The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-03-31
TWO COUNTS IN
THE INDICTMENT
True Bill Found Against
McGinnis.
DEALING IN FUTURES
He is Indicted for Establishing and
Maintaining place of Business
for Engaging in This UnIaw-
full Business Under the Acts
of 1889 and 1905.

The grand jury yesterday 1ound q
true bill against E. c. McGinnis fol-
dealing in futures. No action has as
yet been taken by the court, but 1t is
understood that the case will be heard
in the Superior Court at an early day
and if those who are dealing in flu
lures and who are maintaining eX-
changes, agree with the solicitor, in
covering the field of the two acts, thai
of 1889 and the act of 1905, an agree
ment for q friendly contest will be
reached, and the matter Will go 10 the
Supreme Court on appeal, and 1t would
likely be advanced in that court, to the
end that the question may be speedllH
determined. 1t has been suggested
however, that as the bill contains two
counts. one directed against those who
violate the act of 1889, and the other
against those who violate the act OF
1905. it will be unsatisfactory to the
counsel for the defendant and the case
may not be tried at this term or court
AS will be seen from the bill printed
below, the defendant is indicted for es-
tablishing and maintaining place OF
business for engaging in dealing in fu-
lures, forbidden by the recent act OF
the Legislature and also in violation OF
Chapter 221 of the Public Laws OF
1889. This latter act specifically for
Lids dealing in what is commonly
known as futures"
1t is understood that the defendant
admits that he kept blackboard In
his office, upon which he posted from
information received the fluctuations
i'm stocks, bonds, etc. This, accord
ing to the act of 1905, establishes a
prima facie case against the defend
ant 1t is likely that counsel for Nc
Ginnis will insist that the act of 1905
is unconstitutional on accent of Sec
ton T. which makes the act inappli-
cable to persons engaged in the bust
ness of manufacturing or wholesale
merchandising.
1t is a fundamental principle that
In the Interpretation of Il statute the
court will endeavor to ascertain the
legislative intent and give effect to it.
The title of the act of 1905 is, "An act
to prevent the dealing in futures" 1t
was not the purpose of the Legislature
i'm the enactment of this statute to pro-
hibit manufacturers or merchants
from entering into contracts for the
legitimate purchase of commodities
necessarily required in the ordinary
course of their business but only to
reach those contracts which are vic
ious and illegal in consequence of the
wagering or gambling feature in con-
tracts commonly called futures. 1t
would seem that in this view of the
case there can be no doubt as to the
constitutionality of the law.
The full text of the bill of indict-
ment is as follows:
The jurors for the State upon their
oath present:
That E. C. McGinnis late of the
county of Wake, on the 22nd day OF
March, in the year of our Lord, One
Il
with force and arms, at and in the
county aforesaid. unlawfully and will
fully did establish, open, and have.
then and there, an office, or place of
business, for the purpose of carrying
on and engaging in the business of en-
tering into contracts to sell and deliver
cotton Indian corn wheat, rye, oats.
tobacco. salt pork, salt fish. meal lard,
bacon, beef cattle, sugar, coffee, stocks.
bonds, and chooses in action, to other
persons or corporations, for future
delivery, at some other time or place,
and that he the said E. G.. McGinniS,
then and there, was ready willing,
and prepared, and intended to unlaw-
fully and wilfully enter into such con-
tracts with all spersons and corpora
tions, to sell and deliver cotton, In
dian corn. wheat. rye, oats, tobacco,
salt, pork, salt fish, meal. lard, bacon,
beef cattle sugar. coffee, stocks bonds
and chooses in action. to other corpora
tons, for future delivery, at some
other time and place, where it was
not intended by the parties thereto
that the articles or things, so agreed
TO be sold and delivered, should be
actually delivered, or the value thereof
paid. but 1t was intended and under
stood by them that money, or other
things of value. should be paid to the
one party by the other. or to q third
party, and that the amount of such
money, or other thing of value so to
be paid, to depend upon whether the
market price or value of the article
so agreed to be sold and delivered, was
greater or less at the time and place
so specified than the price stipulated
to be paid and received for the ar
ticles so to be sold and delivered, said
contracts being commonly called ''fu-
lures" against the form of the statute
in such case made and provided and
against the peace and dignity of the
State"