This organization was originally chartered April 19, 1862, as the New York Commercial Association. Its purposes are declared by its charter to be "to provide and regulate a suitable recall or rooms fur a Produce Exchange in the city of New York, to inculcate just and equitable principles in trade, to establish and maintain uniformity in commercial usages, to acquire, pre serve, and disseminate valuable business informa tion, and to adjust controversies and misunder standings between persons engaged in business." In 1868 an act amendatory to the charter changed the name to the New York Produce Exchange, while a further act of 1882 added to the declared purposes, that "to make provision for the widows and families of deceased mem bers." The conduct of the affairs of the organ ization is vested in a board of managers con sisting of the president, vice-president. treasurer, and twelve other managers elected annually by the association. The charter authorizes the board of managers to elect annually an arbitra tion committee composed of five persons not mem bers of the board. whose duty it is to hear and decide controversies between members. On filing the award of the committee in the Supreme Court of the County and City of New York, judg aunt is entered according to the award. From such award there is no appeal except for frauds, collusion, or corruption of the arbitration com mittee or of its members. Other committees are named by the president. these. one of the most important is the complaint committee, which takes cognizance of all duly entered com plaints against members. This body endeavors to conciliate the disputants, or induce them to resort to arbitration. Failing in this it may, if eiremnstanees warrant, bring the matter before the board of managers, which may, when the charges hist the defendant are substantiated, by vote of two thirds of the members present., cen sure, suspend. or expel Id In from the exchange. Other important. eommittees are those on trade, NV11101 has to do with commercial usages, and the committee on information and statistics. In
addition to the managers and various commit tees, there is a superintendent of the exchange enarged with the details of management, the rare of the building, and similar duties. Annual as sessments of not less than ten or more than thirty dollars, as the board may direct. forum the basis of the revenues of the exchange.
In addition to general rules as to memoership and the like, there are a series of special rules for the trade in provisions, lard, grain, flour, seeds, petroleum, oil, butter, cheese, and hops, maritime trade and steamship trade. These rules have much similarity, though they differ according to the nature of the business in ques tion. Each set of rules defines standard grades in the commodity to which it refers. Thus in the rules governing the provision trade we find exact descriptions of what is meant by such familiar market terms as mess pork, prime mess pork, extra prime pork, and the like. The rules define also the quantities in which such goods shall be handled, and modes of packing and curing. They provide a system of inspection, and the board licenses inspectors to carry it out. Standard forms of contract, rules as to settle ments, and similar matters are features of the rules. Far more complex are the rules govern ing the grain trade, but they do not differ in spirit.
Each exchange makes its own rules, such as are adapted to the locality in which it is situ ated. but for the same kinds of trade the rules have much in common. This is particularly true of all rules fixing definitions, as the various ex changes strive here especially to secure uni formity. An important function of all ex changes is the dissemination of information. Not only are the market reports published daily in the papers prepared under the supervision of the exchanges, but animal reports embracing a vast amount of statistical information are fre quently published. See STOCK EXCHANGE;