62 QUESTIONS AND ANSWERS 



in the foregoing classifications and grades, must 

 specify its character. 



21. All butter offered under the call shall Be 

 fresh made, current receipts, and shall be in regular 

 6o-pound ash tubs, unless otherwise specified. 



22. No offer to buy or sell less than 25 tubs spot, 

 nor less than 50 tubs for future delivery, nor bids 

 or offers of a less fraction than ^ cent per pound 

 shall be entertained. 



23. Bids and offerings of not less than 50 tubs 

 for future delivery may be made for a period of 

 30 days. The call for futures shall take place 

 immediately after the call for spot delivery. On 

 all sales for future delivery, a compulsory mar- 

 gin shall be deposited by each party to the 

 contract as specified in Rule 2 of the executive 

 committee. 



24. The first offer to buy or sell at a price, shall 

 be accepted before subsequent offers at the same 

 figure are considered. 



25. Offers may be withdrawn at any time before 

 acceptance. 



26. Offers to sell at a lower, or buy at a higher 

 price shall vacate all previous bids and offerings. 



27. A transaction shall vacate all previous bids 

 and offerings. 



28. All differences as to offers, acceptances, with- 

 drawals, or irregular bids, shall be decided on the 

 spot by the officer conducting the call, subject to 

 an appeal to the members present. If an appeal 

 is made, it shall be put promptly, and a majority of 

 the members present and voting shall settle the 

 difference finally. 



