Turner

Defendant appeals from a judgment for $1500 with interest from April 25, 1927. Respondent’s assignor, L. F. Cowan, is an investment broker and financial counselor. Appellant in December, 192'5, owned a substantial part of the capital stock of the Central Mendocino Power Company. Her holding consisted of an interest in a pool of 79,776 shares of common stock which was then held in escrow to secure the repayment of a loan. The due date of the loan was approaching and appellant was faced with the necessity of saving her stock. At the same time the financial condition of the power company was not satisfactory; and on December 15, 1925, appellant first consulted Cowan to advise and assist her both in saving her own stock and in reorganizing or refinancing the company. After a number of consultations and on April 6, 1926, appellant executed and delivered to Cowan the following memorandum of agreement;

Cowan never received a contract to purchase 105,000 shares of the common stock of the company and appellant never received $15,000 for her interest in the 79,776 shares of its common stock; but on April 25, 1927, through no effort of Cowan’s, appellant transferred her interest in such…