disbursements only upon vouchers approved in writing by the Secretary and the Executive Committee; he shall give bonds when required to do so by the Executive Committee. His accounts shall be produced for the inspection of members at every annual meeting; and annually an Auditing Committee, consisting of three members of the Board, shall audit his accounts, and report at the annual meeting. When his term of office expires, he shall deliver over to his successor all books, moneys, and other property; or in the absence of the Treasurer-elect, the same shall be delivered to the President.

ART. 3. It shall be the duty of the Secretary to give notice of and attend all meetings of the Board and of the Executive Committee, and to keep a record of their doings; to conduct all correspondence, and to carry into execution all orders, votes, and resolves not otherwise committed; to keep a list of the members of the corporation; collect the assessments, and pay them over to the Treasurer; to notify officers and members of the Board of their election; to notify members of their appointment on committees; to furnish the chairman of each committee with a copy of the vote under which the committee is appointed, and at his request give notice of meetings of the committee; to give notice of and attend meetings, and keep a record of the doings of the Standing and Special Committees when required to do so; to superintend the rooms of the Board, and generally, to devote his time in such a manner as the Executive Committee shall deem most conducive to the objects for which the Board was created. It shall also be his duty, under the direction of the Executive Committee, to provide such articles of furniture, stationery, books, maps, periodicals, newspapers, and other supplies required to carry into effect the provisions of the by-laws, orders, and resolutions of the Board.

ART. 4. It shall be the duty of the Assistant Secretary to assist the Secretary in the performance of his duties, under the direction of the Executive Committee.

SECTION V.

ASSESSMENTS.

ARTICLE 1. Every subscriber to the Merchants' Exchange shall pay in advance an annual assessment of thirty dollars to the Secretary; such payment shall entitle him to all the privileges of the Exchange; but it shall not admit him to membership in the Board of Trade, except under the terms of Article 1, Section 1.

ART. 2. The assessments for each year shall be due and payable on the first day of October. Persons subscribing after October 1st, shall pay a pro rata assessment for the unexpired portion of the year; provided, however, that no quarter shall be divided. If the fees of any subscriber remain unpaid for twenty days, he shall be notified that if not paid within ten days thereafter, his delinquency shall be reported to the Executive Committee, who may strike his name from the rolls.

SECTION VI.

STANDING COMMITTEES.

ARTICLE 1. There shall be a Standing Committee of seven members to be chosen by ballot, for determining such mercantile disputes as may be submitted to it, to be styled the Committee of Arbitration. All parties members of this Board, having mercantile disputes, may refer their cases to any three or more members of this committee. Statements of the points at issue shall be submitted to the Arbitrators, in writing, enclosed to the Secretary. Each party shall have the right of producing witnesses, under the regulation and direction of the committee.

ART. 2. When, from absence, or disqualification of regular members, the Committee of Arbitration cannot be formed, the contending parties shall be allowed to fill vacancies with any member or members of the Board willing to serve, on whom they may agree, or if the parties in dispute are unwilling to submit their case to the Committee of Arbitration, they may choose three or more members from the Board, not exceeding seven, whom they may agree upon, such agreement, in either case, to be communicated to the Secretary, in writing, signed by all the parties in controversy. Committees so formed shall be governed by the same rules, and their decisions shall have the the same effect, as if decided upon by the regularly elected committees.

ART. 3. Parties desiring the services of the Arbitration Committee shall notify the Secretary to that effect in writing, and shall file an agreement with him, signed by the parties in controversy binding themselves to abide, perform, and fulfil, the final award which shall be made touching the matter submitted without recourse to any other court or tribunal. Neither party shall postpone the trial of a case longer than ten days after it has been submitted unless good cause can be shown therefor, satisfactory to the referees.

.ART. 4. The fees for arbitration shall be determined by the Arbitrators. If a dispute arise in reference to the fees, an appeal may be taken to the Executive Committee.

ART. 5. The fees shall be paid to the Secretary for the benefit of the members sitting as arbitrators, and, in addition, the Secretary shall be entitled to three dollars for each case submitted.

ART. 6. Arbitration fees, and all additional costs that may be incurred, shall be paid by either of the parties in the case, as may be decided by the committee hearing the same, and shall be included in their award.

ART. 7. Either party to any case before any committee of this Board, may demand that the evidence, statements, and proceedings, shall be reported verbatim, and the costs of same shall be assessed as the committee may determine.

ART. 8. There shall be a Standing Committee of seventeen members, to be chosen by ballot, to whom shall be referred all matters relating to transportation, to be styled the Committee on Transportation.

SECTION VII.

CO-OPERATION OF MERCANTILE SOCIETIES IN MATTERS OF BUSINESS INQUIRIES.

ARTICLE 1. Any member or members, in good standing, of any Chamber of Commerce, Board of Trade, Merchants' Exchange, or like commercial organization, shall have the privilege of preferring charges before the Board of Directors of this Association for unmercantile conduct, or breach of contract, against any of its members, and have like privileges with our own members in submitting matters for arbitration before the regularly constituted committees of this Association, provided the association of which such person or persons may be members, shall adopt a rule of like tenor and substance.

ARTICLE VIII.

ALTERATION OR AMENDMENT.

ARTICLE 1. These By-Laws may be amended or repealed by a vote of two-thirds of the members present at any meeting of the Board; provided that notice of the subject matter of such proposed amendment shall have been presented in writing at a previous meeting.

EDWARD T. RUSSELL, JR., EUGENE H. SAMPSON, MAHLON D. SPAULDING.