Board of Trade of Chicago v. O'Dell Commission Co.

Citations

• 115 F. 574
• 14 Ohio F. Dec. 162
• 1902 U.S. App. LEXIS 4954

Syllabus

<p>Exchanges — Right to Énjoin Use of Quotations — Permitting Illegal Transactions.</p> <p>The evidence on a motion for a preliminary injunction showed that the greater part of the transactions on the exchange of the Chicago Board of Trade, complainant, were in futures, in which, while in form contracts for the sale and delivery of commodities in the future, it was not contemplated by either party that such commodities would be actually delivered or paid for, but that the deal would be closed by the payment of differences in some form of settlement. It was further shown that such facts were fully known to complainant’s officers. Held, that such transactions were bucket-shop deals, in violation of the laws of Illinois, and illegal under the statute of Ohio, and that complainant, knowingly permitting the use of its exchange by its members for such purpose, had no standing in a court of equity which entitled it to an injunction against the use of the quotations made on its exchange by a concern conducting a bucket-shop business in Ohio.</p>