Woodfield

Plaintiff sought to recover damages from defendant for the alleged conversion of certain shares of stock. At the close of plaintiff’s ease, defendant’s motion for nonsuit was granted. From the judgment thereupon entered in favor of defendant, plaintiff appeals.

This controversy arose out of the alleged wrongful action of defendant as pledge-holder in selling certain stock of plaintiff during the memorable stock market flurry of June 11, 1928. In March of that year plaintiff arranged to borrow the sum of $141,750 from L. T. Edwards, giving as security certain stock of the market value of $236,000. A promissory note due one year after date and a collateral agreement were executed by plaintiff in favor of Edwards. After the parties had their documents prepared the defendant bank, which had been named by the parties as pledge-holder in their agreement, was requested to act as such. It accepted the “escrow” and was compensated for its services. The stock was deposited with defendant and the money was paid over by Edwards to plaintiff through the defendant bank. The collateral agreement contained the following provision: “The San Francisco market value of said stock at the date hereof…