Action in U. S. Court on a Deposit Receipt Evidence was heard in the U.S. Court for China on Wednesday morning before Judge C. S. Lobinglor ni the suit which Yang Ting-dung has filed against the International Banking Corporation Guliet, Marie Elrod, Eulalis M. Elrod, the Far Eastern Trading Ca., and Roger S. Mills, manager of that company. Plaintiff asks for G.$2,000 with interest and costs.
It is alleged in plaintiff's petition that a certificate of deposit had been issued to Guliet Elrod, through her mother and guardian, for G.$2,000, which amount had been payable after one year's deposit on November 15, 1920, upon demand of second defendant in the nature of a draft on New York or in local currency at her option. It was further alleged that Eulalie M. Elrod could sign for her ward and could draw the funds if the papers were properly endorsed. Then, it is stated, she transferred the certificate to the Far Eastern Trading Ca., who in turn re-issued it to plaintiff on November 2, 1920, who 10 days later notified defendant company by registered post that he held the certificate of deposit.
Plaintiff stated that he had been employed by the Far Eastern Trading Ca. at a salary of Tls. 250 per month but that he had been required to advance to his employers a sum up to Tls. 2,000, for which he was given the certificate of deposit as a guarantee. There was now due plaintiff, as by his statement, Ts. 2,218.03, being partly moneys advanced and salary, and he petitioned thir Court for the preceding order, and that all defendants be made to sign the certificates as endorsers.
The interesting point in contention, as stated by both attorneys, Mr. E. Anthony for the International Banking Corporation, and Mr. M. L. Been for the plaintiff, lies in the words printed on the certificate of deposit—'not-transferable."
The hearing was adjourned.
Text read from the printed page and cleaned; old type leaves the occasional error.