Milliken v. Thyson Commission Co.

100 S.W. 604, 202 Mo. 637, 1907 Mo. LEXIS 318
CourtSupreme Court of Missouri
DecidedMarch 28, 1907
StatusPublished
Cited by18 cases

This text of 100 S.W. 604 (Milliken v. Thyson Commission Co.) is published on Counsel Stack Legal Research, covering Supreme Court of Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Milliken v. Thyson Commission Co., 100 S.W. 604, 202 Mo. 637, 1907 Mo. LEXIS 318 (Mo. 1907).

Opinion

WOODSON, J.

This is • an appeal from the judgment of the circuit court of the city of St. Louis, in favor of the respondent, for the sum of $10,540.78, growing out of certain transactions on the floor of the Merchants ’ Exchange of the city of St. Louis.

In order to fully understand the questions involved in the case it is necessary to set out the pleadings.

The petition is as follows:

[642]*642“Plaintiff states that defendant, the Thyson Commission Company, is a general business corporation, organized under the laws of Missouri, and at the times of the transactions hereinafter stated was engaged through its representative, one John Thyson, in the business of selling grain on the floor of the Merchants’ Exchange in the city of St. Louis.

“Plaintiff for his action states that heretofore, to-wit, on July 14, 1903, plaintiff’ employed defendant through its said representative to buy for plaintiff as his agent one hundred and fifty thousand bushels of number 2 red winter wheat to be delivered in the month of December, 1903, under the rules of said Merchants’ Exchange in the city of St. Louis. Defendant accepted said commission and executed the same by buying for plaintiff’s account said 150,000 bushels of wheat on the floor of the Merchants’ Exchange in St. Louis, and reported the said purchases to plaintiff. Thereafter, on November 20, 1903, plaintiff ordered defendant to sell the said wheat so purchased for his account, and defendant executed said order of sale and sold said wheat for defendant, realizing therefrom a net profit over and above said purchase price of $10,381.25, which said profit defendant realized as plaintiff’s agent and for plaintiff’s account as will appear from the statement of said account herewith filed and made a part hereof as ‘Exhibit A.’

“Plaintiff states that although demand has been made upon defendant for said amount, defendant refuses to pay same, or any part thereof.

“Plaintiff says that the said transaction was fiduciary, in that the defendant acted as plaintiff’s agent, made the said purchase and sale for plaintiff’s account as such agent, and has appropriated and unlawfully converted the said sum thus belonging to plaintiff to its own use.

“Wherefore plaintiff asks judgment against de[643]*643fendant for said sum of $10,381.25, with interest from November 20th, 1903.”

“Exhibit A” referred to in the petition is as follows:

Bought:

25.000 bushels December wheat @ 77-Jc... $19,375.00

25.000 bushels December wheat @ 82-|c... 20,531.25

10.000 bushels December wheat @ 82c.... 8,200.00

25.000 bushels December wheat @ 82:{:c... 20,562.50

25.000 bushels December wheat @ 82£c... 20,718.75

10.000 bushels December wheat @ 82-|-|c.. 8,218.75

5,000 bushels December wheat @ 82-|c... 4,106.25

15.000 bushels December wheat @ 82^0... 12.,337.50

10.000 bushels December wheat @ 82|:c... 8,225.00

150.000 $122,275.00

Sold:

150.000 bushels December wheat @ 88£.. .$132,750'.00

Cost of wheat purchased as above ...... 122,275.00

Profit............................$ 10,475,00

Less Commission 1-16.............. 93.75

Net profit........................$ 10,381.25

To the petition the appellant filed the following answer:

“By way of amended answer to the petition of plaintiff, the defendant denies, that on July 14, 1908, or at any time, plaintiff employed defendant, through its alleged representative or otherwise, to buy for plaintiff one hundred and fifty thousand bushels of number two red winter wheat to be delivered in the month of December, 1903, under the rules of the Merchants ’ Exchange of St. Louis, or that the defendant accepted such commission or bought said one hundred and fifty thousand bushels of wheat. The defendant denies, that in the month of November, 1903, [644]*644or at any time, at plaintiff’s instance, the defendant sold for plaintiff one hundred and fifty thousand hushels of wheat theretofore purchased for plaintiff, .or any quantity of wheat theretofore purchased hy defendant for plaintiff, or that from such sale a net profit was realized of $10,381.25', or any other sum. The defendant denies that it has converted to its own use any sum of money or proceeds of sale, which belonged to plaintiff, or that it is indebted in any manner to the plaintiff.

“Farther answering, the defendant states, that beginning with July 14, 1903, and ending August 12, 1903, at the instance and by the direction of the plaintiff, the defendant bought wheat for delivery in the month of December, 1903, in St. Louis, under the rules of the St. Louis Merchants’ Exchange, from the persons, in the quantities and for the following prices per bushel, to-wit:

July 14 B. H. Lang & Co., 25 M at........... 77|c

Aug. 3 T. W. Carter & Co., 5 M at ........ 82'c

Aug. 3 C. H. Albers Co., 25 M at.......... 881c

Aug. 3 J. H. Teasdale Co., 20 M at......... 82^0

Aug. 3 W. A. Gardner & Co., 5 M at........ 82{;C

Aug. 3 A. Miller, 5 M at .................. 82c

Aug. 5 Hubbard & Moffett Co., 10 M at .... 82fc

Aug. 5 E. C. Chamberlain & Go'., 5' M at..... 82|c

Aug. 5 T. W. Carter & C'o., 5 M at.......... 821c

Aug. 5 Woodlock & Gessler, 5 M at......... 82fc

Aug. 12 C. H. Albers Com. Co., 10 M at..... 82{:c

Aug. 12 Langenberg Bros. & Co., 5 M at.... 821c

Aug. 12 Langenberg Bros. & Co., 5 M at.... 82¿c

Aug. 12 Ballard Messmore & Co., 5 M at.... 821c

Aug. 12 C. H. Albers Co., 5 M at............ 82^0

Aug. 12 C. H. Albers Co., 5 M at............ 82Jc

Aug. 12 C. H. Albers Co., 5 M at... ........ 82|c

‘ ‘ That at the times of the said respective purchases the defendant by direction of the plaintiff sold for [645]*645delivery in the month of May, 1904, in the city of Chicago, Illinois, under the rules of .the Chicago Board of Trade, an equal quantity of the same grade of .wheat, thereby effecting what are known to dealers in futures as spreads between St. Louis and Chicago; that the Chicago transactions were subsequently closed out by direction of the plaintiff, leaving the St. Louis trade still open; that at various times, between July 29 and September 1, 1903, the said trades, hereinbefore specified, were rung out, or closed under the rules of the St. Louis Merchants’ Exchange, in some instances with a loss, and in other instances with a profit, the net result being a profit of $1,350 which the defendant has always been ready and willing to pay to the plaintiff.

“Farther answering, the defendant states that on November 20, 1903, it sold for the plaintiff one hundred and fifty thousand bushels of wheat for delivery under the rules of the St.

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Bluebook (online)
100 S.W. 604, 202 Mo. 637, 1907 Mo. LEXIS 318, Counsel Stack Legal Research, https://law.counselstack.com/opinion/milliken-v-thyson-commission-co-mo-1907.