Salt Lake Herald-Republican | 1895-03-19 | Page 2 | Methods of Brokers

METHODS OP BROKERS TJlilicld In n Decision By Judge Tuley Chicago March 18 Judge Tuley handed down a decision today which upheld the methods of brokers The case decided was that of Mrs Mary Wallace vs M M Jamleson C stock broker In 1S92 and 1893 Jamie I Bon Co at the request of Mrs Wallace Wal-lace purchased for her one hundred shares of Chicago Gas stock and one hundred shares of the C M St P Hallway company stock amounting to abut 20000 From time to time and prior to JulY 1 1893 she put up all the money and propertj amounting to about 10000 as margin or collateral The stocks continued to decline r Wallace brought suit for recover I vas contended by her solicitors that it was a gambling transaction and i was never the Intention that she should take and pay for the stock but that she would only deal in marginr and rgn when they sold the stock they were to give her credit for the profits or charge her with the losses The court held there was no intention as between Mrs lace and Jamieson Co that she should take any pay for the stock T < he circumstances of the case showed clearly that Jamieson Co never expected ex-pected Mrs Wallace to take any pay for the stock but that they were only I to account for profit and loss and hence that it was a gambling transaction tat the letter and spirit of the law Jamieson Co appealed