1.
May 6, 1927
Kansas City Journal
Kansas City, MO
Click image to open full size in new tab
Article Text
Land Bank Receiver Granted Authority to Issue $500,000 in Certificates.
Authority issue $500,000 ceiver's certificates granted William Compton. the Kansas City Joint Stock Land bank, yesterday Judge Albert Reeves federal court. certificates of $1,000 October 15, interest. obtained. Mr. Compton used due May and interest which, said, hastened action throwing bank ment's receivership. Compton appointed by the farm board the represented the of bonds. $854,600 Due May that The 600 worth May and that prior the certificates will the bank after prior and the bank West Tenth the bank who were leave their desks when officials the board charge of the institution, returned after Mr. Compton charge. For the changes personnel made, City Joint Stock Land bank the first placed the virtually will same that other bank Nugent Dodds, assistant attorney general, plained yesterday. Liquidation expenses, he said, problems which must met the receicer. The security of the receivership, upon the that every stockholder land bank liable for double the face value Stock Assessment Unlikely
Affairs the institution such shape stock assessment unlikely The capital This, pointed would make possible That the receiver may be forced intervene the affairs ing corporations owned Walter president, Ralph W. Street, yesterday learned that $30,000 chanic's pending circuit court Miller county may be cuted Monday. The liens are against the Missouri Power company, Cravens Street which dam the Osage week against directors bank charged that $1,000,000 the bank's funds and assets had been verted to the use and benefit of the power company. The court docket shows that agreed judgments entered against the power company on April
2.
May 9, 1927
The Kansas City Star
Kansas City, MO
Click image to open full size in new tab
Article Text
Receiver 1. Authorized to Issue $200.000 Additional In Notes
William R Compton receiver for the Kansas City Joint Stock Land Bank was authorized to issue $200,000 additional receiver's certificates today by Judge Albert L Reeves in the federal court This brings the total of new obligations APRIL IR DEATHS HIGH of the bank to $700,000 12 million dollars having been authorized in receiver's Month Exceed Those of 1926. certificates last week All the certificates will bear per cent In April Kansas City, Kas had more interest and are due October 15. 1927 fatal motor car accidents than in all of Only the on the bank building. 1926 about $400.000 and the land mortgages There were six motor car deaths last held by the registrar at Wichita are month There were only five last year prior liens The application was filed and argued by Herman M Langworthy To help you save is the mission of counsel for the receiver. Star Want Ads
3.
May 11, 1927
Columbia Daily Tribune
Columbia, MO
Click image to open full size in new tab
Article Text
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
4.
October 31, 1927
The World-News
Roanoke, VA
Click image to open full size in new tab
Article Text
Bank Receiver Says There Will Be Some Losses
Kansas City, Mo., Oct. 31 (United are cerbecause the the City Joint Land report William Compton, receiver th ebank. the Federal Farm Loan Board yesterday. The frozen assets of the defunct bank, upon which the expected. total cording analysis. directors since January 19, 1926, are miss-
The bank. which has bonds outstanding totalling more in the hands the receiver May Compton stated report the financial condition of the not interest obligations maturing today.
TRIAL POSTPONED. St. Oct. (United the trial Rogers baseball for debts allegedly owed Frank Moore, betting commissioner, was postponed until December
TO START
Oct. 31 (United Press). reported MotorsStates combine ceed rapidly. the Federal Trade Comtoday. Examination books and collection information began recently.
5.
November 1, 1927
Kansas City Journal
Kansas City, MO
Click image to open full size in new tab
Article Text
EASTERNERS ASSUME
If Deal Matures Would Be of Land Bank.
The Missouri Power company, organized by Waiter Cravens, president of the defunct Kansas City Joint Stock Land bank, to develop gigantic power plant in the Missouri Ozarks. and in which $1,700,000 of the bank's funds are invested, may be taken over by an Eastern banking house, it was learned yesterday. If the deal carried to completion, this would release the money the bank has in the power company for liquidation or reorganization of the bank. Receiver Inspects Site, William Compton, receiver for the made financial the federal farm the Friday the site plant the land held Farmers' Fund, another organidistrict which would located. will return to Kansas City Mr. Compton preparing to petithe federal court turn bank the assets of the Farmers' Fund which he stated his rightfully bank, Farmers' Fund also in organized by Cravens to obtain posed 100-mile long which furnish power for the Should project be carried completion, nearly worthless, would become extremely valuable. Should the federal court fit turn over land bank, large sum could be realized from
Bank Has $1,000,000 in Land. In addition, according the ceiver's report. the bank itself owns land value from in the hydroelectric The for the proposed power plant would Bagnell, Mo., the Osage river. backwater would create which would 55,000 Miller. Morgan Benton counties. Linn county seat Camden county, would be covered by the The total cost of the project and construction power lines KanCity would between $15,000,000 $20,000,000. negotiations were caron Stone and Read for of not known this financial group the one dethe Eastern Bankers Mentioned. In Mr. report mention made pletion of the project by Eastern bankers. official action will be taken on Mr. Compton's report farm loan board. understood, except that copies sent stockholders record. Report Feeler.
From sources to the receivership was learned report largely intended determine security holders the which would require them money. The report stated thousands entries bank's books are obscure and that substantial losses certain. bank, which has been the hands May has more bonds standing, according to the report.
6.
November 24, 1927
Weekly Democrat-Forum and Maryville Tribune
Maryville, MO
Click image to open full size in new tab
Article Text
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-
7.
November 25, 1927
The Kansas City Times
Kansas City, MO
Click image to open full size in new tab
Article Text
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.'
8.
December 11, 1927
Evening Star
Washington, DC
Click image to open full size in new tab
Article Text
play agricultural politics with the Federal Farm Loan Bureau were severely jolted last week by the plain words in the President's message to Congress regarding the conditions of certain joint stock land banks and by the conviction and the sentence to imprisonment of Guy Huston, chairman of the board of the Joint Stock Land Bank of Southern Minnesota. It became clear that President CoolIdge has been quietly reintroducing strict business methods into the governmental supervision of the joint stock land banks for the salvation of their $580,000,000 of bonds now in the hands of investors: and it became probable that the President's chief agent in this large effort, Eugene Meyer, jr., would be triumphantly confirmed by the United States Senate to the post of being the Federal Farm Loan Bureau's "executive officer." He has held this post under a recent "recess appointment" which is now before the Senate for action. Meyer's Views Changed. It has been the conscientious opinion of Senator Fletcher of Florida and of certain other dissatisfied Senators that Mr. Meyer, who happens to have had large financial experience in private business, was not sufficiently "farm-minded" to supervise the operations of agricultural financial institutions. It has been, and is, the opinion of President Coolidge that Mr. Meyer became thoroughly "farm-minded" and even specifically and in detail "cornminded" and "hog-minded" and "oatminded" in the course of his eminently success ul management of the hundreds of millions of dollars of agricultural loans made by the Federal War Finance Corporation, of which he was managing director, and in the course also of his spectacular rescue and advance of the price of cotton at the time when President Coolidge sent him on that special mission through the South. The contest between the opponents and the supporters of Mr. Meyer has been a contest between those who, in effect. maintain that farm finance is farming. and those who, in effect, maintain that farm finance is finance. The latter are at this week end in a stronger and stronger position as the news keeps rolling into Washington of the moral scandals and financial collapses that occurred in the joint stock land banks when they were under the supervision of a Federal Loan Bureau which did not include Mr. Meyer and in which socalled "farm-minded" members were dominant. Three in Hands of Receivers. The Kansas City Joint Stock Land Bank and the Bankers' Joint Stock Land Bank of Milwaukee and the Ohio Joint Stock Land Bank of Cleveland are in the hands of receivers. All joint stock land banks are private institutions, and the money which they lend on land is private money, but the bonds which they issue and sell to investors are made tax-exempt by the Federal Government and carry with them the color of government-backed securities. All joint stock land banks are, therefore, supervised by the Federal Farm Loan Board, and the insolvency of the three banks above-mentioned is a grave reflection upon the quality of the supervision that was being given to them. In addition to receiverships of joint stock land banks, there have joint stock land bank officers. Such indictments have been brought against officers of the Southern Minnesota Joint Stock Land Bank, the Kansas City Joint Stock Land Bank, the Chicago Joint Stock Land Bank and the Des Moines Joint Stock Land Bank. Among the practices alleged in some of the cases are the following: Officers of the joint stock land bank
9.
May 2, 1928
The Daily Alaska Empire
Juneau, AK
Click image to open full size in new tab
Article Text
LAND BANK PRESIDENT FACES TRIAL ON CHARGE OF MISUSING $1,705,000 KANSAS CITY, May Walter Cravens, charged with diverting $1,705,000 from the Kansas City Joint Stock Land bank, of which he was president, to his own corporations, will go to trial soon. The case against him and Miss Alice B. Todd, former secretary of the bank, is set for May 7 in United States district court. The government will press charges of falsification of records, manipulation of loans and conspiracy to defraud the bank's stockholders, against the former bank president and his secretary. His father, Richard P. Cravens who was chairman of the board; R. Harold Cravens and C. Russell Cravens, brothers and members of the board, will go to trial later on similar counts. The bank now is in receivership. The indictments set forth 45 allegedly frandulent loans of $3.000 to $30,000, which federal attorneys charge, were made for the purpose of obtaining land for a great dam project. Cravens organized the Missouri Hydro-Electric company to imWalter Cravens and Alice B. Todd pound water along 140 miles of the Osage river in western. Misroom for the body of water. souri. The huge lake was to extend through three counties, and Creditors of the joint stock land the seat of government of one of bank have attached the power them was to be moved to make company's holdings.
10.
April 23, 1929
The Kansas City Star
Kansas City, MO
Click image to open full size in new tab
Article Text
S. JURY INDICTS 22
THEFT OF ARMY PARACHUTE IS AMONG VIOLATIONS NAMED.
Investigation Continues With Attention Being Given Alleged Infrac-
Among twenty-two indictments returned in preliminary report this afternoon by the federal grand jury one charging Glen E. Workman with the theft of parachute from an army bombing several weeks ago at the Kansas City airport. According to information the United States district Workman alleged to have taken the parachute while he was employed to watch six bombing planes at the airport. The planes here overnight on cross-country flight. One of the pilots reported parachute missing from his plane. Later, was alleged, Workman sought instruction flying and offered parachute security for the cost of flying lessons. The parachute in the possession of Workman was alleged to be the reported missing from the bombing plane. The grand jury was to continue its session afternoon. giving special attention investigation of alleged violations of the Jones prohibitory Fourteen persons arrested last night raids federal prohibition agents under W. Harold Lane were arraigned this afternoon before George Beardsley United States commissioner, charges of liquor sales. Each was held $2,000 bond for preliminary hearing Friday Vandeventer, United district attorney. said the fourteen alleged liquor violators would be referred to the grand Others indicated in the preliminary report by the grand jury: Spencer and Lawrence Nay. violation Dyer act. Fred of anti-narnarcotics. Thomas GilBrown and Robert HutchinThomas Gilliam. narcotics. Arthur James Mann Theodore Brown LeRoy Brien Clarence M theft of money Delores Frazier and William Gardner. Gene Madison Johnson, Negro. embezzlement Floyd Davier and William Page narcotics James Dan Schaumburg.
LAND BANK MEETING HERE.
Bondholders' Group Federal Loan Board
The committee representing the bondholders the Kansas City Joint Stock Land holding meetin Kansas City prelimnary to Washington the federal farm loan board on the prospective reorganization of the Kansas City bank. today's session were: W. McLucas of Kansas City. chairStanley of Chicago, of Mitchell, Hutchins the Bank the Ballard of Blair Chicago, Hoover Bank Bros. Glass Manufacturing of of Since the last meeting of the bondholders' protective the land bank receiver has prepared port showing deficit of $6,498,812. the federal board has levied per assessment on the cent outstanding stock and the Bagnell. Mo. hydro-electric project has been definitely revived. the prospect of an early liquidation part of the 600,000 which Walter Cravens had shifted 106 farms in the Osage Valley: Slightly less than third the acreage land that now will be required the project part of the lake basin
Audit of Hot Springs Books Had Been Way. the Associated Hor April Fowler clerk. arrested today of arson after an alleged attempt to burn the city hall. The building damaged the extent about $35,000 audit of the city books had been under way several days.
11.
June 5, 1929
The Belleville News-Democrat
Belleville, IL
Click image to open full size in new tab
Article Text
Suits Filed to Start Work on New Floodways
St. Louis, Mo., June proceedings paving the way to the of floodway between Birds Point in Mississippi County, Mo., and New Madrid New Madrid County, Missouri, miles, have been filed in Federal Court here against landowners involved. Affected area totals 233 acres. The seven suits name: Farmers Fund, Inc., Kansas City Joint Stock Land Bank; the ceiver of the Kansas City Joint Stock Land Bank; Albert Clayton Louis, DeMoulin, Greenville, and Roy WilWyatt, Mo. More than 80 liams, additional similar suits will be filed. Work of constructing the floodunder the way contemplated $44,000,000 recently appropriated by Congress. provides for crescentlevee 13 to feet high exshaped tending in points five miles from the river bank. Under the plan "fuse plug" will installed at the northern end of the levee to allow overflow into the floodway when certain presbeen attained, thus resure has lands on both sides of lieving farm the river. these cases was filed by Action in Special Assistant to John Dyott, the United States Attorney.
12.
June 3, 1930
Fort Worth Record-Telegram
Fort Worth, TX
Click image to open full size in new tab
Article Text
GROUP TO RUN DEFUNCT LAND BANK PROPOSED
CHICAGO, June 2.-A. P. Stewart of San Francisco, president of the Pacific Coast Land Bank, today proposed to protective committee to take over the now defunct Kansas City Joint Stock Land Bank. W. Edwin Stanley, for the committee. 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. If approved. it will then be put before the bondholders for acceptance. Bondholders, Stanley said, include various banking groups Detroit, Cleveland. New York and Chicago.
13.
June 3, 1930
Fort Worth Record-Telegram
Fort Worth, TX
Click image to open full size in new tab
Article Text
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.
14.
August 29, 1930
The Kansas City Star
Kansas City, MO
Click image to open full size in new tab
Article Text
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
15.
February 2, 1931
Des Moines Tribune
Des Moines, IA
Click image to open full size in new tab
Article Text
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
16.
February 2, 1931
St. Joseph News-Press
St. Joseph, MO
Click image to open full size in new tab
Article Text
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.