Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1921-09-27

are taken for dealing in futures, such
as the so-called Exchange" now being
run in Bennettsville? Citizen.
There is a very stringent law against
dealing in futures or conducting Of
fees or agencies for such dealing. The
law. copied from the criminal code Is
published bclow.-Editor.
Section 262. 1t shall he unlawful for
any person, association of persons OF
corporation. either as principal or
agent, to establish, maintain or operate
an Office on other place of business III
this state for the purpose of carrying
on or engaging in the business lor-
hidden by Sections 263 and 264 COM
monty called dealing in futures or
margins.
Section 263. Every contract or agree
mcnt, whether or not in wrl'inG'
whereby any person or corporation
shall agree to buy or sell and deliver
or sell with agreement to deliver any
wheat. cotton, com or other COM
modify. stock, bond or other security
to any other person or corporation
when in fact it is not in good faith IN
tended by the parties that an actual
delivery of the articles or things shail
he made. it is hereby declared to DE
unlawful, whether made or To be per-
formed wholly within this state, or
partlv within and partly without this
state; it being the intent OF Section
2C2 to 27O to prohibit any and all con-
tracts or agreements for the purchase
or sale and delivery of any commodity
or other thing of value on Margin
commonly called dealing in futures,
when the intention or understanding OF
the parties is to receive or pay the al
ference between the ag1 eed price ana
tbc market price at the time Of settle
mcnt: Provided, that, nothing herein
contained shall be construed TO apply
TO transactions by mail or wire be-
tween persons in this state and per-
person outside Of this state is not rep
resented in this state by any broker,
agent or attorney in said transaction.
Section 2G4. Every person who shall
become a party to any such contract
or agreement, as is by Section 262 and
1868 made unlawful, and every person
who shall as agent, directly OF in
directly, participate in making or lur-
thcring or afrectuatng the same and
every agent or officer of any corpora
ton who shall in any way knowingly
aid i'm making or furthcring any such
contract or agreement, shall be deem
cd guilty of a misdemeanor
Section 2G5. No person shall be
excused on any prosecution under Sec
lions 2G2 10 2G4, inclusive, from teS'l-
fying touching anything done by hlm-
self or others contrary to the proVls-
ions of said sections.
Section 2GG. In all prosecutions proof
that Il defendant was party To IL con-
tract, as agent or principal, 70 buy OF
sell and deliver any article, thing or
uroperty specified or named in Sec
tions 2G2, 263 and 264, or that he was
the agent, directly or indirectly, of any
party making, furthering or effcctuat-
ing the same or that he was the agent
or officer of any corporation or aSSo-
citation of persons in making, further
ing or cffcctuating the same, and that
the article, thing or property agreed 10
be- sold and delivered, was not actually
delivered, and that settlement was
made upon the difference in value oi
the said article thing or property,
shall constitute against such defendant
Urina racie evidence of guilt of the OIL
fcnaes prohibited in Section 263 and
2G4
Section 267. Proof that anything of
value agreed to be sold and delivered
WAS net actually delivered, and that
one of the parties to such agreement
d,positcd, or secured or agreed to de-
posit or secure. what are commonly
known as margins" shall constitute
prima facic evidence Of Il contract de
clarcd unlawful by the terms of Sec
liun 2G3.
Section PCS Proof that any person,
association Of persons OF corporation.
either as principal or agent, has cs-
tablishcd an office or place where are
posted or published from information
received the fluctuating prices of cot
ton. grain, provisions, stocks. bonds, or
other commodity or things of value, or
either Of them. shall constitute prim;'
factc evidence of guilt of the oifensc or
urfcnscs in Section 263
Section 2G9. Sections 2G2 to 270, in
elusive. shall not he so construed as 10
prevent or render unlawful the posting
or publishing of market quotations or
prices of commodities, stocks. bonds
and securities by any regularly Or
n1niZed commercial exchange or
other bona fide trade organization in
which no purchase or sale for future
delivery on margin is permitted.
Section 27O. Any person or persons
guilty of the violation of any Of III"