Whenever before thirty minutes after the close of the exchange a member gives to another member for clearance purchases and sales of contracts corresponding in all respects except as to price, made during the day by himself or for his account when present on the floor of the Exchange, a charge for each contract shall be made equal to the corresponding floor brokerage rate for buying and selling, in addition to any floor brokerage incurred.
Members procuring business for other members may, by agreement, be entitled to one-half the commission rates for non-members prescribed in this Section, less the corresponding brokerage charge, whether paid or not.
When a transferable notice is given or received by a customer in fulfillment of a contract the brokerage in that case shall be not less than one-half of the corresponding buying or selling commission prescribed in Section 103.
Other committees are the finance committee (two) to audit bills and claims against the Exchange, to direct deposits and investments, and to audit the monthly and yearly accounts of the treasurer; a law committee (three), to deal with matters of legislation; a membership and floor committee (five); and a nominating committee (five). Organized as above outlined, and with 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.
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