d pays
over to the treasurer all moneys due the Exchange not otherwise provided
for; receives, deposits, and pays over all margins on coffee contracts;
has active charge of the Exchange rooms and the bulletin board; and
manages and appoints, with the consent of the board of managers, the
assistants needed to perform the details of the work under his charge.

One of the functions of the Exchange is to grade and to classify coffee,
in which it takes every possible precaution. The rules provide for eight
standard grades; and only licensed graders are permitted to pass upon
the product handled on the Exchange. There are twenty-five of these
graders; one of whom is appointed as a supervisor of types, to provide
fresh standards and to "maintain them as nearly as possible on an
equality." When these standards are approved by the board and the
Exchange, they remain in force for a year.

When coffee is received at a licensed warehouse, two official graders
are chosen, one by the buyer and one by the seller. These graders
receive four cents a bag if employed by a member; and eight cents a bag,
if employed by a non-member.

If the graders disagree, their differences are referred to the board of
coffee arbitrators, consisting of ten experts appointed by the board of
managers. The superintendent selects by lot three of these arbitrators,
who decide on the basis of the samples submitted, but will not make a
decision lowering the grade below that of the lowest submitted nor
higher than the highest. If the disputants do not change the grading to
come within the arbitrators' findings, the samples are sent to the
entire board of arbitrators, exclusive of those who may have been the
original graders, and final decision is made by majority vote. As soon
as the coffee is graded, a certificate is issued stating the grades, and
bearing the signatures of the superintendent and graders. This
certificate is conclusive evidence of the grade as far as the parties
involved are concerned, for the subsequent twelve months. The buyer
receives the original, and the seller a duplicate.

The rules provide that weights decided upon at the initial delivery are
good during the life of the grading certificate for re-delivery, with
definite allowances to the receiver, on re-delivery, of a quarter of a
pound a bag a month, instead of having to re-weigh and re-sample for
every separate delivery, as formerly.

As claims and trade controversies occasionally