Block v. Pennsylvania Exchange Bank

The • action is by stockbrokers against a State bank for damages due to its failure to take up certain stock purchased by plaintiffs for principals for which the bank was acting as agent. The original complaint was held bad by the Appellate *154Division on the authority of Dyer v. Broadway Central Bank (130 Misc. 842), evidently because a bank could not legally engage in the purchase of common stocks. It was indicated in that opinion that while a National bank could not act as agent for another in the purchase of securities, the situation might be different with State banks “ when specially…