The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1918-02-16
Complete Transcript of Testimony by ToCny Before Bankruptcy Referee

] SIR n D0H1u OF directors.
Q. And you are a member Of that
board Of directors? A. Yes, sir.
q. And that is the concern in
which you own a hundred dollars
worth OF stock? A. Yes sir.
| Q. Now, do you own any other in
| terest in that concern? A No.
q. Directly or indirectly? A. No.
| q. Is all the stock paid up in
that, do you know? A. No, don't
think 1t is.
Q. Have you any idea what pro-
portion OF it is paid up? A. think
there is something like $3.50, 900 sold.
sure; II is about that. They have
been paying notes this fall right
along.
Q. That stock sold generally to
farmers? A. Almost exclusively.
! .. And you say you have no other
| interest in that except this hundred
dollar share Of stock you testified to?
A. Yes.
Q: No one hold any stock direct
ly or indirectly for you? A. No, sir
Q. And you haven't any promise
on the part Of any one connected with
| this Organization that you are to
have any interest in 1t in the future?
A. No.
Q. You have nothing to do with
the organization? A. Yes sir.
Q. AS a matter Of fact, the thing
was organized nder your direction?
4. At my suggestion, and on the
advice of counsel and farmers.
q. By that, you mean some law
yers? A. Yes, Mr.. Lemke and two
or three others.
Q. You were the most active man
in the organization Of it? A. / mi
tiated it.
Q. That is true Of the rest Of the
organizations, too, isn't It?
A. It is true Of the publishing COM
Q. It is also true of the Consum-
ers United Stores company? A.
Yes, sir.
Q. You know where the account
if this concern is kept, the league
exchange? A. Mr.. Keyes is secretary
and treasurer and keeps the account
in his office.
Q. The bank account is kept in the
Exchange National bank? A. !
wouldn't be sure.
Q. But the books are kept by Mr..
Reyes? A. Yes sir.
q. The same gentleman, whom
we referred to before? A. Yes sir.
q. He is also president of the Con-
sumers United Stores Co? A. /
don't know, don't think that he Is.
z. Now, we will come TO this
United States Guaranty Co? That
has it's Office in the Exchange Bank
building in st. Paul? A. Yes sir.
O. Have you any stock in that
business? A. No, sir.
Q. What is the business Of that
company, If you know? A. 1t hasn't
done any business that / know of,
very little.
initiated the organization of that
concern, aren't you? A. I have had
very little 10 do with the initiation Of
that concern.
Q. You haven't any idea of what
the nature Of its business is, or what
business it has done? A. My i'm
business.
Q. who is Mr.. G. NJ. Hutchinson?
A. He Is the man that was president
Of the concern, / think he is yet.
O. Mr.. J. J. Hastings is secretary
A. Yes. sir.
O. He is also the gentleman who
had to do with the purchase of the
Scandinavian American bank at Far
A. Yes. sir.
Q. He il the same gentleman who
used to work for Mr.. Grant Youmans
at Minot?
A. / don't know how much he
worked for him. He has been with
the league from the beginning.
Q. But he was at Minot?
A. Yes. sir.
Q. And Mr.. Keyes is treasurer OF
that company?
A. / don't know.
Q. You wouldn't say that he
wasn't?
A. No.
Q. Would it come to you as a
matter Of surprise to you 10 learn
that he was?
4. No. sir. haven't given any at
tention to that.
@. He lives in st. Paul?
A. Yes, sir.
Q. Now. let us go to the Consum-
ers' United Stores Company As a
matter Of fact, you are the man who
originated that concern?
A. Yes, sir.
o. You took more than a merely
moral interest in. didn't you?
A. What do you meanE
q. / don't know, you stated last
time-you said your interest was
only a moral one, and / put that up
10 you.
O. What / want to get at again,
is that you were very. active in the
IMITATION Of that concern?
A. Well, no, ] haven't given any
of NV time to the building or the
organization, except a couple Of days
O. Aren't you the man who
originated that idea?
A. Yes, sir. i
o. You are the man who created
and originated this agreement that Is
signed up?
much to do with IL az any one or
several other men.
O. When was that commenced?
A. Sometime in the middle OF the F..
summer.
Q. Around about July?
q. And your first operation was
commenced at Kenmare and your
self, Mr.. Bowen, and Mr.. Brinton'
went up there?
A. Yes. sir.
O. And you took Mr.. Sinclair,
member OF the house OF representa.
tlves, and started out on the nrst
trip?
A. Yes, sir. 49,, f..
O. That concern has collected
something like s960,o00? /
A. Yes, sir.
o. Isn't this man Keyes also treas /
urer Of that organization? !
A. AS ! said before, / believe that
he ia. wouldn't be positive.
think you asked me II he was presl-
dent. -.
q. I did because l had a note that
IL was asserted that he was, but we
car and that out by him?
A. Yes, sir.
o. And the main once Of that
concern is IN st. Paui2
A. Yes. sir.
"a In the GiIfeIlan building2
80. Fs.,a - v.NaF FHf1aBmu