Greenough v. Munroe

SWAN, Circuit Judge.

The defendants were a firm of private bankers doing business-in the city of New York under the name of John Munroe & Co. At the request of Olivier Straw Goods Corporation (hereafter referred to as Olivier), John Munroe & Co. issued five irrevocable letters of credit in favor of five merchants in the Orient, from whom Olivier wished to purchase goods. In consideration thereof, Olivier agreed with the Munroe firm to pay a sufficient amount “to cover all drafts drawn under said credits together with commissions and interest and expenses where chargeable,” and that title to…