The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-06-22

other than to sell it,"
There is appended to the indictment
what purpOrts to be an agreement be-
tween Browne and Hayne as parties
OF the first part and certain spinners
as parties of the second through the
medium of which. it is alleged, cotton
was illegally cornered. This contract,
dated New York, January 10, 1910,
amended March Z, 1910 says among
other things:
THE said parties Of the second part
hereby subscribe for and authorize
the parties of the first part to buy for
their account contracts on the New
York exchange for the future deIiv.
cry of the number CT bales set oppo-
site their respective names. Said cot
ton is to be purchased for delivery,
in the months of March, April, May.
June or July, 1910, or divided among
two or more of these MOI tbs. in the
discretion Of the parties of the first
part and the committee hereinafter
set out
THE said parties Of the first part
subscribed for, on their own account
and such others as they may asso-
clate with themselves in the execution
pf this cnOtract, contracts upon the
cotton exchange for an equal number
OF bales of cotton as subscribed for bv
the parties of the second part, also to
be delivered in the months of March.
April, May, June and July, 1910. as
aforesaid.
1.-The said parties Of the first part
agree to buy jointly said contracts for
account Of the parties Of the second
part and the parties of the second
part, and 10 deliver said contract pur-
chased on account Of the parties of
the second part to the brokers of the
parties of the second part as hereby
designated.
"As said purchases are made the
same shall be apportioned between
the parties hereto, one half thereof to
the parties of the first part and one
half thereof to the parties of the sec
ond part, each of whom shall take
care Of said purchases on contract as
provided herein.
Each Of the subscribers agree to
6pn L. a.
the delivery of the cotton therein, and
upon the tender of the cotton upon
said contracts at their maturity agrees
to receive and pay for all the cotton
rendered on his contracts. -
1T is further agreed by such SUBJ
scriber that all cotton so rendered
and received by the parties of the first
and second parts, shall be by him
shipped out of New York city, the
parties of the first part to ship as soon
as practicable, and each party of the
second part at once, and each of Sec
ond parties agree that none of said
cotton to be received shall be tender
ed on either the New York, New Or
leans or Liverpool cotton exchanges
prior to November 1, 1910, and all
parties hereto agree that any spot
cotton now owned or hereafter pur-
chased by either, whether expressly
or otherwise expressed in this con-
tract, shall not be rendered either of
said exchanges before November 1,
1910.
This, contract contemplates the
actual delivery and acceptance of
cotton specified and to eliminate any
speculative feature. it is agreed by
all parties that none Of said contracts
shall be sold, but the same shall be
held and financed until the cotton is
tended
This contract is binding when sign
ed by the parties Of the first part and
parties of the second part subscrib-
ing for 100000 bales of cotton, that
is to say, 10000 bales each for the
parties of the first and second part.
When this contract becomes eff
fectiVe, as aforesaid, the parties of
the first part may commence to buy
the contracts herein agreed upon for
both parties and may continue to buy
such amounts and at such times as
they deem best, provided no cotto1.
shall be bought at a price in excess
of 10 cents per pound. In event cot
ton advances to more than 10 cents
per pound before the total amounts
herein subscribed for are bought, then
no further amounts shall be bought
until the price of such contracts falls
to ID cents or less; whereupon the
parties of the first part may COM
mence buying on account of the sub
Scrlbers herein and may continue to