4284. Chicago Joint Stock Land Bank (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 1, 1932
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
768ad0dc

Response Measures

None

Description

Articles (Oct 1-3, 1932) report the bank was unable to pay interest, directors suspended operations, and the Farm Loan Board named a receiver (John B. Gallagher). This indicates a suspension leading to receivership/closure (insolvency/asset depreciation). No run is mentioned.

Events (2)
1. October 1, 1932 Receivership
Newspaper Excerpt
appointment of John B. Gallagher, of Chicago, as receiver for the Chicago Joint Stock Land Bank.
Source
newspapers
2. October 1, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank informed Farm Loan Board it was unable to pay interest due on bond obligations; assets depressed and insolvency alleged; directors suspended operations.
Newspaper Excerpt
the directors found it necessary to suspend operations.
Source
newspapers

Newspaper Articles (11)
1. October 1, 1932 The Evening Sun Baltimore, MD
Article from The Evening Sun, October 1, 1932

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Article Text

Chicago Land Bank Receiver Is Named liams, acting commissioner of the Farm Loan Board, announced today the appointment of John B. Gallagher, of Chicago, as receiver for the Chicago Joint Stock Land Bank. Gallagher take charge immediately of the bank's The board acted after the land bank had advised it was unable to pay terest due October on its bond obligations. The bank said that the board of directors had determined to pay no part of the interest due on the obligations. The bank organized in 1917. At the close of business September its statement showed outstanding bonds of $42,724,100 "The condition of the bank was such that the it necessary to suspend further operations,' Williams said, "and the conclusion was reached that receivership was the only open. The bank not affiliated with any other banking institution. Not A Leg To Stand On the Illinois Sergeant- you say you're college student? Prisoner-1 am. sir. Officer- he can't be! I've searched him and there ain't single magazine subscription blank on him.

2. October 1, 1932 Anderson Daily Bulletin Anderson, IN
Article from Anderson Daily Bulletin, October 1, 1932

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Stock Land Bank Receiver Named Washington, Oct. Williams, acting the Farm Loan Board, announced today the appointment of John Chicago, receiver Joint Stock Land the Chicago While policeman swimming London municipal bath recently clothes were stolen from locker.

3. October 2, 1932 The Philadelphia Inquirer Philadelphia, PA
Article from The Philadelphia Inquirer, October 2, 1932

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Article Text

CHICAGO LAND BANK RECEIVER IS NAMED WASHINGTON Oct the Farm Board, the appointment of John Gallagher, Chicago, receiver for Chicago Joint Stock Land Bank. Gallagher take charge immediately the affairs. acted the was unable interest due October outstanding The bank the board of directors determined the interest due on the obligations. bank was organized in 1917 the its showed outstandbonds of of the bank such directors found necessary suspend further Williams the conclusion was ceivership was course bank not affiliated with any other banking institution

4. October 2, 1932 Evening Star Washington, DC
Article from Evening Star, October 2, 1932

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Article Text

CHICAGO LAND BANK RECEIVER IS NAMED Appointment Is Coincident With Filing of Petition in Federal Court. By the Associated Press. CHICAGO, October 1.-At the time a suit was being filed here in Federal Court today asking appointment of a receiver for the inoperative Chicago Joint Stock Land Bank, A. C. Williams, acting commissioner of the Farm Loan Board, made known in Washington the appointment of John B. Gallagher, secretary of the bank, as receiver. Gallagher expressed surprise at the court petition, saying he knew of no reasons for the bill. He will take charge of the bank's affairs immediately. The petition named members of the Farm Board and Ogden L. Mills, Secretary of the Treasury. as defendants. It estimated the bank's liabilities at $45.000,000 and actual assets at $27,000,000. Filed by a creditor, the petition asked liquidation of assets. The board took action after the bank informed it was unable to meet interest due today on bond obligations. "The condition of the bank was such," said Williams, "that the directors found it necessary to suspend operations." The bank was organized in 1917. Its statement showed outstanding bonds of $42,724,100 at the close of business on September 30.

5. October 3, 1932 The Capital Times Madison, WI
Article from The Capital Times, October 3, 1932

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Sue for Receiver of Chicago Land Bank for the appointment receiver the Chicago Joint Stock Land bank was filed in federal district court here Saturday shortly after the farm loan board at Washington had announced the appointment of John D. Gallagher. who is secretary of the bank as receiver Gallagher said he was surprised to learn of the federal petition and had no knowledge of the reasons for the bill Members of the farm loan board including Secretary of the Treasury Ogden L. Mills. were named defendants in the petition which estimated liabilities of the bank at $45,000,000 and actual assets at The petitioncreditor. asked liquidation of the The bank deals exclusively in farm mortgages, and the bill alleged that its land assets have depreciated in value to the point of insolvency The petitioner was W. C. Brusselback of St. Louis.

6. November 2, 1932 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, November 2, 1932

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Wilkerson Denies Receivership Action ILL Federal Judge James H. Wilkerson Tuesday denied motion of bondholder to appoint receiver for the Chicago Joint Stock Land bank, institution. The farm loan board supervisor joint stock land banks, recently named John Gallagher, president of the Chicago bank. The petition was brought Judge Wilkerson jurisdiction over the

7. September 9, 1933 The True Republican Sycamore, IL
Article from The True Republican, September 9, 1933

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RECORDED AT THE COURT HOUSE Weekly Digest of County Documents Recorded- Real Estate Transfers-Marriage Licenses Issued Real Estate Transfers ShabbonaDeKalbChicago Joint Stock Land Bank C. G. Quarnstrom qed Arthur by Receiver deed Barnett Faroll, pt Drake, pt lots 2 and 3, blk 45, $1. sec 17 and 20, $17,500. SycamoreAftonD. J. McConnell wd Sycamore Hugh Finnan wd Edith A. Nelson, Building & Loan Assn., pt lot 55, sec 32, $1. pt sec 7. Pierce Twp. and pt sec 12, Algert J. Binder wd Sycamore Edith A. Nelson wd Hugh Finnan, Building & Loan Assn., lot 3, blk 1, pt sec 7, Pierce Twp, and pt sec 12, Boies 2nd Addn. $1. Afton Twp, $1. Harry E. Henigan wd Dora AnMilanderson, north 20 ft. lot 3 of lot 4, Louise Kirby wd Agnes Murray, n½ se 1/4 sec 34 and sw½ nw½ sec Dora Anderson wd Harry E. Hen- 35, $1. igan, n $1. 20 ft lot 3 of lot E. Mason's In County Court Addn, In the Matter of People VS. Albert Fern S. Rose wd Sycamore Building & Loan Assn., e½ lot 5, blk 1, Kenyon's Sandwich- Subn. Young's Addn, $1. Louise Hamlin wd Genevieve V. Keeley, lot D and pt lot E. Latham & Genoa- Hudgens Plat, sec 3, $900. Blanche Hollenbeak wd Ralph H. Browne, lot 1, blk 4, Plat A, $10. Exchange State Bank et al by Receiver deed Dr. B. W. Jones, uot sec 19, 30 and 31, Genoa Twp., and $1. pt sec 24 and 25, Kingston Twp., KingstonExchange State Bank by Receiver and deed 23, Dr. $1. B. W. Jones, pt sec 11, 15 Exchange State Bank by Receiver deed Dr. B. W. Jones, pt se% sec 14 and n½ ne1/4 sec 23, $1. C. R. Yatz qed Mayme Burmester, lots 4, 5 and 6. blk. 4, Congdon's Addn, Village of Waterman, $1. Mayme Burmester qed C. R. Yatz, pt lot 4, blk 2. Greeley's Addn, Village of Waterman, $1. CortlandRuth Gleason deed Raymond Taylor Scott, lots 9 and 11 to 21 inclusive and land adjoining and lots 26 to 40 inclusive and lot 49, McGirr's Subn, sec 19, $1. Afton Twp, $1. Ickes. Information for contributing to delinquency. Case continued to Dec. 4th. In the Mattter of People VS. Rolla Cover. Information for contributing to delinquency. Case continued to Dec. 4th. In the Matter of Lois Olmstead, delinquent. Case continued to Sept. 11th. In the Matter of Clarence Lawrence, delinquent. Case continued to Dec. 4th. Estate of- Gustave Goodman. Report of transfer of stock approved. William Leifheit. Order entered for payment of legacies. Mary E. Ledoyt. Report of former executor approved. Emma Israelson. Final report approved and administrator with will annexed ordered to make distribution as prayed. Efstathios Kavadas. Claim of Sam Palmos allowed. Order entered for payment of distributive shares. Louis F. Swanson. Claims of Holger C. Danielson, Dr. Rodney A. Wright, E. M Byers, M. D.; and Miller, White & Woods allowed. Jennie Macklin. Inventory approved. Fred E. Freeman. Appraisement bill and inventory approved.

8. September 16, 1933 The Daily Chronicle De Kalb, IL
Article from The Daily Chronicle, September 16, 1933

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COURTHOUSE DOINGS REAL DEKALB: Irene Bradt Forrest Andrews, lot blk. Bradt's Subn. Ellwood's Addn. Mary Amelia Fuller heirs Frank W. Lot blk. Peterson's Jones Addn Nels Raymond Olson wd Royalty lot blk. Martin Dodge's Addn. August Waldone wd Oscar Nielot Addn Wesley Snyder wd Kenneth M. lots and blk. Mayo's Addn. Kenneth Snyder wd Eunice E. lots and blk. Mayo's Addn. Badgley Ida blk. Ida G. Badgley Gnevieve Badgley, lot blk. 28. Morgan wd Sycamore BuildIng Loan lot blk. send 2nd Addn. George Flink Nellie Murphy, ne% sec. Nellie Murphy wd George Flink. al. Jacob Stern wd Edward Kelley et and lot of lot 10. $1000. SANDWICH: Ben Horve qed John W. Hotte. pt. lots and Hall's Addn. GENOA: Allard Butz qcd Golda Underwood. et lots blk. Addn. FRANKLIN: Henry Landis wd James D. Edwards lot Rowan Grout's Addn. Village Kirkland. $25.00. Clarence Roke wd Chicago Joint Stock Land Bank by receiver, pt. and ne% and Chicago Joint Stock Land Bank by receiver deed Henry B. pt. and and sec. State Bank by Receiver deed Mabelle Rapp. 20 and Ex. Ry. sec. $1.00. Anna Baars heirs wd E. Wright. lot F. Stuart's 2nd Addn. $362.50. PAW Ross W. Hough wd Albert H. Heaton. pt. sec. 31. $14,500. annexed and former executor discharged. Bernand Milnamow. Order tered for conservator to settle said estate acting Nov. term for claims. Order entered for private of property. Dorcas Lucas. Just and true account approved. Albert Klotz. Inventory approved. Alice Brayton. Letters administration issued Hupp. No praisers. Nov. for Stephen Arl. late of about $1200. Will and petition for Oct. Charles E. Bradt. Order entered authorizing to make settlement regarding DeKalb Building and Loan Association note. Jacob Breunig. Harry Lewis appointed administrator pro tem to defend estate in the matter of claim of Adeline Breunig. Inventory approved. Louis E. Brower appointed administrator pro tem to defend estate in the matter of claim of Eleanor Swanson. Claim of Dr. Nelson allowed. Otto B. Herald. Just and true account approved. Fred H. will duly probatRobert Nowe appointed ecutor and letters issued. No a.ppraisers. Nov. term for claims. Proof of heirship made. Nathan Mighell, Will duly probated. Roy Wakefield appointed executor and letters issued No praisers. Nov. term for claims.

9. November 2, 1933 The Times Streator, IL
Article from The Times, November 2, 1933

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LIVINGSTON COUNTY COURT NEWS. Warranty Deed. George Schoon and wife to Geo. Quait Calim Deed. Bessie Phippips and husband, et al to Mary Catherine Defenbaugh, lots 7. 10 and 11, blk. 20, in Ancona, $900. Receiver's Deed. John B. Gallagher, receiver of Chicago Joint Stock Land Bank to Walter Nussbaum, si nw1 sec. 17 and nu sec. 17-26-6, $9,000.

10. November 2, 1933 The Times Streator, IL
Article from The Times, November 2, 1933

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LIVINGSTON COUNTY COURT NEWS. Warranty Deed. George Schoon and wife to Geo. Franzen, as treasurer, nw1 and wh sei sec 29 and 31 acres of swi se} Quait Calim Deed. Bessie Phippips and husband, et al to Mary Catherine lots 2. 3, 7. 10 and 11, blk. 20, in Ancona, $900. Receiver's Deed. John B. Gallagher, receiver of Chicago Joint Stock Land Bank and nu sec. 17-26-6, $9,000.

11. February 2, 1934 The Daily Chronicle De Kalb, IL
Article from The Daily Chronicle, February 2, 1934

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COURTHOUSE DOINGS DE KALB Carl Klages wd Lillie lot blk. Martin Bros and Galt's addn. $250 Roy Switzer wd DeKalb Building Loan Association. lot 13. blk. 3. Townsend Place addn. $1 Meyer Knit deed Helen Telford lot blk. Ellfield addn. $1. SQUAW GROVE: John Michael Rissman heirs deed Charles O. Johnson, pt. sec. and 17. Walter D. Faxon by admr deed Harriet Faxon, lot 10. Wagner and Miller's addn. and blk Miller's second addn. Village of Noah Olson wd William lot 18 Village of William Wollenweber Anna Bollinger lots and blk lot blk. lot 11. 15: lot all lot and blk lot lot and lot and lot blk. Original town. Village of Shabbona $100. Anna Bollinger wd William lots and 19: lot blk. 18: lot 11. blk. 1-2 all lots and E 1-2 lot blk. lot and E 1-2 lot 22 and lot and W 1-2 lot blk 16: Origmal town. Village of Shabbona $10 AFTON hauncey W. Broughton by master deed Chicago Joint Stock Land Bank by receiver and 31. In County Court In the matter People V8 Frank Sanders. Information for petit larcency. Case settled and dismissed motion of state's attorney Notice filed from the Elgin State hospital stating that George E. Gifford died at said institution on Jan. In th. matter of DeKalb Drainage District. Rule entered on to file report by Feb. 19. at Gelock m. ESTATE OF Enos McCann James McCann ap pointed of said estate upon filing Augusta late of Sycamore Estate about $6,200. Will and petition on 19 Samuel Mitten. Order entered setting aside order settling estate and that Jones appointed administrator de bonis non with will annexed upon taking oath and filing Finnan Current report approved. Order entered to mortgage real estate. Viola Merle Pahaly et al. Petition and report approved Lucille Order entered for citation to issue returnable Feb. 19. Andrew Mosback. Current report approved Minnie Baie Ilseman. Ordered entered for private of personal Charles C. Hart Proof notice to creditors made. Report of sale real estate approved. W. Wallace Appraise ment bill Victor H. Bellendorf Order entered to transfer stock Robert W. Todd. Final report approved. estate declared settled and executrix discharged. Royal Davis. Final report approved, declared settled and executrix discharged Alfred Carlson. Claims of Mrs. Amanda Carlson and Trig Larson allowed. Eliza Mitten Inventory approv. ed. William L. King. Final report approved. declared settled and executrix discharged. Dorcas Lucas. Report of sale of real estate approved Mary Condill Appraisement bill and inventory approved. Frank S. Corey. Proof of notice to creditors made and appraisement bill approved. Henry Jackman No appraisers. First Monday in April for claims Earl Glass Letters of cuardianship W. George Tomovich Appraisement bill approved. William Wilkening late of Sandwich. Estate about duly probated. and Anna Wilkening appointed and letters issued. First Monday of April for claims. Proof of heirship made Paul Weber. late of Genoa Estate about $3,000. Will and petition set for on Feb. 26. Frank Warner Whittle, late of DeKalb county. Will and petition set for hearing on Feb. 20. Proof of heirship William R. Whittle late of DeKalb county. Will and petition set for hearing on Feb. 20. Proof of heirship made. Raymond Sellers. late of amore. Estate about $400. Myrtle Agnes Sellers appointed trix and letters issued. First Monday of April for claims. Cornelia E. Scott, of DeKalb county Estate about $10,000. Hattie D. Harrod appointed administratrix letters issued. No appraisers. First Monday in April for claims.