Western Union Telegraph Co. v. Littlejohn
Western Union Telegraph Co. v. Littlejohn
Opinion of the Court
delivered the opinion of the court.
The verdict is made up of the two items of damages claimed and sworn to by Littlejohn, viz., $212.50 and $400, and 6 percent. interest, and the statutory penalties are not included in the recovery, and therefore no question arises as to the penalties.
The dealing between Littlejohn and his broker in Memphis was not such as is “commonly called futures,” and the question argued as to that is not involved.
The dealing consisted of buying and selling certain stocks, not for future delivery, but for present delivery, and although purchases and sales might follow each other in rapid succession (daily or hourly), that did not constitute dealing in futures as meant by the statute. It condemns mere gambling on the course of the market by buying or selling, on a margin, with reference to the future, and without any purpose to deliver the subject of the sale.
There were some errors committed in the trial in admitting incompetent testimony against the defendant, but no harm was done by this, as the competent testimony covered the points to which the incompetent related, and the error is not ground for reversal.
The only remaining question is as to the sufficiency of the evidence to sustain the verdict. The seemingly unreasonable
Affirmed.
Reference
- Full Case Name
- Western Union Telegraph Company v. A. M. Littlejohn
- Cited By
- 1 case
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- Published
- Syllabus
- 1. ‘‘Futures.” Buying stocks for present delivery. Act 1882, p. 140. Buying and selling- stocks, not for future but present delivery, although purchases and sales follow each other in rapid succession, is not dealing in “ contracts commonly called futures, ” within the meaning of the act of 188S (Laws, p. 140) declaring such dealings unlawful. The statute condemns mere gambling on the course of the market, with reference to the future, and without any purpose to deliver the subject of the sale. 2. New Triar. Evidence of loss. Uncertainty. EaAVwre to object. In an action to recover of a telegraph company for loss caused by delay of certain telegrams, between plaintiff and a broker, giving directions as to the purchase and sale of stocks, where the only evidence as to the loss is, in general terms, that by the delays plaintiff lost certain sums, which he paid, a verdict for plaintiff therefor will not be set aside where defendant failed to require of the witness a more explicit statement as to how the delays of the telegrams caused the loss.