St Louis Joint Stock Land Bank (St Louis, MO)

Episode Information

Episode UID
7434507891590
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
743450789 hash
Start Date
June 1, 1932
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0391f0734cf4c5ba

Response Measures

None

Events (4)
1. June 1, 1932 Suspension
Cause
Government Action
Cause Details
Federal Farm Loan Board announced the bank was forced to suspend because it could not pay interest on outstanding bonds
Newspaper Excerpt
the bank had been forced to suspend operations because it could not pay interest due on its outstanding bonds
Source
newspapers
2. June 2, 1932 Receivership
Newspaper Excerpt
S. L. Cantley ... took over the St. Louis Joint Stock Land Bank as receiver for the Federal Farm Loan Board
Source
newspapers
3. July 12, 1932 Other
Newspaper Excerpt
Edward M. Flesh ... appointed by Federal Court to obtain assessments of $1,430,000 from stockholders under the double liability provision of the bank's charter
Source
newspapers
4. September 16, 1933 Other
Newspaper Excerpt
Federal Judge Charles D. Faris ... took under advisement the application ... for appointment of a Federal court receiver to liquidate the St. Louis Joint Stock Land Bank
Source
newspapers

Newspaper Articles (17)
1. June 2, 1932 Carthage Evening Press Carthage, MO
Article from Carthage Evening Press, June 2, 1932

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CANTLEY QUITS AS STATE FINANCE COMMISSIONER TO BE RECEIVER FOR ST. LOUIS JOINT STOCK LAND BANK (By The Associated Press) St. Louis, Mo., June 2.-S. L. Cantley, retiring as state finance commissioner of Missouri, today took over the St. Louis Joint Stock land bank, as receiver for the federal farm board, which announced from Washington last night that the bank had been forced to suspend operations because it could not pay interest due on its outstanding bonds, totaling $18,134,500. Cantley accepted the receivership appointment in advance of his resignation as finance commissioner. He said he would present his resignation to Gov. Caulfield today or tomorrow. Jefferson City, Mo., June 2.-S. L. Cantley, jr., state finance commissioner for Missouri, confirmed the announcement from Washington that he had been appointed receiver for the St. Louis joint stock land bank and had resigned as finance commissioner. Cantley, formerly a banker at Owensville, has been with the state finance department for seven years, the last five as commissioner. He was appointed commissioner during the Baker administration and retained by Governor Caulfield. His administration of the finance department has been regarded in official and banking circles as highly economical and efficient. Governor Caulfield is known to have been pleased with Cantley's work. Cantley several times has sought to resign to return to private life, but each time the governor prevailed upon him to remain in office. Cantley has attracted much attention, not only in Missouri but in other states, by his policy of consoltdating small banks wherever practical. This policy, bankers believe, has prevented many bank failures in Missouri. While Missouri has had numerous bank failures during the depression, the number of banks to close has been relatively small when compared to failures in other states. Governor Caulfield is expected to formally announce Cantley's resignation today. Whether, however, he will be ready to name his successor is not known. Until a successor is named, D. R. Harrison, deputy finance commissioner, will be in charge of the department.

2. June 2, 1932 Jefferson City Post-Tribune Jefferson City, MO
Article from Jefferson City Post-Tribune, June 2, 1932

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NEW POST AS RECEIVER Becomes Lquidating Agent For St. Louis Land Bank. IN ST. LOUIS TODAY TO ASSUME DUTIES Will Succeed Retiring State Officer Remains In Doubt. June Cantley, retiring state finance Missouri, today took over the Louis Joint Stock Land Bank receiver for FedFarm Loan which anfrom Washington night that the bank had been foreto suspend operations because could interest due on bonds, totalling $18,Cantley the accepted receivership resignation finance commissioner. He said he would his resignation to Governor Caulfield today Failure to collect payments on loans made farmers eastern Missouri, Illinois, Northern Western tucky its bank to placed in receivbondholders' protective organized April the hope reorganizing the this failed when only per cent the outstanding bonds deposited with the committee. The exact amount of interest due bonds could not be determined, some the bond ture month. When word of the receivership was received from Washington, officers bank declined comment other than say that they would "leave the matpending an announcement from the Federal Farm Loan Board. Forced to Close recent statement the bank showed that out total original loans and vestments, $2,225,000 were foreclosure, in default $946,700 under process Payments were being received. showed, on but the outstanding loans. The bank's investments include $2,232,900 in estate, the statement set forth, The Farm Loan Board, nouncement of the receivership, said had appointed Cantley instructed take charge mediately of the bank's affairs for the purpose of its assets and protecting the interests of ail concerned.' The condition of the bank, said the such that the directors found necesto suspend operations and the conclusion was reached that ceivership was the only course The bank was organized in 1922 Its present bonds those sued by Central Joint Stock Land Bank Missouri Joint Stock Land Bank The bonds being quoted in over the-counter markets at less than cents on the dollar In St. Louis St. Louis night familiarize himself with affairs of the bank in advance taking over today, said he had few that might He had information. he said, regarding the appointment finance comsucceed Appointed during the Baker adCantley was retained by Governor Caulfield. In his ministration of the state finance partment, Cantley much attention, only in but other states, by his policy of solidating small banks wherever possible This policy has been credited by bankers many failures in the state. regardofficial and circles as highly economical and Cantley formerly banker at Owensville Several times he had sought to resign as finance commisreturn to private life, but each time Caulfield prevalled upon him to remain in office.

3. June 2, 1932 Moberly Monitor-Index and Moberly Evening Democrat Moberly, MO
Article from Moberly Monitor-Index and Moberly Evening Democrat, June 2, 1932

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Retires to Become ceiver of St. Louis Joint Stock Land Bank ST. June Cantley. retiring state finance commissioner Missouri, today took over St. Louis Joint Stock Land Bank as receiver for the federal farm loan board. which announced from Washington last night that the bank had been forced to suspend operations cause could not interest pay due on its outstanding bonds, to. talling Cantley accepted the receiverappointment in advance of resignation finance com. missioner. He said he would present his resignation to Governor Caulfield today tomorrow. Failure to collect payments on loans made to farmers of eastMissouri, southern Illinois, northern Arkansas western Kentucky, comprising its territory, caused the bank be placed receivership. bondholders committee organized in April in the hope of the but this plan failed when only 30 per cent the bonds his with the committee. The amount of interest due on bonds could not be determined. as some of the bond pons each month. When word of the receivership was ceived Washington, officers the bank declined oththan say that they "leave the matter pending an from the federal farm loan board. Recent Statement Given recent statement of the bank showed that out of total of original loans and investments. were der foreclosure, $4,180,200 in fault and under process of foreclosure. Payments were bereceived, the report showed. on but $8,530,000 of the outstand loans. The bank's investments include $2,232,900 real estate, the statement set forth The farmloan board, in its nouncement of the receivership said it had appointed Cantley instructed him take charge immediately of the bank's affairs for the purpose of conserving its assets protecting the inter ests of all concerned. The cition of the bank, said the statement, such that tors found necessary to pend operations and the conclusion was reached that receivership was the only course Organized in 1922 The bank organized in 1922. present bonds those by the Central Illinois Joint Stock Land Bank and the Southeast Missouri Stock Land Bank. The bonds being quoted at less than 25 cents on the dollar. Cantley. who was in St. Louis last night to himsel: with affairs of the bank in vance of taking over today. said he had told Governor Caulfield few days ago that might resign. He had no information. he said, regarding the pointment of finance commissioner to succeed him. Cantley Commended Appointed during the Baker Cantley was tained by Governor Caulfield. In his of the the state finance Cantley attracted much attention. not only in Missouri but in other states, his policy of consolidating small banks wherever possible. This policy has been credited by bankers with preventing many bank failures in the state. His ministration also has been regarded official and banking circles highly economical and Cantley formerly banker Owensville. Several times he sought to resign finance to return vate life, but each time Caulfield prevailed upon him remain office.

4. June 2, 1932 The Dispatch Moline, IL
Article from The Dispatch, June 2, 1932

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TAKES OVER JOINT STOCK LAND BANK St. Louis, June Cantley, retiring state finance commissioner Missouri, today took over the St. Louis Joint Stock Land bank receiver for the FedFarm Loan board, announced from Washington last night that the bank had been forced suspend operations because could not pay interest due on its bonds, totaling 500. Cantley accepted the receivership appointment in advance of his resignation to Governor Caulfield today or Failure to collect payments on loans made to farmers of eastern Missouri, Illinois, northern Arkansas and western Kentucky, comprising its territory, caused the bank to be placed in receivership. bondholders' protective commitwas organized April in the hope of reorganizing the institution, but this plan failed when only percent outstanding bonds deposited with committee. The exact amount of interest due bonds could be determined, some of the bond coupons mature each month. recent statement of the bank showed that out of total of $18,124,000 of original loans and investments, $2,225,000 were under

5. June 2, 1932 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, June 2, 1932

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CANTLEY TO QUIT POST AND BECOME FEDERAL RECEIVER State Finance Commissioner Will Take Over St. Louis Land Bank. FARM BOARD CONCERN CANNOT PAY INTEREST Outstanding Bonds Total $18,Will Resign at Once. Cantley, retiring as state finance commissioner of Missouri, today took over the St. Louis Joint Stock Land Bank as receiver for the fedfarm loan board, which aneral nounced from Washington last night that the bank had been forced to suspend operations because it could not pay interest due its outstanding bonds, totaling on Cantley accepted the receivership appointment in advance of his resignation as finance commissioner He said he would present his resignation to Governor Caulfield today or tomorrow. Failure to collect payment on Joans made to farmers of eastern Missouri, southern Illinois, northern Arkansas and western Kentucky, comprising its territory, caused the bank to be placed into receivership. A bondholders' protectiv committee was organized in April in the hope of reorganizing the institution, but this plan failed when only 30 per cent of the outstanding bonds were deposited with the committee. $2,232,000 in Real Estate. The exact amount of interest due on bonds could not be determined, as some of the bond coupons mature each month. When word of the receivership was received from Washington, officers of the bank declined to comment other than to say that they would "leave the matter as it is," pending an announcement from the federal farm loan recent statement of the bank showed that out of total of $18.of original loans and investments, $2,225,000 were under foreclosure, $4,180,200 in default, and $946,700 under process of foreclosure. Payments were being received. the report showed, on but $8,530,000 of the outstanding loans. The bank's investments include $2,232,900 in real estate, the statement set forth. The farm loan board, in its announcement of the receivership. said it had appointed Cantley and instructed him "to take charge immediately of the bank's affairs for the purpose of conserving its assets and protecting the interests of all concerned." The condition of the bank, said the statement, "was such that the directors found it necessary to suspend operations, and the conclusion was reached that receivership was the only course open." Cantley Well Known. The bank was organized in 1922. Its present bonds include those is sued by the Central Illinois Joint Stock Land Bank and the Southeast Missouri Joint Stock Land Bank The bonds are being quoted in

6. June 2, 1932 St. Joseph Gazette St. Joseph, MO
Article from St. Joseph Gazette, June 2, 1932

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CANTLEY TO QUIT State Commissioner Will Resign to Be Receiver for Land Bank. June loan board Cantley Owensville, had been appointed receiver for the Louis Joint Stock Land Bank which suspended all operations when unable pay interest on its bonds The board said had decided part of the interThe bank's total bonds May amounted to The board said that Cantley would resign finance Missouri to accept the appointment. WORK REGARDED AS HIGHLY EFFICIENT. ST. LOUIS. Mo., June Cantley finance for Missouri, tonight confirmed the from that he had been appointed for the St. Louis Joint Land Bank and would resign at finance day or Cantley, formerly banker Owensville, has been with the state finance for seven years, the last five er. He appointe commissioner during the Baker administration and retained by Governor Caulfield. His administration of the finance department has been regarded in official and banking circles highly and efficient. Caulfield known to have been pleased with Cantley's work. Cantley times has sought resign return private life, but each time the governor prevailed upon him to remain in office. Cantley is here to familiarize himself with affairs of the bank.

7. June 2, 1932 The Kansas City Times Kansas City, MO
Article from The Kansas City Times, June 2, 1932

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LAND BANK RECEIVER TO TO TAKE ST. LOUIS REINS. Announcement of Finance ComAppointment Comes From tion Unable Pay Interest. WASHINGTON, June federal farm loan board announced tonight Cantley of Owensville, Mo., had been appointed receiver for the St. Louis Joint Stock Land Bank which suspended all operations today when unable to pay interest due on its bonds. The board said the directors had decided to pay part of the interest. The bank's total outstanding bonds May amounted to $18,134,500. The board said that Cantley had resigned as commissioner of finance Missouri accept the appointment. ST. LOUIS, June Cantley, state finance commissioner for Missouri, named today from Washington as receiver for the

8. June 2, 1932 The Daily News and Intelligencer Mexico, MO
Article from The Daily News and Intelligencer, June 2, 1932

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CANTLEY BEGINS NEW DUTIES AS RECEIVER TODAY S. Cantley Retires As State Finance Commissioner to Take Over St. Louis Institution. By The Associated Press. ST. LOUIS, Mo., June 2.-S. L. Santley, retiring as State Finance Commissioner of Missouri, today took over the St. Louis Joint Stock Land Bank as Receiver for the Federal Farm Loan Board, which announced from Washington last night that the bank had been forced to suspend operations because it could not pay interest due on its outstanding bonds, total- ing Cantley accepted the receivership appointment in advance of his resignation as Finance Commissioner. He said he would present his resignation to Governor Caulfield today or tomor- row. Failure to collect payments on loans made to farmers of eastern Missouri, southern Illinois, northern Arkansas and western Kentucky, comprising its territory. caused the bank to be placed in receivership. A bond holders' protective committee was organized in April in the hope of re-organizing the institution, but this plan failed when only 30 per cent of the outstanding bonds were deposited with the com- The exact amount of interest due on bonds could not be determined, as of the bond coupons mature each month. When word of the receivership was received from Washington, officers of the bank declined to comment other than to say that they would "leave the matter as it is" pending an announcement from the Federal Farm Loan Board.

9. June 2, 1932 Belleville Daily Advocate Belleville, IL
Article from Belleville Daily Advocate, June 2, 1932

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ST. LOUIS LAND BANK IS FORCED IN RECEIVERSHIP Failure To Collect Payments On Loans To Farms In Territory Is Reason. ST. LOUIS, June 2-(/P)-S. L. Cantley, retiring as state finance commissioner of Missouri, today took over the St. Louis Joint Stock Land Bank, as receiver for the Federal Farm Loan Board, which announced from Washington last night that the bank had been forced to suspend operations because it could not pay interest due on its outstanding bonds, totalling $18,134,500. Cantley accepted the receivership appointment in advance of his resignation to Governor Caulfield today or tomorrow. Failure to collect payments on loans made to farmers of eastern Missouri, southern Illinois, northern Arkansas and western Kentucky, comprising its territory, caused the bank to be placed in receivership. A bondholders protective committee was organized in the hope of reorganizing the institution, but this plan failed when only 30 per cent of the outstanding bonds were deposited with the committee. The exact amount of interest due on bonds could not be determined, as some of the bond coupons mature each m 4th. A recent statement of the bank showed that out of a total of $18,124,000 of original loans and investments, $2,225,000 were under foreclosure, $4,180,200 in default and $946,700 under process of foreclosure. Payments were being received, the report showed. on but $8,530,000 of the outstanding loans. The bank's investments include $2,232,900 in real estate, the statement set forth. The bank was organized in 1922. Its present bonds include those issued by the Central Illinois Joint Stock Land Bank and the Southeast Missouri Joint Stock Land Bank. The bonds are being quoted in overthe-counter markets at less than 25 cents on the dollar.

10. June 2, 1932 The Springfield Press Springfield, MO
Article from The Springfield Press, June 2, 1932

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FRENCH MENTIONED FOR FINANCE POST (Continued Page eral years but has retired from active work. Cantley to Quit as Finance Chief ST. LOUIS, June L. Cantley, finance commissioner, planned Thursday to tender his ignation to Governor Henry Caulfield order qualify ceiver for the St. Louis Joint Stock Land bank. Appointment of Cantley as ceiver announced Wednesday night by Paul Bestor, federal farm loan commissioner in Washington, because of the bank's failure to pay June interest. Cantley was appointed finance commissioner five years ago during the Baker administration and was reappointed by Governor Caulfield. His work consolidating small banks prevent failures has attracted national attention among bankers.

11. June 2, 1932 Mound City News-Independent Mound City, MO
Article from Mound City News-Independent, June 2, 1932

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ST. LOUIS LAND BANK CLOSED The St. Louis Joint Stock Land Bank suspended business Wednesday, June 1. S. L. Cantley State Finance Commission er has been appointed receiver He will resign from his position with the state finance department to accept the appointment A recent statement of the bank showed that out of a total of $18,124,000 of the original loans and investments, there were only $8,530,000 of these obligations on which the debtors were making payments, while loans and investments representing $2,225,000 were under foreclosure and $946.000 under process of acquisition through sheriff's certificates and judg ments. The statement further set forth that $4,180,000 in loans were in default, although not in foreclosure. The statements showed that the bank's investments included $2,232,900 in real estate. Until a successor to Cantley is named, D. R. Harrison, deputy, will be in charge of the state finance department. Possible successors mentioned tonight were Harrison and C. E. French of Springfield.

12. June 2, 1932 The Decatur Daily Review Decatur, IL
Article from The Decatur Daily Review, June 2, 1932

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2 Name Receiver for Land Bank St. Louis Institution Suspends Operation. St. Cantley, tiring as state finance commissionof Missouri, Thursday took over the St. Louis Joint Stock Land bank as receiver for the federal farm loan board, which announced from Washington Wednesday night that the bank had been forced to suspend operations because it could not pay interest due on its standing bonds, totalling $18,134,500. Failure to collect payments on loans made farmers of eastern Missouri, southern Illinois. northern Arkansas western Kentucky comprising its territory, caused the bank to be placed in receivership A bondholders' protective commit tee was organized in April in the hope of reorganizing the institution, but this plan failed when only 30 per cent of the outstanding bonds were deposited with the committee. The exact amount of interest due on bonds could not be determined. as some of the bond coupons mature each month. recent statement of the bank showed that out of total of $18.of original loans and investments. $2,225,000 were under foreclosure, $4,180,200 in default and $946,700 under process of foreclosPayments being received, the report showed. on but $8,530,000 of the outstanding loans. The bank's investments include $2,232. 000 in real estate, the statement forth. The bank was organized in 1922. Its present bonds include those sued by the Central Illinois Joint Stock Land bank and the Southeast Missouri Joint Stock Land bank. The bonds are being quoted in markets at less than 25 cents on the dollar.

13. June 2, 1932 Daily American Republic Poplar Bluff, MO
Article from Daily American Republic, June 2, 1932

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Cantley Takes Up New Duties As Receiver By The Associated Press St. Louis, June 2.-S. L. Cantley, retiring as State Finance Commissioner of Missouri, today took over the St. Louis Joint Stock Land Bank as receiver for the Federal Farm Loan Board, which announced from Washington last night that the bank had been forced to suspend operations because it could not pay interest due on its outstanding bonds, totalling $18,134,500. Cantley accepted the receivership appointment in advance of his resignation as finance commissioner. He said he would present his resignation to Governor Caulfield today or tomorrow. railure to collect payments on loans made to farmers of eastern Missouri, southern Illinois, northern Arkansas and western Kentucky, comprising its territory, caused the bank to be placed in receivership. A bondholders' protective committee was organized in April in the hope of reorganizing the institution, but this plan failed when only 30 per cent of the outstanding bonds were deposited with the committee. No Comment. The exact amount of interest due on bonds could not be determined, as some of the bond coupons mature each month. When word of the receivership was received from Washington, officers of the bank declined to comment other than to say that they would "leave the matter as it is," pending an announcement from the Federal Farm Loan Board. A recent statement of the bank showed that out of a total of $18,124,000 of original loans and investments, $2,225,000 were under foreclosure, $4,- 180,200 in default and $946,700 under process of foreclosure. Payments were being received, the report showed, on but $8,530,000 of the butstanding loans. The bank's investments include $2,232,900 in real estate. the statement set forth. The farm loan board, in its announcement of the receivership, said it had appointed Cantley and instructed him "to take charge immediately of the bank's affairs for the purpose of conserving its assets and protecting the interests of all concerned.' The condition of the bank, said the statement, "was such that the directors found it necessary to suspend opera tions and the conclusion was reached that a receivership was the only course open." Organized in 1922. The bank was organized in 1922 Its present bonds include those issued by the Central Illinois Joint Stock Land Bank and the Southeast Missouri Joint Stock Land Bank. The bonds are being quoted in over the-counter markets at less than 25 cents on the dollar. Cantley, who was in St. Louis last night to familiarize himself with affairs of the bank in advance of tak ing it over today, said he had told Governor Caulfield a few days ago that he might resign. He had no information, he said, regarding the appointment of a finance commissioner to succeed him. Appointed during the Baker administration, Cantley was retained by Governor Caulfield. In his administration of the State Finance Department, Cantley attracted much attention, not only in Missouri but other states, by his policy of consolidating small banks wherever possible. This policy has been credited by bankers with preventing many bank failures in the state. His administration also has been regarded in official and banking circles as highly economical and

14. June 2, 1932 Weekly Democrat-Forum and Maryville Tribune Maryville, MO
Article from Weekly Democrat-Forum and Maryville Tribune, June 2, 1932

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Cantley Becomes Receiver of St. Louis Land Bank State Finance Commissioner Resigns to Take Charge of Institution. St. Louis, June 2-(AP)-S. L. Cantley, retiring as state finance commissioner of Missouri, today took over the St. Louis Joint Stock Land bank as receiver for the Federal Farm Loan board, which announced from Washington last night that the bank had been forced to suspend operations because it could not pay interest due on its outstanding bonds, totalling $18,134,500. Cantley accepted the receivership appointment in advance of his resignation as finance commissioner. He said he would present his resignation to Governor Caulfield today or tomorrow. Can't Collect on Loans Failure to collect payments on loans made to farmers of eastern Missouri, southern Illinois, northern Arkansas and western Kentucky, comprising its territory, caused the bank to be placed in receivership. A bondholder's protective committee was organized in April in the hope of reorganizing the institution, but this plan failed when only 30 per cent of the outstanding bonds were deposited with the comThe exact amount of interest due on bonds could not be determined, as some of the bond coupons mature each month. When word of the receivership was received from Washington. officers of he bank declined to comment other than to say that they would "leave the matter as it is," pending an announcement from the Federal Farm board. $18,124,000 Lent Out A recent statement of the bank showed that out of a total of $18,124.000 of original loans and investments. $2,225,000 were under foreclosure. $4,180,200 in default and $946.700 under process of foreclosure. Payments were being received. the report showed. on but $8,530,000 of the outstanding loans. The banks investments include $2,232,900 in real estate, the statement set forth. The banks bonds are being quoted in over-the-counter mar-

15. July 12, 1932 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, July 12, 1932

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SANDINO PRESIDENTIAL CHOICE SEEKS TO ENFORCE Gen. Horatio Portacerro Selected by Insurgent's Followers. By the Associated Press. MEXICO CITY, July 12. The newspaper La Presna publishes JOINT STOCKLAND report from San Salvador saying followers of Gen. Augustino Sandino, Nicaraguan insurgent leader, named Gen. Horario Portacerro to BANK LIABILITY be President of Nicaragua "when we gain control." on the way to Central America for Edward M. Flesh Appointed a peace parley with rival Nicaraguan political factions. by Federal Court to Obtain Assessments of $1,430,000. Edward M. Flesh, retired grain dealer and advertising executive, alotabs was appointed by Federal Judge Faris yesterday to collect $1,430.TRADE MARK REG. 000 from stockholders of St. Louis Joint Stock Land Bank under the double liability provision of the bank's charter. For lazy liver, stomach, S. L Cantley, formerly State biliousness, in tion Finance Commissioner for Misand headache due to consouri, has been in charge of the Stix, Baer & Fuller stipation and as a laxative bank as receiver since June 2. but the Federal Farm Loan act, under in colds and fever. which the bank was organized, 10c and 35c at dealers gives him no authority to enforce the additional liability on stockholders. Flesh was named as receiver, but in charge only of those assets of the bank which he can recover from stockholders in satisfaction of their double liability. He was named under a suit filed by C. N. Partridge, a resident of Kansas. and owner of $4000 in Veldown bonds of the bank. Partridge alleged that the bank had assets of only $10,000,000 to meet liabilities of about $18,000,000. Eleven Defendants Named. Eleven defendants were named and the petition stated that other stockholders whose names were not known to Partridge were to be included as defendants. The bank was organized in 1922 by William R. Compton, St. Louis investment dealer. but its stock. it is underSPECIAL PRICE SALE stood. has largely passed from the hands of its original holders. Named as defendants were Mark Martin. president of the bank at the time it was placed in receivership by the Federal Farm Loan Board: William E. Rhea. vice president, and G. K. Hughey. treasurer. For a Full-Size Box Others include William H. Danforth. E. D. Nims. David M. Hardie. L. L. Beavers, Frank C. Ball. Benjamin Lang. H. H. Hopkins and E. H. Bruce. Partridge's attorney (Formerly sold at 40c) said all except Ball were former officers or directors. Ball is a member of the Bondholders' Protective Committee formed last April. The double liability feature of the bank's charter provides that in the Veldown event of failure stockholders shall be liable for an assessment equal to the par value of their stock. St. Louis Joint Stock Land Bank had paid-in capital of $1,430,000. Empowered to File Suits. Judge Faris held the stockholders' liability constituted trust 1. Superlative Softness fund which should be preserved for the benefit of all creditors. Flesh is empow to persue assets of 2. 3 to 5 Times Greater Absorption the trust fund and to file whatever suits may be necessary to collect 3. Unique Moisture-Proofed Back them. His bond was fixed at $25,000. No action was taken on another for box of suit filed by Partridge which asks that Cantley be removed as receiv12 full-size 3 for 59¢ er and supplanted by one appointpads ed by the Federal Court. St. Louis Joint Stock Land Bank made mortgage loans to farmers in Missouri, Illinois. Arkansas and Indiana Against these it sold to the investing public tax exempt bonds. With the decline in agricultural prices many of the loans made by the bank went into default, with the result that its statement at special introductory sale. the end of last year showed $18,000,000 in bonds outstanding and only $10,000,000 in mortgage loans in good standing. In addition it owned more than 300 farms, acBuy a Supply Today quired through foreclosure.

16. September 4, 1932 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, September 4, 1932

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SHARES TO AVOID CHARGED Court Action Alleges of St. tain Stock Land Bank Louis Formed Holding Firm. filed in As has become the practice on amended petition An Court yesterday charges Labor day in recent years, there Federal of the will be no parade or other mass that certain Joint Stock Land Bank, now demonstration by organized labor Louis in receivership, organized hold- tomorrow. to which they David Kreyling, veteran secreing corporation transferred their shares in order tary of the Central Trades Labor liability for assessment for Union and former grand marshal avoid benefit of creditors. of Labor day parades, explained that workmen prefer to make their petition supplements an The own arrangements for the day to by N. Parearlier complaint marching parade or listening tridge of Kansas, owner of $4000 to oratory picnic grounds. of bonds issued by the land bank, Federal, State and municipal of. which Federal Judge Faris fices will be closed for day, Edward M. Flesh as repointed along with banks and the Merceiver to collect for chants' and stock exchanges. There stockholders would be liable be no residential mail delivunder the law. eries. It was asserted were Downtown department stores will liable the amount be open until Neighborhood of their stock, and that the stores, including markets, in genceiver appointed by the Federal eral will be closed. Farm Loan Board, Cantley, Many took advantage of collect it. the and half day holiday for Under the law, the bank stockholdtheir final of the season to are liable to creditors, in event the River more distant of failure, the extent of of their stock Labor will be the subject of serDefendants Named. mons at several today. The complainant joins The Rev. Dr. W. MacIvor will his suit defenddiscuss "Shall Industry Be Christants who, it is alleged, stockSecond holders transferred their stock Church at "For Those record other to the holding company or will be the sermon subHAIZLIP holders under which ject the Rev. Rasche the for would make them liable assessPeter's Evangelical Church. "Jesus ments. Laboring will be the topic asked. that judgof the Rev. Strother at HanBee in ment be given against certain ley Road Baptist Church Claynamed defendants the amount while the Rev. Walker of for the benefit of comspeak on and Labor" at plainant and other creditors. It Fourth Christian Church. also asked that the land bank, ReCantley and other defendKILLED BY PRIZE BULL required disclose the names of persons to whom stock Frank Zoller, Tax Expert, Gored been transferred. to Death. New defendants named Press. SPRINGS, Rhodes E. Cave, Leslie Dana, Sept. bull Harrison, Lewis former tally gored Frank tax Mayor Kreismann. Charles pert the General Electric Palmer Clarkson, Wiland breeder of liam Compton, Hoiles, and blooded his farm near Land Bank Securities Rexford today. He died hosThe petition names Clarkson, pital. Dana, Harrison, Tune and He had gone to the cattle pen to fendants D. Nims, Benjamin tie up the Nero. which won Lang and William H. Danorth first prize at the Ohio State fair in holders for interim repColumbus last week. resenting stock in the Land Bank Securities for which stock the Joint Stock Land Bank and against whom the INSULIN 35c judgment sought. is alleged Land Bank KOTEX curities Co. organized for the laws of New purpose of avoiding this state and in fraud the of both this state and the state Delaware (where ed) and in order to accomplish the frauds herein above complained against creditors defendant Louis Joint Stock Land Bank." $1.00 Holding Company's Formation. VAPEX The Land Bank Securities Co. said to have organized Oct. with of 59c 000 shares of par value of $10 each 7000 Class 50c !pana and 5000 Class ed actually no of stock Jergens Pint in the 50c issued, but that interim ALCOHOL 35c Bromo issued for Class stock and for shares of Class 30c Hill's stock, the certificates repre- Anticolic senting that number 8-Oz. Baby shares of the Land Bank and the $1.00 tion and office expenses $1.00 charged that bond holder's HALIVER 50c protective of which 65c Kaffee Nims, Frank Ball, Davis Biggs, OIL George Tomlinson 35c and Arthur Brady members 65c Mistol practiced "subtle concealed 50c Minute fraud deceit" getting bondholders to deposit their bonds with $1.00 $1.00 This committee is alleged to rep- 60c 1-Lb. Pure resent in reality MURINE ing avoid assessment 5-Yd. J.-J. than the bondholders who might 1-Lb benefit by such assessment. In 39c this connection charged that circular letters soliciting deposit Bed bonds identified Nims $1.00 of the executive committee of $1.00 85c Jar large life insurance company." 40c Lb. giving that he BARBASOL 50c Red insurance pany. In fact, asserted, he 75c 49c himself and as- $1.00 in the Joint Stock Land Bank.

17. September 16, 1933 Evening Star Washington, DC
Article from Evening Star, September 16, 1933

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LIQUIDATION WEIGHED Judge Studies Plea for New St. Louis Land Bank Receiver. ST. LOUIS, September 16 , (AP).Federal Judge Charles D. Faris yesterday took under advisement the application of C. E. Partridge of Kansas City, a bondholder, for appointment of a Federal court receiver to liquidate the St. Louis Joint Stock Land Bank. The bank owns more than 400 farms in Missouri, Illinois, Indiana and Arkansas. A hearing was held after Judge Faris had allowed members of the Bondholders' Protective Committee to intervene as defendants and ask to keep S. L. Cantley, former State finance commissioner. who was appointed receiver in 1932. in charge of the bank. In a separate answer. Cantley said he believes liquidation of the bank will result in liabilities exceeding assets by more than $2,500,000, but that he does not know whether the deficiency will reach $8,000,000, as alleged in the suit.