Futures

This term has grown out of tijose purely speculative transactions, in which there Is a nominal contract of sale for future delivery, but where in fact none is ever Intended or executed. The nominal seller does not have or expect to have the stock or merchandise he purports to sell, nor does the nominal buyer expect to receive it or pay the price. Instead of that, a percentage or “margin” is paid, which is increased or diminished as the market rates go jlown or up and accounted for to the buyer. This is simple speculation and gambling; mere wagering on prices within a given time.

King V. Quidnick Co., 14 R. I. 138.

See Gaminq. FUTURI (Lat.). Those who are to be. Part of the commencement of old deeds. “Soiant prc Bsentes et futuri, quod ego, talis, dedi et conocssi," etc. (Let all men now living and to come know that I, A B, have, etc.).

Bract. 84 6. FY6TWITE.

One of the fines incurred