Covell v. Loud
Massachusetts Supreme Judicial Court
Tout, for the conversion of twenty-five shares of the capital stock of the Manhattan Elevated Bailway Company. Trial in the Superior Court, without a jury, before Blodgett, J., who allowed a bill of exceptions, in substance as follows : There was evidence tending to show, and the judge found, the following facts: The defendants, who were stock-brokers, doing business in Boston, bought for the plaintiff, on his order, on February 12, 1881, the stock in question, at $43.50 per…
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Tout, for the conversion of twenty-five shares of the capital stock of the Manhattan Elevated Bailway Company. Trial in the Superior Court, without a jury, before Blodgett, J., who allowed a bill of exceptions, in substance as follows : There was evidence tending to show, and the judge found, the following facts: The defendants, who were stock-brokers, doing business in Boston, bought for the plaintiff, on his order, on February 12, 1881, the stock in question, at $43.50 per share. The plaintiff, at the time of purchase, paid the defendants $250 on account of the stock, and they agreed to…
1Opinion of the CourtDevens, J.
The relation of the parties existed by force of a mutual and dependent contract, by which the defendants agreed to purchase and hold, or carry, for the plaintiff a certain number of shares of stock, he paying a certain sum of money at the time, agreeing to pay interest on the sums advanced by the defendants, and, in case the stock depreciated, to make what is termed a margin of $10 per share in excess of the market price of the stock, as that might change from time to time. As the plaintiff failed to perform his part of the contract by making the necessary advances upon demand, the stock…
2Cases cited4 opinions
- Markham v. . JaudonNew York Court of Appeals · 1869
- Stenton v. . JeromeNew York Court of Appeals · 1873
- Gruman v. . SmithNew York Court of Appeals · 1880
- Baker v. . DrakeNew York Court of Appeals · 1876
3Cited by20 opinions
- Skiff v. StoddardSupreme Court of Connecticut · 1893
- Commonwealth v. HullMassachusetts Supreme Judicial Court · 1937
- Chase v. City of BostonMassachusetts Supreme Judicial Court · 1902
- Rice v. WinslowMassachusetts Supreme Judicial Court · 1902
- Weston v. JordanMassachusetts Supreme Judicial Court · 1897
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