ON BUTTERMAKING 73 



chandise to arrive, or for future delivery, each party 

 to the contract shall deposit an original margin 

 with the superintendent of the exchange of 10 per 

 cent on the contract price at the time of purchase, 

 or sale, and a further margin from time to time to 

 the extent of any variation in the market value from 

 the contract price; said margin to be deposited in 

 such bank or trust company as may have been 

 designated by the finance committee of the New 

 York Mercantile Exchange. When margins are 

 called before 12 M., they must be deposited before 

 3 P. M. of the same day. If called after 12 M., they 

 must be deposited before 12 M. of the following 

 day; in case of failure to deposit as above, the 

 buyer or seller shall have the right to cover his 

 contract at discretion, for account of the party fail- 

 ing to respond to the call for margin. 



RULE 7. All merchandise purchased by sample 

 shall be considered sold, unless the purchaser notify 

 the seller within twenty-four hours after receipt of 

 the same that it is rejected as not being up to 

 sample. If a settlement cannot be agreed on, the 

 case shall be referred to the trade committee having 

 charge of the class of goods in question, who shall 

 decide the matter, and in the event of a decision 

 against either buyer or seller, the same penalties 

 shall accrue as the Rules for sales under the Cal 

 provide for the kind of goods dealt in. The party, 

 against whom the decision is given, shall pay to 

 each committeeman serving $2 for each case. 



Section 33, Paragraph 6, of the By-laws 

 When the parties to a contract, on which margin 

 has been deposited through the instrumentality of 



