541 542 543 544 A. J. Hayn, re-called for Pltf., Cross. Pfeiffer. Check on the 29th, for $25.00 to Mrs. Horace Waltz was on account of Horace Waltz for salary. Check for $17.00 on October 12th, was to Pfeiffer for personal purposes. Check on October 12th, to John Dillon and Co., for $325.00 was for Pfeiffer's personal use. run Blue check book offered in evidence by defendant without objection. and marked defendant's exhibit. Received With references to the John Smith hog entries that stock was that taken out from the bins and over the scales. Sometimes the buyer does not buy them at that time, and the shipper is anxious to know what the market is on these hogs. Just in order to get the sales out and let the shipper know the quotation and what we sold, we run them over the scales and run them back in the bins and them some time later on the buyer comes along and buys them. It is not an actual sale. It is a case of weighing them up and reselling them shortly after, and sometimes they are held over a day. There is no bill accompanying these consignments as a rule and no part of the amount forwarded until an actual sale is made, and the net proceeds were struck. The remittance by the Pfeiffer firm was on the basis the first weighing; so if they cared to, after they weighed the hogs they could keep the hogs for a week or a month and sell them and take the proceeds themselves. In other words, the hogs were weighed, on the basis of that weighing and the current market price at the time of that weighing a remittance was made to a consignor, the hogs thereupon becoming the S. Pfeiffer, re-called for Pltf., Direct. property of Pfeiffer & Sons to be held or sold by them at their pleasure, Mr. Pfeiffer did not ever buy for himself that I know of sheep or cattle, or any other livestock. I remember one time they bought a lot of cattle; that was a few years ago. Q. Was it the general custom of these commission firms to charge up a sale? A. Speculators. Q. And to speculate? A. Yes. Q. The Pfeiffer firm was not prone to speculate? A. No, sir, very little. Q. I said the Pfeiffer firm was not prone to speculate? Q. But you don't know of any actual speculation that they indulged in outside of the John Smith account? 545 546 547 A. No, sir. STEPHEN PFEIFFER, re-called for the plaintiff : Direct Examination by Mr. Carroll: I remember the transaction of Brown & Nihart on page 485, dated October 31st, the de. I re 548 549 550 551 S. Pfeiffer, re-called for Pltf., Direct. member of the transaction of the payment of Brown & Nihart. It is stipulated that the items of sale and the proceeds of the sales and of the stock of Brown & Nihart of October 31st, sold on Oct. 31st and amounting to $969.07, and of the proceeds of the sale of the stock of L. C. Lackey sold November 2nd, amounting to $788.68, were never deposited in either the Union Stock Yards Bank or the Citizens Bank, but were paid directly by the purchasers of that livestock to the owners named, with the approval of C. F. Pfeiffer & Sons. (Witness resuming): The J. S. sales were simply sales to J. S. or to J. S. account; the stuff that was remaining of different people, livestock; simply odds and ends; to clean up the consignments. Those J. S. odds and ends were subsequently sold to other people and the money actually received from those other 552 people by us. We had closed with our consignors as to those items. We would remit to our consignors and we subsequently sold those livestock and took the proceeds. In the afternoon of the next day we would bunch them altogether. They would consist of say two hogs, maybe five or six odds and ends. Quite frequently there would be one hog over, a miscount, or something of that kind. We would note that in the books, sometimes parenthetically as one over. The purchaser would come to us sometimes with one short in shipping it. Notwithstanding the one short which we noted we would still keep the old count as it came to us. S. Pfeiffer, re-called for Pltf., Cross. CROSS EXAMINED by Mr. Weimert: In other words, we would remit to our consignor this total shipment, including any J. S. items there might be, and then we would sell those J. S. items at our convenience afterwards. Plaintiff rests. The defendant, Union Stock Yards Bank of Buffalo moved for the dismissal of the complaint upon the ground that there was no notice to this defendant nor anything in this action which could have put the defendant upon inquiry as to these different items and that it was a bona fide purchaser for value. Motion denied. Defendant excepts. 553 554 555 MR. CHARLES C. THEOBALD, being duly sworn on behalf of the defendant Union Stock Yards Bank of Buffalo, testified as follows: Direct Examination by Mr. Weimert: I reside in the City of Buffalo and am the cashier of the defendant Union Stock Yards Bank of Buffalo. In October, 1908, I was assistant cashier and teller. On October 31st, 1908, the total indebtedness of the firm of C. F. Pfeiffer & Sons to our bank was $17,000.00. It consisted of a note for $16,000.00 dated October 27th, 1908, due on October 28th, 1908, made to the order of the Union Stock Yards bank and signed by C. F. 556 557 C. C. Theobald, for Deft., Direct. 4550 The Pfeiffer and Sons also a note for $1000.00 dated September 30, 1908, payable on October 30th, 1908, made by S. F. Pfeiffer and C. E. Pfeiffer to the order of C. F. Pfeiffer and Sons and endorsed by C. F. Pfeiffer & Sons. Neither note had been paid prior to October 31st, 1908. 558 bank also held a note for $65.50 made by C. E. Pfeiffer to the order of C. F. Pfeiffer & Sons, dated September 11th, 1908, due two months from date which had not been paid prior to October 31st. The proceeds of these three notes went to the credit of C. F. Pfeiffer & Sons at the time they were discounted by the bank. 559 560 Notes for $16,000 and $1000.00 offered and received in evidence and marked respectively defendant's exhibits 4 and 5. I have made a typewritten statement of the blue checks drawn on the Carnegie Trust Company by C. F. Pfeiffer & Sons which were unpaid and were credited to the Pfeiffer firm by the defendant bank on October 31st. Statement offered and received in evidence and marked defendant's exhibit “1.” This is a section of the individual ledger containing depositors' accounts, including the C. F. Pfeiffer & Sons account from October to December 26th. (Witness refers to same). On October 17th, the Pfeiffer deposited a sight draft for $9500.00 drawn by them on Joseph C. Pfeiffer at Fort Wayne, Indiana, payable at the First National bank of Fort Wayne and the firm was given credit for that amount. On October 19th, the Pfeiffer firm issued blue check No. 5549 on the Carnegie Trust Company for $9510.00 in payment |