REGULATIONS FOR TOBACCO WAREHOUSES. id 
Sec. 2. A license for the conduct of a warehouse shail , Grounds for 
not be issued if it be found by the Secretary that the cemes 
warehouse is not suitable for the proper storage of to- 
bacco, that the warehouseman is insolvent or incompe- 
tent to conduct such warehouse in accordance with the 
Act and these regulations, or that there is any other 
sufficient reason within the purposes of the Act for not 
issuing such license. 
Src. 3. Hach warehouseman conducting a warehouse Net assets re. 
licensed, or for which application for license has been ars 
made, shall have and maintain, above all exemptions and 
habilities, assets hable for the payment of any indebted- 
ness arising from the conduct of the warehouse, to the ex- 
tent of at least $4 per 1,000 pounds of the maximum 
number of pounds of tobacco that the warehouse will 
accommodate when stored in the manner customary to the 
warehouse for which such assets are required, as deter- 
mined by the Chief of the Burean of Markets, except 
that the amount of such assets shail not be less than 
$4,000 and need not be more than $80,000. In case such 
warehouseman has applied for licenses to conduct two or 
more warehouses in the same State, the assets applicable 
to ali of which shali be subject to the liabilities of each, 
such warehouses shall be deemed to be one warehouse 
for the purposes of the assets required under this section. 
For the purposes of this section only, capitai stock, as 
such, shall not be considered a hability. A deficiency in 
such assets may be supplied by an increase in the amount 
of the Licensed warehouseman’s bond in accordance with 
regulation 3, section 2, paragraph 2. 
Sxc. 4. Each application for a renewal or extension of ,,fono77's 
a license under section 5 of the Act shall be made to the 
Secretary, upon a form prescribed for the purpose and 
furnished by the Bureau of Markets, shall be in English, 
shall be signed by the applicant, and shall be filed with 
the Secretary not less than 30 days nor more than 60 
days before the date of the termination of the license 
or of any renewal or extension thereof, then in effect, as 
the case may be. 
Sec. 5. Immediately upon receipt of his license or of ,u3g™™ '° Pe 
any extension or renewal thereof the warehouseman shall 
post the same, and thereafter, except as otherwise pro- 
vided in these regulations, keep it posted until the date of 
