Newman
Newman v. First California Co.
Opinion
Lead Opinion
Good, J.
*63 Opinion
This is an appeal from a judgment upon a jury verdict awarding respondent Newman $42,461. The complaint charged appellants First California Company, Leonard Talbot, a stockbroker, and its employee, and Mrs. Ned F. Mann with breach of contract and negligence in relation to Newman’s attempted purchase of 30 shares of Modesto Savings and Loan Association (Modesto Savings, post).
On or about February 10, 1969, Talbot informed Newman at respondent’s Santa Rosa office that a $40,000 profit might be made on a purchase of stocks that he thought he could arrange. Newman said he would think it over. Meanwhile Talbot contacted Ned F. and Mary Mann and on February 14 secured their written authorization to sell 101 shares of Modesto Savings at $500 per share net to them.
On the same date, the Manns gave First California a similar authorization to sell 47 shares of Modesto Holding Company at $60 a share. This latter stock was not part of any dealing between Newman and First California. The Manns had instructed that the two sales were to be dependent upon each other. On February 17, when Newman placed his written order for 30 shares of Modesto Savings at $530, the price named by…