The Petroleum Centre daily record. [volume] (Petroleum Center, Pa.) 1868-1873, 1872-10-25
GAMBLING CONTRACTS.

Our readers may remember the suits
brought BY Sterling Bonsall, of Philadsl-
phia, against several Of our dealers, to re,
cover % contracts fo. the delivery Of Oh i.
Some of the defendants put 10 the plea thai
the contracts were in the nature OF ava ger,
and void 10 law. They were tried in the
Common Pleas, and judgements rendered
for the plaintiffs. Appeals were taken to
the Supreme Court, and yesterday Two of
the cases were decided-that the Logan
Bros 70. Bousall, which was affirmed; aod
that Of Kirkpatrick & Lyons vs. Same,
which was reversed on account Of an error
10 regard to the admission of evidence, as
appears from the following extracts from
the opinion delivered BY Justice Agnew.
We cannot pronounce this agreement q
gambling contract on the face of the writ
ing. A bargain for on option, such ns 1t
presents, may be Legitimate and for prop
Or business objsct. We can imagine such
cases. But It is eviden: such agreements
con be readily proatitnted to the worst kind
Of gambling ventures, and therefore its
may be weighed BY jury 10 cons
nection with other facts 10 considering
whether the bargain was . mere scheme to
gambls upon the chance Of prices So
We must not cooionnd gambling, whether II
be corporation stocks or merchandise, With
what is commonly termed speculation
Merchants speculate upon the future prices
Of that 10 whlaa they deal, and buy and
sell accordingly =" Such speculations
cannot be denounced. But when ventures
are made upon the turn Of prices alone, with
no bona flde intent to deal in the article,
bnt merely to risk the difference between
rise and fall of the price at a given time,
the case Is change. The purpose there is
not to deal in the article, but TO stake upon
the rise or fall of its price. No money OF
capital is invested in the purchase, but 60
much only 10 required as will cover margin.
Is il is ignrtively termed. Then the bsr.
gains reprsteDt not transfer of property,
but mere stake or wager upon IL future
price The difference requires The owner.
ship Of only few hundreds or thousands Of
iollare, while the capital 10 complete an
lc:ual purchase or sale may be hundreds of
thousands or millions. Hence ventures
Upon prices Invite men of email means to
sntsr into transactions far beyond their
capital. which they do not intend to fulfil,
and thus the apparent business In the par.
'iculsr trade is inflated and unreal, and Ike
bubble needs only 10 bs pricked to disapI
pear-oiten carrying down the bona fide
iealer 10 its collapse Worse even than
bis 1t attempts men Of large capital to
make bargains Of stupendous proportions,
md then to manipulate the market 10 pro-
luce the desired price. This 10 the lar.
3 sSags Of gambling speculation, is making |
"a corner"-!hat 10 to say, the article is so
engineered or manipulated as to make II
carce or plenty in the market at the wsll |
II the gamblers, and thus to place its price
within their power. Such transactions are |
Of good morals and fair dealings, |
md Of the best Interests Of community. II
be article be stocks, corporations are crush.
ID, and Innocent stockholders are ruined to \
'nsbls the gambler in Ito price to accom-
,ish bis ends, II this be uerchsndise Q. e.
'rsiu, the poor arc robbed and misery On
rendered.
The case was reversed on The point raised
" plaintiffs 10 error. that the Court erred
q refuriug to admit testimony to show tbs
be contract submitted was "gambliug"
ontract-[Pittsburgh Commercial.