Ellis v. Cothran

• Decision Date: 14 November 1885
• Citation: 117 Ill. 458,3 N.E. 411
• Parties: ELLIS and another v. COTHRAN.
• Court: Illinois Supreme Court

117 Ill. 458

3 N.E. 411

ELLIS and another

v.COTHRAN.

Supreme Court of Illinois.

Filed November 14, 1885.

Trumbull, Washburne & Robbins and S. S. Gregory, for appellants.

George W. Cothran, pro se, (with him Matthews & Dicker.)

CRAIG, J.

This was an action brought on the eleventh day of February, 1882, by appellants, to recover certain moneys which they had paid for appellee as losses on contracts on the Chicago Board of Trade, whereon appellee had been speculating in grain. The declaration contained the common counts, to which the defendant pleaded the general issue, with notice of counter-claims, in which it is alleged that in November, 1881, plaintiffs, (appellants,) who were and held themselves out to be commission merchants in the purchase and sale of grain and other produce in the Chicago market, for a commission, entered into an agreement with defendant (appellee) to act as his agents in the purchase and sale of grain and other produce for him, in such quantities and at such prices as he should, in each instance, direct, for a commission of one-fourth of a cent a bushel for all grains purchased and sold, and purchases and sales were to be for future delivery exclusively; that under such agreement, on and prior to January 25, 1882, plaintiffs bought for defendant 90,000 bushels of wheat, at the aggregate price of $120,481.25, at the average price of $1.33.868 per bushel, to be delivered in March, A. D. 1882, and 5,000 bushels of wheat, at the price of $1.34 3/4 per bushel, to be delivered in February, 1882, being the same wheat mentioned and shown in plaintiff's bill of particulars as purchased; that on January 25, 1882, defendant, for the purpose of closing out such long purchases, ordered plaintiffs to sell for him at Chicago, aforesaid, said 90,000 bushels March wheat at $1.36 1/2 per bushel, its then market value, and to sell said 5,000 bushels February wheat at the prevailing market price, which was $1.35 per bushel, which orders could have been obeyed by the plaintiffs, but they refused to obey said orders, to defendant's damage of $3,000, and that they thereupon became liable to pay defendant that sum; that under the agreement aforesaid, in the months of December, 1881, and January, 1882, plaintiffs sold for defendant 100,000 bushels of wheat, at the aggregate price of $128,062.50, to be delivered in the month of March, 1882; and also 5,000 bushels wheat, to be delivered in February, 1882, at the price of $1.27 1/2 per bushel, (being the same wheat mentioned in plaintiffs' bill of particulars as having been sold by plaintiffs for defendant;) and on February 9th defendant ordered plaintiffs, for the purpose of closing out said short sales, to buy for him 100,000 bushels of wheat, deliverable in March, 1882, at $1.27 or under per bushel; and 5,000 bushels wheat, deliverable in February, at the market price in Chicago; and that the condition of the market in Chicago at that time was such that said orders could have been obeyed by the plaintiffs, and said wheat for March and February delivery could have been purchased at $1.26 per bushel, but that the plaintiffs refused to obey said orders, and that...