Mansur

September 12, 1923, White Star Oil & Refining Company gave a written order to one Holland, described as agent for the Graver Corporation, East Chicago, Ind., for the purchase from the latter corporation of material for seven steel tanks. The order described the material,, the time of delivery, and the terms of payment. Two of the tanks were to be shipped immediately, and thereafter one tank per week until the entire shipment was completed. The terms were 25 per cent, cash on arrival of each tank complete; 25 per cent, cash 30 days thereafter; 25 per cent, cash 90 days thereafter; and 25 per cent, cash 150 days thereafter. It was provided that the last three installments should be evidenced by trade acceptances, and that the last two should bear interest at the rate of 7 per cent, per annum. The order made no reference to security, aside from the following notation : “I will give you the location of these to-morrow. Wire acceptance to me when credit approved, and send along formal contracts for your collateral security.” When or by whom this notation was made does not clearly appear, although the inference is that it was made by Holland. The entire purchase price was $246,620.…