f93d844eFull suspension
Other: Receiver appointed by Comptroller; later full repayment to depositors over years.
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BANK RECEIVER NAMED. (By the United Press.) DENTON, Texas, Dec. 27.-W. F. Lensing has been named receiver for the Exchange National bank, which failed to open its doors for business Wednesday, following heavy withdrawals by depositors on Monday.
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Denton Bank in Receiver's Hands Dec. in charge of F. William Lansing, national bank receiver. By order of Comptroller of Currency. This posted on the door of the Exchange National Bank here this afternoon. The bank failed for this ing and posted door the closed order of the board directors and that its affairs were in the hands bank examiner. Coit, the bank. in brief Wednesday afternoon that the institution would be able to pay all depositors in full The bank established in 1881. being one of the oldest business stitutions and capitalized The October statement showed deposits of slightly more than $508,000.
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Denton Bank in Receiver's Hands DENTON. Dec. charge of F. William Lansing, national bank receiver. By order of Comptroller of Currency.' This posted on the of the Exchange National Bank here this The bank failed doors for business this morning and notice posted on the that time stated bank closed order of the board of and that its affairs were in the hands National bank examiner. Coit, president of the brief statement Wednesday aftersaid that institution would all depositors full The bank in 1881 being one of the oldest business capitalized $100,000. The October statement of slightly more than $508,000
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RUN ON DENTON BANK BLAMED FOR TROUBLES DENTON. Texas, Dec. 27. (/P)The state today had affairs of the Exchange National bank here in its hands. bank closed yesterday after depositors said to have made The Coit. issued statement saying all depositors would get their money.
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State In Charge On Denton Bank DENTON, Tex., Dec. 28.-(A)The state today had affairs of the Exchange National Bank here in its hands. The bank closed yesterday after depositors were said to have made a "run" on it Monday. The president, J. C. Coit, issued a statement saying all depositors would get their money.
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805,159.58 29,612.85 83,492.88 400,113.04 350,556.02 151,250.54 71,631.40 2,736,207.23 Advalorem Taxes, 1931 Delinquent Taxes, Prior Years Penalties and Interest, Taxes Poll Taxes Occupation Taxes Street Taxes Dog Licenses $104,047.44 11,273.04 2,437.79 943.00 409.49 57.00 6.00 119,173.76 Water, Light and Sewer Departments 181,483.10 Corporation Court Revenue 795.80 Street and Bridge Fund Revenue 283.67 Interest Earned- Bank Balances 771.49 Tax Certificate Fees 49.80 Miscellaneous Receipts 3,700.59 187,084.45 306,258.21 Water, Light and Sewer Department Cash on hand 464.78 Total Receipts 306,722.99 Disbursements: School Maintenance 45,293.36 Park Maintenance 1,923.22 School House Improvement Construction Fund 540.46 General Fund 39,292.77 Street and Bridge Funds 28,763.05 Water, Light and Sewer Fund 132,783.46 Bonds and Sinking Funds 45,518.47 Total Disbursements 294,114.79 Excess of Receipts over Disbursements 12,608.20 Add: Balance, as at June 1. 1931 52,943.71 Baance: As at May 31, 1932 $ 65,561.91 Accounted for as follows: Cash on Deposit, Denton County National Bank Cash on Deposit, National City Bank. New York 75.00 Cash on Hand-Water, Light and Sewer Department 464.78 Cash on Hand-City Secretary 102.18 Total Cash 65,480.55 Cashier's Check-Exchange National Bank, Denton, Texas 71.36 Total as Shown $ 65,551.91 Fund Balances: As at May 31, 1932: School Maintenance 938.54 Park Maintenance 3,470.19 School House Improvement Construction Fund 48.31 General Fund 3,495.38 Street and Bridge Fund 9,321.06 Water, Light and Sewer Fund Occupation Fund 410.10 Street Construction and Improvement Fund 25.90 Bonds and Sinking Funds 37,434.48 Total $ 65,551.91 Balance Sheet As At May 31, 1932 ASSETS Current Assets: Cash on Hand and in Banks $ 28,046.07 Securities Accounts Redeivable 2,442.90 Fixed Assets: Land Buildings Streets and Paving Bridges Park and Improvements Water System Investment Light and Power Plant Investment Sewer Disposal Plant Equipment Miscellaneous Sinking Fund Assets: Cash in Banks 37,434.48 Other Assets: Receivers Certificates: First National Bank, Denton. Texas 4,400.43 Exchange National Bank, Denton, Texas .06 Construction in Process 8,451.61 Taxes Assessed-Delinquent $100,220.72 Less: Reserve for Taxes Uncollected 100,220.72 2,836,294.14 LIABILITIES Current Liabilities Accounts Payable Treasurer-Denton City Schools 038.54 Consumers Meter Deposits Water and Light Department-Revenue Bonds due in than One Year 25,000.00 Other Bonds Maturing in less than One Year 8,000.00 Other Liabilities: Water and Light Department Revonue Bonds Maturing after May 31. 1933 30,000.00 Other Bonds Maturing after May 31. 1933 685,000.00 Warrants Issued and Unpaid 244.38 Accounts Payable from Proceeds of Bank Receiver's Certificates Consumers' Credit Balances 715,354.25 Total Liabilities Excess of Assets over Liabilities 2,077,601.05 Total $2,836,294.1 We hereby certify that the foregoing Statement of Cash Receipts and Disbursements has been prepared from the records of the City of Denton. Texas. of the period from June 1, 1931. to May 31, 1932. inclusive, after audit by us. and is true and correct. McLaran & Company By S. N. McLARAN
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ROUND ABOUT TOWN For by thy words thou shalt Justified, and by thy words thou shalt be condemned. Matthew Mr. and Mrs. H. Philips, Dallas, were Denton Tuesday place their niece. Miss Estelle Hicks, in Miss Philipps, daughter. graduated from CIA last year. PhilIpps is associated with the TracyLocke Dawson. Inc., advertising agency, of Dallas and New York. the largest agency In the Southwest, which places much advertising various publications over the tire country. In recent months the New York office was opened to better serve their clients of the Eastern and states Philipps has been booster for Denton and colleges for number of years, and doubt, has served well the Interests of both, since he has very wide acquaintance over Texas. The first annual Convention of the League of American Youth, the Twelfth Congressional District. be held In Fort Worth at the Worth Hotel, Friday. September The convention will open at Friday afternoon with address by Johnson, District Director. Dr. Albert Venting, TCU. will speak o'clock and conduct round table discussion Plan and Purpose of the League of American banquet will be given o'clock at which Congressman Fritz Lanham. Fort Worth. will speak "Youth and Citizenship". Judge Frank Jr., will also speaker at the banquet and will tell why he Interested the League. The League of American Youth and organization which has for its motto "Informed While the movement started in Texas coming organization. Chapters are now being formed cities of Texas. Louisiana and ArkDenton people interested in the movement have been asked to tend this convention. The only charge made will be that of the quet. Several Denton people have become members of the organization and probable that Denton Club will be formed some time later Depositors in the old Exchange National Bank of Denton are now receiving their final payments on accounts that were frozen when the bank closed Its doors nearly five years ago. No depositor the bank has lost for the full 100 cent of deposits, plus fraction per cent for will paid to all depositors. The winding up the affairs of the Exchange National proves again bank should neyer apparently solvent the time that was forced close because by depositors. Nobody lost anything. but closing of the bank has caused many citizens walt for many months for their money that should have been available This case illustrates again the foolishness of runs and the irreparable damthat can be done by such precipitate action the part comparatively few individuals. Denton now has two strong banks, and within the last year since the national holiday that closed all banks, the local institutions have received added support from the federal government so that they can cope with any emergency that might arise. With the Exchange National Bank paying out the last payment to depositors and the acreage money coming in daily. there seems no question but that the peoof Denton County are feeling lot better over present condiday tions. This money, merchants vise, having most beneficial feet on business The being mailed those each week who get their cotton checks, and these, where not already getting the will receive paper for the next six weeks. the buying season part of the Fall merchandising Denton who wish place their wares before these people, now have an opportunity do using the advertising columns of the icle. "Fully 100 cotton pickers could be used now in the fields around SIIsaid Juan Matthews here Wednesday morning. cotton has been opening very rapidly the past few days and last week. to rain there was no picking. which makes this week busy one the fields. We've been paying cents per hundred, but several are how offering 75 cents." Friday of this week the RecordChronicle Student Issue will be lished. The plan is for each student of both CTA and TC to have copy of the paper. This issue certainly fers the merchant of Denton means to reach the student body both colleges. It's an annual Welcome edition for the students and there anything the people of Denton should do to make these students feel that welcome. All Denton people really know how very welcome they are the advertising department has not scen you, just phone either or 184 and ask for the advertising man. Rosh Hashoshona. Jewish Holiwill be observed by the Kalins Kornblatts and Mrs. blatt will leave for Dallas this Wedas will Mr. and Mrs. Kalm, and daughter, and Isador Kahu. The Holiday starts sundown Wednesday and continues 24 hours This Feast while coming Saturday week, is Fasting
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to Remain Thursday Althis Jones. received for the Exchange National Bank, in Denton either part or all of Thursday in order to complete making payments to depositors of the closed institution, It was announced Wednesday afternoon. He originally had planned to be here Tuesday and Wednesday only. Hundreds depositors have been calling for their final payments during two days, and he found necessary to remain longer to complete the payment. The per cent now being paid makes 100 per cent payment all depositors, and in addition .88 being paid. seldorh that closed bank pays back the depositors in full as has the Exchange. The payments being made to positors this time said to total around $20,000.