Davis v. Arnold

The plaintiffs are stockbrokers. In 1925 *105their salesman sold some bonds to the defendant; on this transaction there is a balance of $35 due the plaintiffs which is not disputed. In October of 1925, the plaintiffs’ salesman showed the defendant a circular relative to an offering of participating stock of the American Brown Boveri Electric Corporation, hereafter referred to as the corporation, offered at the price of $50 per share “if, as and when authorized and issued.” The defendant agreed to purchase one hundred shares of this stock or such lesser amount as might be allotted to him by the…