Clayton Brokerage Co. of St. Louis, Inc. v. Mouer

PHILLIPS, Chief Justice.

The basic issue in this case is whether the trial court erred in holding that London options, as brokered by appellant, Clayton Brokerage Company of St. Louis, Inc., are securities. We think not, consequently, we affirm its judgment.

The trial below was to the court sitting without a jury and was an appeal from a ruling of the Securities Commissioner of the State of Texas that a London option as hereinafter described is a security. It is appellant’s basic contention that there is no evidence, therefore insufficient evidence, that a London option is a security, and that,…