The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-06-20

TESTIMONY OF n. c. AAMo 9TH
Of VALLEY CITY. . a.. -
Before the Banking Board at Bis
marek, N. Oak, in the matter Of the
forming Of the American Exchange
Bank.
Mr.. Aamoth was duly sworn on
oath and testified as follows:
BY Mr.. LANCER.
q. What is your name? A. H. C..
Aamoth.
g." How old are you? A., ! was
3S on the first of January, last.
Q. You were cashier Of the Amerl.
can National Bank during the last
four or five years, were you? A. !
was.
O. Do you remember what you car.
ried the building at on the books
down there? A. l do.
q. What was It.? A. $42,25O. !
think 1t was, er
g. What is that building actually
worth? A. That kuilding cost the
American National Bank at the time
they built it, oh, between $65, 900 and
$4,000. !.
q. When was It built? A., Built
in nineteen, started in 1907 and com.
pleted in 1908. =. ...i.@ -. :.
@. Now, who controlled the stock
of that bank down there? A. Well,
Mr.. Grady and myself and his family
that is, his wife and his mother-in'
law-they had sufficient stock to con.
troll it. ra .- :,
@. How many shares was that that
you and Grady's family owned? A.
will have to figure on that, guess,
before l could tell you. had twenty.
five hundred shares, not twenty-five
hundred, l had twenty-five shares.
Grady had one hundred ninety nine.
Mrs. Grady had 21 shares, and Mrs.
Gelby owned 10 shares. That made
255 shares.
Q. Did you enter into contract to
sell these 255 shares or any part OF
them? A. We did. @. Who with ?
A. J. J.. Hastings and fellow named
Haggarty.
: q. Have you got a copy Of that
contract? A., No, -alere was not any
contract, only verbal agreement you
know.
@. What was the price supposed
to be paid? A. The price agreed
upon In the fall Of 1917 was S362.50 a
share. That included rs additional
shares. The deal with Hastings In.
cluded 28O shares. We had two other
parties that was taken care Of at the
same price, you see.
Q. Hastings and Haggarty finally
bought you out? A. Finally bought
US out.
@. What did they pay? A. At
the time they paid us-we had in the
meantime from the time we first
agreed on a price until they finally
came through and paid US, we had
had dividend, and paid dividends,
and that was taken off from the orig
1nal price, so that they settled with
us at $342.5O.
c. Did you draw up contract at
that time? A. There was con-
tract entered into between the banks
not with Hastings. We just turned
our stocks over to Hastings, you see
O. Has a contract between the
banks or between your bank and the
Federal Development? A.. Contract
between the, American National Bank
and the American Exchange Bank
for the sale of the assets from one
institution to the other.
@. What was the consideration?
A. ;14e,15o. A.
@, You actually received that mon
ev? A. We actually received that
money.
@. Who paid 1t to you? A. Hast
q. Who was your dealings with
during the time. that the purchase Of
the bank was going on? A. we
were dealing with J. ]. Hastings. y
@. Anybody else? A. No.
@. Thomas Allen Box? A. Thorn
as Allen Box was there and organic
ed the new bank but we had no deal
ings with him-our deal had already
been closed, that is agreed on with
Hastings in the fall, so that there
was no further negotiation except we
were waiting for our money. :.
@. Did you have anything at oil