New Orleans Republican., 1873-05-28
Cotton Gambling.

Az important decision by Judge Woods.
OF the United States District Court. in re-
gard TO the liability Of party for losses in
what is known as cotton futures. ha. al.
| ready been briefly mentioned by telegraph
The decision will work revolution in cot
ton transactions. and being OF great
interest to factors, we publish additional
details as contained in recent number of
the Montgomery, Alabama, State journal.
We have already stated tha: Judge
Woods. on petition for review Of the case
Oh Lehman 4 Brothers VS.. Albert Strass.
burger, had sustained the decision of
Judge Busteed in the United States District
Court, lately in session ia this city. We
subjon below the decree OF Judge Woods
in this important case. The opinion OF
Judge Woods. as we stated yesterday. was
read by Justice Bradley, and in reading it
he distinctly announced that he united with
Judge Woods i'll the same, and therefore 1t
has the force OF both Justice Bradley and
Judge Woods combined. We also learn
that Justice Bradley announced that the
proper form Of proceeding i'll bankrupt
cases, is hy wit of error and no. by petition
for review.
1t will be seen. from the decree in this
case. that even that goes into the merits of
the case. Il distinctly afhrms that there
was no error in the charge Of Judge
Busted: that if the jury found. from the
evidence. that there was to be 10 actual
delivery Of cotton. but the differences were
to be adjusted in money. it was species
of gambling, and the defendant had not
been guilty of an act OF bankruptcy. nor.
indeed, in any other proceedings liz said
United States district court: and that there
is no sufficient ground why the verdict of
the Jury should be set aside and a new trial
granted. In view of this clear and explicit
decree. we feel justified in announcing that
it will prove the death-knell of the extended
gambling which has 80 long prevailed in
this country under the specious name of
"'cottOn futures"
Lehman l. Brothers vs.. AL. S.rassbur.
ger. in bankruptcv.-Thi cause, the same
being petition flied by virtue of the sec.
Ond section Of the bankrupt act to review
and correct certain proceeding of the
United States District Court for the Middle
District of Alabama, on a petition filed by
said Lehman & Brothers against said AL.
bert Strass0urger, praying that he might
be adjudged bankrupt. came on to be
heard hetOre Hon. w. B. Woods, circuit
Judge for the fifth circuit and district of
Alabama, at chambers, in the United
States courtroom, in the city of Mobile, in
the said district of Alabama, on the twen-
ty-fOurth and twenty fifth days Of April,
1873, and was argued by counsel; and the
court. being fully advised in the premises.
is of opinion and adjudged that there is no
error in the said proceedings in the said
district court sitting as a court of bank.
ruptcy. and that no sufficient ground has
been made to appear why the verde: of
the Jury aforesaid should be set aside and
a new trial granted.
1t is therefore ordered that motion 70
that effect Incorporated in said petition of
review be and the same is hereby over.
ruled. and tina. said petition of review be
and the same is hereby dismissed a: the
costs of the petitioners, which they are con.
demned to pay and in defaul. OF such pay
ment that execution issue.
Therefore. i. is further ordered that the
clerk of the United States Clrcui. Court for
the southern district of Alabama. certify
this decree under his hand. and the seal Of
his court, to the clerk Of the United States
District Court for the middle distric. OF
Alabama, May Is, 1873