A SYSTEM OF ACCOUNTS FOE COTTON WAREHOUSES. 5 
(h) A statement that the receipt is issued subject to the United States warehouse 
Act and the rules and regulations prescribed thereunder. 
(i) If the receipt be issued for agricultural products of which the warehouseman is 
owner, either solely or jointly or in common with others, the fact of such ownership. 
(J) A statement of the amount of advances made and of liabilities incurred for 
which the warehouseman claims a lien : Provided, That if the precise amount of such 
advances made or of such liabilities incurred be at the time of the issue of the receipt 
unknown to the warehouseman or his agent who issues it, a statement of the fact that 
advances have been made or liabilities incurred and the purpose thereof shall be 
sufficient. 
(h) Such other terms and conditions within the limitations of this act as may be 
required by the Secretary of Agriculture. 
(I) The signature of the warehouseman, which may be made by his authorized 
agent: Provided, That unless otherwise required by the law of the State in which 
the warehouse is located, when requested by the depositor of other than fungible 
agricultural products, a receipt omitting compliance with subdivision (g) of this 
section may be issued if it have plainly and conspicuously embodied in its written 
or printed terms a provision that such receipt is not negotiable. 
Compliance with all of the conditions of receipts issued under the 
United States warehouse Act is not obligatory unless warehousemen 
operate under that law. 
Either a. negotiable or a nonnegotiable receipt may be issued and 
it may be well to explain the two types. A negotiable receipt must 
state either that the goods received will be delivered to the bearer, 
or that they will be delivered to a specified person or his order. 
A receipt in which it is stated, either that the goods received will be 
delivered to the depositor only, or that they will be delivered only to a 
specified person named in the receipt, is not negotiable. 
A nonnegotiable receipt should always bear the words "Non- 
negotiable" or "Not negotiable " written or printed upon its face. 
Form 3D (page 21) shows a form of nonnegotiable receipt. 
In the case of a lost or stolen receipt, if another is issued, the word 
"Duplicate" should always be marked across its face, and usually a 
bond is required in order to protect the warehouseman from loss in 
case of the reappearance of the original receipt. The practice in this 
and other transactions in connection with the receipt necessarily 
must vary in accordance with the State laws on the subject, and 
every warehouseman must be careful to comply with the applicable 
law of the State or other jurisdiction in which he operates. 
There is a wide variance of opinion among warehousemen as to 
the relative merits of the one-bale and the multiple-bale forms of 
warehouse receipts. The tendency in many of the well-organized 
warehouses seems to be toward the use of the one-bale receipt, and 
in most cases this form seems to be preferable to the multiple-bale 
form. There are arguments both for and against this form. The 
fact that the one-bale type requires more work in its issuance is bal- 
anced by its desirability in the event that a person desires to sell or 
transfer only one or a few bales out of a lot that would otherwise be 
