Bankers Joint Stock Land Bank (Milwaukee, WI)

Episode Information

Episode UID
12008171531
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
1200817 routing
Routing Number
12-0081
Start Date
July 1, 1927
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0664ff5e83ec40fc

Response Measures

None

Events (4)
1. July 1, 1927 Receivership
Newspaper Excerpt
Eugene Meyer had appointed Howard Greene, Milwaukee, receiver of the bank
Source
newspapers
2. December 15, 1928 Other
Newspaper Excerpt
receiver has the right to enforce the double liability clause ... in the case involving stockholders of the Bankers Joint Stock Land bank of Milwaukee
Source
newspapers
3. March 15, 1929 Other
Newspaper Excerpt
Sheriff's sale ... under judgment of foreclosure ... Howard Greene, Receiver of The Bankers Joint Stock Land Bank of Milwaukee, Wisconsin, Plaintiff
Source
newspapers
4. December 11, 1931 Other
Newspaper Excerpt
Payments of two liquidating dividends aggregating 18 per cent have been mailed to bondholders ... from the office of Howard Greene, receiver
Source
newspapers

Newspaper Articles (10)
1. July 1, 1927 Chronicle Tribune Marion, IN
Article from Chronicle Tribune, July 1, 1927

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CIRCUIT COURT TERM IS ENDED term of the circuit April court ended today for the summer vacation period. The past term beCourt will resume April September 5 to be in session until November 12. Among the cases to come up for trial the session that Dorthea and Arthur charged with the murder of Clifford of Fairmount ADMINISTRATOR NAMED The Grant Trust Savings named administrator estate of Henry A. Hanley who died pland June 28, 1927. The state valued at $8,000 per sonal property and $700 real estate Lewis Hanley of Tipton, son. and daughter, Cora Overstreet, of In dianapolis, are named as heirs. LAND BANK RECEIVER the Bankers Joint Stock Land Bank of Milwaukee to pay interest July on part its outstanding bond issues was followed today by the announcement that farm loan commissioner, Eugene Meyer had appointed Howard Greene. Milwaukee, receiver of the bank

2. December 11, 1927 Evening Star Washington, DC
Article from Evening Star, December 11, 1927

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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

3. August 1, 1928 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, August 1, 1928

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July 18, 25, Aug. 1 STATE OF MINNESOTA, COUNTY OF REDWOOD. DISTRICT COURT, NINTH JUDI- CIAL DISTRICT. Howard Greene, Receiver of The Bankers Joint Stock Land Bank of Milwaukee, Wis., -Plaintiff, -VS.- A. H. Dorn, Helena M. Dorn, E. W. Flaig, Administrator of Estate of Christopher W. Whel- an, Blanche E. Dyste, N. M. Dyste, her husband, Louis Whel- an, Inga Whelan, his wife, Lloyd Whelan, John Koch, -Defendants.

4. December 15, 1928 Wausau Daily Herald Wausau, WI
Article from Wausau Daily Herald, December 15, 1928

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Milwaukee Bank Receivers Win in Court of Appeals Right to Collect from Stockholders Upheld; Geiger Ruling Reversed eral circuit court of appeals at Chicago has decided that the receiver has the right to enforce the double liability clause of the federal farm loan act, in reversing the decision of Federal Judge F. A. Geiger. Milwaukee, in the case involving stockholders of the Bankers Joint Stock Land bank of Milwaukee. The effect of the decision attorneys said, would be to enable the receiver to collect $1,200,000 from stockholders who held that amount of stock in the bank, which was placed in the hands of receivers with $15,771,000 in bonds outstanding The failure of the bank was attributed largely to the depreciation in the value of farm lands in northern Wisconsin and other states. The question as to whether the receiver had the right 10 collect under the double liability clause of the federal farm loan act came before Judge Geiger on a demurrer of some stock holders. They contended that the right to collect belonged to the creditors and did not pass as an asset to the receiver and that therefore the receiver had no right to action at law. They did not deny the liability of stockholders as was reported at the time and Judge Gelger sustained their position. The appeal was heard by the United States court of appeals in Chicago, and notice of the decision reversing the lower court was received Friday.

5. February 6, 1929 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, February 6, 1929

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Jan. 30 to March 6. # NOTICE OF SHERIFF'S SALE OF REAL ESTATE UNDER JUDGMENT OF FORECLOSURE: State of Minnesota, County of Redwood. District Court. Ninth Judicial District. Howard Greene, Receiver of The Bankers Joint Stock Land Bank of Milwaukee, Wisconsin, Plaintiff, vs. Alexander G. Forbes, Jean M. Forbes, Douglas R. Lawrence, Morton Mortensen, and H. Hangaard, Defendants. NOTICE IS HEREBY GIVEN that under and by virtue of a Judgment and Decree entered in the above entitled action on the 25th day of January, 1929, a certified transcript of which has been delivered to me, I, the undersigned, Sheriff of said Redwood County, Minnesota, will sell at public auction, to the highest bidder, for cash, on Friday, the 15th day of March 1929, at ten o'clock in the forenoon, at the front door of the Courthouse in the city of Redwood Falls, in said County, in one parcel, the premises and real estate described in said Judgment and Decree, to-wit: and all the land lying and being in the County of Redwood and State of Minnesota, described as follows, to-wit: Lots One (1), Two (2), Three (3) and Four (4) in and of Section Six (6), in Township One Hundred and Twelve (112), of Range Thirty-nine (39) in the County of Redwood and State of Minnesota; also Lots Seven (7), and Eight (8) in and of the plat of Swan and Goose Lake in the said Section, Township and Range. Said sale will be made to satisfy the sum of Twenty-six Thousand Five Hundred Six and 78-100 Dollars ($26,506.78) found and adjudged to be due by said Judgment and Decree, with interest thereon to the date of said sale and with the costs and expenses of sale. Dated January 28, 1929. L. J. KISE, Sheriff of Redwood County. Cobb, Hoke, Benson, Krause & Faegre, Attorneys for Plaintiff, 300 Security Building, Minneapolis, Minnesota. 30-6ts.

6. November 27, 1929 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, November 27, 1929

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Supreme Court Is Asked to Change Land Bank Ruling Receivers Ask Right to Levy on Stockholders. could maintain suits for a stock holder's liability. The bank appealed for rehear ing by the highest court and the Ohio and Missouri bank receivers filed briefs in support Tuesday The receivers assert that if the power of the farm loan board to require additional security should be limited by inability to enforce its requirements, the bonds issued by federal land banks and joint stock banks would cease to be an attractive investment and serious injury to the entire system might ceivers of joint stock land banks follow at Kansas City and Cincinnati asked the supreme court Tuesday New Sharon-Erect Signs to reconsider its recent decision Welcome signs have been fur. that creditors. and not receivers or nished and erected by members of the government, had the right to the local legion post at all enenforce the liabilities of stock. trances to town Ed Murphy has holders of such institutions. been elected commander of the The decision. handed down Nov. local post. 1. was in case from Milwaukee where R. Wheeler, stockholder in the failed Bankers Joint Stock Land bank. was sued by the receiver. Wheeler succeeded in his contention that the creditors only Fog Ends Endurance Hop of lowan, Co-Pilot TAMPA, FLA. (AP) - A heavy fog Tuesday night forced Pilots Leonard Carrothers of Cedar Rapids, Ia., and Tom Livermore of Sarsoin. Fla., to land after they had taken on fuel enough for the night in an attempt begun this afternoon to set a new endurance flight record.

7. November 27, 1929 The Spokesman-Review Spokane, WA
Article from The Spokesman-Review, November 27, 1929

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URGE HIGH COURT CHANGE ITS MIND Receivers of Joint Stock Land Banks Want Right to Enforce Stockholders' Liability. WASHINGTON, Nov. 26. (/P)-Receivers of joint stock land banks at Kansas City and Cincinnati asked the supreme court today to reconsider its recent decision that creditand not for the government, had the right to the liabilities stockholders of such institutions. The decision, handed down November was in case from Milwaukee, where J. R. Wheeler, stockholder in the failed Bankers' Joint Stock Land bank, was sued by the receiver. Wheeler succeeded in his contention that the creditors only could maintain suits for a stockholder's The bank appealed for a rehearIng by the highest court, and the Ohio and Missouri bank receivers filed briefs in support today. The bondholders' protective committee, representing holders of bonds issued by the falled Kansas City bank, filed similar motion. The receivers that if the power of the farm loan board to require should be limited by inability to enforce its requirements, the bonds issued by federal land banks and joint stock banks would cease to be an attractive investment, and serious injury to the entire system might follow. The briefs stressed the interest the government had protecting the bonds, and said the financial structure was such magnitude as to impose grave responsibilities on the government. The bondholders committee, representing $28,000,000 of the $44,367,500 in bonds issued by the failed institution, said the bonds had been purchased the belief that, in the event of the farm loan board would able to enforce the shareholders' liability for benefit of the bondholders.

8. December 11, 1931 Kenosha News Kenosha, WI
Article from Kenosha News, December 11, 1931

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Bank Receiver Pays Dividends Two Liquidating Dividends Paid Which Form Aggregate of 19 Per Cent Milwaukee-(P)-Payments of two liquidating dividends aggregating 18 per cent have been mailed to bondholders of the Bankers Joint Stock Land bank from the office of How. ard Greene, receiver. The federal farm loan board authorized the disbursement of checks to the Bankers Farm Mortgage company, the bondholders' protective committee, and independent bondholders. The Bankers Farm Mortgage company, which acquired large amount of the bonds in exchange for stock, now will pay the bondholders who elected to take 40 cents

9. October 10, 1935 Askov American Askov, MN
Article from Askov American, October 10, 1935

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State of Minnesota, County of Pine IN DISTRICT COURT NINETEENTH JUDICIAL DISTRICT State of Minnesota, by Harry H. Peterson, its Attorney General, Petitioner, v. R. J. Wilson, the County of Pine, O. Dougal, Patrick Kane, unknown heirs of Patrick Kane, deceased; Annie Kane, Elizabeth D. Wilson, State Bank of Plato, a corporation; C. H. Klein, C. P. Klein, Fitzhugh Burns, unknown heirs of Fitzhugh Burns, deceased; unknown heirs of Anna L. Simons, deceased; Lundquist Realty Company, a corporation; State Bank of Young America, a corporation; John W. Tanquist, Herschel H. Smith, Gladys G. Smith, Ernest Newman, unknown heirs of John W. Tanquist, deceased; Bankers Farm Mortgage Company, a corporation; James H. Hogan, William P. Hogan, Albert J. Warren, unknown heirs of Albert J. Warren, deceased; Carrie A. Warren, Carrie A. Warren, as Executrix of the Estate of Albert J. Warren, deceased: Pella National Bank of Pella, Iowa, a corporation; Howard Greene, as Receiver of Bankers Joint Stock Land Bank of Milwaukee: Charles E. Rundquist, Eric Erickson, William Mielke, P. J. Ekstrand, N. J. Foss, unknown heirs of P. J. Ekstrand, deceased; Albert Belanger, Anthony Logelin, Eleanora W. Duquette Belanger, unknown heirs of Eleanora W. Duquette Belanger, deceased; George P. De Long, Ella M. Anderson, Truman M. Anderson, Elsa L. Anderson, John Leslie Anderson, Irene S. Anderson, Eva M. Anderson, Maude E. Johnson, Arthur Lund, Atwood Lumber Company, a corporation; unknown successors in interest of Atwood Lumber Company; John Rika, Christine Torell, formerly Christine Norell; Benjamin W. Norell, Myrna E. O'Brien, formerly Myrna E. Norell; Alice G. Upman, formerly Alice G. Norell; Erick Erickson Edin, Anna Edin, Ole Overlee, unknown heirs of Ole Overlee, deceased; Ada Overlee, John Pilrain, Gust Julien, Abraham Slimmer, unknown heirs of Lane J. Thomas, deceased; Dale H. Becker, unknown heirs of Abraham Slimmer, deceased; Donald Maheu, unknown heirs of Donald Maheu, deceased; Katherine Maheu (widow), Katherine Maheu, Jr., Mabel E. Maheu, Mary L. Maheu, Earl B. Maheu. Elmer G. Peterson, C. B. Carlson, unknown heirs to C. B. Carlson, deceased; Helen L. Cutting, Farmers and Merchants State Bank of Stillwater, a corporation; W. C. Krog, Hedvig Slott, The State of Minnesota, unknown heirs of Hedvig Slott, deceased: Julius F. Slott. Jens Slott, William Slott, Martin Slott. Walter Slott, Dorothy Slott Linge, Anders Gade, Ane Gade, Anton Peterson, Nappment Lumber Manufacturing Company, a corporation; Mack Jensen, unknown heirs of Anton Peterson, deceased; Perry C. Holdoegel, as Trustee for creditors of J. H. Bradt; J. H. Bradt, Joseph A. Zoller, Helga Plested, Union Trust Company of Madison, Wisconsin, a corporation; unknown heirs of Helga Plested, deceased; W. M. Plaisted, Lillie M. Billman, Willis D. Billman, A. M. Dougan, L. F. Dyer, Charles Morotz, William Withrow. John Walstrom, Robert A. Burns and Janet M. Burns, Executors of the last Will of Fitzhugh Burns, deceased; Victor S. Brander, Carl Johnson, Howard J. Haecker, Pauline Markley. Andrew Storebo, Paul Kjoglien, John O. Garden. J. S. Moore, and Farmers National Bank of Brookings, a corporation; also all other persons unknown claiming any right, title, estate, interest or lien in the real estate described in the petition herein, Respondents.

10. October 10, 1935 Askov American Askov, MN
Article from Askov American, October 10, 1935

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Mack Jensen Holder of Judgment Lien The County of Pine Holder of Tax Lien # Parcel 13 (23-185-21-3B)- All that part of the three following described tracts: 1. The northeast quarter of the northeast quarter (NE¼ NE¼) of section 35, township 44 north, range 19 west, lying northwesterly of the railway; 2. The southeast quarter of the northeast quarter (SE¼ NE¼) of section 35, township 44 north, range 19 west, lying northwesterly of the railway; 3. The northwest quarter of the northwest quarter (NW¼ NW¼) of section 36, township 44 north, range 19 west, lying northwesterly of the railway; which lies within a distance of 200 feet northwesterly of the Great Northern Railway Company's main track center line as same is now located and established over and across said sections 35 and 36; excepting therefrom the right of way of existing highway; containing 7.05 acres, more or less. Names of persons interested in said Parcel 13 and nature of interest: Name Nature of Interest Helga Plested Owner in Fee Union Trust Company of Madison, Wisconsin Holder of Sheriff's Certificate of Mortgage Foreclosure Sale The County of Pine Holder of Tax Lien Unknown heirs of Helga Plested, deceased Claimants of an Interest W. M. Plaisted # Parcel 15 (23-185-21-3B)- All that part of the following described tract: The south half of the southwest quarter (S½ SW¼) of section 25, township 44 north, range 19 west, lying northwesterly of the railway; which lies within a distance of 200 feet northwesterly of the Great Northern Railway Company's main track center line as same is now located and established over and across said section 25; excepting therefrom the right of way of existing highway; containing 3.60 acres, more or less. Names of persons interested in said Parcel 15 and nature of interest: Name Nature of Interest Howard Greene as Receiver of Bankers Joint Stock Land Bank of Milwaukee Owner in Fee Bankers Farm Mortgage Company Holder of Mortgage Lien The County of Pine Holder of Tax Lien # Parcel 16 (23-185-21-3B)- All of the following described tract: That part of the northeast quarter of the southwest quarter (NE¼ SW¼) of section 25, township 44 north, range 19 west; which lies southeasterly of a line run parallel with and distant 150 feet northwesterly of the Great Northern Railway Company's northwesterly right of way line as same is now located and established over and across said section 25; excepting therefrom the right of way of existing highway; containing 0.27 acre, more or less. Names of persons interested in said Parcel 15 and nature of interest: Name Nature of Interest Lillie M. Billman Owners in Fee Willis D. Billman The County of Pine Holder of Tax Lien # Parcel 17 (23-185-21-3B)- All that part of the two following described tracts: 1. The southwest quarter of the northeast quarter (SW¼ NE¼) of section 25, township 44 north, range 19 west, lying northwesterly of the railway; 2. The northwest quarter of the southeast quarter (NW¼ SE¼) of section 25, township 44 north, range 19 west, lying northwesterly of the railway; which lies within a distance of 200 feet northwesterly of the Great Northern Railway Company's main track center line as same is now located and established over and across said section 25; excepting therefrom the right of way of existing highway; containing 3.43 acres, more or less. Names of persons interested in said Parcel 17 and nature of interest: Name Nature of Interest Lillie M. Billman Owner in Fee The County of Pine Holder of Tax Lien # Parcel 20 (23-185-21-3B)- All that part of the two following described tracts: 1. The northwest quarter of the northwest quarter (NW¼ NW¼) of section 30, township 44 north, range 18 west, lying northwesterly of the railway; 2. The northeast quarter of the northeast quarter (NE¼ NE¼) of section 25, township 44 north, range 19 west, lying northwesterly of the railway; which lies within a distance of 200 feet northwesterly of the Great Northern Railway Company's main track center line as same is now located and established over and across said sections 30 and 25; excepting therefrom the right of way of existing highway; containing 3.42 acres, more or less. Names of persons interested in said Parcel 20 and nature of interest: Name Nature of Interest A. M. Dougan Owner in Fee The County of Pine Holder of Tax Lien State of Minnesota Holder of Judgment Lien L. F. Dyer Occupant # Parcel 25 (23-185-21-3B)- All that part of the following described tract: Auditor's Lot No. 17 of the northeast quarter of the southwest quarter (NE¼ SW¼) of section 19, township 44 north, range 18 west; which lies southeasterly of a line run parallel with and distant 200 feet northwesterly of the Great Northern Railway Company's main track center line as same is now located and established over and across said section 19; containing 0.01 acre, more or less. Names of persons interested in said Parcel 25 and nature of interest: Name Nature of Interest Charles Morotz Owner in Fee William Withrow Claimant of an Interest John Walstrom Claimant of an Interest The County of Pine Holder of Tax Lien # Parcel 26 (23-185-21-3B)- All that part of the following described lots: Lots 1, 26, 27 and 28 of Block 8, Village of Bruno, according to the plat thereof now on file and of record in the office of the Register of Deeds in and for Pine County; together with all that part of the following described blocks: Blocks 17, 18 and 19, said Village of Bruno, which lies southeasterly of a line run parallel with and distant 175 feet northeasterly of the Great Northern Railway Company's main track center line as the same is now located and established;