Article Text
Bank Receiver Appointed William R. Compton, St. Louis, has been appointed by the Federal Farm Loan Board as receiver for the Kansas City joint stock land bank as a result of alleged irregularities in the bank management.
Kansas City Joint Stock Land Bank (Kansas City, MO)
Episode Information
- Episode UID
18012171529- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Bank ID
-
1801217routing - Routing Number
18-0121- Start Date
- May 5, 1927
- Location
- Kansas City, Missouri (39.100, -94.579)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
b6dc76608d2ea9ab
Response Measures
None
Description
Receiver appointed by Federal Farm Loan Board leading to closure in May 1927; reorganization and reopening by early 1931.
Events (3)
1.
May 5, 1927
Receivership
- Newspaper Excerpt
- Reorganization of the Kansas City Joint Stock Land bank and appointment of Wm. R. Compton of St. Louis, as reannounced today by Secretary Mellon.
- Source
- newspapers
2.
May 5, 1927
Suspension
- Cause
- Government Action
- Cause Details
- Federal Farm Loan Board appointed a receiver after alleged management irregularities, effectively closing the bank.
- Newspaper Excerpt
- Bank Receiver Appointed William R. Compton ... has been appointed by the Federal Farm Loan Board as receiver for the Kansas City joint stock land bank as a result of alleged irregularities in the bank management.
- Source
- newspapers
3.
February 2, 1931
Reopening
- Newspaper Excerpt
- KANSAS CITY LAND BANK REORGANIZED ... the new bank in actual operation by April ... nearly $45,000,000 worth bonds ... reorganization. The bank went Into 1927.
- Source
- newspapers
Newspaper Articles (17)
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Article Text
BANK RECEIVER NAMED. WASHINGTON. (AP) Reorganization of the Kansas City Joint Stock Land bank and appointment of Wm. R. Compton of St. Louis, as reannounced today by Secretary Mellon. Hereafter airplanes must be tag ged and licensed like automobiles. according to a Department of Commerce ruling.
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The Receiver therefore directs all holders of such matured coupons to present them for payment at the offices of the Kansas City Joint Stock Land Bank in Kansas City, Missouri, No. 15 West Tenth Street, or, at their option at the First National Bank, Chicago, Illinois; the Chase National Bank, New York City: the New England National Bank and Trust Company of Kansas City, Missouri or the Commerce Trust Company of Kansas City, Missouri.
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Asks Receivership for Cravens Concerns By The Associated Press. KANSAS CITY, Mo., May An application for receivership for the Farmers' Fund Incorporated the Kansas City Finance Company established Walter Cravens, dicted the Kansas City Joint Stock Land Bank, was made yesterday by Compton, Land Bank The petition of the Land Bank states for the two companies necessary that determine there any interlocking relation existing between the two companies and Land Bank. temporary injunction to vent officers from removing assets of the companies In federal indictments against and directors the Land Bank, the government alleged proximately had been verted from the Land Bank to the of the Electric Company power project at Bagnell, that the companies named today organized cover the
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MOVE TO REOPEN LAND BANK SEEN Security Holders Said To Favor Reorganization on of Eve of Committee Meetings. A movement for the speedy reorganization of the Kansas City Joint Stock Land bank, in receivership since May, may be launched in the near future, it was reported yesterday afternoon in financial circles. Meetings of the bondholders' and stockholders' protective committees are scheduled within the next week and the reorganization movement may be launched at one or both of them. it is understood. It is known that any reorganization plan would find William R. Compton, receiver for the bank, in receptive mood In his report to the federal farm loan board. made public October 31, he pointed out that a long drawn out liquidation would mean increased losses to the security holders, which he stated already will have suffered "substantial losses. "The difficulties and losses of this bank, the report continued. "are due largely to its management. The territory which serves in general is one of the best agricultural sections in the United States and the bank can fill a great need in the development and prosperity of the states in which it is authorized to loan." Mr. Compton was in Chicago yesterday. He will return to Kansas City today or The meeting of the stockholders' committee will be held tomorrow or Thursday. Dan G. Stewart. former county court judge. who is chairman. said yesterday It will be held in his office in the Pioneer Trust building.
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APPOINTMENT OF BANK RECEIVER Louis, Nov. United States circuit court today affirmed ruling the district court Kansas City, upholding the appointment the federal farm board William Compton Louis ceiver for the Kansas City joint stock land bank. Edwin Krauthoff and Henry bank, that Compton's and that court appoint receiver administer affairs closed stitution. appellate court district court that federal farm loan board thority under the to appoint receiver.
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Won't Interfere With Land Bank Receiver Louis, federal of appeals today refused to interfere in the service of William R. Compton receiver for the Kausas City Joint Stock Land Bank. Harvey L. Haines will go to Sabetha. Kan., tomorrow to be the Thanksgiving guest of his brother S. Haines, and Mrs. Haines. Edwin Sturm will spend Thanksgiving with his parents, Mr. and Mrs. Will Sturm He is student at Concep-
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affairs of the Kansas City Joint Stock Land Bank, which was closed last May The appellate court affirmed the action Judge John Judge Albert Reeves Judge Merrill Otis dismissing four filed bondholders and stockholder sought appointment receiver federal court with broader powers Compton to handle affairs the defunct The opinion written Judge Robert Lewis of Denver and concurred in Judge Pollock Judge George Scott Sioux City. held the federal farm board jurisdiction in the Edwin of represents the alleged affairs the bank complicated appointed the federal board with only upon eral farm act not efficiently In the opinion court said found the federal farm act and the banking the and their affairs when the banks think act clearly intends." said procedure that national banking shall in be There the comptroller declares the insolvency appoints receiver here the board.'
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NEW LAND BANK RECEIVER LANGWORTHY NAMED TO SUCCEED COMPTON. Other Business Affairs Him Compton of Louis today nounced his as the Kansas City Joint Stock Land Bank H. M. Langworthy, Kansas City, lawyer. his successor. Mr. Compton today conterring with Mr Langworthy. He said that his own affairs made impossible for him continue receiver of the Land Bank. However, he will assist Mr. Langworthy advisory capacity formerly served counsel for Compton receiver the bank close all the matters pertaining the
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COMPTON RESIGNS AS BANK RECEIVER By The Associated Press: Washington, Feb. 8.-W. R. Compton resigned today as receiver of the Kansas City Joint stock Land Bank and H. M. Longworthy of Kansas City, was appointed as his success-
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BANK RECEIVER RESIGNS. February W R. Compton today 8.8 receiver of the Kansas City Joint Stock Land Bank, and H. M. Longworthy, of Kansas City. was appointed as his successor.
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BANK RECEIVER RESIGNS. Washington, February (A. W. R. Compton resigned today as receiver of the Kansas City Joint Stock Land Bank, H. M. of Kansas City, was appointed as his successor.
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AND MOSQUITOES GROUP TO RUN DEFUNCT BECAUSE LAND BANK PROPOSED CHICAGO. June 2-A. P. Stewart "It Penetrates" of San Francisco, president of the Pacific Coast Land Bank, today proposed to bondholders' protective com BLACK mittee to take over the now defunct FLAG Kansas City Joint Stock Land Bank. W. Edwin Stanley. for the commit- SPRAY tee. said negotiations will be continued tomorrow. If the representatives of the bondholders agree, the proposal will be submitted for approval to the Federal Land Bank approved, will then be put before the bondholders for acceptance. MADE Y THE MAKERS Bondholders, Stanley said. include various groups Detroit. Cleveland. New York and Chicago.
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THE Similar Institutions in Other Cities Also by Resumption of Its Business. Washington, Aug. plan for the reorganization of the Kansas City Joint Stock Land Bank has been approved by the federal farm loan board. After two years of negotiations, the board announced today plan submitted by San Francapitalist, had approved the bondholders' and stockholders' protective committees. Upon acceptance "large the the farm loan board has agreed the reorganization the bank. Receiver to Turn Over Assets. According the present plans, the Kansas bank will reopen shortly under management. and the assets turned over Herman Langworthy, the receiver. The plan reorganization will be made public Paul Besfederal farm loan declined discuss the ization plan further than to make formal statement: federal farm board has received of the plan for the reorganization the properties and affairs Kansas Joint Land Bank Kansas which has adopted by the that the holders' protective committee the bank. These two committees, spectively, represent considerably than majority of the bondholders stockholders bank Copies the plan will sent to security holders the bank. It contemplated become operative only upon assent thereto by large percentage of the bondholders. Modification Is "The farm has advised the the bondholders' protective the proreorganization, if carried out accordince the plan. any modifications thereof approved by the board, and certain the plan, the Arrangements are being made by the bondholders' of the plan SeptemStewart the San Francisco capitalwho reorganize the KanCity bank, which has been in ceivership since formerly owner San ferry, and recent years has trolled the land bank home of the KanCity the other land banks pected big culture middle West and confiand written farm land The federal farm loan the Kanbank in time depression will business City territory West. the plan Walter McLucas, head the bondholders' committee For many months bondholders holders' committees have far apart. The affairs the bank aired before the house banking partly the complaints security numbers whom reside in the Much the credit for obtainagreement two Langmittees worthy. worked diligently reorganization the of Kansas City will two banks the Cinfarm loan according banks now board. the dreds of millions on farm
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KANSAS CITY LAND BANK REORGANIZED KANSAS CITY the City Joint Stock Land bank have San here Sunday than $43 000 the in bonds of the old bank have their the He said he expected to make the by end of the he hoped to the new bank in actual operation by April Three options were avaiable to the stockholders in the preparations for Thirty six cent accepted settlement $60 for each $100 bond in the per cent accepted new per $85 for each $100 held in old per cent 41 per cent in the new rate of $85 for each $100. with certain asset rights
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LAND BANK MAY REOPEN. Kansas City Institution Expected Be in Operation April KANSAS CITY, Mo., Francisco leading the tion of the Kansas City Joint Stock Land Bank, said today the new institution probably would be in operation April Completion check of bond depositories this week, he said, expected that 97 per cent the nearly $45,000,000 worth bonds the old the reorganization. The bank went Into 1927. Later Walter Cravens, found guilty by eral court jury funds and making false entries He given six-year prison sentence which was suspended pending an appeal.
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BANKER TO DISCUSS FARM LAND SALES The situation in investments as 'seen by experienced agriculturalists will be before the Real Estate Board at its weekly luncheon tomorrow the Hotel Baltimore by Herman receiver for the Kansas City Joint Stock Land bank. The receiver sold 150 farms to individual buyers 1930, and nearly fifty have been sold in the first two months this year, according to Mr. Langworthy.