Frese

On November 3,1891, the plaintiff made and delivered to William Frese & Co., a copartnership doing business at San Francisco, a letter of credit directed to Bullock Bros. & Co. of Rangoon, authorizing them to draw on plaintiff, at London, drafts at six months’ sight, for any sum or sums not exceeding in the aggregate £13,000 sterling, for the invoice cost of merchandise to be shipped from Rangoon to San Francisco on account of said Frese & Co., and agreed to pay said drafts at maturity, 'provided the)’ were accompanied by invoices and bills of lading purporting to be of the required value, and shipped as above stated. Under said letter of credit Bullock Bros. & Co. drew drafts upon the plaintiff in London amounting in all to $61,892.91, and the same were accompanied by invoices and bills of lading as required by the letter of credit.

On March 28, 1892, none of said drafts having matured or been paid, the defendants Roth, Blum & Co., at *11 the request of William Frese & Co., executed with said last-named firm a promissory note of that date, at one day, for the sum of $10,000, and delivered the same to the plaintiff as collateral security for the payment of drafts to be drawn…