Publisher's Synopsis
Excerpt from Stock Brokers and the "Wagering Contracts Act" In Massachusetts
This act had little effect in the way of suppressing bucket shops, but it was turned with great success against the brokers themselves. An attempt was eve'n made in Rice v Winslow, 180 Mass. 500, to hold a broker liable to a customer, who had employed him to buy securities, intending that he should do so and carry them for him with a margin of securitv against loss, and that they should afterwards be sold in pursuance of the customer's orders. It was contended that the contract between them was one of sale, by which the broker agreed to buy the shares and ultimately to sell them to the customer, and, as the customer did not intend to receive the securities from the broker and pay for them, the transaction was within the act. But this contention entirely failed, and it was held that the customer did not contract to buy. From the broker at all, but only employed him as an agent to buy for him, and, if he intended that the broker should do so, the transaction was not a wagering contract and was not within either clause of the statute. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
