Case ID: ga_68/html/0296-02.html
Source: Caselaw Access Project
Author: {"author": "", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

Porter vs. Massengale Brothers.
    P. was the agent at Augusta, Ga., of M. & Bros., who lived at St. Louis, Mo., and was to receive a commission on sales. They dealt in futures. On November 13th, 1879, he telegraphed to them to buy 30,000 bushels of wheat, December delivery, for “Roberts,” and to draw on him (P.) for margins. In fact there was no such person as “Roberts,” and he was dealing for himself. On November 15th he ordered the contract or “deal” closed at a profit. On November 17th a draft for $1,000.00 margins drawn on the 13th, was presented to him, and payment refused :
    
      Held, that such transaction was a mere speculation on chances and illegal. In a suit for the profits and commission on such a transaction by P., a non-suit was properly awarded. Code, §2638.
    Speer, Justice.