A. B. Rosenfeld Win Action A decision of great importance to local brokerage houses was given by the First Special District Court' Givil Division on Tuesday (Feb. 5) when it awarded $14,508 damages to the plaintifis in the action brought by Mestrs. A. B, Rosenfeld & Sons against Mr. L. Z Koo for the recovery of {$14,928 as losses alleged to have been Sustained on three contracts enter nto by the defendant for the pure of cation and wheat on the New York Exchange. The plaintiffs alleged that total of 1,000 bales of cotton aad 25,000 bushels of wheat were bought, that prices of commodities" dropped, and that they were compelled to sell the commodities and thereby suffered loses amounting to $14,928.
giving judgment in favour of the' plaintiffs, the Judge explained that he could' not uphold the conten: tion of counsel for defendant that the transactions were gambling transactions and unenforceable in law and that he considered the contracts were valid deeds, The judge said that, since the plaintiffs had bought the tock on behalf of the defendant, the Tatter should be held responsible for any losses sustained by the plaintifte as.a result of such purchases. The Judge also said that the transactions were not made against the Chines exchange law as contended by counsel for, defendant.
Counsel for the defendant had at various hearings contended that the transactions were, gambling on, the ground that they were made with dea of taking delivery of the commodities contracted. Counsel for plaintiffs declared that his clients always contemplated delivery, when they, bought commodities on' behalf of their clients, and that, if at a future date their clients decided not to take up the commodities, they dis posed of them on behalf of their ents, Dr. O. Fischer was the counsel for plaintiffs and Dr. L. C. Yang re-resented the defendant.
Text read from the printed page and cleaned; old type leaves the occasional error.