Gilbert v. Gaugar
U.S. Circuit Court for the Northern District of Illnois
Plaintiffs [George I. Gilbert and others], who were brokers and commission men on the Chicago Board of Trade, composing the firm of Gilbert, Wolcott & Co., brought this action to recover from defendants [William T. Gaugar and others], their principals,' for commissions earned,, and losses paid by plaintiffs in settlement of time contracts for the sale of grain by plaintiffs for account of defendants.
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Plaintiffs [George I. Gilbert and others], who were brokers and commission men on the Chicago Board of Trade, composing the firm of Gilbert, Wolcott & Co., brought this action to recover from defendants [William T. Gaugar and others], their principals,' for commissions earned,, and losses paid by plaintiffs in settlement of time contracts for the sale of grain by plaintiffs for account of defendants. The facts, about which there was no dispute, were, that during the year 1S74, plaintiffs were engaged in business as commission merchants and brokers, in this city, and members of the Board of…
1Opinion of the Court
BLODGETT, District Judge.
The fair conclusion from the admitted facts, I think, is that one transaction was made to settle and adjust the other. In other words, the differences between the prices at which the sales were made and the prices of the purchases, were settled, and the plaintiffs paid the losses to the buyers.-
The sole defense made, is, that the transaction falls within the option contract law of this state (Rev. St. c. 3S, § 130), and is void as a gaming contract. The language of the statute is: “Whoever contracts to have or give to himself or another the option to sell or buy at a…
2Cases cited7 opinions
- J. B. Lyon & Co. v. Culbertson, Blair & Co.Illinois Supreme Court · 1876
- Pixley v. BoyntonIllinois Supreme Court · 1875
- Pickering v. CeaseIllinois Supreme Court · 1875
- Corbett v. UnderwoodIllinois Supreme Court · 1876
- Wolcott v. HeathIllinois Supreme Court · 1875
2 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Wall v. SchneiderWisconsin Supreme Court · 1884
- Ward v. VosburghU.S. Circuit Court for the District of Eastern Wisconsin · 1887