Orvis v. Wells, Fargo & Co.

SHIPMAN, Circuit Judge.

On July 22, 1881, William T. Whiting-sold to Duncan F. Blount, by an agreement in writing, 500 shares of the capital stock of the Cheyenne Consolidated Mining Company, at one dollar per share, “payable and deliverable, at seller’s option, within thirty days.” The contract was expressly declared to be governed by the laws of the New York Mining Stock Exchange, of which each party was a member. In this transaction, Whiting was the broker of Wells, Fargo & Co., and Blount was the broker of the plaintiff, Charles E. Orvis. Wells, Fargo & Co. guarantied the performance of…