The defendant acquired in good faith certain stock certificates, each bearing an indorsement purporting to be that of the plaintiff. The certificates had been stolen from the plaintiff and the indorsements were forged. Upon learning that these certificates were in the possession of the defendant the plaintiff demanded their return, which was refused without qualification. The plaintiff then brought an action of trover to recover as damages the value of the stock. The Appellate Division limited the recovery to damages incurred by way of expenses, profits lost, or otherwise, flowing from the wrongful detention of the certificates as distinguished from the conversion of the stock itself. On appeal it was held, one judge dissenting, that the conversion of the certificates was a conversion of the stock itself, and the damages should be measured by the value of the stock. Pierpoint v. Hoyt, (N. Y. 1932) 182 N. E. 235.