Otis v. Medoff

Opinion by

Mr. Justice Drew,

Plaintiffs are a firm of stockbrokers doing business as a partnership in the City of Philadelphia. Upon oral orders received from defendant, they purchased for him on the New York Stock Exchange 100 shares of the common stock of American & Foreign Power Company on October 15, 1929, and another 100 shares on October 16, 1929, and paid for them out of their own funds. On October 17th, plaintiffs sent defendant a letter, and two days later a telegram, requesting him to take delivery and make payment, or put up collateral to secure the account. He failed to do either,…