Ingraham v. Taylor
Supreme Court of Connecticut
Action to recover for money advanced to the defendants as stockbrokers for tbe purchase of certain stocks; brought to the Superior Court in Hartford County. The following facts were found by the court. In the year 1887 the plaintiff resided in Enfield and the defendants were engaged in business as brokers in Hartford.
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Action to recover for money advanced to the defendants as stockbrokers for tbe purchase of certain stocks; brought to the Superior Court in Hartford County. The following facts were found by the court. In the year 1887 the plaintiff resided in Enfield and the defendants were engaged in business as brokers in Hartford. On the 27th of April of that year the plaintiff requested the defendants to purchase for him one hundred shares of the capital stock of the Kansas & Texas Railroad Company, at 32¿, to be held by them on a margin, and the defendants on the same day replied to him as follows:—“ We…
1Opinion of the CourtPardee, J.
In effect the claim of the plaintiff is that, between the 27th day of April and the 30th day of August, 1887, the defendants, stock brokers, made several contracts to purchase and carry for him on a margin account certain stocks; that he paid to them on that account more than five thousand dollars; and that they did not purchase any stocks but converted the money to their own use. His suit is for the recovery of the money so paid.
The defendants reply in effect that they purchased, between the days mentioned, sundry stocks for and at the request of the plaintiff on margin, and that the stocks…
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