[40] All these experiences happen also in the New York Stock market, only in different form, such as railroad wars, law-suits, injunctions, &c. H. W. R. [41] Point. H. W. R. [42] Sometimes also for the purpose of encouraging first a following, and to unload later on. H. W. R. [43] Government Securities. H. W. R. [44] The usage at the New York Stock Exchange is different. H. W. R. [45] The real type of the London Jobber does not, however, exist in the New York Stock market. H. W. R. * * * * * OPINION AS TO VALIDITY OF “PUTS,” “CALLS,” &c. Law Offices of SIMON STERNE, 29 William Street, NEW YORK, July 24th, 1886. H. W. ROSENBAUM, ESQ., 60 Exchange Place, New York, DEAR SIR: You ask my opinion as to time contracts known as “puts,” “calls,” and “straddles” or “spreads,” in relation to stocks, bonds, etc. The inquiry is prompted by the apprehension that such contracts may be regarded by the law as of a gambling character, and therefore not enforceable. Contracts partake of the nature of wagers only when there is no intention either to deliver or to receive the goods, stocks, or bonds, which form the subject matter of the contract. That in point of fact and as a matter of local custom, differences are sometimes paid on the settlement of time contracts instead of delivery being actually made, does not affect the original transaction, and does not invalidate it. So long as there was not a clear intention, either express or implied, that the things themselves were not, under any circumstances, either to be called for or to be delivered, and so long as the holder of the “call” has the right to demand the actual delivery of the stocks or bonds mentioned in the contract, or the holder of the “put” has the right to insist upon the actual delivery of the stocks, bonds or merchandise represented by the “put,” the transaction can, in no sense, be considered a gambling one or partake of the nature of a wager, although, instead of the actual delivery, differences may and sometimes are, as a matter of compromise, accepted for convenience, at the time when the contract is to be enforced.