Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-06-21
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bought you out? A. Finally bought
q. What did they pay? A. At the
time they paid us-we had I'm. the
hleantime from the time we first
agreed on a price until they finally
came through and paid US, we had
had a dividend. And paid dividends.
and that was taken off from the
with us at s342.5o.
IQ.i Did you draw up, a contract at
tAat time? A. There was a contract
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
and the American Exchange bank Tor
the sale of the assets from one in
3titution to the other.
g.. What was the consideration?,A A.
Q. You actually received that mon
eye A. We actually received that
money. e a.- =
9. Who paid it to youg A. Hast
ings. . = @ +.
Q. Who was your dealings with
turing h time that heSpurchase OF
the bank was going on? A. We were
dealing with j. Hastings. b
Q. Anybody else? A. No. as
9. Thomas Allen Box? A.. Thomas
Allen Box was there and organized
the new bank but we had no deal
tngs with him-our deal had already
been closed, that is agreed On with
Hastings in the fall, so that there
I'VE were waiting for our money.
O.. Did you have anything at all to
DO with the American Exchange
bank? A. Nc I had absolutely nothing
to- do with the American Exchange
bank. @. Do you know anything
about that 1926 dollars and som
cents? A. No sir.
"a. Did you have n connection
with that? A.. l did in a way. yes.
@. What was it? A. When Hastings
paid us for the bank stock-I will
have to explain it all to you-I had
Mr.. Hastings draw checks to each
individual stockholder that we had.
The remaining 21O shares. you see
we have 500 shares in u bank. The
ESQ shares was in Jul original deal
and the other stockholders they
draw checks to these individual
stockholders for their stock, and
then I wantedfhim to draw Individual
checks to Mr.. Grady and myself and
Mrs. Selby and Mrs. Grady and Mrs
Combs and etc. for hat $50 shares
but .hIebid not do that. He made one
check pr the two hundred eighty
shares. sc made that in one check
and the added to that check $15,'
026.91.
Q. What was that for? A. He want.
ed US to W. 1t up for him in that
way and I would not do it.. He re-
quested Grady and 1 to deposit tha'
to our account and give him persona
checks hack for this $l5,026:91 ant
we would not do it and he was giver
cashiers checks.
@. What wa %sthose amounts do 20,
remember? A.. There was three thou
to Thomas Allen Box and tire.
thousand five dollars and some cent
to William Olson and the sam
amount to the Federal Development
company, and six thousand clever
dollars. or something like that. to tn,
Scandinavian bank Of Fargo. ~.
@. Who did you deliver those cash
ter's checks too? A. Hastings.
@. Did Hastings say who he wa.
buying the bank for? For the farm
Ars 2, A. At the time that he deal
9TH US? A. Yes. A. No, he did no
g4Ay he -was"buyinE 1t for the farmers
He said he was buying it for him
self. We understood 1t was Haggert,
and Hastings that dickered with u
Tor the stock in December. o.
COURSE they had dickered with IL
before. that is. tried to buy us before
but we never got together with then
until along in Decembbr-that is
after the big Nonpartisan meetin,
back from ~ ST. Pa Paul. fe a H,sod ia tn
meeting. He said. at this meeting W,
decided we are going to have a Non
partisan bank in Valley City. 1t wa
decided we would give YOU fellow
an opportunity to sell or we woul,
put one in. We told them what WI
wanted n we dickered back an.
forth and did mot come to an agree
ment. and after they had gone Grad,
n I talked it over and decided W,
had better sell If they are going tt
come I'M: n we wired them an,
told them we would take the pric
agreed on originally. and they wire
back and said it, was to be taken TO
the first of January.
per cent commission for the organi
cation of the bank? A. Yes, rnei
contract shows that right on tn
face. y
q. What other profits did the,
make BESIDES the ten per cent, if any
A. The only profits was the ten pc
cent and that $4,000 do'la"s :.
derstand it has been paid back again
Id not know. That is absolure u
they got. There was no other profits.
about the house VI any? A. The hous
was in the deal-the bank deal
Grady of course figured his house
that he would have to sell his hous
that is the way of it-and in tina
telegram Grady wired them and toll,
them he would take $362.5O for tn
stock provided they WOULD take hi
house of his hands al $4,000, an,
they had figured on the bank carry
ing the house for that. BY. Mr.. wa
ters. [