16 The bags shall be cotton seamless bags, known in the trade as one pound bags, sound, clean. properly sewed and in prime shipping order. The price of bags shall be 17 ½ c. each. Sec. II. On contracts for Graded Seed, a tender of a higher grade of the same kind than the one contracted for shall be deemed sufficient. Sec. III. The following shall be the form of contract for Seed sold for future delivery:

SEED CONTRACT.

NEW rORK 189 In consideration of one dollar in hand paid. the receipt of which is hereby acknowledged have this day SoLb To(or B0U0GHT FROM)— Bags f— New Xork Inspection at—(dollars and cents) ber 100 lbs—— deliverable at seller's option. 18

This contract is made in view of and in all respects subject to, the By-Laws and Rules established by the New York Produce Exchange, in force at this date.

Sec. IV. Seed sold for futurs delivery at the public calls and on the floor of the Exchange, unless otherwise specified, shall be known as“Prime Seed'“.

TRANSFERABLE ORDERS.

Rule 9.— Sec. I. On deliveries of Graded Seed on time contracts, seller must issue a trans- ferable order drawn on himself by 12.30 P. M., and such order may be passed to subsequent buyers up to 1.30 P. M., provided always that no one shall hold it over fifteen minutes. The time of delivery to each party shall be specified on the order.

Sec. II. The transferable order must be presented by the last receiver to the drawer by 2 P. M. of the day issued, and the drawer must, on presentation, deliver to the last receiver a specific order for the Seed named.

If the transferable order be not presented to the drawer by the last receiver by 2 P. M. of the day issued, the last receiver shall pay the drawer all charges and expenses incurred in consequence of such delay, including interest and insurance.

If the receiver decides to reject any lot, he must give notice of rejection to the drawer of the order before 11 A. M. of the next business day; and if party making delivery desires to refer the rejection to the Committee on Seeds, he must notify the receiver and the committee before 11.30 A. M. of the same day.

Sec. III. The settling price for Seed deliverable upon transferable orders shall be the official closing price of the previous business day for like Seed of the same delivery.

Sec. IV. The following is the form of transferable order referred to above:

NEW YORK PRODUCE EXCHANGE.

Transferable Order forf Bags Settlement price. NEw roRk 189 M Deliver to the order of M.......... Bags which is to be received by the last endorser hereon, who must pay for the same at thie rate of...... dollars and

cents per 100 lbs. CASH, except as provided in Rule 9 of the Seed Rules.

The condition upon which this Transferable Order is given and received is that in may be passed by endorsement, under the provisions of Rule 9 of the Seed Rules, in accordance with subjoined contract.