298 BUTTER-MAKING. 



delivery may be made for a period of ten days. The call for 

 futures shall take place immediately after the call for spot 

 delivery, and seller this afternoon. On all sales for future 

 dehvery, a compulsory margin shall be deposited by each party 

 to the contract as specified in Rule 2 of the Executive Com- 

 mittee. 



"26. The first offer to buy or sell at a price shall be ac- 

 cepted before subsequent offers at the same figure are con- 

 sidered. 



"27. Offers may be withdrawn at any time before accept- 

 ance. 



"28. Offers to sell at a lower, or buy at a higher, price shall 

 vacate all previous bids and offerings. 



"29. A transaction shall vacate all previous bids and 

 offerings. 



"30. All differences as to offers, acceptances, withdrawals, 

 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. 



"31. The Superintendent shall have recorded daily, in a 

 book kept for the purpose, all sales under the call, and such 

 other sales on the floor as may be requested by the parties 

 thereto, and shall furnish certificates of sales to both seller and 

 buyer. 



"32. Spot sales shall be for spot cash, and butter sold for 

 future delivery shall be paid for when delivered, unless other- 

 wise agreed. 



"33. All deliveries shall be from the store of the seller, 

 providing it be in Manhattan Borough below Canal Street, 

 otherwise the goods must be placed within said limits. 



"34. All disputes must be settled while the goods are in 

 the seller's possession. 



"35. When spot sales arc made, butter must be ready 

 for immediate dehvery. 



