Wheeler v. Sedgwick
| Decision Date | 01 October 1876 |
| Citation | 94 U.S. 1,24 L.Ed. 31 |
| Parties | WHEELER v. SEDGWICK |
| Court | U.S. Supreme Court |
ERROR to the Circuit Court of the United States for the Southern District of New York.
This was an action of assumpsit by the defendant in error, assignee in bankruptcy of Frederick S. Comstock and James M. Wheeler, formerly partners engaged in business as stockbrokers under the firm name of F. S. Comstock & Co., against George M. Wheeler, to recover certain moneys claimed to be due on account of stock operations of said firm on his account. The case below turned upon the question whether Comstock & Co. had authority from Wheeler to make certain purchases and sales on his account, and, if not, whether he subsequently ratified them.
Among other items in dispute was an account headed 'G. M. W. Chicago and North-western, $6,125.62,' which the bankrupt Comstock testified was one-half of a balance due the firm in a transaction in which he and Wheeler were jointly interested. The plaintiff below asked this witness, 'What authority, if any, had you from George M. Wheeler to make purchases and sales of North-western stock in which you and he should be jointly interested?' The defendant objected to this question, and the witness did not answer it. The witness further testified, in answer to other questions, to which no objection was made, that the firm of Comstock & Co. had certain side transactions in North-western stock for and on account of George M. Wheeler, and by his authority; that there was an agreement between witness and defendant, of which witness's partner was ignorant; that, if the account showed a profit, witness would take half of the profit when they closed it up, and, if the account showed a loss, witness would stand one-half of the loss; that those transactions extended to Jan. 31, 1868, and resulted in a loss of $12,251.23, one-half of which was transferred to defendant's individual accout, and the other one-half in like manner to witness's account. A witness was thereupon called by the plaintiff, who, without objection, furnished a statement, including the 'G. M. W., Chicago and North-western' account, and showing, with interest on the several items, a net balance of $26,458.90, due from the defendant.
After the testimony was closed, the defendant asked the court to direct a verdict for the defendant, on the ground that there was no proof upon which to maintain the action; but the court refused so to direct, and thereupon charged, substantially, that if the jury found that...
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