Hopkins v. O'Kane
Supreme Court of Pennsylvania
Appeal, No. 167, Jan. T., 1895, by defendant, from order of C. P. No. 1, Phila. Co., June T., 1893, No. 707, discharging rule to open judgment. Rule to open judgment. From the depositions taken in support of the rule, it appeared that in November, 1892, defendant directed Laughlin and Mc-Manus, brokers, to purchase two hundred shares of Reading Railroad stock, for which he paid in full.
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Appeal, No. 167, Jan. T., 1895, by defendant, from order of C. P. No. 1, Phila. Co., June T., 1893, No. 707, discharging rule to open judgment. Rule to open judgment. From the depositions taken in support of the rule, it appeared that in November, 1892, defendant directed Laughlin and Mc-Manus, brokers, to purchase two hundred shares of Reading Railroad stock, for which he paid in full. The brokers received and retained the certificate for the stock, and in December, 1892, at defendant’s request resold the stock and retained the pi’oceeds. Subsequently defendant directed the brokers to…
1Opinion of the Court
Opinion By
Mr. Justice Mitchell,
There is nothing in this case which would justify disturbing the judgment. It ought not to be necessary to say again after Peters v. Grim, 149 Pa. 163, and other cases, that a purchase of stocks on margin is not necessarily a gambling transaction. *480Stocks may be bought on credit, just as flour or sugar or anything else, and the credit may be for the whole price or for a part of it, and with security or without it. “ Margin ” is security, nothing more, and the only difference between stocks and other commodities is that as stocks are more commonly made the vehicle…
2Cases cited1 opinion
- Peters v. GrimSupreme Court of Pennsylvania · 1892
3Cited by7 opinions
- Assigned Estate of L. H. Taylor & Co.Supreme Court of Pennsylvania · 1899
- Winward v. LincolnSupreme Court of Rhode Island · 1902
- Goodbody v. MargiottiSupreme Court of Pennsylvania · 1936
- Layton v. StateSupreme Court of Georgia · 1927
- Hocker v. Western Union Telegraph Co.Supreme Court of Florida · 1903
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