Streeter v. Lowe
Court of Appeals for the First Circuit
Appeal from the District Court of the United States for the District of Massachusetts. Claim by Joseph D. Lowe for an alleged balance due him on the purchase and sale of stock of a bankrupt who prior to bankruptcy conducted the business of a stock trader. The claim was disputed by the trustee on the ground that the transactions were wagering contracts, and therefore invalid.
Read the full summary
Appeal from the District Court of the United States for the District of Massachusetts. Claim by Joseph D. Lowe for an alleged balance due him on the purchase and sale of stock of a bankrupt who prior to bankruptcy conducted the business of a stock trader. The claim was disputed by the trustee on the ground that the transactions were wagering contracts, and therefore invalid. This contention was overruled, and the claim allowed by the referee, who held that the evidence showed that the transactions were valid and real. On appeal to the District Court, the judge on review of the evidence…
1Opinion of the Court
LOWELL Circuit Judge.
We accept the finding of the learned district judge that the bankrupt was the keeper of a bucket shop, neither making nor intending real sales and' purchases of stock, but only wagers on its price. We accept also his finding that the creditor understood that the transactions were wagers, and did not intend that the orders which he gave the bankrupt should be carried out by actual sale or purchase. The bankrupt rendered to the creditor accounts in which the transactions were treated as real sales and purchases, and in these accounts he entered! also certain cash payments…
2Cases cited3 opinions
- Hutchinson v. OtisCourt of Appeals for the First Circuit · 1902
- Standard Varnish Works v. HaydockCourt of Appeals for the Sixth Circuit · 1906
- In re A. B. Baxter & Co.Court of Appeals for the Second Circuit · 1907
3Cited by1 opinion
- In re GoldsteinDistrict Court, D. Massachusetts · 1912