FUTURES

This term has grown out of those purely speculative transactions, in which there is a rominal 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 to pay the price. Instead of that, a percentage or margin is paid, which is increased or diminished as the market rates go up or down, and accounted for to the buyer. King v. Quidnick Co., 14 R. I. 138; Lemonius v. Mayer, 71 Miss. 514. 14 South. 33; Plank v. Jackson, 128 Ind. 424, 26 N. E. 568.