RULES REGULATING THE HOP TRADE 



AMONG MEMBERS OF THE NEW YOKK PKODUCK EXCHANGE. 



[Adopted March 1, 1S83, and amended September 27, 18S9.j 



Rule 1.— At the first meeting of the Board of Managers, 

 after their election, the president shall (subject to the approval 

 of the Board) appoint as a committee on hops, five members 

 of the New York Produce Exchange, who are known to be deal- 

 ing in hops, to consist of two brewers and three dealers. It 

 shall be the duty of this committee to properly discharge the 

 obligations imposed upon them by these rules, and also to con- 

 sider and decide all disputes arising between members dealing 

 in, consuming, or exporting hops, which may be submitted to 

 them. 



A majority of the committee shall constitute a quorum, but 

 the committee shall fill temporary vacancies, if requested by 

 either party, by some member or members representing the 

 same interest as the absent member or members, and a decision 

 of a majority of those present at any meeting shall be final. 

 They shall keep a record of their proceedings, and a fee of 

 fifteen dollars ($15) shall bo paid to the 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; pro- 

 vided, however, that nothing herein shall prevent a settlement 

 of questions of difference by private arbitration, or as provided 

 in the by-laws. 



Rule 2.— All transactions In American hops only between 

 members of the Produce Exchange shall be governed by the 

 following rules, but nothing herein shall be construed as inter- 

 fering in any way with the right cf members to make such 

 special contracts or conditions as they may desire. 



Rule 3.— All hops shall be deliverable In merchantable bales. 

 When a certain number of pounds are sold, number of bales 

 not specified net weight shall be understood. 



Rule 4.— When specific lots are sold by sample, or other- 

 wise, and are ready for immediate delivery, any bale weighing 

 not less than 170 poimds, nor more than 205 pounds, shall be 

 considered a good deliverj'. 



Rule 5.— When hops are sold for future delivery, and the 

 weights of the bales have not been ascertained at the time of 

 sale, a good delivery shall be a sufficient number of bales to 

 effect a delivery of the number of bales sold, at an average of 

 not less than 180 pounds, nor more than 190 pounds, gross 

 weight. 



Rule 6.— On all New York state hops, an allowance of five 

 pounds per bale shall be made as tare, in conformity with 

 Chapter 239, laws of 1889. 



Rule 7 —In the. absence of any specific agreement, the seller 

 shall have the right to demand payment at the time of passing 

 the title. 



Rule 8.— Whenever sales are made -le-iween members of the 

 Produce Exchange through a broker who is not a member of 

 the exchange, a written memorandum of the transaction is to 

 be exchanged by the principals before the sale is binding. 



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