Redfield

The defendant appealed from a judgment rendered by the Superior Court of Los Angeles County in favor of the plaintiff for moneys alleged and found to have been expended in his behalf.

The action arose out of certain purchases and sales, made for the defendant by the plaintiff as broker, of various listed and unlisted stocks, as security for which transactions the former had hypothecated with said broker several thousand shares of other stock. It appeared from an order signed by the parties and written notices or confirmations introduced upon the trial that there were many entries during the first nine months of 1928 of purchases and sales on margin for appellant’s account. Said order contained an agreement, reciting in part:

Nearly all of the orders to respondent’s representatives for the sale or purchase of stock for appellant were given orally, either by telephone or in person; and the repurchase and resale thereof were effectuated in like manner, as the market might indicate the possibility of profit, or of too great loss should the items be longer retained. An assistant broker of the respondent company testified that: “A couple of days prior to September 14th, . . . Redfield…