145 F. 28 | 8th Cir. | 1906
The Chicago Board of Trade exhibited its bill to enjoin the Celia Commission Company and others from surreptitiously acquiring and using its continuous market quotations. Upon final hearing the bill was dismissed, upon the ground that the quotations were the result of gambling transactions upon the floor of
It is contended by the defendants that the record does not show that there is involved in this case the jurisdictional amount or value. In the bill of complaint it is averred “that the amount involved and matters in dispute in this suit, exclusive of interests and costs, is much more than the sum of $2,000.” Assuming that this averment is traversed in the answer (which is doubtful), we are of the opinion that the evidence sustains it.
In a suit to enjoin a threatened or continued commission of certain acts the amount or value involved is the value of the right which the complainant seeks to protect from invasion, or of the object to be gained by the bill. It is not the sum he might recover in an- action at law for the damage already sustained, nor is he required to wait until it reaches the jurisdictional amount. In City of Hutchinson v. Beckham, 55 C. C. A. 223, 118 Fed. 399, a decree was sought to enjoin the enforcement of an illegal license tax imposed upon complainant’s business by a city ordinance, which was being enforced by the arrest of its employes. We held that for jurisdictional purposes the amount involved was the value of complainant’s right to conduct its business without being subjected to such a burden, and not merely the amount of the tax demanded. See, also, Railroad v. Ward, 67 U. S. 485, 17 L. Ed. 311; Louisville & N. R. Co. v. Smith, 63 C. C. A. 1, 128 Fed. 1; Texas & P. R. Co. v. Kuteman, 4 C. C. A. 503, 54 Fed. 547; Amelia Milling Co. v. Tennessee, etc., Co. (C. C.) 123 Fed. 811; Humes v. Fort Smith (C. C.) 93 Fed. 857; Railway Co. v. McConnell (C. C.) 82 Fed. 65; Smith v. Bivens (C. C.) 56 Fed. 352; Whitman v. Hubbell (C. C.) 30 Fed. 81; Scott v. Donald, 165 U. S. 107, 17 Sup. Ct. 262, 41 L. Ed. 648.
In the case before us the Board of Trade claims a right of property in the market quotations gathered upon the floor of its exchange, and also the right to control their distribution and use. Upon the faith of the validity of these claims, it entered into a contract with two telegraph companies for the distribution of the quotations to those
The proof is clear that the defendants were using the quotations of the Chicago Board of Trade, not only those of the opening and closing of the daily markets, but also those intermediate and continuous; that is to say, those whereby the price of a commodity is quoted at intervals of less than 10 minutes. It also clearly appears that they obtained them in an unauthorized and irregular manner. But it is said that there is no evidence that they were used while they were live quotations, and while a property right in them subsisted in the Board of Trade. In effect, counsel contends that, when the quotations were taken off of the wires and posted on the blackboard of the defendants and used in their business, they had been superseded' by later ones and had therefore become in a sense surrendered and dedicated to the public, so that anyone might use them without let or hindrance. This position is suggested by the following observation of the Supreme Court in the Christie Case:
“Time is of the essence in matters like this, and it fairly may be said that, if the contracts with the plaintiff are kept, the information will not become public property until the plaintiff has gained its reward. A priority of a few minutes, probably, is enough.”
But there was a witness who testified that he went into the office of the Celia Company, and saw that they were posting quotations of the Chicago Board of Trade which were being posted at the same time in the Merchants' Exchange of St. Louis, of which he was a member, and which was authorized to receive them. This was all of the direct evidence upon this particular phase of the case. No witness for the defendants testified that they were not receiving and using them simultaneously with those who were rightfully doing so. Aside from the testimony of the witness, all of the fair inferences are against the defendants in this matter. We cannot believe that they would entertain wagering, contracts upon the basis of a quotation of the market price of a commodity which was known to have been super
The decree of the Circuit Court is reversed, and the cause is remanded, with direction to enter a decree in favor of the complainant.