Bankers Joint Stock Land Bank (Milwaukee, WI)

Episode Information

Episode Type
Suspension β†’ Closure
Start Date
July 1, 1927
Location
Milwaukee, Wisconsin (43.039, -87.906)
Bank Type
private
Routing Number
12-0081

Metadata

Notes

Federal Farm Loan Commissioner appointed a receiver after bond interest default; bank underwent liquidation.

Events (8)

1. July 1, 1927 Suspension
Cause
Government Action
Cause Details
Failure to pay interest on part of outstanding bond issue led Farm Loan Commissioner to appoint a receiver.
Newspaper Excerpt
Farm Loan Commissioner Eugene Meyer today appointed Howard Greene of Milwaukee as receiver for the Bankers Joint Stock Land Bank of Milwaukee because of the bank's failure to pay interest on part of its outstanding bond issue
Source
newspapers
2. July 1, 1927 Receivership
Newspaper Excerpt
appointed Howard Greene, Milwaukee, receiver of the bank; Farm Loan Commissioner Eugene Meyer had appointed Howard Greene of Milwaukee as receiver for the Bankers Joint Stock Land Bank of Milwaukee because of the bank's failure to pay interest on part of its outstanding bond issue
Source
newspapers
3. August 1, 1928* Other
Newspaper Excerpt
Howard Greene, Receiver of The Bankers Joint Stock Land Bank of Milwaukee, Wis., -Plaintiff, -VS.- ... (foreclosure action in Minnesota)
Source
newspapers
4. January 25, 1929 Other
Newspaper Excerpt
judgment and decree entered in the above entitled action on the 25th day of January, 1929 ... Howard Greene, Receiver of The Bankers Joint Stock Land Bank of Milwaukee, Wisconsin, Plaintiff
Source
newspapers
5. November 4, 1929 Other
Newspaper Excerpt
supreme court decided ... the controversy arose in Milwaukee when Wheeler, holder of shares of stock in the Bankers Joint Stock Land bank, was sued by Howard Greene, receiver of the bank.
Source
newspapers
6. December 23, 1930 Other
Newspaper Excerpt
Redemption of $13,405,000 worth Bankers' Joint Stock Land bank ... failed ... agreed to liquidate bank.
Source
newspapers
7. July 1, 1932 Other
Newspaper Excerpt
Receiver for Bankers' Joint Stock Land Bank of Milwaukee Gets Sale Order ... ordering a sale of assets of the insolvent mortgage bank to expedite liquidation. The sale will take place July 29 in Milwaukee.
Source
newspapers
8. October 10, 1935 Other
Newspaper Excerpt
Howard Greene, as Receiver of Bankers Joint Stock Land Bank of Milwaukee listed among parties in a complex Minnesota district court action
Source
newspapers

Newspaper Articles (10)

Article from Chronicle Tribune, July 1, 1927

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Article Text

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


Article from Wisconsin State Journal, July 1, 1927

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Article Text

Appoint Milwaukee Man Stock Land Bank Receiver

WASHINGTON (LP) Farm Loan Commissioner Eugene Meyer today appointed Howard Greene of Milwaukee as receiver for the Bankers Joint Stock Land Bank of Milwaukee because of the bank's failure to pay interest on part of its outstanding bond issue


Article from The Redwood Gazette, August 1, 1928

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Article Text

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.


Article from The Redwood Gazette, February 6, 1929

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Article Text

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.


Article from The Courier, November 4, 1929

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Holds Land Bank Receivers Can't Sue

Washington, D. Nov The supreme decided today the federal farm loan board and receivfailed joint stock land banks without levy such banks maintain for the liability The court held the board and courts set rights let the courts should protect the rights. The arose Milwaukee when Wheeler, holder shares stock the Bankers Joint Stock Land bank. was sued by Howard Greene receiver of the bank. $5,000


Article from The Ponca City News, November 5, 1929

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LAND BANK RECEIVERS CHECKED AS TO SUITS

Nov. supreme court decided today the federal farm loan board and receivers of failed joint stock land banks are without authority to levy against stockholders of such banks and to maintain suits for the amount of their personal The court held the board and receivers must proceed to the courts set up their rights and let the courts decide what should be done to protect the government's rights. The controve arose in Milwaukee, Wis., when J. Wheeler, holder of 50 shares of stock in the Bankers Joint Stock Land bank was sued by Howard reene, receiver of the bank, for $5,000. Wheeler took the position the creditors of the failed land bank only had the right maintain suits against the stockholders to enforce their liability.


Article from The Spokesman-Review, November 28, 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. ceivers of joint stock land banks at Kansas City and Cincinnati asked the supreme court today to reconsider its decision creditors, and not receivers for the had the right the liabilities stockholders of The decision, handed down vember case from waukee, where Wheeler, stock. holder in the failed Bankers' Joint Stock Land bank, sued by the succeeded his that the only could suits for stockliability. The bank appealed for 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 the failed Kansas City bank, similar motion. The that if the power loan board require should be limited by inability to enforce its the bonds issued by federal land banks and joint stock banks would cease to be an attractive investment, and serious injury the entire system might follow The briefs stressed interest had protecting the bonds, and said the financial structure such magnitude impose grave responsibilities on the The bondholders committee, $28,000,000 the 500 in bonds issued by the failed institution, said the had been purchased the belief the event of the loan board would able to enforce the shareholders' liability for benefit of the bondholders.


Article from Omaha World-Herald, December 24, 1930

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Promise Liquidation for Milwaukee Bank

Milwaukee, Wis., Dec. 23 Redemption of $13,bonds in the 405,000 worth Bankers' Joint Stock Land bank of which failed was virtually today ago, the the bondprotective that Stewart San Francisco, A. number of Pacific bank corporations, has coast land the Milwaukee agreed to liquidate bank.


Article Text

Order Sale of Bank's Assets

Receiver for Bankers' Joint Stock Land Bank of Milwaukee Gets Sale Order

Milwaukee, Wis.β€”(AP)β€”Notice was received Thursday by Howard Greene, farm board receiver for the Bankers' Joint Stock Land bank of Milwaukee, ordering a sale of assets of the insolvent mortgage bank to expedite liquidation. The sale will take place July 29 in Milwaukee.

The sale was ordered after the farm board had deliberated the step more than five years. There were $15,771,000 of so-called "instrumentalities of the United States government" outstanding when the bank failed. Under terms of the sale 15.1 is the lowest price the government board will accept from a bidder.


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.