Article Text
DONIPHAN BANK GETS RECEIVER A petition for confirmation of the appointment of I. A. Kirk, Gibbon, as receiver of the Commercial Exchange bank, of Doniphan, was filed at the office of the clerk of the district court, Saturday, by the office of Attorney General O. S. Spillman. The petition allege that the Commercal Exchange bank operated until November 18, 1928, with a capital stock of $15,000 and surplus fund of $10,000. On or about November 18, 1926, the petition states, the capital became impaired for more than the $15,000 and the bank was conductng business in an unsafe and unauthorized manner. The reserve was below the law's requirement, it is further alleged. For these reasons the bank came lawfully under the control of the department of trade and commerce. On the same date the department placed the bank and its affairs in the hands of the Guarantee Fund department and the commission has investigated and ascertained that the bank cannot continue. It is prayed that the bank be decreed insolvent, that the Guarantee department be ordered to wind up its affairs and that the appointment of I. A. Kirk be confirmed and he allowed to proceed with the business of winding up the bank's affairs.
