing to become a member of this Association, shall
present an application in writing, signed by a member, either
through the Secretary or the Chairman of the Committee on
Membership, and a majority of said committee being satisfied
that said applicant should be admitted as a member, the name
of said applicant shall be placed on the Bulletin Board of the
Exchange Room, at least ten days prior to any meeting of
the Board of Directors. During the time that the name of
such applicant is thus posted, any member in good standing
may file with the Secretary in writing, signed by such mem-
ber, objection to the admission of such applicant as a mem-
ber, and if seven or more members object to the election of
such applicant, he shall be ineligible for election; but if "no
member, or less than seven members object to his election,
the Secretary shall report the name of such applicant to the
Board of Directors. The Board of Directors shall vote by
ballot upon the election of every applicant thus proposed for
membership, and if there be seven ballots in his favor and
not more than two ballots appear against him, he shall be
declared elected and upon signing an agreement to be gov-
erned by the Charter, Rules, and' By-Laws of the Chamber
of Commerce, and paying an initiation fee of Five Thousand
Dollars, together with the annual or other assessment then
due, or on presentation of a certificate of imimpaired or un-
forfeited membership duly transferred and paying the trans-



Corn naittee on
Membership.



Applications
for Member-
ship.



Mode of Elect-
ing Members.



Transfer fee.



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40



RULE 12



fer fee of ten dollars, he shall become a member of the Chamber
of Commerce.

Members hereafter (after May 4, 1889) admitted will not
be entitled to participate in the Gratuity Fund unless quali-
fied under the requirements prescribed in the rules relating
thereto.



Transfers of
Memberships



Sec. 2. Before any membership can be transferred under
the provisions of this rule, notice of, or application for, such
transfer shall have been posted upon the bulletin of the
Exchange Room for at least ten days; when, if no objection
shall have been made on account of any unsettled contracts,
claims, demands, or complaints against the holder of such
membership, it shall thereupon be assumed that the member-
ship is unimpaired; and after transfer of a membership no sub-
sequent complaint, claim or demand against the former holder
shall impair such membership so transferred and in the hands
of an innocent party. But such transfer of membership shall
not entitle the member to whom the same shall be transferred
to participate in the Gratuity Fund, unless qualified under the
requirements of the rules relating to said fund. The notice or
application for transfer shall state the name of the person to
whom it is proposed to be made. Objections to the transfer
Me"mberships must be in writing, signed by the party objecting, and filed
with the Secretary, and the party objecting shall also, on the
day of filing the same, serve a copy of his objections upon the
applicant for transfer. The Board of Directors shall, upon
hearing the parties, determine the sufficiency of such objec-
tions. In case any membership shall be transferred in violation
of any of the foregoing provisions, such transfer shall be null
and void.



Objections to
Transfers of



Annual assess-
ments.



Forfeited Mem-
berships.



Sec. 3. When the annual assessment shall have been made,
it shall be considered due, and any member refusing or neglect-
ing to pay the same within ten days after the first Monday
in April in each year, shall not be entitled to admission to the
Exchange Room until such assessment shall have been paid;
and any member who shall have failed to pay assessments be-
fore the end of any fiscal year of the Association in which such
assessments are payable, shall be deemed to have relinquished
and forfeited his membership, and shall be readmitted only as
a new member.

Any membership forfeited on account of failure to pay the
annual assessment or assessments shall be sold by the Associa-
tion, and after payment of all dues to the Association the pro-



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RULE 12



41



ceeds shall be divided pro rata among the members of the Associa-
tion who may hold unsatisfied awards of the Board of Arbitra-
tion or Board of Appeals, or claims proven before the Board of
Arbitration against the member whose membership is thus for-
feited. Notice of the disposal of forfeited memberships shall
be given in the manner provided by rule for giving notice of
the transfer of memberships, and in case, after giving such
notice, no claims shall have been filed against said membership,
the proceeds thereof, or any surplus that may remain after pay-
ment of awards or claims as herein provided, shall be turned
over to the Gratuity Fund, and thereafter shall not be subject
to any claims or demands whatsoever.

Sec. 4. No resignation of ' membership shall take %ffect Resignations,
while charges against the member desirous of resigning shall be
pending before the Board of Directors, or the Association, or
while he may be a party to any unsettled suit before the Board
of Arbitration or Appeals.



Persons ncteli*

gible tn mem>
ership.



Admission
tickets.



Sec. 6. No person under sentence of suspension or expul-
sion by any other similar commercial body, shall be eligible to
membership in this Chamber of Commerce, and if any person
be balloted for and declared elected, under such circumstances,
such election shall be void.

Sec. 6. Members may be required to show their admission
tickets on entering the Exchange Room during the meetings of
the Chamber.

Sec. 7. Every member shall be entitled to receive a Certi- Certificates of
ficate of Membership, bearing the signatures of the President membership.
and Secretary, and the seal of the Corporation, which certificate,
if the membership it represents be not impaired or forfeited
under the Rules and By-Laws of the Association, and if the
member holding it have no unadjusted or unsettled claims or
contracts outstanding against him, held by members of the
Chamber of Commerce, shall be transferable upon the books of Transfer fee.
the Association to any person duly elected a member, upon the
payment of ten dollars, and any unpaid assessment due
thereon. The Certificate of Membership of a deceased mem-
ber shall be transferable in like manner by his legal represent-
ative.

Sec. 8. Any member or firm or corporation, represented
by one or more memberships in the Chamber of Commerce,
shall be entitled to as many clerk^s tickets of admission to Clerk's Tickets



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42



RULES 12-18



Absence in Mil-
itary or Naval
Service.



Visitors pro-
hibited from
trading.



Members pro-
hibited from
trading with
visitors.



the daily exchange meetings of the Chamber of Commerce,
as such member or firm or corporation may require, upon the
payment of such admission fee or fees, as the Board of Direc-
tors may by resolution established for such clerks, or half such
admission fee or fees, if applied for during the last six months
of the fiscal year and on approval of the person for whom
the application may be made by a majority of the Committee
on Membership, provided that no such clerk's ticket may be
issued to any person under expulsion or suspension from this
Chamber of Commerce. Any person holding a clerk's ticket,
shall have the right of entrance to the exchange rooms, but
shall not have the right to transact any business for his em-
ployer, himeelf w any other person, firm or corporation. Any
clerk's ticket and the payment for the same may be declared
forfeited by the Board of Directors upon satisfactory evidence
that the holder of the same has violated any of the privileges
granted by it or that he is not a bona fide employe of the
member, firm or corporation upon whose application the
ticket was issued.

Sec. 9. In the absence of any member of the Chamber of
Commerce in the military or naval service of the United States,
in time of war, he may be represented on the floor of the Cham-
ber by such representative as he may designate without paying
for a clerk's ticket, and such representative shall be admitted
under the same rules and conditions that apply to holders of
clerk's tickets.

RULE XIII.

VISITORS.

Section 1. Visitors may be introduced to the Exchange
Rooms upon such terms and under such regulations as the
Board of Directors may from time to time establish. No per-
son holding a visitor's ticket shall be permitted to negotiate or
transact any business in the Exchange Room; and for any vio-
lation of this rule the privilege of visiting the room shall, by
the President, be declared forfeited, subject to future modifica-
tion by the Board of Directors, upon the representation to said
Board of such facts as may be deemed proper to warrant a
modification of the same.

Members of the Chamber of Commerce are hereby prohib-
ited from buying any property of, or selling any property to,
any visitor in the Exchange Room, and in case of the violation
of this rule by a member, he shall be subject to the penalties
prescribed in Section 10 of Rule IV.



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RULES 13-14-16-16



43



Sec. 2. Any person in default, on account of any business Persons in de.

/ , - , ^ 'ault to mem-

transacted with or through a member or members of the Cham- bers maj^ be

ber of Commerce, shall not be entitled to admission to the

Exchange Rooms as a visitor, while such default remains

unsettled, and the President is hereby empowered to enforce

this rule, upon the complaint, in writing, of any member of the

Association.



excluded from

exchange

room.



Sec. 3. Complimentary tickets of admission to the Exchange Compilmen-
Room may be issued to any such persons as the Board of
Directors may designate, but the holders of such tickets shall
have no right to vote, or to transact any business, or enter into
any negotiation except such as may pertain to the business on
account of which such tickets shall have been issued.



RULE XIV.

Section 1. Smoking in the Exchange Room shall be deemed No smoking
discourteous and offensive conduct, and the same is hereby pro-
hibited.

RULE XV.
vacancies.
Section 1. In case of the death, resignation, or removal To fill vacan-
of the President, a Vice-President, the Secretary and Treas-
urer, a Director, or a member of the Board of Arbitration or
Appeals, it shall be in the power of the Association to fill such va-
cancies for the remainder of the official term, at any regular or
called meeting thereafter. Provided ^ notice of said meeting and
election shall have been announced on 'Change, and published in
one or more of the daily newspapers of the city for at least three
days immediately preceding such election.

RULE XVI.
removal from office.

Section 1. Any officer of the Association who receives
a salary or fees as a compensation for services, may be
removed from office for any cause dieemed sufficient, under the
same rules provided for the Euspension or expulsion of mem-
bers who may be found guilty of a breach of the rules or mis-
conduct in business affairs; and in case of the removal from
office of any such officer, his salary or fees shall cease from the date
of such removal.



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44



RULES 17-18



RULE XVII.

Section 1. In buying or selling by the car-load it shall be
the rule, unless otherwise specified, that the following quantities
constitute a car-load:
Weightofacar- ^^^^ ^^ ^^^^

Com 1000 bushels.

Oats 1500 bushels.

Barley 1000 bushels.

Rye 1000 bushels.

Flax 800 bushels.

Grain Screenings 40,000 lbs.

Shorts, and Middlings in bulk 40,000 lbs.

Bran in bulk 30,000 lbs.

Bran in sacks 35,000 lbs.

Timothy, Clover, Millet and Hungarian Seed. . 36 , 000 lbs.
Red Dog Flour 40,000 lbs.

Provided, however, that as to sales of car-loads already ar-
rived at Milwaukee the actual quantity contained in such car- loads
shall be delivered by the seller and accepted . by the buyer if the
car numbers be stated during the session when the sale is made;
but in case such car-loads are bought for shipment and contain
less than the minimmn quantity required by the carrier in order
to obtain car-load rates of freight, then the seller shall be required
either to make up the difference in quantity or to pay the difference
in freight to point^of destination, and Provided Further that on
all sales of grain to arrive the market value on the day of unloading
shall be the basis^of settlement for any excess or deficiency over or
under the quantity sold, and that when the quantity delivered
varies not more than 100 bushels from the quantity sold, the sale
shall be considered completed and the overrun or deficiency must
be settled as provided above.
Samples. Sec. 2. All samples of grain presented on 'Change for sale

shall be in bags or boxes, and all samples of flour shall be in
boxes, and placed on tables designated for that purpose. At the
close of business each day all samples must be placed in draw-
ers or removed from the Exchange Room.

' RULE XVIII.

An Inspector SECTION 1. No Inspector or Assistant Inspector ap-

iSThJ'arS pointed under the rules of the Chamber of Commerce shall

he inspects, buy or sell, either for present or future delivery, in this or any

other market for purposes of trade, the article he shall have

been appointed to inspect.



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RULES 18-19 46



Sec. 2. The Inspectors appointed under these rules Bonds of In-

. . . spectors.

shall, before entering upon the duties of their respective

offices, give bonds to the following amounts: The Grain
Inspector in the penalty of five thousand dollars; the Flour
Inspector in the penalty of two thousand dollars, and the Pro-
vision Inspector in the penalty of five thousand dollars; each
with two good and sufficient sureties, to be approved by the
Board of Directors. Said bonds shall be executed to the Presi-
dent of the Chamber of Commerce, and shall be conditioned
that the said Inspectors shall faithfully discharge the duties and
trusts of their respective offices; and that they will pay, or cause
to be paid, to the party injured, all damages which may be sus-
tained by reason of neglect or improper performance of duty,
either on the part of the said Inspectors, or any assistants by
them appointed; such damages to be ascertained in the manner
pointed out in the Inspection Rules of this Association. Said
bonds shall remain in the custody of the Board of Directors,
and be held to the use of parties having a right to resort thereto
for indemnity.

RULE XIX.

Section 1. The Inspector of Grain shall be governed by the
following rules;

SPRING WHEAT.

No. 1 Hard Spring Wheat — ^Must be sound, bright and well
cleaned, and must be composed mostly of Hard Scotch Fife
Wheat.

No. 1 Northern Spring Wheat — ^Must be sound and well
cleaned, and must contain not less than about fifty per cent, of
the hard varieties of Spring Wheat.

No. 2 Northern Spring Wheat — ^Must be good sound mill-
ing wheat, reasonably clean and of the varieties composing No. I
Northern Spring Wheat, but not meeting the requirements of
the higher grade.

Wastage in Cleaning. — In inspecting wheat that meets the
requirements^of^No. 1 Hard,^No. 1 Northern or No. 2 Northern
grade, No.^Fll Durum"* and No. 2 Durum, No. 1 and No.
2 Velvet ! Chaff "TWheat, except in respect to cleanness,
the Inspector shall ascertain the number of pounds per bushel of
waste to"which it would be subjected in cleaning to meet the require-
ments of the grade by taking an equal quantity from not less than
seven different places in the car, evenly distributed, by passing a



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46 RULE 19



geared trier down through the wheat and drawing up samples from
the entire depth of the mass and mixing the whole thoroughly
together, from which sixty ounces shall be taken and the seeds and
other waste matter separated from the wheat by the use of a suitable
apparatus for the purpose, and the quantity found to be wasted
per bushel shall be noted by the Inspector, together with the
grade the wheat would be entitled to inspect after being cleaned,
upon his inspection ticket and book, opposite the number desig-
nating the car inspected. The wastage so determined and noted
shall be^deemed and taken by all parties concerned as the true
shrinkage of the wheat contained in the car; subject, however,
to appeal to the Supervisors of Grain Inspection in the same
manner as provided in case of appeal for alleged error in grade.

In inspecting Spring Wheat of other grades the Inspector
shall, when requested by the consignee, designate the grade to
which the wheat would belong, according to the requirements
of the rules, except in respect to cleanness, and shall, when so
requested, ascertain and record the wastage in cleaning the same
in the manner hereinbefore provided.

No. 1 Spring Wheat — Must be sound, well cleaned, Spring
Wheat.

No. 2 Spring Wheat — Must be good, sound milling wheat,
and reasonably clean, but not meeting the requirements of the
higher grades nor being required to have any mixture of the
hard varieties.

No. 3 Spring Wheat — Shall comprise Spring Wheat too
much shrunken, or otherwise unfit for the higher grades but
not badly damaged from any cause.

No. 4 Spring Wheat — Shall include Spring Wheat that is
musty, grown, badly bleached, or by any cause rendtered unfit
for No. 3 but fit for warehousing.

DURUM WHEAT.

No, 1 Durum — Shall be bright, dry, sound and well
cleaned.

No. 2 Durum — Shall be sound, dry, reasonably clean, and
may be slightly bleached or shrunken.

No. 3 Durum — Shall include all wheat that is bleached,
shrunken or smutty, or for any cause unfit for No. 2.

No. 4 Durum — Shall include all wheat that is badly
bleached and grown, very smutty, or for any cause unfit for
No. 3.



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RULE 19 47



VELVET CHAFF WHEAT.

No. 1 Velvet Chaff Wheat — Shall be bright, -sound and well
cleaned, and be composed of Velvet Chaff Wheat.

No. 2 Velvet Chaff Wheat — Shall be sound, dry, reasonably
clean, may be slightly bleached or shrunken, but not good enough
for No. 1. *

No. 3 Velvet Chaff Wheat — Shall include all wheat of that
variety that is bleached, smutty or for any other cause unfit for
No. 2.

No. 4 Velvet Chaff Wheat — Shall include all wheat of that
variety that is very smutty, badly bleached, badly grown, or for


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Online LibraryMilwaukee Chamber of Commerce Milwaukee Grain & Stock ExchangeAnnual report of the Milwaukee Grain & Stock Exchange → online text (page 19 of 25)