Page:Federal Reporter, 1st Series, Volume 10.djvu/256

 244 FEDERAL REPORTER. �Motion for a New Trial. �Tliese causes being of a like nature were, by orderof court, tried togetlier. �Dyer e Ellis, for plaintiff. �Marshall de Barclay, for defendants. �Tbeat, D. J. These causes of action were based on promissory notes executed by Harrison, to the order of Alexander, payable at the Third National Bank. Alexander indorsed and delivered said notes to said bank as collateral to secure a demand note by him to the bank. The indorsement and delivery of said Harrison notes were contemporaneous with the execution, delivery, and discount of the Alexander note under the following agreement : �"$5,000. St. Louis, Missouri, October 4, 1878. �" On demand, after date, I promise to pay to the order of ihird National Bank of St. Louis $5,000, for value recel ved; negotlable and payable, with- out defalcation or discount, at the Third National Bank of St. Louis, with inter- est at the rate of 10 per cent, per annum after maturity; having deposited in said bank as collateral security for this and other loans — �One note, J. W. Harrison, one year, August 28, 1878 $1,188 29 �two years, August 28, 1878 1,188 29 �" " three years, August 28, 1878 1,188 29 �N. r. Coffey, sixty days, September 10, 1878 1,072 35 �N. F. & J. H. C, sixty days, September 11, 1878 1,050 71 �— AVhich hereby authorized said bank, or its president or cashier, to �sel] wjthout notice at the Marchants' Exchange, in the city of St. Louis, or at public or private sale, at the option of said bank, or of its president or cashier, in case of the non-performance of this promise, applying the proceeds to the payment of notes or evidence of debt held by said bank, including interest, �and accounting to for the surplus, if any. In case of deflciency �promises to pay to said bank the amount thereof forthwith, after such sale, with interest as above specifled. The present cash market value of the above �collateral security is — dollars ; and it is understood and agreed, should �there be any depreciation in the value of said security prier to the maturity of any note or claim held by said bank, such an amount of additional security �shall be furnished by — as will be satisfactory to said Third National �Bank; and should such additional security not be furnished within 24 hours �after demand on so to do, then and in that event said bank may pro- �ceed at once to sell, as above specifted, the security herein named. �[Signed] "Craig Alexandee." �This agreement represented the transaction between the plaintiff and Alexander in regard to this loan then made. The debt of Craig Alexander to the plaintiff (secured by this agreement) is yet due ; only $500 bas been paid on it. Alexander has paid the interest on this loan semi-annually. ��� �