Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-06-27

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curity for TIE loan they proposed to
make from you?
A. presume 20.
g. And did they enclose, 4 state
1snassnt, q to Consumers United stsrss
!. - III
A. 4 did.
q Pc they se1A any collateral
Additional Notes Brought In.
9. What was Shernnan's errand mp
that. day On the 3rd Of September
when. the notee were returned to them
the balance Of them z
e A., To bring up some additional
notes to take the place Of those that,
had been returned.
al notes.?
8. Quite I bundle, wasn't there?
A. I didn't sea them.
4 Q. Not at all, not at all?
A. I have: no recollection Of having
"a q. And And you don't know whether
not, then? =
A. Only what Mr.. Waters told me
in regard to 1t.
Q. Mr.. Waters told you he brought
in a big bunch Of notes, didn'tahe
A. Well, there wasn't a very big
bunch the first time. ~
9. Well, the second time. when Mr..
Sherman came, was this load Of notes
to take the place of those that had
been returned; Waters told you he
had brought in q bundle or pile of
them?
A.. 1 have no recollection Of his
having stated It in that way.
q. Well, how did he state it.,
A. He said that he brought up a
any better than the first bunch, and
]. or we, concluded to send the whole
bunch back and rely on the guaranty
deposits law rather than collateral for
our loans.
Q. So those notes: you didn't.see at
all?
All h.vern no ~rscollect.onsof having
seen them.
Loans to s.-A. Bank.
Q. Exhibit j, which 1ssshow you, !
understood you to say was an.4account
Of ell the. loans with thesscandinavian
American bank? fsASS ~
8. 4 And a there vere No loan. .reoss
is shown on this exhibit, upon
one kde Of tt OF another? 49, w.,
A. There were not.
@. I will take the first item, Mr..
Cathro, under the column headed
Date Taken, and ask what that col
umn@ heading means
A. It mean the date on which the
Bank Of North Dakota advanced mon.
ey on that loan-put the loans on it,
books.
Number, ana is that the number 81
the loan?
A. Yes sir. a.
9. And the next, one h head Paper,
what does that mean?
A. The date Of the securities. which
ne. took OF the date Of the bills y
represent the obligation.
@: Does that date Of Paper relate
to collaterals or the original notel
taken? Z a Il .
A. The principal note.
9. And not to tho collateral7
6. This is a nttle uresome, but ]
| ~d1!I s00 ~ July iAoy 30SA
stand what it means. Now. then, IN
der Maker or EndorSer, the first item
reads "ClD 11542,"N what does thai
mean?
"A. That means we reoeived q cer
uAcate Of deposit Of the Scandinavian
American bank Of that amount o
8. Now; does that mean that tina,
amount Of money was actually de-
posted in the Observation-Disclosures
bank at that ting OF was it raer'
A. 1t was deposited in the Bank o
North, Dakota to the credit OF til
scandinavian-America bank.
O.. Well, this is the CID of tn
first item?
:, A. Yes, sir. That is their obligatio,
to pay us $4,000. 90.
Money Not Deposited
Q. And I am asking you whethe!
that amount of none was actuall,
deposited in the Scandinavian-Anaert
car bank at the time that CID was is
a. It was not. It was in the Bank o
North Dakota.
Q. Now, you had It in the scandi
naviAn-American bank or not? 70,
stated at hrst that it wasn't. I wan
to be fair with o and if it was
want TO Know 1t-uaal Is the ntst 4tet'
on this list? %-.oI
u a. You asked me what We did Will
the money. rs !.
@. I ana asking whether tha
amount OF money a. shown In tn
frst item on that slip vas deposited
in the Observation-Disclosures banl
and when they issued that certtdcat,
Of deposit to you or the Bank o
North Dakota?
A. Well, usually. those amount
are
@. I am asking you q specific cues
tom; was that amount Of money de
postted in the Observation-Disclosures
bank. that is the question? -
A. I can't tell from the records
have at hand. f,s
@. Is there any way by which 20,
can tell whether 1t was Or not?
A. Yea.
8. I notice you have@%.been gofn4
through some papers In your .ha1da
will you tell us what they are?
.sA These AreEthA acknowledgements
in the Bank OF North Dakota to tn
credit of the Scandinavian America
bank. ,'"e'
@. Deposited in the Bank Of NORTH
Dakota to The credit Of the Scandinav
ian-American?