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Chicago Board of Trade v. Christie Grain & Stock Co.

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Chicago Board of Trade v. Christie Grain
Argued April 20, 24–25, 1905
Decided May 8, 1905
Full case nameBoard of Trade of the City of Chicago, Petitioner v. Christie Grain & Stock Company and C. C. Christie
L. A. Kinsey Company et al., Petitioners, v. Board of Trade of the City of Chicago
Citations198 U.S. 236 (more)
25 S. Ct. 637; 49 L. Ed. 1031
Holding
The sales of grain for future delivery and the substitution of parties was upheld.
Court membership
Chief Justice
Melville Fuller
Associate Justices
John M. Harlan · David J. Brewer
Henry B. Brown · Edward D. White
Rufus W. Peckham · Joseph McKenna
Oliver W. Holmes Jr. · William R. Day
Case opinions
MajorityHolmes, joined by Fuller, Brown, White, Peckham, McKenna
DissentHarlan
DissentBrewer
DissentDay

Chicago Board of Trade v. Christie Grain & Stock Co., 198 U.S. 236 (1905), was a decision by the United States Supreme Court, which upheld sales of American grain for future delivery provided for by the rules of the Chicago Board of Trade of the state of Illinois. Justice Oliver Wendell Holmes Jr. delivered the majority opinion of the court, in which he wrote:

People will endeavor to forecast the future and to make agreements according to their prophecy.

See also

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Further reading

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  • Boyle, James E. (1920). Speculation and the Chicago Board of Trade. New York: Macmillan.
  • Levy, Jonathan Ira (2006). "Contemplating Delivery: Futures Trading and the Problem of Commodity Exchange in the United States, 1875-1905". American Historical Review. 111 (2): 307–335. doi:10.1086/ahr.111.2.307.
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