Browne v. Thorn, 260 U.S. 137 (1922)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Browne v. Thorn, 260 U.S. 137 (1922)
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Browne v. Thorn No. 88 Argued October 20, 1922 Decided November 13, 1922 260 U.S. 137
ERROR AND CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE EIGHTH CIRCUIT
Syllabus
1. In an action by brokers to recover from their customer the balance of their account for purchases and sales of cotton made on their exchange pursuant to his orders, it is not a defense that the transactions were gambling because he had no intention to receive or deliver the actual cotton, if his intention in that regard was not disclosed to the brokers. P. 139.
2. Hedging -- a means whereby manufacturers and others who have to make contracts of purchase and sale in advance secure themselves against fluctuations of the market by counter-contracts -- is prima facie lawful. P. 139.
3. Section 4 of the "United States Cotton Futures Act" must be read in the light of construction of similar language of the Statute of Frauds, and does not require that bought and sold notes should name the principals and be signed by both brokers.* P. 140.
4. Evidence of an understanding between the parties held to justify interpreting a telegraphic "stop"-order from a customer to his brokers as directing sale of his cotton at the prices specified in the order or, if those could not be got, at the next best price possible. P. 140.
272 F. 950 affirmed.
Certiorari to a judgment of the circuit court of appeals affirming a judgment for the plaintiffs in an action by brokers to recover from their customer, Browne, the balance of their account for purchase and sale of cotton, on a cotton exchange of which they were members. The case went twice to the court below. See 257 F. 519; 272 F. 950.
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Chicago: U.S. Supreme Court, "Syllabus," Browne v. Thorn, 260 U.S. 137 (1922) in 260 U.S. 137 260 U.S. 138. Original Sources, accessed November 25, 2024, http://originalsources.com/Document.aspx?DocID=JMELZLGLTHMKQJL.
MLA: U.S. Supreme Court. "Syllabus." Browne v. Thorn, 260 U.S. 137 (1922), in 260 U.S. 137, page 260 U.S. 138. Original Sources. 25 Nov. 2024. http://originalsources.com/Document.aspx?DocID=JMELZLGLTHMKQJL.
Harvard: U.S. Supreme Court, 'Syllabus' in Browne v. Thorn, 260 U.S. 137 (1922). cited in 1922, 260 U.S. 137, pp.260 U.S. 138. Original Sources, retrieved 25 November 2024, from http://originalsources.com/Document.aspx?DocID=JMELZLGLTHMKQJL.
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