gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c6cec27783557073
Response Measures
None
Events (2)
1.May 5, 1927Suspension
Cause
Government Action
Cause Details
Federal Farm Loan Board appointed a receiver and placed bank in receivership because of irregularities in management and failure to meet board security requirements
Newspaper Excerpt
appointment of W. R. Compton as receiver for the Kansas City Joint Stock Land bank by the federal farm loan board
Source
newspapers
2.February 2, 1931Reopening
Newspaper Excerpt
KANSAS CITY LAND BANK REORGANIZED ... he hoped to the new bank in actual operation by April; LAND BANK MAY REOPEN ... new institution probably would be in operation April (articles dated 1931-02-02 and earlier reports of plan approval 1930-08-29).
Source
newspapers
Newspaper Articles (17)
1.May 5, 1927The Birmingham PostBirmingham, AL
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PICK BANK RECEIVER
St. Louis Man to Take Over sas Joint Stock Land Bank By liam R. Compton, St. Louis, been appointed receiver for the Kansas City Joint Stock Lane bank by the federal farm loan board, Secretary of the Treasury Mellon announced today. A receiver necessary because of irregularities in the bank management, Mellon said. Compton will arrange to meet immediate financial obligations by securing about $500,000 from group of Chicago bankers on receivers' certificates. Mellon said he did not anticipate a loss to bondholders and so far there had been no considerstion of assessment of stockholders. The Kansas City bank has about $44,000,000 in bonds outstanding.
2.May 5, 1927The Kansas City PostKansas City, MO
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CHECK OF BANK ASSETS ORDERED
Receiver to Determine Exact Condition of Cravens Institution.
W. R. Compton, named yesterday as receiver of the Kansas City Joint Stock Land bank, formally took charge of the bank at 9:30 o'clock this morning. Mr. Compton arrived from St. Louis, where he is head of W. R. Compton & Co., investment banking house. "The first move in the bank here," said the receiver, "will be a check of the assets to determine the exact condition of the institution. Until then nothing can be announced. The employes of the bank will be retained, temporarily at least." At 10 o'clock Mr. Compton issued a written statement in which he announced he had taken possession of the bank and announced the appoint ment of Herman M. Langworthy, Kansas City attorney, as associate counsel for the St. Louis firm of Bryan, Williams & Cave, his own counsel. The statement: W. R. Compton announces he has taken personal posession the bank this morning. accompanied by counsel, Bryan. Williams & Cave of St. Louis, and announces Herman M. Langworthy of Kansas Citylas local and associate counsel It is expected much of the detail of receivership will be handled by Mr. Langworthy as Mr. Compton will have to spend considerable time out of Kansas It was learned today the bank was thrown into receivership by the federal farm loan board did not meet the requirement, of the board that $600,000 additional security be placed behind its $48,000,000 bond issue Besides that, the farm loan board considered the fact that the bank had to borrow the $800,000 needed to meet bond interest May 1. constituted an act of insolvency. Further, government officials are known to have desired the ousting of Walter Cravens, president. and Ralph W. Street, vice president, and their associates from the bank. A receivership was the only sure way of accomplishing that, was pointed out. Advices from Washington today revealed Mr. Compton had been instructed to obtain $500,000 from Chicago bankers to pay immediate obligations of the Kansas City bank. Andrew W. Mellon, secretary of the treasury. said a receivership was necessary because of the irregularities in the bank. No Assessment Considered. The secretary of the treasury said reports to him indicated the bondholders would not suffer and no consideration had been given to an assessment stockholders. Mr. Mellon said several other land banks recently had depleted liquid resources by foreclosure on mortgages. but the situation being rectified and no further receiverships will be necessary. in the opinion of the secretary The posting of bonds under indictments returned against Cravens and his associates has been postponed until tomorrow because the inability of bondsmen to reach Kansas City today Those yet to provide boed are Cravens, Miss Alice B. Todd secretary of the bank, and R. H. and R. P. directors. Ralph W. Street, vice president. and C. Russell Cravens, a director, posted bonds yesterday.
3.May 5, 1927Evening StarWashington, DC
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FARM LOAN POST GIVEN TO MEYER Will Become Commissioner. George R. Cooksey Chosen Board Member. Eugene Meyer, jr., managing director of the War Finance Corporation, has been chosen for farm loan commissioner, and George R. Cooksey, a director of the corporation, has been chosen a member of the Farm Loan Board, it was learned today. Their formal appointment by President Coolidge is expected shortly. Mr. Meyer first will be named only a member of the board, but upon the return of Commissioner Williams from a Western trip Mr. Meyer will be promoted to commissioner and Mr. Williams will become a member of the board. The two new members succeed Robert A. Cooper and Elmer S. Landes, recently resigned. Mellon Is Silent. While Secretary of the Treasury Mellon, who is chairman of the Farm Loan Board, declined to make any comment today on the forthcoming changes in the board. he announced the appointment by the board of a receiver for the Kansas City Joint Stock Land Bank. William R. Compton of St. Louis was made receiver, Mr. Mellon said, and arrangements were being made to reorganize the bank, and obtain sufficient funds to meet interest payments in the amount of more than $900,000. The change in management, Mr. Mellon said, will prevent lose to seno under curity consideration holders, and for any plans assess- were of ment against the outstanding stock the bank, which is capitalized at $3,500,000. Conditions Are Local. "he conditions which brought about depletion of the bank's funds were entirely local, Mr. Mellon emphasized, and were not general throughout the system of banks of which this institution is a part. Steps had been under way for some time, he said, to "strengthen and rectify" the situation in regard to some other banks in the system, but no extreme difficulties such as were precipitated by the "irregular" practices in the Kansas City bank were expected to be met elsewhere.
4.May 5, 1927The M'Alester News-CapitalMcAlester, OK
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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.
5.May 11, 1927Columbia Daily TribuneColumbia, MO
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Asks Receivership for Cravens Concerns
By The Associated Press. KANSAS CITY, Mo., May An application for receivership for the Farmers' Fund Incorporated the Kansas City Finance Company established Walter Cravens, dicted the Kansas City Joint Stock Land Bank, was made yesterday by Compton, Land Bank The petition of the Land Bank states for the two companies necessary that determine there any interlocking relation existing between the two companies and Land Bank. temporary injunction to vent officers from removing assets of the companies In federal indictments against and directors the Land Bank, the government alleged proximately had been verted from the Land Bank to the of the Electric Company power project at Bagnell, that the companies named today organized cover the
6.May 12, 1927St. Joseph News-PressSt. Joseph, MO
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FILES BILL IN EQUITY.
Kansas City Attorney Asks to Have Joint Stock Land Bank Receiver.
Edwin A. Krauthoff, attorney, today filed bill in equity in the federal court eeeking to have set aside the receivership of the Kansas City Joint Stock Land Bank set up by the federal farm loan board. He requested federal court receivership for the institution. Krauthoff filed as plaintiff against Walter Cravens, indicted president of the bank: members of his family, and other individuals and organizations alleged to be associated with the land bank efficials. He alleged he owned five
7.June 25, 1927The Morning ChronicleManhattan, KS
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Land Bank Receiver For Manager Of Finance Company Accounts Kansas application by William Compton. receiver for the Kansas City Joint Stock Land bank. that receiver appointed for the Kansas City Fin company. subsidiary, was heard today by Federal Judge Albert Revees. Protest was made by torneys for the Finance asked that restraining order against transaction of any business dissolved. The matter taken advisement Judge Reeves.
Father Dies Koontz. Independence, father Mrs Ames, died yesterday evening his home Independence. Mr. Koontz. who was 70 years old. had been in health for the past three years. He been resident Independence for years Funeral services will held probMonday in Independence Ames will go to Independtoday.
8.August 19, 1927Lake Sun LeaderCamdenton, MO
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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
9.October 31, 1927The World-NewsRoanoke, VA
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Bank Receiver Says There Will Be Some Losses
Kansas City, Mo., Oct. 31 (United are cerbecause the the City Joint Land report William Compton, receiver th ebank. the Federal Farm Loan Board yesterday. The frozen assets of the defunct bank, upon which the expected. total cording analysis. directors since January 19, 1926, are miss-
The bank. which has bonds outstanding totalling more in the hands the receiver May Compton stated report the financial condition of the not interest obligations maturing today.
TRIAL POSTPONED. St. Oct. (United the trial Rogers baseball for debts allegedly owed Frank Moore, betting commissioner, was postponed until December
TO START
Oct. 31 (United Press). reported MotorsStates combine ceed rapidly. the Federal Trade Comtoday. Examination books and collection information began recently.
10.November 15, 1927Kansas City JournalKansas City, MO
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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.
11.November 25, 1927The Kansas City TimesKansas City, MO
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affairs of the Kansas City Joint Stock Land Bank, which was closed last May The appellate court affirmed the action Judge John Judge Albert Reeves Judge Merrill Otis dismissing four filed bondholders and stockholder sought appointment receiver federal court with broader powers Compton to handle affairs the defunct The opinion written Judge Robert Lewis of Denver and concurred in Judge Pollock Judge George Scott Sioux City. held the federal farm board jurisdiction in the Edwin of represents the alleged affairs the bank complicated appointed the federal board with only upon eral farm act not efficiently In the opinion court said found the federal farm act and the banking the and their affairs when the banks think act clearly intends." said procedure that national banking shall in be There the comptroller declares the insolvency appoints receiver here the board.'
12.January 16, 1928St. Joseph News-PressSt. Joseph, MO
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MAY BE REORGANIZED
This is a ginning to bud. normal condition, he said. The threatened cold wave, due in St. Joseph Saturday night, did not arrive. The lowest the went M'LUCAS SEES STEP FOR KANwas down to 34 above at 10 o'clock SAS CITY LAND BANK. last night. The outlook for tonight and is cloudy. with little change in temperature, according to Report Made by Chairman of BondW. S. Belden, government weather holders' Protective Committee Says observer. Greatest Menace is Loss in Delin- quent Loans and Real Estate.
KANSAS CITY. Mo., Jan. Possibility of a reorganization of the Kansas City Joint/Stock Land Bank is seen by W. S. McLucas, chairman of the bondholders' protective committee, in the January report of WIIliam R. Compton, the land bank receiver. "I am agreeably surprised at the progress reflected in Mr. Compton's report, said Mr. McLucas, after reading the report, which has just been made public. "It indicates the receivership is being ably conducted. and that Eugene Meyer. farm loan and the federal farm loan board, are taking a practical attitude in the matter
Call Special Meeting "I believe the situation now affords the bondholders' protective committee, If It becomes representative of the larger percentage of the bonds, an opportunity to formulate definite plans for presentation to bondholders and for submission to the board at Washington. Mr. McLucas said a special meeting of the bondholders committee would be called this either in New York or Washington, to consider those steps. It is impossible to forecast in ac- tual figures the losses or pledged assets, Mr. Compton points out in his report, which says in part: Would Not Be Great. "There no doubt will be losses from time to time on loans which now are apparently in good standing. but the menace this direction would not be great if present land values maintain. "By far the greatest menace, so far as bondholders are concerned, is the percentage of loss in the present delinquent loans and real estate This amount totals $7,839,135.59, considerable portion of which represents current delinquencies and should be collected in the near fuMr. Compton's report announces that the land bank building will be advertised for sale under sealed bids, but not sold unless "reasonable offers" are made, and that the working force of the institution has been reorganized. A reappraisal of loans and real eatate is in progress, and crew of sixteen men is in the field assisting in collecting past due Items, and renting and selling farms.
Walter S. McLucas, who is chairman of the Kansas City Joint Stock Land Bank stockholders' protective committee, formerly was vice-president of the First National Bank of St. Joseph. His rapid rise as banker began here when he became cashier of the old Merchants Bank, which was merged with the First National. Prior to that he had been in the live stock business at the South St. Joseph stock yards.
CONCERT MASTER DEAD. BALTIMORE, Jan. G. Gaul, well known musician and
AND MOSQUITOES GROUP TO RUN DEFUNCT BECAUSE LAND BANK PROPOSED
CHICAGO. June 2-A. P. Stewart "It Penetrates" of San Francisco, president of the Pacific Coast Land Bank, today proposed to bondholders' protective com BLACK mittee to take over the now defunct FLAG Kansas City Joint Stock Land Bank. W. Edwin Stanley. for the commit- SPRAY tee. said negotiations will be continued tomorrow. If the representatives of the bondholders agree, the proposal will be submitted for approval to the Federal Land Bank approved, will then be put before the bondholders for acceptance. MADE Y THE MAKERS Bondholders, Stanley said. include various groups Detroit. Cleveland. New York and Chicago.
14.August 29, 1930The Kansas City StarKansas City, MO
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THE
Similar Institutions in Other Cities Also by Resumption of Its Business.
Washington, Aug. plan for the reorganization of the Kansas City Joint Stock Land Bank has been approved by the federal farm loan board. After two years of negotiations, the board announced today plan submitted by San Francapitalist, had approved the bondholders' and stockholders' protective committees. Upon acceptance "large the the farm loan board has agreed the reorganization the bank. Receiver to Turn Over Assets. According the present plans, the Kansas bank will reopen shortly under management. and the assets turned over Herman Langworthy, the receiver. The plan reorganization will be made public Paul Besfederal farm loan declined discuss the ization plan further than to make formal statement: federal farm board has received of the plan for the reorganization the properties and affairs Kansas Joint Land Bank Kansas which has adopted by the that the holders' protective committee the bank. These two committees, spectively, represent considerably than majority of the bondholders stockholders bank Copies the plan will sent to security holders the bank. It contemplated become operative only upon assent thereto by large percentage of the bondholders. Modification Is "The farm has advised the the bondholders' protective the proreorganization, if carried out accordince the plan. any modifications thereof approved by the board, and certain the plan, the Arrangements are being made by the bondholders' of the plan SeptemStewart the San Francisco capitalwho reorganize the KanCity bank, which has been in ceivership since formerly owner San ferry, and recent years has trolled the land bank home of the KanCity the other land banks pected big culture middle West and confiand written farm land The federal farm loan the Kanbank in time depression will business City territory West. the plan Walter McLucas, head the bondholders' committee For many months bondholders holders' committees have far apart. The affairs the bank aired before the house banking partly the complaints security numbers whom reside in the Much the credit for obtainagreement two Langmittees worthy. worked diligently reorganization the of Kansas City will two banks the Cinfarm loan according banks now board. the dreds of millions on farm
15.February 2, 1931Des Moines TribuneDes Moines, IA
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KANSAS CITY LAND BANK REORGANIZED
KANSAS CITY the City Joint Stock Land bank have San here Sunday than $43 000 the in bonds of the old bank have their the He said he expected to make the by end of the he hoped to the new bank in actual operation by April Three options were avaiable to the stockholders in the preparations for Thirty six cent accepted settlement $60 for each $100 bond in the per cent accepted new per $85 for each $100 held in old per cent 41 per cent in the new rate of $85 for each $100. with certain asset rights
16.February 2, 1931St. Joseph News-PressSt. Joseph, MO
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LAND BANK MAY REOPEN.
Kansas City Institution Expected Be in Operation April
KANSAS CITY, Mo., Francisco leading the tion of the Kansas City Joint Stock Land Bank, said today the new institution probably would be in operation April Completion check of bond depositories this week, he said, expected that 97 per cent the nearly $45,000,000 worth bonds the old the reorganization. The bank went Into 1927. Later Walter Cravens, found guilty by eral court jury funds and making false entries He given six-year prison sentence which was suspended pending an appeal.
17.February 20, 1934Kansas City JournalKansas City, MO
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CLOPAY H. M. LANGWORTHY JOINS FACULTY OF Crack Proof Color Fast! WILLIAMS SHAVING CREAM Only K. C. LAW SCHOOL
COMBIN Special Class in Insurance 25 Legislation Will Be Offered. 30¢ GROVES
Herman M. Langworthy has been BROMO added to the faculty of the Kansas City School of Law to conduct spe- QUININE cial class in insurance legislation, COLD TABLETS the executive board of the school PILLS has announced. Members of the 16 board are Elmer N. Powell. Edward D. Ellison and Judge Merrill E. Squibb's Otis. Tablets Mr. Langworthy has had varied $1.75 Luminal $1.00 Tablets for experience banking and insurESTHER ance activities, as well as his legal LADY Pile Pills practice. He is former legal representative of the MELLO-GLO OR 30e Calomel Finance former FACE POWDER director of the Kansas City FedChocolate eral Reserve bank former receiver 20e Sulphur and Cream for the Kansas City Joint Stock Tartar Tablets 69 Land bank and one of the ten directors of the Union National bank. The program of the annual Kansas City School of Law, Washing20¢ and Special ton's birthday dinner, to be held at HINKLE 6:30 o'clock Thursday night at the Calbisma Hotel Muehlebach, has been comPowder Special pleted. The principal speakers will Chill PILLS be Judge George T. McDermott of 100 FOR peals, Charles L. general Blood counsel of the Kansas City Public Service company; Ben W. Swofford. representing the class of 1933, and Fred Bellemere, chairman of the Coughs and Colds board of election commissioners. The program: Toastmaster Washington H. president senior Volunteers for Polk class 1937 Startling Historical HAIR M. 1936 An Mr. WashingtonTONIC Thurber Kelley Manifestations slass the 1935. HandMcCarthy class Leader Dillingham, post 27 GIANT graduate class Vocal Solo- Farley class of 1931 The TUBES by Judge Reunion of class 1934 754 CERTIFIED Fred class of 1914 RUSSIAN 1937 Stephen B. Kaney, jr., class 39 of Presentation Class Picture 1933 Class of MINERAL 1933 Acceptance Behalf of Charles
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Kansas City Joint Stock Land Bank · UID 18012171529
