arise, the Exchange has
provided means for their peaceful settlement. The board of managers
elects annually an arbitration committee of five members, who swear to
decide disputes fairly. This is the only committee on the Exchange that
has power to adjudicate disputes between members and non-members; and
its services must be sought by the disputants, who must agree to abide
by its decision. An adjudication committee of seven is annually chosen
from the membership by the managers, to adjust all claims and
controversies between members arising out of any merchandise
transaction, "if notice in writing of such claim or controversy, and of
the intention to demand an adjudication thereon, be served by either
party thereto within ten days from the ascertainment thereof."

Within three days of the serving of this notice, each disputant selects
an Exchange member as his adjudicator; and these two name the third, who
must be a member of the adjudicating committee. Even this decision may
be appealed to the board of managers, which, if it finds the grounds of
appeal good (as decided by majority vote), appoints an appeal committee
of five, of whom three must be members of the board. This last
committee's decision is final. No new testimony bearing on the case may
be introduced after the case has been closed by the adjudicators.
Arbitration is voluntary with both parties; while adjudication is
compulsory upon the application of either.

Another committee of trade importance is the spot quotation committee of
five Exchange members. Each day at two o'clock, except on Saturday, when
it meets at 11:45, this committee by a majority vote establishes the
official daily market quotation of No. 7 coffee. There is likewise a
committee on quotations of futures. This committee of five meets daily
"immediately after the first call and at the close of the Exchange and
reports to the superintendent the tone and price of the contract market,
to be posted on the blackboard and transmitted to other Exchanges and
commercial bodies."

A committee of five on trade and statistics has the important function
of reporting to the board as to regulations for the "purchase, sale,
transportation and custody of merchandise," and it attempts to establish
uniformity in such matters between different markets. It has charge also
of "all matters pertaining to the supply of newspapers, market reports,
telegraphic and statistical information for the use of the Exchange