n 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'