St Louis Joint Stock Land Bank (St Louis, MO)

Episode Information

Episode UID
7434507891590
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
743450789 hash
Start Date
June 1, 1932
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
54ecd73544c8832b

Response Measures

None

Description

Bank suspended operations and was placed in receivership and did not resume normal operations; later liquidation was considered.

Events (2)
1. June 1, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to pay interest due on outstanding bonds (about $18,134,500) due to failure to collect farm loan payments.
Newspaper Excerpt
The St. Louis Joint Stock Land Bank suspended business Wednesday, June 1.
Source
newspapers
2. June 2, 1932 Receivership
Newspaper Excerpt
S. L. Cantley ... today took over the St. Louis Joint Stock Land Bank as receiver for the Federal Farm Loan Board, which announced ... that the bank had been forced to suspend operations because it could not pay interest due on its outstanding bonds.
Source
newspapers

Newspaper Articles (20)
1. June 2, 1932 Fulton Daily Sun-Gazette Fulton, MO

Article Text

CANTLEY TAKES OVER ST. LOUIS LAND BANK Former State Finance Commissioner Assumes New Duties Thursday. St. Louis, Mo., June 2.-S. L. Cantley, retiring as state finance commissioner of Missouri, today took over the St. Louis Joint Stock Land Bank, receiver for the Federal Farm Loan Board, which announced from Washington last night that the bank had been forced to suspend operations because it could not pay interest due on its outstanding bonds, totaling $18,134,500. Cantley accepted the receivership appointment in advance of his resignation as finance commissioner. He said he would present his resignation to Governor Caulfield today or tomorrow. Failure to collect payments on loans made to farmers of eastern Missouri, southern Illinois, northern Arkansas and western Kentucky, comprising its territory, caused the bank to be placed in receviership. A bondholders' protective committee was organized in April in the hope of reorganizing the institution, but this plan failed when only 30 per cent of the outstanding bonds were deposited with the committee. The exact amount of interest due on the bonds could not be determined, as some of the bond coupons mature each month. When word of the receivership was received from Washington, officers of the bank declined to comment, other than that they would "leave the matter asmit is."

2. June 2, 1932 The Dispatch Moline, IL

Article Text

TAKES OVER JOINT STOCK LAND BANK St. Louis, June Cantley, retiring state finance commissioner Missouri, today took over the St. Louis Joint Stock Land bank receiver for the FedFarm Loan board, announced from Washington last night that the bank had been forced suspend operations because could not pay interest due on its bonds, totaling 500. Cantley accepted the receivership appointment in advance of his resignation to Governor Caulfield today or Failure to collect payments on loans made to farmers of eastern Missouri, Illinois, northern Arkansas and western Kentucky, comprising its territory, caused the bank to be placed in receivership. bondholders' protective commitwas organized April in the hope of reorganizing the institution, but this plan failed when only percent outstanding bonds deposited with committee. The exact amount of interest due bonds could be determined, some of the bond coupons mature each month. recent statement of the bank showed that out of total of $18,124,000 of original loans and investments, $2,225,000 were under

3. June 2, 1932 St. Joseph Gazette St. Joseph, MO

Article Text

CANTLEY TO QUIT State Commissioner Will Resign to Be Receiver for Land Bank. June loan board Cantley Owensville, had been appointed receiver for the Louis Joint Stock Land Bank which suspended all operations when unable pay interest on its bonds The board said had decided part of the interThe bank's total bonds May amounted to The board said that Cantley would resign finance Missouri to accept the appointment. WORK REGARDED AS HIGHLY EFFICIENT. ST. LOUIS. Mo., June Cantley finance for Missouri, tonight confirmed the from that he had been appointed for the St. Louis Joint Land Bank and would resign at finance day or Cantley, formerly banker Owensville, has been with the state finance for seven years, the last five er. He appointe commissioner during the Baker administration and retained by Governor Caulfield. His administration of the finance department has been regarded in official and banking circles highly and efficient. Caulfield known to have been pleased with Cantley's work. Cantley times has sought resign return private life, but each time the governor prevailed upon him to remain in office. Cantley is here to familiarize himself with affairs of the bank.

4. June 2, 1932 The Kansas City Times Kansas City, MO

Article Text

LAND BANK RECEIVER TO TO TAKE ST. LOUIS REINS. Announcement of Finance ComAppointment Comes From tion Unable Pay Interest. WASHINGTON, June federal farm loan board announced tonight Cantley of Owensville, Mo., had been appointed receiver for the St. Louis Joint Stock Land Bank which suspended all operations today when unable to pay interest due on its bonds. The board said the directors had decided to pay part of the interest. The bank's total outstanding bonds May amounted to $18,134,500. The board said that Cantley had resigned as commissioner of finance Missouri accept the appointment. ST. LOUIS, June Cantley, state finance commissioner for Missouri, named today from Washington as receiver for the

5. June 2, 1932 The Daily News and Intelligencer Mexico, MO

Article Text

CANTLEY BEGINS NEW DUTIES AS RECEIVER TODAY S. Cantley Retires As State Finance Commissioner to Take Over St. Louis Institution. By The Associated Press. ST. LOUIS, Mo., June 2.-S. L. Santley, retiring as State Finance Commissioner of Missouri, today took over the St. Louis Joint Stock Land Bank as Receiver for the Federal Farm Loan Board, which announced from Washington last night that the bank had been forced to suspend operations because it could not pay interest due on its outstanding bonds, total- ing Cantley accepted the receivership appointment in advance of his resignation as Finance Commissioner. He said he would present his resignation to Governor Caulfield today or tomor- row. Failure to collect payments on loans made to farmers of eastern Missouri, southern Illinois, northern Arkansas and western Kentucky, comprising its territory. caused the bank to be placed in receivership. A bond holders' protective committee was organized in April in the hope of re-organizing the institution, but this plan failed when only 30 per cent of the outstanding bonds were deposited with the com- The exact amount of interest due on bonds could not be determined, as of the bond coupons mature each month. When word of the receivership was received from Washington, officers of the bank declined to comment other than to say that they would "leave the matter as it is" pending an announcement from the Federal Farm Loan Board.

6. June 2, 1932 The Commercial Appeal Memphis, TN

Article Text

RECEIVER IS APPOINTED S. L. Cantley, Accepts As Land Receiver ST. LOUIS June L. named today from PLUMBING Washington receiver for the St Joint Stock Land Bank, said here tonight that the and take charge as The bank serves territory the Eastern Missouri, ern Illinois part and small Western Kentucky That the bank meeting with difficulty meeting interest pay ments. due slow collections of became recently announce that holders' protective committee had MISS been

7. June 2, 1932 La Plata Home Press La Plata, MO

Article Text

Rev. French of Macon writes from Lake that wife having delightful time. that the Ozark fish won't bite on There are ten every fish the of Ozarks. He threatens to tell big fish story on his return. The St. Louis Joint Stock Land Bank all today to pay interest due Cantley resigned bank examiner become ceiver. Many this vicinity mortgages held this concern. Any rights of citizenship Lieut. H. Massie may have native state Kentucky his the Honodulu honor him order from Governor Ruby

8. June 2, 1932 Mound City News-Independent Mound City, MO

Article Text

ST. LOUIS LAND BANK CLOSED The St. Louis Joint Stock Land Bank suspended business Wednesday, June 1. S. L. Cantley State Finance Commission er has been appointed receiver He will resign from his position with the state finance department to accept the appointment A recent statement of the bank showed that out of a total of $18,124,000 of the original loans and investments, there were only $8,530,000 of these obligations on which the debtors were making payments, while loans and investments representing $2,225,000 were under foreclosure and $946.000 under process of acquisition through sheriff's certificates and judg ments. The statement further set forth that $4,180,000 in loans were in default, although not in foreclosure. The statements showed that the bank's investments included $2,232,900 in real estate. Until a successor to Cantley is named, D. R. Harrison, deputy, will be in charge of the state finance department. Possible successors mentioned tonight were Harrison and C. E. French of Springfield.

9. June 2, 1932 The Maryville Daily Forum Maryville, MO

Article Text

Cantley Becomes Receiver of St. Louis Land Bank State Finance Commissioner Resigns to Take Charge of Institution. St. Louis, June 2—(AP)—S. L. Cantley, retiring as state finance commissioner of Missouri, today took over the St. Louis Joint Stock Land bank as receiver for the Federal Farm Loan board, which announced from Washington last night that the bank had been forced to suspend operations because it could not pay interest due on its outstanding bonds, totalling $18,134,500. Cantley accepted the receivership appointment in advance of his resignation as finance commissioner. He said he would present his resignation to Governor Caulfield today or tomorrow.

10. June 2, 1932 The Decatur Daily Review Decatur, IL

Article Text

2 Name Receiver for Land Bank St. Louis Institution Suspends Operation. St. Cantley, tiring as state finance commissionof Missouri, Thursday took over the St. Louis Joint Stock Land bank as receiver for the federal farm loan board, which announced from Washington Wednesday night that the bank had been forced to suspend operations because it could not pay interest due on its standing bonds, totalling $18,134,500. Failure to collect payments on loans made farmers of eastern Missouri, southern Illinois. northern Arkansas western Kentucky comprising its territory, caused the bank to be placed in receivership A bondholders' protective commit tee was organized in April in the hope of reorganizing the institution, but this plan failed when only 30 per cent of the outstanding bonds were deposited with the committee. The exact amount of interest due on bonds could not be determined. as some of the bond coupons mature each month. recent statement of the bank showed that out of total of $18.of original loans and investments. $2,225,000 were under foreclosure, $4,180,200 in default and $946,700 under process of foreclosPayments being received, the report showed. on but $8,530,000 of the outstanding loans. The bank's investments include $2,232. 000 in real estate, the statement forth. The bank was organized in 1922. Its present bonds include those sued by the Central Illinois Joint Stock Land bank and the Southeast Missouri Joint Stock Land bank. The bonds are being quoted in markets at less than 25 cents on the dollar.

11. June 2, 1932 The Daily Democrat-News Marshall, MO

Article Text

Cantley Takes Over Bank Receivership St. Louis Joint Stock Land Bank Has Had Suspend Operations St. Louis, June Cantley. retiring finance commissioner of Missouri, today took the Louis Joint Stock Land Bank receiver for the Federal Farm Loan which announced from Washington last night that the bank had been ced suspend operations because could not pay interest due its outstanding bonds, totalling $18,134,500. Cantley accepted the ship appointment advance resignation finance missioner. He said he would sent his resignation Governor Caulfield today tomorrow. Couldn't Collect Loans Failure to collect on loans made farmers of eastern southern Illinois, northern Arkanand western Kentucky. prising territory. caused the bank placed in receivership. bondholder's protective organized in April the hope of reorganizing the but this plan failed only 30 per of the outstandbonds were deposited with the The exact amount of interest due on bonds could not be mined of the bond pons mature each word the receivership ceived from Washington officers the bank declined comment other than say that they would the matter announcement from the federal farm loan board.

12. June 3, 1932 The Times Hammond, IN

Article Text

Receiver Takes Over St. Louis Land Bank ST. LOUIS, Mo., June 3.—S. L. Cantley, retiring state finance commissioner of Missouri, took over the St. Louis Joint Stock Land bank as receiver for the federal farm loan board, which announced from Washington last night the bank has been forced to suspend operations because it could not pay interest on its outstanding bonds, totaling $18,134,500.

13. June 9, 1932 Rich Hill Mining Review Rich Hill, MO

Article Text

CANTLEY RESIGNS AS MISSIONER Accepts Appointment as Receiver of St. Louis Joint Stock Land Bank Washington, June 2-The federal farm loan board announced Wednesday night that S. L Cant ley of Owensville, Mo, had been appointed receiver for the St. Louis Joint Stock Land Bank which suspended all operations to day when unable to pay interest due on its bonds. The board said the directors had decided to pay no part of the interest. The bank's total outstanding bonds May 31 amounted to $18,134,500. The board said that Cantley had resigned as commissioner of finance of Missouri to accept the appointment. St. Louis, June 8.-S. L Cant ley, jr., state finance commissioner for Missouri, named yesterday from Washington as receiver for the St. Louis Joint Stock Land Bank, said here tonight he would accept the appointment and would resign as state finance commission er in the next day or two Cantley, who was in St. Louis tonight to familarize himself with the affairs of the bank, said he would take charge as receiver Thursday. The bank serves a territory com. prising the esstern part of Missouri, Southern Illinois, part of Arkansas and a small section of Western Kentucky. That the bank was meeting with difficulty its in' terest payments. due to slow oollections of farm loans, became known recently when a bondhold. ers' protective committee was organized. Cantley. formerly a banker at Owensville, has been with 4be state finance department seven years. Until a successor to Cantley is named, D. R. Harrison, deputy. will be in charge of state finance department. Possible successors mentioned tonight were Harrison and C. E. French of Springfield.

14. June 9, 1932 The Butler Times-Press Butler, MO

Article Text

Successor to Cantley. Jefferson Harrison of Eldon, deputy finance commissioner for several years, Friday was appointed commissioner of finance by Governor Caulfield to succeed Cantley, who resigned this week to become receiver for the St. Louis Joint Stock Land Bank. The governor also announced Cantley's resignation had been accept- Harrison has been banker all his life. He was state bank examiner for five years before he was named deputy commissioner. His appointwas recommended by Cantley and by leading bankers of Missouri, the governor

15. June 10, 1932 The East Prairie Eagle East Prairie, MO

Article Text

Cantley Gets Another Post St. Louis, June 2.-8. Cantley, retiring state finance commission. of Missouri, today took over the Louis Stock Land Bank receiver for the Federal Farm Loan Board, which announced from Wash ington night that the bank had been forced to suspend operations because could not pay interest due on its outstanding bonds totaling Cantley accepted the receivership appointment in advance of bis resig. nation as finance commissioner. The St. Louis Joint Stock Land Bank has about $700,000 farm loans in Southeast Missouri and these will main in effect, those closely in touch with the situation here said. The loans will not be directly affected the receivership, which bondholdprotective committee this spring tried to avert. The Louis bank in 1926 purchasthe Southeast Missouri Joint Stock Land Bank and recent years also took over affairs of the Central Joint Stock Land Bank.

16. June 23, 1932 The Courier News Blytheville, AR

Article Text

Land Bank Receiver Suing Land Owners Four chancery court actions were filed by S. L. Cantley. receiver for the St. Louis Joint Stock Land Bank, today against landowners in this section. The suits involved loans made by the bank on which approx:mately $15,500 is due according to the complaints. The actions were filed through G. B. Segraves. attorney for the bank and receiver.

17. July 31, 1932 St. Louis Globe-Democrat St. Louis, MO

Article Text

Flesh's Appointment as Joint Land Bank Receiver Contested Claimed Judge Faris Erred in Naming Trustee Before Reply. An appeal to the United States Court of Appeals was taken yesterday by seven officers and stockholders of the St. Louis Joint Stock Land Bank from the recent decision of Federal Judge Faris in appointing Edward M. Flesh, as receiver trustee of the bank, to enforce collection of $1,430,000 liability assessments against the bank's stockholders.

18. November 3, 1932 The Missouri Cash-Book Jackson, MO

Article Text

Real Estate Transfers W. D. Deevers and wife to Wm. part lots and Ellis Subdivision, Cape Gir., $1. Katie Weisenstein to Bertha Weisenstein, part lot 26, Range Cape Girardeau, St. Louis Joint Stock Land Bank receiver to Albert Bock and wife, acres, S. 29, 30, 12, $2700. Edgar C. Winkler and wife to Herman Meyer and wife, acres, 19 and 32,

19. September 16, 1933 Evening star Washington, DC

Article Text

LIQUIDATION WEIGHED Judge Studies Plea for New St. Louis Land Bank Receiver ST. LOUIS, September 16 Federal Judge Faris yesterday took advisement the appliPartridge of Kansas Federal court liquidate the St. Louis Joint Stock Land Bank The bank than 400 farms in Missouri, Indiana Arhearing was held after Judge Faris had allowed members Bondholders' Protective to intervene as defendants and ask keep former State finance was ceiver in 1932. in charge of the separate Cantley he liquidation the bank result in liabilities than he does not know the will reach $8,000,000, as alleged in the suit.

20. January 14, 1935 St. Louis Post-Dispatch St. Louis, MO

Article Text

ST. LOUIS JOINT STOCK LAND BANK RECEIVER REPORTS About $3,000,000 in Cash and Government Bonds Held; 16 Cents on Dollar for Bondholders. Cash and Government bonds totaling $3,027,360 are shown in the year-end statement for St. Louis Joint Stock Land Bank, made public today by the receiver, S. L. Cantley. This is equal to about 16 cents on the dollar of the $18,134,500 in outstanding bonds.