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SPECULATION AND GAMBLING OPTIONS, FUTURES AND STOCKS
By JAMES C. McMATH
of Chicago, Illinois
That millions of dollars are lost annually in speculation in farm products and corporate stocks, and that millions more are lost in gambling on the fluctuations of the market prices thereof, are facts generally known.
That the laws, and the decisions of the Courts relating to the subject are not generally well known to either lawyers or laymen, is true.
That there has not been published in this country for more than a third of a century a law book on the subject of gambling, and that there is great need of one will, no doubt, be conceded.
The book now offered to the profession contains in the Appendix a copy of all the Illinois laws relating to gambling—and a list of one hundred twenty-five cases decided by the Illinois Supreme and Appellate Courts in which gambling in grain and stocks was the issue. Also, a large number of references to annotations, case notes and legal periodicals.
The Index of thirty-six pages in the front of the book is also a brief on almost all the questions that will arise in the trial of a case when the legality or illegality of the transactions are the questions involved.
How to prove the legality or illegality of the transactions is an answer to the question of how to draw the line between speculation and gambling. The test is—what was done, rather than what was said.
The pleading, practice and evidence is the key to the situation. If a lawyer does not know the difference between an "option" and a “future"and there are many who do not—and if he has not devoted much time and investigation to the law on the subject, how can he safely advise his clients, whether they are bankers, brokers, landlords, outside public, speculators or others? How many people really know the relation that exists between a customer and his broker and between the customer and the broker with whom his broker deals in the pit on the Board of Trade? How many know the difference between a bona fide purchase and sale of grain for future delivery and a wager? Or the difference between the former and dealings in options (“puts and calls")?
The book is not merely a local book, but one for use in any state. Gambling in grain or stocks was illegal at common law.
Any lawyer can send for the book and examine it. If he does not want it, he can return it within ten days from the date of its receipt.
For sale by all law book sellers in Chicago, and by Geo. I. Jones, 202 S. Clark Street; Callaghan & Co., 401 E. Ohio St. and 68 W. Washington St.; T. H. Flood & Co., 178 N. LaSalle St., and also by Dixie Business Book Shop, 140 Greenwich St., Baker, Voorhis & Co., 45 John St., New York; John Byrne & Co., 715 14th St., N. W., Washington, D. C., and other book sellers.
Paper Binding, $3.00; Buckram, $3.75.