The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1888-11-08

and true accounting of all matters between The
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 a condition Of
the validity or enforcement Of said notes of your
orator SO delivered to said Ferry or that the
said contract should be annuled and set aside, at
the election of your orator, for the nonfulfllmen
and nonperfomance thereof by the said Ferry
and the said Tyre and Spring Works as required
by the terms thereof
That on or about the 10th day OF April A. D.
1885 the orator sold to said Chicago Tyre and
Spring Works Company (said f. NJ Atkinson
then being the President and General Manager
and said Ferry the Secretary and Treasurer and
the principal stakeholder thereof, they two hold.
ing substantially all Of the stock Of said Spring
Works Company six hundred car wheels at and
for the purchase price of forty dollars per wheel;
and said Chicago Tyre and Spring Works Com
pany than accepted said wheels That said sale
and acceptance were in writing, signed by your
orator and said Chicago Tyre and Spring Works
by said f. Nj. Atkinson as its President, and
were in words and figures substantially as fol,
lows
SIN 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 and Spring Works six hundred Miltmore
elastic steel car wheels. 30 and 80 inch in outside
diameter, 544 of said wheels are now finished and
the balance in process of manufacture ut my
shops in Arlington, Vermont. The wheels to be
delivered by me on car at Arlington free of
charge Arlington, Vt. April lG, 1886.
&c. W. MILTmORE.'
"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 TYRE SPRING WORKS.
"By +. NJ ArKINsOy, President
&C. W. MLTINoRE."
That at the time of said sale and in consdcra.
ton thereof, IL was agreed by and between said
Ferry and Chicago Tyre and Spring Works Com
pany, and your orator, as an inducemcnt to your
orator to sell said wheels to said Chica
go Tyre and Stirring Works Cqmnany,
that the purchase price of said six hundred
car wheels should be applied to pay and b. Il
payment to the amount of said sale upon said
notes and mortgages given to said Ferry WI ich
said agreement on the part of said Ferry was in
writing and signed by him as follows and under
the following circumstances while the uegota
tons 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 telCgraphrd under
his own hand to said Ferry a follows
"ARLINGroN, Vt, April 8. 1855 "
"To c. IL. FERRY, "a Washington ST.. Chicago, H. "
"Will you be responsible for six hundred Milf
more wheels shipped to the Chicago Tyre and
Springs Co. Milwaukee, proceeds to liquidaic
Arlington mortgage as per price arranged bv At
kinSon. Cars here ready to load. Answer
Ct w. Multi SORE
Which said telegram was duly received by said
Ferry ; that upon receipt Ofwhich the SAID Ferry,
knowing that said negotiations We're pending, re
piled by telegram signed by him as follows
capri 9th, 1856, CHICAGO, H."
"To &. W. MILTMoRE"
certainly | viii guarantee that procccds. six
hundred wheels shipped rs directed and for prices
arranged by Atkinson shall be applied toward
'iqudating Arlington mortgage. NOfIrmul order
"yct received, though understand trade is def
'nitely 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
bred Miltimorc Wheels" and "SiX Hundred
Wheels used in the said telegram of your orator
and in the said telegram of said Ferry respect
lively, refer to 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 by 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 induCcment to your orator in making said sale
and without the same the said sale would not
have been entered into by him.
i hat the said contract first herein above Incr-
toned before providing that said notes and mort
cages should be executed and delivered by your
orator TO said Ferry, provided that the said ac
counting in said contract mentioned and herein
above mentioned should be had and taken, and
that the balance found upon such accounting
should be paid, liquidated and discharged in
whole or in pant by said notes of your orator
and your orator charges that before said notes or
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 us between your ofaror 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 cred Is 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 VIII be ionnd upon such accOunungs and
after the proper credits shall he made uppu 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 ChiCa-
20 aforesaid, claims to hold the said notes and
mortgages given by this orator to the said ChlS.
IL. Ferry, rs hereinbeiOre stated. a. collateral
security for the payment OF some norcs of said
Chicago Tyre and Spring Works, to sad bank.
indorsed by said Ferry, or clam that the said
GranuiS holds the same, as trustee for said bank,
as collateral security for some pretended nlebt-
edness of said Ferry, and Of said Chicago Tyre
and Spring Works Company to said bank aal
that said Ferry pretends that said Graunis, a.
trustee as aforesaid and said bank or one oithcm
have right to enforce said notes and mortgages
aS against your orator as the assignee of said
Ferry and said hank and said Ernnnr, az .'tuh
trustee acting, as your orator is Informed ana be-
heyes, and therefore AYERS, under the direction
and at the nstigauon of said Ferry, have brought
Il foreclosure on said mortgage upon said real cS
tate, aud two suits at Law on said notes, and com
mcnced proceedings to have said personal prop
erty sold by an officer under and by virtue OF said
Chatte mortgage AS more July and infinitely
hereinafter set forth.
That If said Grannis or said banl, have any val
id claim upon said notes ana mort gage. Wliih
orator denies, the same is, and is claimed by said
Ferry and Grannis and said bank TO be hriI by
said bank or by said Graunis in trust for said
bank and not otherwise. collateral security
only for the payment of some note or notes -,
said Chicago Tyre and Spring Works Company,
hat 4
Spring Works as 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 sal
four notes Of your orator aforesaid given to said
Ferry, by the terms thereof became due aud ma.
;urcd, and afCr the 10th day Of April a. ID. l~>G,
and that said bank aud said trAnns took Hud uc.d
said notes of your orator, and acquired such
rights Hereunder, rs they have, IT any, charged
with notice Of and subject to the equities aud de-
fences Of your orator, and o. all the facts and CIR
in this bill set forth aud alleged upon !
Information and belief
That said bank, at the time the notes aud mort |
cages made by your orator, were assigned 10 10 /
or 10 said Grannis As truTiee for said bank. as
curity orprctended security for said notes OF said
Fee ~ ana said Tyre and Spring Works Compauy /
held by said bank, held and possessed and still |
holds aud possesses other collateral security for
the payment of said notes Of said Ferry, ami said ,
Tyre ami Spring Works Of much greater value, |
then the amount of said Ferry's aud said Tyre /
and Spring Works notes held by said bIlk, and |
Of much greater value than the amount of |
any Indebtedness Of said Ferry aud said Tyre and /
Spring Works to said bank
That said bank, at the time uf the pretended /
taking by it or by said Granuis as trustee for sal
bank, OF said notes and mortgages given by your |
orator, and thence hitherto has held aud still I
holds ~ collateral security for the payment OF /
said alleged Indebtedness Of said Chicago Tyre |
aud Spring Works to said bank, To secure which /
said bank pretends to have taken and now gu !
hold said notes and mortgages of your orator, a
large amount Of blooms and ingOts Of steel of !
great value; and also aarge amount of bonds and /
stocks ana other securities Of great value the pre-
Use amount and description and value Of winch |
other security Is to your orator unknown. but /
which will, from the answer Of the defendants /
hereto and by the evidence herein and upon the |
hearing hereof be made to appear, but your ora /
.or upon Information and belief states that said /
other security is of great value, and OF value cN
'eeding said alleged Indebtedness ofsaid Chicago /
Tyre and Spring Works to said bank.
That said other security Is capable OF prompt /
conversion into money, aud the right and power |
IF said bank to sell and dispose Of the same To- /
pay said Indebtedness is unrestricted and sub /
rct TO no equities as against said Spring Works /
Jr said bank, and the rights or security ard .
'quitcs Of no outside or third parties viii be
ected or Impaired by the enforcement and sale |
lf said other securities
That heretofore on or about the -- day OF |
January, A. ID. 1857, the said Union National I
Bank Of Chcago,duly recovered Judgment against
he said Chicago Tyre and Spring Work. in the |
superior Court Of Cook County. in the state of [
Illinois, which is court of record of general |
Jurisdiction for the full amount Of the said ale /
eyed Indebtedness OF the said Chicago Tyre and /
spring Works TO said bank, 10 secure which sad /
bank aud said Grannis trustee claim to hold the |
said notes gwen by your orator and said mort
cages As collateral security besides costs Of suit
That said judgment was for the sum Of thirty
eight thousand dollars or Whereabouts, and IN
'luded and covered the full amount Oi said in
iebtedness OF said Chicago Tyre aud Spring
Works to said bank
Tint said judgment was a first and prior iudp.
ncnt against said Chicago Tyre aud Spring
Works. Tint soid Judgment was duly entered
y the confession ofthe Chicago Tyre aud Spring
Works.