All offers to buy or sell securities in the New York Exchange are for 100 shares of stock or for $10,000 par value of bonds unless otherwise stated.

Bids and offers may be made only as follows:

"Cash," i. e. for delivery upon the day of contract.

"Regular way," ft. e. for delivery upon the business day following the contract.

"At three days," i.e. for delivery upon the third day following the contract.

"Buyer's " or "seller's " options for not less than four days nor more than sixty days. (See "Buyer's Option" and "Seller's Option.")

Bids and offers made without stated conditions shall be considered to be in the "regular way."

"Bids or offers " shall not be made at a less variation than one-eighth of one per cent.

In all deliveries of securities, the party delivering shall have the right to require the purchase money to be paid on delivery; if delivery is made at transfer, payment may be required at time and place of transfer.1

After the dealing in " puts " and " calls " had been prohibited by the directors of the Chicago Board of Trade, similar methods were attempted under another name called " bids and offers," which is nothing more or less than a modern name for " puts " and " calls," which will be found explained under those subjects. The Appellate Court has just rendered a decision to the effect that transactions of this kind - " bids and offers " - are prohibited under the Illinois statutes.

1 The foregoing matter under " Bids and Offers " is from the Constitution of the New York Stock Exchange, and contains most of its important rules in connection therewith.