Part 8

Saturday hours are from 10:30 a.m. to 11:50 a.m.

Delivery and Warehousing Charges

If you make delivery on the exchange, the following are your charges:

Storage 3¢ per 100 lb. bag Handling in and out, charged with first month's storage 5¢ per 100 lb. bag Negotiable warehouse receipt 50¢

If you accept delivery on the exchange, your charges are:

Carloading 1-1/4¢ per 100 lb. bag

Acceptance of your order

The form of our acceptance of your order reads as follows:

In accordance with your instructions we have this day made the following transactions in STANDARD FINE GRANULATED SUGAR for your account and risk, subject in all respects, and in accordance with, the Rules, By-Laws, Regulations and Customs of THE NEW YORK COFFEE AND SUGAR EXCHANGE, Inc., and the Rules, Regulations and Requirements of its Board of Directors, and all amendments that may be made thereto.

All transactions made by us for your account contemplate the actual receipt and delivery of the SUGAR and payment therefor.

The right is reserved to close transactions when margins are exhausted or nearly so, without notice.

+=================================================+ |Bags of Refined Sugar | Month of Delivery| Price | |----------------------+------------------+-------| | Bought | Sold | | | |----------+-----------+ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |_________|_________|________________|______|

Raw Sugar Futures

Prior to the inauguration of trading in Refined Futures, Raw Sugar Futures were used by many jobbers for hedging and protecting their Refined requirements.

The theory of operation is that the raw price will be about equivalent to the refined price after duty and the charge for refining are added. While the Raw Sugar market will at times get out of line with refined, both favorably and unfavorably, this cannot continue for any long period.

When the Raw Futures market is favorably out of line, it may be more to your advantage to use this market, rather than the Refined Futures market. At the present time there is the added advantage that the volume of trading is greater in Raw than in Refined.

When buying or selling Raw Sugar Futures, you may figure that the variation on a minimum lot of 50 tons would be equivalent to the same variation of 1120 bags or 320 barrels.

We give you below herewith details of contract and trading conditions:

All contracts for future delivery shall be for 50 tons of 2,240 pounds each and multiples thereof.

CONTRACTS: Sold for ... to ..., 50 tons of 2,240 pounds each of sugar in bags, deliverable from licensed warehouse in the port of New York, between the first and last days of ... inclusive. The delivery within such time to be at seller's option, upon 7, 8 or 9 days' notice to the buyer. The sugar to be of any grade or grades of Raw sugars based on Cuban Centrifugal of 96 degrees average polarization outturn at the price of ... cents per pound in bond, net cash with additions or deductions for other grades according to the rates of the New York Coffee and Sugar Exchange, Inc., existing upon the afternoon of the day previous to the date of notice of delivery, and shall embrace all Centrifugals first running. The foreign sugars deliverable other than Cuban Centrifugals, are: Centrifugals from British West Indies, Demerara, Surinam, San Domingo, Brazil, Peru, Java, Mauritius, Venezuela and Haiti, all basis of 96 degrees average polarization outturn at .2512 cents per pound (difference in duty) less; but no lot of 50 tons is to consist of sugar from more than one country of origin.

Allowances on Centrifugal sugars to be .03125 cents per pound per degree above 96 degrees, up to 98 degrees and .0625 cents per pound per degree below 96 degrees, down to 94 degrees and .09375 cents per pound per degree below 94 degrees, down to 92 degrees, with fractional degrees pro rata.

Exchange Trading Hours

Hours for trading in Raw Sugar Futures are from 10:45 a.m. to 2:45 p.m. on week days and from 10:15 a.m. to 11:45 a.m. on Saturdays.

Trading Differences

A fluctuation of 1¢ per 100 pounds is equivalent to $11.20 per lot of 50 tons.

Margins

An original margin in New York funds must accompany all orders, we reserving the right to call for variation margins when contract shows depreciation. We also reserve the right to close transactions when margins are exhausted or nearly so without further notice. The amount of this original margin will of necessity fluctuate with conditions existing at the time orders are placed. At the present time in localities that are in position to make prompt remittance for any variation margins required, the margin is $400.

Commissions