th a well established code of trade rules, the Exchange
annually transacts a large number of sales in a business-like way.

There is considerable trading in future contracts; and a standard form
has been adopted by the Exchange. No future contracts are valid unless
they are made in the following form:

BRAZILIAN COFFEE--NOT SANTOS
Office of _____________
New York__________ 19__
Sold for M_______________________
To M_______________________

Thirty-two thousand five hundred pounds in about 250 bags coffee,
growth of North, South or Central America, West Indies or East
Indies, excepting coffee known as "Robusta," and also any coffee of
new or unknown growth, deliverable from licensed warehouse in the
port of New York, between the first and last days of ________ next,
inclusive. The delivery within such time to be at seller's option,
upon a notice to buyer of either five, six or seven days, as may be
prescribed by the trade rules. The coffee to be of any grade, from
No. 8 to No. 1 inclusive (no coffee to grade below No. 8) provided
the average grade of Brazilian coffees shall not be above No. 3.
Nothing in this contract, however, shall be construed as
prohibiting a delivery averaging above No. 3 at the No. 3 grade. At
the rate of __________ cents per pound for No. 7, with additions or
deductions for other grades according to the rates of the New York
Coffee and Sugar Exchange, Inc., existing on the afternoon of the
day previous to the date of the notice of delivery. Either party to
have the right to call for margins as the variations of the market
for like deliveries may warrant, which margins shall be kept good.

This contract is made in view of, and in all respect subject to the
rules and conditions established by the New York Coffee and Sugar
Exchange, Inc., and in full accordance with section 102 of the
bylaws.

_____________________________
Brokers

Across the face is the following:

For and in consideration of one dollar to __________________ in
hand paid, receipt whereof is hereby acknowledged, ______________
accept this contract with all its obligations and conditions.

All deliveries on such future contracts must be made from licensed
warehouses. There is a separate "to arrive contract"; but this likewise
requires delivery at a licens