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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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SECOND FEDERAL SUIT INVOLVING MILLIONS FILED Kansas City Land Bank Stockholder Asks Appointment of Another Receiver NAMES OTHER BANKS Suit was filed in federal court here Thursday asking that a receiver be appointed for the Kansas City Joint Stock Land bank and all financial institutions which it is charged had merged with the bank. The plaintiff is F. Henry Raab and his suit is against the Kansas City Stock Land bank, the Missouri Joint Stock Land bank, the Wichita Joint Stock Land bank, the Bankers Joint Stock Land bank, the Liberty Central Joint Stock Land bank, the Liberty Joint Stock Land bank, William R. Compton, receiver of the Kansas City Joint Stock Land bank, and C. A. Ryker, farm loan registrar in the federal land bank of district No. This is the second such action to be filed in federal court Raab says he holds 153 shares of capital stock in the Kansas City Joint Stock Land bank. He charges that all the above banks have merged with the Kansas City Joint Stock Land bank, which is now liable for all debts of the institutions involved. In a 29-page document, Raab sets forth score of reasons why a receiver should be appointed by the court and why Compton should be removed. It is pointed out that government appointed receiver would have jurisdiction over all the banks and that receiver should be appointed in lieu of the bank's receiver. Answers are made to certain statements made by Compton in federal court and Raab asks that his petition be given consideration and a receiver appointed for the reasons he shows. It is brought out that the banks involved had out mortgages totaling $46,000,000. The new receiver would be expected to accumulate all assets, collect all interest due and conduct the bank in such manner that the stockholders would be fully protected.
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RECKLESSLOANS BLAMED IN LAND BANK COLLAPSE Judge Pollock Comments After Hearing Testimony of Witness in Krauthoff Action. Testimony tending to show that excessive loans were made by the Kansas City Joint Stock Land bank was brought out today in the hearing on an application for a receiver for assets of the bank, filed by Edwin A. Krauthoff, attorney. The hearing is being held before Judge John C. Pollock, in the Kansas City, Kas., federal court. The testimony relative to the amount of loans made on farm lands brought this comment from Judge Pollock "Apparently some of the loans made by the bank were twice what prudent person would loan on land. Judge Pollock's was on the testimony offered by A. ker registrar for the ninth district of the federal farm loan board. It gave further indication of the methods of Walter Crav ens and his associates which placed the $50,000,000 institution in receivership. Cravens and other officers of the company are under grand jury indictment on charges of misuse of the mails and fraudulent use of land bank In his receivership application, Mr. Krauthoff receiver appointed to administer $46,997 400 in mortgages, including $700.000 in government bonds, held by the bank. He contends that W. R. Compton, the receiver named by the federal farm loan board. has no authority to conduct the business the bank during the receivership He bases his action particularly on the contention that the present cannot collect or dis. burse interest paid in by farmers on their loans. Mr. Krauthoff owns five of stock the bank. Mr. ker testified that in his capacity of registrar he had no jurisdiction the of loans made by the bank. His function, he is to see that the security back of the $44,377,700 first mortgage bonds of the bank, is kept intact. The witness said he had no information relative to taxes, insurance policies, tax penalties or abstracts of title on the first mortgage bonds.
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of more than $128,000 against the Kansas City Joint Stock Land bank listed in an answer filed federal court yesterday to a petition asking that the assets of the Kansas City Finance Company be held in trusteeship pending dissolu tion of the land bank receivership. The original petition was filed by W. R. Compton, land bank receiver, who declared the dealings of the finance company, one of the concerns of Walter Cravens, president of the land bank, are hopelessly inter mingled with those of the bank The chief claims listed are connection with the construe. of the Land Bank building and the sale deeds of trust by the finance company for the and bank Mr. Compton's petition jointly against the and the Cravens, headed both federal
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LAND BANK RECEIVER INSPECTS BAGNELL PLAN William R. Compton, receiver of the Kansas City Joint Stock Land bank, returned yesterday from an inspection of the holdings of the Missouri Power on the Osage river, Bagnell, Mo. The power company was organized by Walter Cravens, president of the defunct bank, and nearly $2,000,000 of the institution's funds were invested in the project. Mr. Compton declined to comment on the report banking houses may take over the power project. IOWA MAN FOUND DEAD. BEDFORD, IA., Nov. H. M. Ramsey, Bedford business man. was found his throat cut, corn field fourteen miles from here today. Sheriff W. Nevius is investigating Ramsey formerly was member of the Bedford schoolboard. He left home early yesterday motor car for Villisca. Ia., and Omaha, intendInc to return last night. His wife started search for him when he did some home.
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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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Interesting of the Around the United States The Last 24 Hours ashington of the office of president and the selection for that position of Henry H Curran of New York. was Sunday by the association against the prohibition amendment as step in its 'enlargement and in preparation for future political campaigns." WASHINGTON L. Clem. retired union veteran. and Vivian have been designated by Secretary Davis of the department of the Spottsylvania county Memorial commission also will include George Hobson. army quartermaster recent development the trade associations fundamental step in the gradual evolution of our whole economic life. HerBert declared Sunday in foreword to commerce department report upon the sub- WASHINGTON The state department has notified American bankers that has no further objection to the of industrial loans to France ban on such loans had been in effect for the last three years. WASHINGTON Selection of Houston Texas, the place for the Democratic will "not only serve to hold the south line, but will advantageous to the candidacy of Governor Smith. Norman E. Mack. Democratic national committeeman from New York. said here Sunday, Central West KANSAS CITY. Possibility of reorganization of the Kansas City Joint Stock Land bank is seen W. S: McLucas, chairman of the bondholders the January report of William Compton. the land bank receiver. CHICAGO.-The Women's Christian through its president. Mrs Ella Boole. decleared tha tprohibition, if not the best of curbing the liquor has proved than the "prayers and pledges of early temperance crusaders" CHICAGO Joe Donnelnow plans hop on his 18. mile flight to Central and South America Tuesday or Wednesday flier said the latest delay in his plans was caused by inadequate tank installation in his "flivver" plane. POPLAR BLUFF Mo. Officers were notified Sunday of the capture at Elk City, Ok. of Frank Peavler and Goldie Denton of Blytheville, Ark. wanted here for the murder and robbery of Frank 28, who was killed at farm home near here December 23. Another man and woman are held in jail. Jan Senator elect Frank L. Smith of Illinois Sunday night said he would not appear the floor of the United States senate his fight for admittance to of that body Congress had offered defer the hearing to allow him to speak. East NEW YORK To assist Thomas rubber research Florida. the board of managers of the New York garden announced Sunday It had granted leave of absence to Dr. John K Small head curator of the museums herbarium. who is an expert on plant in the southern states particularly in Florida. with its today. the Baltimore American is to appear in tabloid form. The American was purchased by William Randolph Hearst in 1923, who also owns the Baltimore News. NEW YORK -Patrick Cardinal Hayes plans to leave January 23. for an official visit of all Catholic parishes, missions and institutions in the Bahama islands. which under the jurisdiction of the archdiocese of New York. NEW YORK increase of 25 cent in American foreign travel has not been sufficient to prevent decrease of 1,000,000 passengers year. from the five-year prewar average, because of restricindustrial tion of immigration. the national conference board announced Sunday.
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LAND BANK MAN IS NOW FACING TRIAL Kansan Charged With Misusing of $1,705,000 Kansas City, April 20.--(AP)-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. Richand 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 fraudulent 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 impound water along 140 miles of the Osage river in western Missouri. The huge lake was to extend through three counties, and the seat of government of one of them was to be moved to make room for the body of water. Creditors of the joint stock land bank have attached the power company's holdings.
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BAGNELL DEALS COME UP IN BANK CASE KANSAS CITY, May 1.-Detalled testimony lacking in interest and col. or filled today's session of the trial in Judge Merrill E. Otis' federal court of Walter Cravens and Miss Alice B. Todd. charged jointly with misapplication of funds and making falto entries in the books of the Kansas City Joint Stock Land bank. The trial opened today with E. B. Fleming on the stand. Fleming now is bookkeeper for the Land Bank receiver and formerly was in the Land Bank in similar capacity. He was cross-examined today by defense attorneys, who followed closely questions asked yesterday by government attorneys. Next E. R. Siler. formerly a bookkeeper for the bank. and now an official of the Farmer's Fund, Inc., was called to the stand The Farmer's Fund, Inc., to one of the companies government attorneys allege received benefits of the money said to have been taken out of the Land bank by Cravens and Miss -odd. The Farmer's Fund. Inc., in said to have held some of the farms on which the land bark foreclosed and which the Land bank later traded to farmers near Bagnell. Mo., the Id. cation of the dam promoted by the Missouri Hydro-Electric Power company.