The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-02-25
and 500, 600, the American
Exchange price .....
100000

and $4,000, the American
Exchange price .......... 100000
~ Total S62,OOO.OO
OF this amount Hastings is said to
have been required to put back into
the American Exchange bank the morn
ing of the banking boards investiga-
ton $4,000. the bank examiner hav-
ing stated that the banks capital and
surplus of $23O,OOO were impaired to
that extent. This would leave net
earning on the transaction Of only
1000. not including any bit which
may have been margined on the turn
in of President Grady's home in Val
ley City, which, Mr.. Hastings is said
to hold, was purely personal matter.
And, ut that, Jack doesn't like the
banking game. He told the banking
loard he would much prefer to cut it
all and go. back to his old job, but
that Townley did not seem able to find
anyone else to handle this work, and,
for the good Of the cause Hastings
stuck, even when a diligent seven or
eight months business produced but
SAT 900 profit.
OLSON DOESN'T KNOW
When President Olson of the Amer
lean Exchange bank admitted to the
banking board that some farmer stock
holders had been told by someone that
the bank could get money at two per
cent and loan IT. ut eight, Mr.. Olson
was Slightly confused" according to
Hastings version Hastings admitted
that the man picked by the league to
head the Valley City institution didn't
know much about banking, and thut\
an active man was to be placed in
charge r,1%& N ~
~ 1; HAS BEEN FALL GUY
Organizing league banks hasn't been
all milk and honey, said b. Hastings
Down. at Leith, for instance, the cash
Ter placed In charge Of the league
bank, without bond, drew some $1,000
worth! uof drafts K which :; he ., never
charged up and skipped with the pro-
ceeds, and Jack had to make this good
out of his own pocket 2raT4a
Then there was another instance
In some other enterprise, where -
trusted lieuteliant, who didn't chance
to have a 'bOliG,' or who, discovered
some other: loop.holei for esrape. yot
away with something like $1,000. Jack
caught the fellow, and WAS going tn
sue him, but he found the stnte's 1T,
torney and the judge and the jury aiI
stacked against him, and he dismissed
the action ana accepted the culprit's
note. ~
And besides. there was that Sic OOO
"nlcn he had been compelled that very
morning to turn back into the Ameri-
can Exchange bank Golfers to make up
that hateful Impairment of capital and
surplus And, to add to his humilia.
ZION, no. one would give him credit for
having done It until the cashier of
the valley City bank wired that the
money had actually arrived and had
oeeA deposited to the banks account.
AANDAHL ESCAPED .o.
>. j.. Aandahl, chairman of the
North Dakota railway commission and
u citizen of Barnes county, was one
VI tnose who escaped. The promoters
OF the Valley City, consolidation hud
MN down for $4,000 worth Of stock,
S M a Sam could have bought
%luVOV worth just like that. All last
week e ~ ne and his son hauled s2O6
Wheat 20 INA rkets ut the rate ,of 5000
per each apiece and they have a week
" TWO OF llaulingfahead Of them. vet.
nut MI. Aandahl couldn't see the Wis.
uoh OF paying a promoter 10 per cent
commission t.ol, when the farmers were ali
nithy with money and simply rarin'
70 90. :. 80 he bucked on the s1O.OCD
proposition but lowed lie might take
~ shares And then he began wonder
III ing " why he should pay Jack Hastings
flVv commission for. selling him 81 600
worm OF stock that he, Mr.. Aandahl
Knew perfectly well he wanted and
WY ne wanted it, and finally ne inst
SAT down tn the railway commission
o1ices here and wrote 'em to count
MN out on the deal
HOW HE WOULD FEEL
uon't Know how the farmers who
Dought; stock in this pronosition faaI
aoout 1t" said Mr.. Aandahl vestarday
II Know howl would feel II ~
gone ~ on 1t. l don't pretend td know
nucn about the transaction Int rs
Tar as can learn there seems to have
ueeh clear cleanup of s2OOO0 fnr
promotion $4,000 margin on tho mr..
cnase OF majority stock in the OH nm.
tIonai oank, and around $1S.OO nm tho
trade trade on the bank building. That
uVesnt look good to me. I ,an,t 900
t Mnere It Is going. to do our brganiza.
ton bit Of good" AAA''
.,,a M . Aandahl is a pioneer Lacquer.
- re IS a quite Wealthy Barnes county
%isssa. ne. was elected railway com.
1 ,%sslo N, In 1915 and reelected in
n"le' tne only one OF the three mem.
. eels OF the board who survived tho
TWO years ordeal. Il :. tne
Carney Coal Phone 81
=. =. Anderson Lbr. Co.