Tidewater Coal Exchange, Inc. v. New Amsterdam Casualty Co.

MORRIS, District Judge.

Under the facts how set out in the declaration, I think it obvious that the purpose of the bonds sued upon was, to use the language of one of the miles of the exchange, “to guarantee the credits extended” in money and property by the exchange to its members, of whom Coale & Company, Inc., the principal in the bonds, was one. Credits in property, coal, were extended by the exchange to Coale & Co. Its debits for the coal so obtained were not made good on the demand of the exchange. This suit is a proceeding upon its bonds to cover, among other things, its defaults in this…