National Bank of Commerce v. Fitze

76 Mo. App. 356, 1898 Mo. App. LEXIS 195
CourtMissouri Court of Appeals
DecidedNovember 1, 1898
StatusPublished
Cited by4 cases

This text of 76 Mo. App. 356 (National Bank of Commerce v. Fitze) is published on Counsel Stack Legal Research, covering Missouri Court of Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
National Bank of Commerce v. Fitze, 76 Mo. App. 356, 1898 Mo. App. LEXIS 195 (Mo. Ct. App. 1898).

Opinion

Bland, J.

This suit was on a promissory note in words and figures as follows:

“St. Louis, November 22, 1897.
“$1,500.
“Thirty days after date, for value received, we promise to pay to the order of J. A. Parker, secretary, fifteen hundred -£0-0- dollars, payable at The National Bank of Commerce, in St. Louis, with interest from maturity at the rate of eight per cent per annum.
“Eitze & Loler.”
Indorsed on back:
“J. A. Parker, Sec’y.
“Holland Building Co., J. A. Parker, Sec’y.
“J. A. Parker.”

[360]*360The original, of which the note in suit is a renewal, was dated July 19, 1897, and this was a substituted note for one made July 12, 1897, payable to Thomas Barlowr. Contemporaneous with the execution of the original note, the following collateral contract was entered into by the real parties to the note:

“July 12, 1897.
“Fitze & Loler:
“Gentlemen: — It is the understanding in reference to note for $1,500, given this date, that in case the new building at Seventh and Olive'streets is not built, said note is not to be paid, and if building is delayed note is to be extended.
“(Signed) J. A. Parker, “Secretary Seventh and Olive Syndicate.”

The giving of the note was in part performance of a contract entered into by the parties on July 10,1897, which reads as follows:

“This Agreement, entered into on this 10th day of July, 1897, by and between Eitze & Loler and J. A. Parker, Secretary for the Seventh and Olive Syndicate, witnesseth:
“That for and in consideration of the subscription by said Eitze & Loler for $8,000 of the 7 per cent preferred stock of the Seventh and Olive Building Company, and payment therefor, the said Seventh and Olive Syndicate, by J. A. Parker, secretary, hereby agrees to give said Pitze & Loler the contract for the marble and tile work on the Seventh and Olive-Building; price to be charged by said Pitze & Loler for such work not to exceed the average bids received from first-class competing concerns in the same line of business.
“Three others to bid in addition to said Pitze & Loler; such bids to be made to the architect of the [361]*361company in good faith and the fact of said Eitze & Loler’s subscription not to be made known to them.
“It is the understanding that there shall not be exceeding $650,000 of first mortgage bonds, $250,000 of second mortgage bonds, and $200,000 preferred stock issued by said company. All such issues of bonds and stock to be used for the erection of building and carrying charges of property.
“The said Eitze & Loler hereby subscribe for said $8,000 of stock; payable $500 cash, $1,500 by note at four months, and $2,000 by note given later; $4,000 of amount to be paid from contract as payments are made to them.
“It is expressly agreed that this subscription shall be void unless the enterprise goes ahead.
“In witness whereof the said Eitze & Loler and J. A. Parker, have hereunto set their hands and seals.
“(Signed) Eitze & Loleb,
“J. A. Pabkeb,
“Secretary Seventh and Olive Syndicate.”

The circumstances leading up to the execution of the note and contract briefly stated are as follows: The Holland Building Company (a corporation), was the owner of a leasehold interest on the corner of Seventh and Olive streets in the city of St. Louis. A syndicate known as the Seventh and Olive Syndicate was formed by the Holland Building Company, J. A. Parker and others, for the purpose of erecting a building on the leased premises on corner of Seventh and Olive streets. J. A. Parker was made secretary of this syndicate (unincorporated); the lease was transferred by the Holland Building Company to the syndicate, which for a time paid the rental $31,000 per annum. Becoming embarrassed for lack of funds the Seventh Street Realty Company was incorporated, for the purpose of carrying the lease and otherwise assisting the syndicate [362]*362in its contemplated enterprise. The realty company carried the lease for a time, and then released to a trustee for the syndicate at a rental of $34,500 per annum. The syndicate undertook to contract for the erection of its building by making subcontracts with sundry contractors for the various parts of the building, and made the contract, supra, with Pitze & Loler in pursuance of this scheme. The scheme was not successful, and up to the date of trial nothing had been done toward the erection of the building, but the promoters were making efforts in other directions to secure a contract for its erection, with fair prospects of success. On the day the note of July 19 was given J. A. Parker presented it at the Bank of Commerce to J.C. Yan Blarcom, the cashier of the bank, for discount, who after inquiry as to the financial standing of the makers, bought the note for the bank, paying the face value thereof, less a reasonable bank discount; his action was approved the next day by the directors of the bank. At maturity the note was renewed for thirty days; at maturity of the renewed note the makers offered to again renew; this was denied them, and payment being refused suit was begun, a trial was had by jury, who returned a verdict for plaintiff. To set aside this verdict defendants Pitze & Loler filed the following motion for a new trial, to wit:

“(1) The verdict is against the law.
“(2) The verdict is against the evidence.
“(3) The verdict is against the law and the evidence.
“(4) The verdict is against the weight of the evidence.'
“(5) The verdict is not supported by any evidence in the case.
“(6) The court committed error in admitting [363]*363illegal, incompetent, irrelevant and immaterial evidence on the part of the plaintiff.
“(7) The court committed error in excluding and refusing to admit competent, legal, relevant and material evidence on the part of the defendants.
“(8) The court committed error in giving the instructions given on the part of the plaintiff, each of which was illegal and improper.
“(9) The verdict ought to have been for the defendants instead of for the plaintiff.”

The court sustained the motion and granted a new trial; from this ruling of the court the bank appealed.

[364]*364cashierof [363]*363The award of the new trial will be affirmed if it can be sustained upon any of the grounds set forth in the motion. Bank v. Wood, 124 Mo. 72; Hewitt v. Steele, 118 Mo. 463; Ittner v. Hughes, 133 Mo. 679. It becomes essential therefore to look into the facts as developed on the trial.

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Gaines v. Berkshire Life Insurance
68 S.W.2d 905 (Missouri Court of Appeals, 1933)
Citizens Bank of Edina v. Kriegshauser
244 S.W. 107 (Missouri Court of Appeals, 1922)
Goodwin v. Columbia Telephone Co.
138 S.W. 940 (Missouri Court of Appeals, 1911)
Penfield Investment Co. v. Bruce
111 S.W. 888 (Missouri Court of Appeals, 1908)

Cite This Page — Counsel Stack

Bluebook (online)
76 Mo. App. 356, 1898 Mo. App. LEXIS 195, Counsel Stack Legal Research, https://law.counselstack.com/opinion/national-bank-of-commerce-v-fitze-moctapp-1898.