Crowell v. Cohen

Lewis, David C., J.

On May 31, 1933, the plaintiff, as a customer, opened a trading account with the defendants, members of the New York Stock Exchange, as brokers.

*873At that time the plaintiff executed a defendants’ form letter called “ Customers Contract.” In this writing we find, among various provisions, the following: “You [meaning the brokers] shall have the right whenever in your absolute and unrestricted discretion you consider it necessary for your own protection, to sell all or any of my securities and commodities, to buy any or all securities and commodities of which I may be short,…