Ouachita Valley Bank v. Demotte

The facts are correctly .stated by counsel for appellee as follows: About May 26,1923, the Camden Tool & Supply Company applied to one C. 0. Gillman, a broker in Texas, for quotations on two carloads of 15y2-inch iron pipe, approximately 1,200 feet, f.o.b. cars at point of shipment. Gillman applied to the Acme Supply Company to purchase such pipe, and they agreed to sell it to him at $3.15 per foot, taking his draft on the Camden Tool & Supply Company in payment, provided he secured a guaranty from a Camden hank that the draft would he paid.

Gillman thereupon quoted the pipe to his customer at…