Oelbermann v. National City Bank of New York

MANTON, Circuit Judge.

Appellees, the plaintiffs below, are wool merchants of Philadelphia, Pa., and they financed the operations of Robert Smith Company (China), Limited, at Tientsin, China, in the purchase and exporting of wool, by causing a Philadelphia bank to issue, in favor of Smith, its letters of credit which he negotiated at the Tientsin branch of the appellant. At the commencement of such business relations, these were documentary letters *535of credit, that' is, letters under which Smith could draw only on delivery of documents showing shipment of the goods purchased. But since it…