Assigned Estate of L. H. Taylor & Co.
Supreme Court of Pennsylvania
Appeal, No. 7, Jan. T., 1899, by William H. Howard, from order of C. P. No. 1, Phila. Co., Dee. T., 1895, No. 556, dismissing exceptions to auditor’s report. Exceptions to auditor’s report. The auditor, Francis Shunk Brown, Esq., reported on the claim of William H. Howard as follows: H. C. Todd, Esq., presented claim of William H. Howard for $11,921.62. Mr. Howard is a capitalist and a farmer.
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Appeal, No. 7, Jan. T., 1899, by William H. Howard, from order of C. P. No. 1, Phila. Co., Dee. T., 1895, No. 556, dismissing exceptions to auditor’s report. Exceptions to auditor’s report. The auditor, Francis Shunk Brown, Esq., reported on the claim of William H. Howard as follows: H. C. Todd, Esq., presented claim of William H. Howard for $11,921.62. Mr. Howard is a capitalist and a farmer. On March 13,1893, he bought 100 shares of Lehigh Coal and Navigation Company for $4,337.50, and the next day paid L. H. Taylor & Company $2,000. During the month of April, 1893, he appears to have…
1Opinion of the Court
Opinion by
Mr. Justice Mitchell,
It has been settled by this Court so often that it ought not to require reiteration that dealing in stocks even on margins is not gambling. Stocks are as legitimate subjects of speculative buying and selling as flour or dry goods or pig iron. A man may buy any commodity, stock included, to sell on an expected rise, or sell “ short ” to acquire and deliver on an expected fall, and it will not be gambling. Margin is nothing but security, and a man may buy on credit, with security or without, or on borrowed money, and the money may be borrowed from his broker as…
2Cases cited5 opinions
- Peters v. GrimSupreme Court of Pennsylvania · 1892
- Champlin v. SmithSupreme Court of Pennsylvania · 1894
- Wagner v. HildebrandSupreme Court of Pennsylvania · 1898
- Hopkins v. O'KaneSupreme Court of Pennsylvania · 1895
- Anthony v. UnangstSupreme Court of Pennsylvania · 1896
3Cited by11 opinions
- Whitley v. NewmanCourt of Appeals of Georgia · 1911
- Goodbody v. MargiottiSupreme Court of Pennsylvania · 1936
- Thompson v. WilliamsonNew Jersey Court of Chancery · 1904
- Donovan v. DaiberMichigan Supreme Court · 1900
- Eichleay, Jr., Co. v. AntonoplosSupreme Court of Pennsylvania · 1932
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