87 N.Y.S. 420 | N.Y. App. Term. | 1904
The defendants, as stockbrokers, were carrying certain stocks for plaintiff on margin. On May 20, 1903, they mailed him a letter in which they called his attention to the fact that the market was, as they, expressed it, “very weak,” and they had been compelled to sell out some of his holdings. They still held for him certain other stocks, and, in the letter referred to, they said:
“Your margin having become low we did not know just what you wished to do, but had to proceed as stated above. If you desire us to hold your stock kindly advise us before the opening of the market Thursday (May 21) and let us have a check, otherwise we will take it for granted you do not wish us to hold them for you.”
The plaintiff received this letter some time on the 21st of May—he does not say at what hour—but made no reply to it, and in fact never replied to it. The defendants held the stock until June 5th, when they sold, leaving a balance due plaintiff of $2.38. The plaintiff now contends that his silence should have been accepted by defendants as an order to sell the stock on May 21st, and the justice has awarded him judgment for the sum that would have been due him if the stocks had been sold at the highest price obtainable on that day.
Judgment reversed and new trial granted, with costs to appellant to abide the event. All concur.