Kansas City Joint Stock Land bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 4, 1930
Location: Kansas City, Missouri (39.100, -94.579)

Metadata

Model: gpt-5-mini
Short Digest: 87f15d33

Response Measures

None

Description

The bank is repeatedly described as 'closed' and 'in receivership' (bond interest in default, receiver selling farms). No article describes a depositor run. Thus this is a suspension leading to closure/receivership. Dates are reporting dates; the suspension likely occurred earlier but is reported in 1930 and 1931.

Events (2)

1. June 4, 1930 Suspension

Cause: Government Action
Cause Details: Bank is closed and in receivership due to bond defaults and insolvency; bond interest in default and liabilities exceed assets
Newspaper Excerpt: the nonactive Kansas City Joint Stock Land bank ... Bonds of the closed bank, to the amount of about forty million dollars, have been in default as to interest for two and a half years
Source: newspapers

2. March 5, 1931 Receivership

Newspaper Excerpt: 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.
Source: newspapers

Newspaper Articles (3)

1. June 4, 1930 Chicago Tribune Chicago, IL

Article from Chicago Tribune, June 4, 1930

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Article Text

Joint Stock Land Bank's Holders Postpone Action BY SCRUTATOR. Efforts to find a way to get the stockholders and bondholders of the nonactive Kansas City Joint Stock Land bank out of the financial morasses Chicago. were continued yesterday in Following session of the bondhold. ers' protective committee it was announced by W. Edwin Stanley, a committee member, that action on any of the proposals so far made had been deferred for thirty days more. Any settlement recommended will have to be approved by the federal farm loan board. Bonds of the closed bank, to the amount of about forty million dollars, have been in default as to interest for two and a half years Attempts have been made to collect double liability from the holders of the $3,800,000 of stock The stock. under the is a liability rather than an asset to the owners at present. Asset Appraisal. Appraisals of the assets of the bank, including some thirteen millions in cash and government bonds, according to report, disclosed that these assets are several million dollars less than enough to pay off the fixed obli gations if settlement and liquidation were made Two propositions, aside from the prevailing receivership, been considered by the bondholders' committee. One, the older, involves reorganization the leadership of he bondholders. The is rather spectacular offer by A. C. Stewart president of the Pacific Coast Joint Stock Land bank, to take over the entire stock holdings, purchase from twenty to thirty million dollars of the bonds at 50 cents on the dollar and to place the remainder of the bonds on sound interest paying basis. Mr. Stewart's suggestion is that each bondholder sell half his holdings at the 50 per cent ratio. The present of $1,000 bond would receive $250 in cash and a bond for $500 plus the accrued interest due him for three years on that total bond holding of $575. The bonds are to be destroyed, reducing the liabilities of the bank by at least twenty million dollars. Sees Merit in Plan. The bondholder would have altogeth er $825 in cash and salable paper. With the reduction in the total amount of bonds. it is claimed that the remaining would be worth much nearer par, perhaps 90 or more. As the price of the Kansas City bank bonds is around 50, the on its face has This plan, depends in part on the stockholders their stock for nothing more than to be relieved of all of double liability. Any profits to the new management would have to come from the efficient operation of the reorganized bank. The old bank in receivership, incidentally, increased the liabilities over the assets by more than a million dollars in 1929.

2. March 5, 1931 Kansas City Journal Kansas City, MO

Article from Kansas City Journal, March 5, 1931

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Article Text

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.

3. August 30, 1931 The Parsons Sun Parsons, KS

Article from The Parsons Sun, August 30, 1931

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Article Text

COUNTY OSWEGO Office telephone Party at Burden Home Miss Montez Burden to group young folks her home south of Oswego Thursnight. Dancing and bridge were the chief diversions. Light refreshments were served. The personthe group included: Nina Burrell, Glenna Helen Hulsizer, Ola Mae Edmonds, Margaret Joyce, Lester Neilson, Parsons, Max Temple, Robert Burden, Robert Dugan, Lowell Draper, and the hostess, Montez Burden. Viewed Beef Train at Erie Richardson, Harshaw Fred Perkins attended instruction exhibition at Erie Thursday. report great and very and instructive meetings. Family Reunion Mrs. Edgar Hatzfeld mother, Mrs. Annie Moffett, Neosho, and her five ters family reunion Hatzfeld on South Mer street, Thursday and Friday. time seven that all six sisters and their years mother been together. The following included the Mrs. Annie Moffett, group Mr. and Mrs. Edgar Hatzfeld and two children, wego, Mr. and Mrs. Cantrell and three children, Neosho, and Mrs. Troy and Neosho, Mrs. Wallace Roper, Lanigan, Mo., Mr. and Mrs. Blankenship and two children, Roanoke, and Miss Gladys Moffett, Neosho, Mo. Mr. Herbert White. Roanoke, have been visiting Mrs. Moffett in Neosho, were the group. Mrs. Blankenship and two chil dren have been visiting the home their mother since Mr. Blankenship, accompanied sister and husband, Mr. and White, all Roanoke, rived the Moffett home last and Mrs. White Mrs. children for Roanoke, yester day morning. Probate Court News the estate Franks, ceased, asked the perto Frigidaire the Sanitary Cream Butter court granted The inheritance order filed July 1931. regard to the estate ceased, found by the court contain the wrong description the land and held for naught. The inheritance tax corrected the mistake and filed new order. Real Estate Transfers The following real estate transwere recorded in the office Edna Jones, register W. Cook to Kansas Electric Sec. 33, Twp. 31, Range Quit Claim W the Guarantee Title Trust Co., the GuaranTitle Sec. 21, Twp. Range Consideration Receivers M. Longworthy. receiver the Kansas City Joint Stock Land bank Kansas City, Mo., to Farm MortHolding Receivers M. Long. worthy, receiver the Kansas City oJint Stock Land bank Kansas City, Farm Mort Holding Sec. Two. 32. Range 19. W. Kraft Phenix Cheese Corp. of the South to Kraft Phe Cheese Lots 15, Block Johnson and Folks Oswego. Consideration $10 Brashear Hindes, Block Mound Valley. Consideration $1. To Minn. for Visit Miss Martha left the Thursday night, for Minneapolis, Minn. friends. While Miss Dobson plans her birthplace. Tracy, Minn., where her father the church for nine years. To Attend Junior College Pauline Dobson plans attend junior college Parsons this coming She graduated from Oswego high school last year, several of her are planning junior college Parsons. Dobson reside the Harry Woods' residence there. To Visit Dobson Home Mrs. Boldman. Oklahoma plans and Mrs. her return trip from Cleveland Ohio, attend the races. Mr. Boldman plans the air, Mrs. Boldman going the Boldman formerly was Kathleen Dobson. Applies for Citizenship Mrs. Ann Billingsley, Mound Valley, filed application Friday for certificate arrival preliminary form for declaration of intention to become citizen, with Mrs. Bertha deputy clerk of the district Mrs. Billingsley of British nationality and has lived Labrador since small child. She been in this country since 1927, having married Billingsley Aug. that year. She her husband, already an Amercitizen, have Mound Valley since April 1928, and have Kenneth born Mound Valley. Mrs. ingsley named Mrs. John Tarter, and Cordia Jones, Mound Valley, and stated that she had acquaintthem for three years. had been visiting her father Canada, before coming to this country. Housewives Busy Canning Fruit Due the abundance fruit available price, Oswego women well farm women have been busy canning fruit during the weeks. The supply fruit jars at time became practically exhausted. The farmers are taking advantthis method preserving their fruit which because such abundance, has practically no market. Mrs. Oro Fullhart has canned over 400 quarts fruit vegetables. Mrs. Arthur Westervelt. northeast of has canned 450 quarts of fruit and vegetables. has canned some which will palatable hungry farm hands this winter. Order of Bankruptey Filed orders bankruptcy were filed the deeds They were: Harry Fisher, the the PittsInv. corporation and Harry W. Fisher, ref. the public, representing Luther Taylor. New Firm Opening Ed Ridenour, formerly of Coopening battery and electric shop the Adam Nagle building the corner Fifth and streets. Mr. Ridenour has battery electric work several years. He making his residence the presGrant and family, south of Oswego. Art Jones Snags Whopper Speaking of fish, Art Jones, Illinois, street. boasts having caught the largest fish of the pole and Mr. Jones landed 4-pound catfish while fishing near the intake of the city pumping plant the Neosho. north here. The bait was ordinary orm and the fish Mr. Jones describes 15 fishing tackle. The fish on exhibition the fish pond near the power plant. Death of Relative Word received here Clarence Friday, the death of his Logan, Tenn. Death came after an extended Mrs. has visiting relatives in Tennessee summer. Locals Mrs Sam Carpenter. Mrs. Zoe Mahoney and Miss spent Coffeyville, guests of relatives and friends. Mr. and Mrs. E. D. Hallihan and Mrs. HalliKansas City, were in Oswego looking matters Friday Mr. Hallihan with the Kansas City ambulance service. Mrs. Moore and daughters, Beulah Helen spent, Wednesday Mr. and Mrs. Rutt. family. Mr. and Karns left Thursday night for Lamar, called by the serious illness George Karns, wife of couMr. Karns. Mrs. Muchmore. visitor in Oswego Friday. Mr and Mrs. Roy Wiggins and daughter, Tallequah, at his Mrs Wiggins Clifford Gray, James Belknap and Darold returned Thurs day from few days' trip in the Van Beaver. Columbus business visitor in Oswego and Mrs. John Mound the Friday Mrs. Hillegas the Chetopa Mrs. Louisa Lane. John Gaither, Columbus, made business visit in Oswego, Friday. Jack Foster, who has been tending the August session of the Citizen's Military Training camp Leavenworth, returned Friday. His parents, Mr. and Mrs. Will Foster sister, Frances, in Leavenworth regimental parade afternoon, accompanied him home. Ben Parnell, who has been visitparents, Mr. and Mrs. James Parnell, and his father visited his brother, James, who is Woodman tarium Colorado Springs, nesday, left for home Monwhere manager furniture department the Montgomery store. Lester Gatewood went to KanCity business Thursday. Clarence Hopkins, Altamont, business visitor at the courthouse Friday. Lee Hiatt. Tulsa, visited Thursand Friday his mother, Hiatt and other relatives. Glenn Barrett will possesthe Barnsdall filling staMonday morning Johnnie Burrell at present is manager this Shelly Cruzan and wife will tomorrow the Clint Hamplace, northwest town. Ardie Dickerman and Carol, Parsons, companied Daisy and Adelade Dickerman, were here on business Friday Mr. and Mrs Ora Fullhart left yesterday for Fort Smith, Ark., the weekend. Willie Schmidt, Defiance, Mo. visited relatives and friends here Holmes motored to lola Friday transact business Nina and Clayton Wright motored to Parsons Friday Bill Barrager, Parsons, transacted business here Friday in gards Labette Mathews, Parsons, business visitor Friday. Mrs. Leo Byrd and daughter Coila, Buddie, returned to their home in Carthage, Tex., after visit with Mr. Mrs. Harry Engleman. Blanche and H. Morris motored to Chetopa Thursnight visit Mr. and Mrs. Clyde Campbell and family. Mr. George Bunny, Pittsburg, viisted Mr. and Mrs. Landreth, Thursday and Friday. Mrs. Zoucha, accompanied her daughters, Marie and Mary Francis Zoucha, and Mrs. Wilkerson and Viola White, motored to Parsons Saturday business. Jim and Joe Davenport spent the week Coffeyvill: their grandmother, Mrs. Molly DavenWheeler Jackson and daughter, Lee, St. Louis, Saturday for with Mr. and Mrs. Jackson family. The John Brady Hardware was painted Thursday and Friday Elaine Jackson motored Parsons on business yesterday.