The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-08-04
INDIANA AND ILLINOIS NEWS
Receiver Lynch and the Affairs of the
~ Suspended Richmond Bank.
A Probably Fatal Shooting ARRAY at Cen
terton Prize Fight Near Lawrence
burg -Gleanings in the Two States.
INDIANA.
A New Phase in the Affairs of the Suspended
Richmond Bank.

A New Phase in the Affairs of the Suspended
Richmond Bank.
RICHMOND, Aug. 3.-On Saturday it became
known that receiver Lynch, of the suspended
Richmond National Bank. had demanded under
orders from the Comptroller of the Currency, of
several depositors that they return the notes
which they had accepted in settlement of their
claims against the bank. When Charles F, Cot
fin was addressed on the subject he said he had
hoped the fact would not become public so soon,
as he had negotiations pending to facilitate the
settlement of all the banks affairs, which he
desired to have consummated without giving de-
positors any further trouble or cause of alarm in
the event they could, in quiet way get Comp
troller Cannon to see how much better it would
be for him to rescind his order. Continuing, he
said they thought the Comptroller wrong in his
deduction Of the situation, and that they would
contest his Judgment that they thought the
clause to which he refers is not applicable to the
case. and, as their attorneys advised them to the
same effect, they proposed to resist his order on
that clause Said Mr. Coffin:
Il could take this bank and wind up its affairs
in ninety days, with that order rescinded Parties
who have taken notes for their accounts are al
| imagine it will make business for the lawyers
when the attempt is made to make them return
their notes. for there are between one and two
hundred such depositors Having them settled
WITH we had made arrangements for the First
National Bank to pay off our two hundred and
sixty three small depositors, who have credits
under $l00. and take receivers certificates, for
the payment of which we the bank oticers}
were going to give personal security This
would have left less than two hundred creditors
of class with whom we could bave speedily ad
justed matters by other arrangements
now in progress As originally stated,
there are plenty Of assets with which we could
have paid all our depositers that night had it
been possible for them to have been there, and
with what remained we could have paid stock
holders nominally large per cent; but can
not of course, say what per cent. 1t would have
finally Melted them, nor do know what they
will realize under the present regime Under
any circumstances, however, depoSitors will ul
timately fare as well as we have promised IDOL
lar for dollaf), if our surplus of assets and more
is not swallowed ap In expensive litigation re
sulting from this order from the Comptroller;
but should the receiver have to institute suit
against hundred or more depositors, as he is
authorized to If they refuse to deliver their
notes. the expense viii all have to come off
of the bank With as much live business pa
per as we have. we have hoped to make
so per cent. divided within three months. which
would give the county treasurer and other de
postors of funds enough for current uses, and
save them from any embarrassment; but that
would have to depend on collections and they
on the condition of the country, in any event;
and do not know what this new phase will re
suit in. Our ambition has been to say to our
customers whom we could not pay, that we were
ready to pay them in full; and have no doubt
of our ability to. do it in a comparatively short
time, if the Comptroller would allow us to work
out our own salvation. Mr., Lynch, the receiver
is competent. our relations have been harmoni-
GUS, and think he has approved of plans,
but he is disposed to submit yerything to the
Comptroller, who may or may not consent to
what is proposed