Peters v. Grim
Supreme Court of Pennsylvania
Appeal, No. 197, Jan-. T., 1892, by plaintiffs, E. D. Peters et al., from judgment of C. P. Lehigh Co., Nov. T., 1890, No. 59, compulsory nonsuit. Assumpsit for money had and received. The evidence on the trial before Albright, P. J., was to the following effect: Plaintiffs, through defendant, Abraham S. Grim, a stock broker, bought and sold stock. These transactions showed profits, the amounts of which-were duly paid over to the plaintiffs.
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Appeal, No. 197, Jan-. T., 1892, by plaintiffs, E. D. Peters et al., from judgment of C. P. Lehigh Co., Nov. T., 1890, No. 59, compulsory nonsuit. Assumpsit for money had and received. The evidence on the trial before Albright, P. J., was to the following effect: Plaintiffs, through defendant, Abraham S. Grim, a stock broker, bought and sold stock. These transactions showed profits, the amounts of which-were duly paid over to the plaintiffs. At the close of the transactions, defendant retained in his hand the sum of $500, which was the amount of a draft paid by plaintiffs as a deposit with…
1Opinion of the Court
Opinion by
Mb. Justice Mitchell,
A purchase of stock for speculation, even when done merely on margin, is not necessarily a gambling transaction. If one buys stock from A, and borrows the money from B to pay for it, there is no element of gambling in the operation, though he pledge the stock with B as security for the money. So if instead of borrowing the money from B, a third person, he borrows it from A, or in the language of brokers, procures A to “ carry ” the stock for him, with or without margin, the transaction is not necessarily different in character. But in this latter case, there…
2Cases cited9 opinions
- Brua's AppealSupreme Court of Pennsylvania · 1867
- Appeal of BredinSupreme Court of Pennsylvania · 1880
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- Ruchizky v. De HavenSupreme Court of Pennsylvania · 1881
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