12008171572 1200817
routing
12-00817f6fa77ba7b97080None
Click image to open full size in new tab
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.
Recommended That Stewart Offer be Accepted in Letter Committee Thinks Receivin Land Bank Costs ership Stockholders Too Much Milwaukee, Feb. that the offer for bonds the Bankers' Joint Stock Land bank Milwaukee. be accepttoday by the bondholders' protective in letter offer of Ziegler the made to the receiver they had refused to bid and after the Stewart offer published. The Stewart offer provides three per cent of the bonds in cash; combination of per cent in cash and per cent ten-year cent fund bonds, and cent bonds. Bonds Secured The protective committee staterevealed that the Bank of Italy's corporation "secured" the bonds. The committee recommended prompt acceptance of the proposals embodied in the Stewoffer. The detailed statement of the committee's negotiations stated that were made the ZiegFarm Mortgage firm Bend, (Wis.), several times to tain offer. "These overtures were finally ended about December 1930, statement Ziegler's counthat Mr. Ziegler had bid present the said the The Stewart plan then published. under date of January 31, 1931. Shortly thereafter came Mr. Ziegbid the bank's receiver. The Ziegler Offer The Ziegler which the Wood Brothers. Electric Power, Farm Financial firm of LinNeb., and W. Murphy joined, proposed take over assets the bank the Ziegler firm erating the Wisconsin farms the bank's loans covered. The Woods firm would handle the Minnesota farms with Murphy. Wisconsin farms constitute about 31 per cent total. The Ziegler offer provided for $3.200,000 to be paid and for the bondholders to retain title to the $3,247.000 in cash securities held by the receiver. which more than $600,000 now involved litigation. The committee objected to the latter offer part because does not the receivership, which has $132,000 salaries, travel and office expense and bids to continue costing about $330,000 every five years, according to the announcement.
ACCEPTANCE OF BIDS FOR BANK BONDS FAVORED Bondholders of Bankers' Joint Stock Land Bank Approve Offer Milwaukee With mendations that the offer Stewart, San bonds the Joint Stock Land bank Milwaukee, accepted made today by the protective letter stockholders. The Ziegler the made receiver they had refused to bid the Stewart The stewart offer provides three cent the bonds cash; cent cash per cent sinking fund bonds, and bonds. protective committee revealed that the bank orporation "secured" bonds. The committee recommended prompt the proposals embodied in the Stewoffer. The detailed statement 0° the committee's negotiations stated ertures" made Ziegler mortgage firm West several times to obtain an fer. Announce Ziegler Bid finally end. about Dec. 15, 1930, ment Mr. Ziegler's counsel that Mr. Ziegler had present the said the announcement. Stewart plan published, under date Jan. 1931. Shortly thereafter came the Mr. Ziegler's the bank's receiver. The Ziegler offer, in which the Wood Brothers, electric power, farm and financial firm Lincoln, Neb., Murphy joined, proposed take assets the bank with the Ziegler firm operating the farms the bank's loans covered. Woods firm would handle Minnesota farms with Mr. Murphy. Wisconsin farms constitute about per cent of the The Ziegler offer provided for $3.paid and for the bondholders retain title to the cash and securities held by the receiver, which more than is now involved in litigaThe committee objected to the offer part because the which has cost in salaries, travel and expense bids tinue costing about $330,000 every years, according to the
STEWART OFFER TO BANK UPHELD Joint Stock Land Bank Committee Urges Acceptance By Associated Press) MILWAUKEE, Feb. 13-With recommendations that the offer of A. O. Stewart, San Francisco, for bonds of the Bankers' Joint Stock Land bank of Milwaukee. be accepted were made today by the bondholders protective committee in a letter to stockholders. The offer of B. C. Ziegler and associates. the committee said. was made to the receiver after they had refused to bid and after the Stewart offer was published The Stewart offer provides three options: Thirty per cent of the bonds in cash. A combination of 17 per cent in cash and 28 per cent in 10-year 41% per cent sinking fund bonds, and forty-eight per cent in bonds. The protective committee statement revealed that the bank of Italy's trans-America corporation "secured" the bonds. The committee recommended prompt acceptance of the proposals embodied in the Stewart offer. The detailed statement of the committee's negotiations stated that "overtures' were made to the Ziegler Farm Mortgage firm of West Bend. (Wis.) several times to obtain an offer. "These overtures were finally ended about Dec. 15, 1930, by statement of Mr. Ziegler's counsel that Mr. Ziegler had no bid to present to the committee. said the announcement. The Stewart plan was then published. under date of Jan. 31, 1931. Shortly thereafter came the announcement of Mr. Ziegler's bid to the bank's receiver. The Ziegler offer. in which the Wood brothers. electric power, farm and financial firm of Lincoln. Neb. and F. W. Murphy joined. proposed to take over assets of the bank with the Ziegler firm operating the Wisconsin farms the bank's loans covered. The Woods firm would handle the Minnesota farms with Mr. Murphy. Wisconsin farms constitute about 31 per cent of the total. The Zicgler offer provided for $3.200,000 to be paid and for the bondholders to retain title to the $3,247.000 in cash and securities held by the receiver, of which more than $600,000 is now involved in litigation. The committee objected to the latter offer in part because it does not end the receivership. which has cost $132,000 in salaries, travel and office expense in 1930 and bids to continue costing about $330,000 every five years, according to the announcement. Bond Holder Would Intervene MILWAUKEE, Feb 13-The petition of Charles H. Thornton. Fond du Lac. one of the largest holders of bonds in the defunct joint stock land bank of Milwaukee. to intervene as plaintifi in litigation started by Douglas Van Dyke as trustee of the estate of Gertrude Lawrence. was on file in federal court here today The Van Dyke test case was started on the contention that each issue of bonds of the land bank was protected by segregated issues of mortrather than being lumped in a general group. Howard Greene, receiver of the bank, and the bondholders' protective committee are named defendants in the sult. It was reported the Van Drke bonds have been sold to interests representing B. C. Ziegler and company, West Bend. Wis.. which recently made bid for the assets of the bank. The Van Dyke suit was considered a protective measure for a group of large holders of the bonds.
SHALLOW WELLS OFFER FOR BANK RESUME OIL FLOW BONDS APPROVED Acceptance Urged for Bid Made to Milwaukee Stock Land Institution Market Closed Since Jan. 1 Reopened Prairie Takes Distress Output mendations that the offer of A. O. Oil began flowing again from Stewart, San Francisco, for bonds shallow wells in 17 southern Kansas of the bankers joint stock land counties today to a market the operbank of Milwaukee, be accepted ators have lacked since January 1. were made by the bondholders' pro- The Prairie Oil and Gas Company tective committee in letter to will transport 6,000 barrels of crude shareholders. The offer of B. C. daily through its pipe lines to an Ziegler and associates the commit- Illinois point, under an agreement tee said, was made to the receiver with the Standard Oil of Indiana after they had refused to bid and to take the distress oil for 90 days. after the Stewart offer was pub Resumption of pumping operations was the of hundreds The Stewart offer provides three of stripper wells, which salt water options: encroachment threatened to ruin Thirty-five per cent of the permanently operators said. bonds in W. S. Fitzpatrick chairman of cash (B) combination of 17 per the Prairie board of directors, said in cash and 28 per cent in 10 the Standard-Prairie agreement was 4½ per cent sinking fund effective for 90-day period. Under the present arangement, however, -Forty- five per cent in bonds only 300,000 barrels of oil will be The protective state- received from the stripper wells, he ment revealed that the Bank of said. Italy's Trans-America Corporation Operators were hopeful that ad"secures" the bonds. ditional relief would provided The committee recommended before the present arrangement exprompt acceptance of the proposal pires. embodied in the Stewart offer The Prairle precipitated the crisis The detailed statement of the for shallow well operators in Kancommittee's negotiations stated sas and Oklahoma when it with"overtures" were made to the drew as purchaser January ComZiegler farm mortgage firm of petition from larger companies West Bend, Wis., several times to forced the move, Fitzpatrick exobtain an offer. plained. Wells throughout both "These overtures were finally states were plugged. ended about December 15, 1930, by a statement of Mr. Ziegler's counsel that Mr. Ziegler had no bid to present to the committee," said the announcement. The Stewart plan was then published under date of January 31, 1931. Shortly thereafter came the announcement of Mr. Ziegler's bid to the bank's receiver. The Ziegler offer in which the Wood brothers, Electric power farm and financial firm of Lincoln Neb., and F. W. Murphy joined proposed to take over assets of the bank with the Ziegler firm operating the Wisconsin the bank's loans covered The Woods firm would handle the Minnesota farms with Mr. Murphy Wisconsin farms constitute about 31 per cent of the total.