The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1888-11-01

make any accounting thereof as required by tn
aforesaid contract and that said moneys o
some portion thereof should be applied by sai'
Ferry upon the said notes OF your orator so givei
to said Ferry AS aforesaid, or that the said &C
COuntings provided for in said contract, and u full
and true accounting of all matters between tn,
said Ferry and said Tyre and Spring Works Com
pany aud said Car Wheel Company and your or
ator should be had prior to and as condition o
the validity or enforcement OF said notes OF you
! orator so delivered to said Ferry or that TN
said contract should be annuled and set aside, al
the election Of your orator, for the nOnfnlhllmen
and nonperformance thereof by the said Ferry
and the said Tyre and Spdng Works as required
by the terms thereof
That on or about the 10th day Of April A. ID
1886, the orator sold to said Chicago Tyre ant
Spring Works Company (said T. NJ Atkinson
! then being the President and General Manager
and said Ferry the Secretary and Treasurer ant
the principal stakeholder thereof, they two hold
| ing substantially ali of the stock of said Spring
Works Company Fix hundred car wheels at and
Tor the purchase price OF forty dollars per wheel
aud said Chicago Tyre and Spring Works Com
pany than accepted said wheels. That said sale
and acceptance were in writing, signed by YOU
orator aud said Chicago Tyre and Spring Works
by said +. NJ. Atkinson as its President, and
were in words and figures substantially as fol
lows
I'm consideration of one dollar and other good
and valuable consideration to me in hand paid,
have this day sold and transferred to the Chicago
Tyre aud Spring Works six hundred Miltimore
elastic steel car wheels 30 and 80 inch IN outside
diameter, 5ll Of said wheels now finished, and
the balance in process of manufacture at my
shops in Arlington, Vermont. The wheels to be
delivered by me on car at Arlington free OF
charge Arlington, ", April IS, 1885 .,
1.-THE purchase price of said wheels being as
agreed upon by us tins day, forty dollars per
wheel, and said wheels are hereby accepted"
"CHICAGO Tyne SPRING WORKS"
by +. NJ ATKINsoN, President
&c. W. MILTIMURE.
That at the time of said sale and in cOnsdera.
ton thereof, IL was agreed by and between said
Ferry and Chicago Tyre and Spring Works Com
pany, and your orator, as an inducement to your
orator TO sell said wheels to said Chica
go Tyre and Shring Works Company,
that the purchase price of said six hundred
car wheels should be applied to pay and be a
payment to the amount of said sale upon said
| notes and mortgages given TO said Ferry Which
| said agreement on the part of said Ferry was IN
writing and signed by him as follows and under
the follow ing circumstances while the negOtia-
tiOnS resulting in the sale and acceptance OF said
| car wheels, as above stated, were being carried
on between your orator and said Chicago Tyre
and Spring Works, your orator Photographed under
his own hand to said Ferry as follows
"ARLI>GTOS, Vt, April 2, 1886"
ITO e, II. FERRY, - Washington ST., Chicago, ILL., y
will you be responsible for six hundred Milti,
more wheels shipped to the Chicago Tyre and
Springs Co Milwaukee, proceeds TO lquidate
Arlington mortgage rs per price arranged by At,
kinSon. Cars here ready to load. Answer"
"G. w. MILTIuORE"
Which said telegram was duly received by said
Ferry that upon receipt Of which the SAID Ferry
knowing that said negotiations were pending, re
piled by telegram signed by him as follows
"April 9th, 1856, CHICAGO, Ill"
ITO G.. W. MLTIMuRE.'
Certainly | will guarantee that proceeds six
'hundred wheels shipped as directed and for prices
ARRANGED by Atkinson shall be applied toward
''lqudating Arlington mortgage. No formal order
yet received, though understand trade is def
'ntcly closed. Think you better await formal or
der before shipment for safety, Letter today.
" &c. II. FERRY"
Aud your orator says that the words "Six Hun
dred MiiimUIc Wheels" and six Hundred
Wheels used in the said telegram OF your orator
and in the said telegram of said Ferry respect
lively, refer tn the car wheels and to the same car
wheels that wee sold to and accepted by said
Chicago Tyre and Spring Works as aforesaid and
were so understood 10y said Ferry and by your
orator
That said telegram of said Ferry was received
by your orator prior to said 10Th day of April,
1856, aud before said sale and acceptance were
cOnsummated and said writings made, but pend
ing the negotiations, and the same was mater
ial nduccment to your orator in making said sale
and without the same the said sale would not
have been entered into by him.
That the said contract first herein above men
Sages should be executed and delivered by your
orator To said Ferry, provided that the said &C
counting in said contract mentioned and herein
above mentioned should he had and taken, and
that the balance found upon such accounting
should be paid hquidated and discharged in
whole or In pant by said notes of your orator !:
and your orator charges that before said notes or
mortgages can be justly enforced or have any
validity, such accounting must be first had and
taken.
That your orator is unable to state, until such
accounting shall be had, what the precise state OF
the accounts AS between your OrarOr and said
Ferry is but your orator upon information and
belief shows and charges the fact to be that upon
such accounting and after the proper credits are
made on said notes, the aforesaid fOur notes and
mortgages will be found fully paid and satisfied ,
and II not paid in full then, that only small bal
ancc will be found upon such accOpntings and
after the proper credits shall be made upon said
notes to be owing to said Ferry or any one else
on said notes.
Upon information and belief that William C..
d. GranniS, as trustee for the Union National
Bank, and the the Union National Bank Of Chca-
60 aforesaid, claims to hold the said notes and
mortgages given by this orator to the said Chas.
II. Ferry, as hereinbeiore stated, as collateral
security for the payment of some noes of said
Chicago Tyre and Spring Works, to said bank,
Endorsed by said Ferry or claim that the said
Grannis holds the same, as trustee for said bank,
| as collateral security for some pretended indebt-
| edness of said Ferry and Of said Chicago Tyre
| aud Spring Works Company to said bank and
lHhl shll EtlIN DItltHuh llldt Shlu HThUnlsI dH
trustee aforesaid, and said bank or one OF them
have right to enforce said notes and mortgages
Is against your orator as the assignee OF SAID
Ferry ana sAId Aank anu sag 6ranAsi as such
trustee acting, as ypur orator Is informed and he
lieyes, and therefore ayers, under the direction
and at the instigation of said Ferry, have brought
| a foreclosure ON said mortgage upon said real es
tate, and two suits Ut law said notes, and com
| menUed proceedings to have said personal prop.
erty sold by an officer under aud by virtue of said
chattel mortgage rs more FULLY and infinitely
hereinafter set forth.
That IL said Grannis or said bank have any val.
| id claim upon said notes and mortgages, which
orator denies, the same Is, aud is claimed by said
| Ferry and Grannis and said bank to be held by
| said bank or by said Grannis in trust for said
bank and not otherwise, as collateral security
only for the payment of some note or notes OF
| said Chicago Ty re and Spring Works Company
| and that said note or notes OF said Tyre and
| Spring Works rs collateral security for which
| said notes of your orator are claimed to be so
held, were made and given by said Tyre and
| Spring Works, and bear date long after the said
four notes OF your orator aforesaid given 10 said
| Ferry, by the terms thereof became due and ma
tured and after the 10th day of April, A. ID. 1856
and that said bank and said Grannis took and held
said notes of your orator, and acquired such
| rights Hereunder, as they have, If any, charged
with notice of and subject TO the equities and de-
fences Of your orator, and Of all the facts and cir
cumstances in this bill set forth and alleged upon
information and belief.
| That said bank, at the time the notes and mort
cages made by your orator, were assigned to II
or TO said Granns, AS truStce for said bank, as Sc
curity or pretended security for said notes ofsad
| Ferry and said Tyre ndSpring Works Company,
| held by said hank, held and possessed and still
holds and possesses other collateral security fol
the payment of said notes Of said Ferry, and said
| Tyre and Spring Works Of much greater value
| then the amount of said FerTy's and said Tyre
aud Spring Works notes held by said bank. and
Of much greater value than the amount Of
any Indebtedness OF said Ferry and said Tyre and
SDTing Works to said bank,
| That said bank. at the time Of the pretended
taking by 1t or by said ranuis, trustee for sale
bank. Of said notes and mortgages given by YOU
orator, and thence hitherto has held aud still
holds Us collateral security for the payment o
sad alleged Indebtedness Of said Chicago Tyr,
and Spring Works to said bank, TO secure which
said bank pretends to have taken and now t
hold said notes and mortgages OF your orator,
large amount Of blooms and ingOts Of steel o
great value and also large amount Of bonds an,
stocks and other securities of great value the pre-
else amount and description and value OF whcl
other security is TO your orator unknown, bu
which will, from the answer Of the defendant
hereto and by the evidence herein and upon tn
hearing hereof be made TO appear, hut your ora
tor upon Information and belief states that SAT
other security is OF great value. and OF value ex
ceedng said alleged Indebtedness ofsaid Chicag
Tyre and Spring Works to said bank
That said other security Is capable of prOmp
conversion into money and the right and powe
of said bank to sell and dispose of the same t
pay said Indebtedness Is Unrestricted and sui
!, ject TO no equities as against said Spring Work
! or said bank. and the rights security an
equities OF no outside or third parties will b
affected or impaired by the enforcement and sal
OF said other securities.
That heretofore on or about the - Cay q
, January, A. ID. 1881, the said Union Nations
Bank OF Chicago duly recovered judgment again,
the said Chicago Tyre and Spring Works In TN
Superior Court of Cook County, in the State Q
Illinois, which is a court of record of generi
y Jurisdiction, for the full amount Of the said a
legged Indebtedness Of the said Chicago Tyre an
z Spring Works to said bduk, TO secure which sal
. bank and said Grannis trustee claim to hold tt
said notes gwen by your orator and said NOR
4 cages As collateral security besides costs Of sui
E That said judgment was for the sum of THIRTY
IL fobt thousan1 dnIiars Or thpreabouts and II