Louis Brandeis

“ Uhlmann Grain Company, a member of the Boards of Trade of Chicago, Minneapolis, Kansas City, Missouri, and Winnepeg, Canada, was engaged in the grain brokerage business. In 1924 it established a branch office at Carrollton, then a town of about 3,200 inhabitants. It is not disputed that, upon receiving at Carrollton a purported order from Dickson, the Carrollton branch of the grain company communicated with its Kansas City office, and that the company thereupon entered into contracts on some other board of trade for future purchase or sale of grain. ”

“ An accepted order was sent to plaintiff's office in Chicago and, if for purchase or sale in that city, was executed by its representative in the grain pit on the exchange there. An order for execution at Winnipeg was sent by wire to plaintiff's broker there. Each order forwarded was identified by the customer's name, which for brevity in transmission was usually indicated by the number given to his account. Unless the customer stipulated otherwise, it had to be executed on the day it was given.
In making the purchases and sales on the exchanges, members dealt with each other as principals ”

“ The trial court accordingly was right in entering judgment for the defendants, unless the Missouri law has been superseded by the federal act.
Third. The Grain Futures Act did not supersede any applicable provisions of the Missouri law making gambling in grain futures illegal. The Grain Futures Act recites in section 3 (7 USCA § 5) that transactions in grain involving the sale thereof for future delivery as commonly conducted on boards of trade and known as 'futures' are affected with a national public interest; that they 'are susceptible to speculation, manipulation, and control' ”

“ These cases have no application in the case at bar.↑ Compare the statutes enacted in recent years in several states, declaring that contracts for future delivery of grain and other commodities are valid and enforceable if made according to the rules of an exchange, actually executed on the exchange, and performed or discharged according to its rules, and made with or through a member in good standing. ”

“ Many persons had advocated, as a remedy, that all future trading be abolished. [5] Congress took a less extreme position. It set up a system of regulation and prohibited all future trading which did not comply with the regulations prescribed. ”