Jaillet v. Cashman

The defendant is the treasurer of Dow, Jones & Company, an unincorporated association engaged in the business of supplying its subscribers with items of current news by what is known as a ticker service. On March 8, 1920, it incorrectly *384reported the effect of a decision of the United States Supreme Court on the taxable status of stock dividends as income. Plaintiff saw the report on a ticker in his broker’s office, and believing that prices were going down he sold stocks instead of holding or buying. That was unprofitable because the market rose on receipt of a correct report of the decision,…