W. R. Craig Company v. Johnson

iOpini'on op the Court by

Judge Willis

Reversing.

G-oalder Johnson is a farmer of Pulton county, and W. R. Craig & Co. are cotton brokers of New York, and members of the New York Cotton Exchange. They operated a branch office at Memphis, which was in charge of an employee named L. W. Magruder. Beginning in December, 1923, and continuing to February 1, 1924, Johnson had purchased and sold through Craig & Co. considerable quantities of cotton for future delivery. On the latter date-instructions were given by Johnson through Magruder to close out-his existing contracts and make settlement with him.…