Woltz

Action for the alleged conversion by defendants of certain oil stock owned by plaintiff.

Plaintiff had judgment, fro-m which defendants appeal.

It appears that at the times in question defendants were engaged in the business of stock brokers, having offices in. both the city of Los Angeles and the city of New York; that prior to August 7, 1919, they had, in acting for plaintiff, bought and sold stock for his account, as a result of which he on August 7th had on deposit with defendants the sum of $850, at which time he gave to defendants, at their Los Angeles office, a written order to buy for him fifty shares of Mexican Petroleum stock at the market price; that this order, containing a provsion that “it is understood and agreed that all purchases and sales made by us for you are subject to the rules, regulations and customs of the Exchange or Board of Trade where order is executed,” was given by plaintiff to defendants’ telephone operator, who immediately transmitted the same by wire to defendants’ New York office, which executed with the sellers, Carlisle, Mellick & Company, who were New York stock brokers, a contract for the purchase at $181 per share; that the execution of…