Oldershaw v. Knowles

It appears that appellants were commission merchants or brokers, and members of the board of trade in Chicago. As such they purchased, at the instance of appellee, in the month of February, 1877, for April delivery, a quantity of lard, at a specified price. Appellee’s name was not known in the transaction, but he placed in the hands of appellants a sum of money as a margin. After the purchase, and on the 20th of that month, there was a heavy decline in the price of lard, leaving a difference between the price on that day and the contract price, of over $2000. Appellants called on appellee for…