A Treatise On the Law of Stock Brokers And Stock Exchanges volume 1

Cover A Treatise On the Law of Stock Brokers And Stock Exchanges volume 1
A Treatise On the Law of Stock Brokers And Stock Exchanges volume 1
John R John Randolph Dos Passos
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313; exercise his discretion before . Selling. 1 Lindley on Company Law (5th But, having determined upon a sale ed. ), p. 511 et seq. , and cases cited; he has exercised his discretion, and Pulsifer vs. Shephard, 36 111. 513; the execution of the order involves Hollingshead vs. Green, 1 Cin. No discretion whatever. He is not Super. Ct. 305; 13 Ohio Dec. Rep. Obliged to personally make the sale, 565. Where it is established that and he may, for that purpose, em- he has actually made the sale at ...a ploy a sul)-agent. Sims vs. May, 16 specified price, it must appear that N. Y. St. Rep. 780.
Dnty of Broker to Sell. 299 ment. ' An authority to sell exists until countermanded or revoked by implication ; but the question is greatly gov- erned by usage and the course of dealings between the par- ties. Accordingly, where the defendants, Stock-brokers, were carrying certain stock for plaintiff on margin and the latter, on Sept. 12, 1867, wrote to them, that "in case the stock should look like reaction, or weaken, or have a down- ward look, they should sell for him 50 or 100 shares, as the case might look ; " to which letter, two days later, the defendants replied that they thouglit the market would re- cover from its present depression.


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