Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1854-12-22
SELDEN, WIrHERS & CO.'S EXCHANGE

BANh.
The Washington Globe, Of last evening, contains t
copy Of the deed of executed BY Nessrs Selden
Withers L. Co. ION closing their Exchange Bank tc
John A. English and Wu. Bayne, one 4 nephew o
Mr. Withers, and tho other brother Of one OF th,
members Of the concern 1t directs that the rnsl-e
shall apply the assets oi the firm whom realized as fol
lows:
First, To oil proper expenses Of trust.
Secondly, To tho redemption OF the bonds Of ;ht
Virginia and Tennessee Railroad Company amounting
70 one hundred and ninety thousand dollars
Thirdly, TO the redemption Of notes Issued payable
10 bearer in notes of Virginia banks, under the nGmt
and denomination Of Exchange Bank notes.
Fourthly To all othar creditors, including the State
OF Virginia, equally with the classes 10 be fully salts
fed, in the order in which they named. The third
and fourth classes TO share the fund. betwern ihC
members Of said classes rateahly. ANY balances thai
may be due to the clerks or employees of the firm Ia
he taken part the first class OF liabilities and be
paid equally with tho expenses OF trust.
1t is aso provided that the sad partners shall, with.
in sixty DAYS from tho date q" this deed ngre. with
the board OF public works q" Virginia other persons
having authority TO act for the State In any arrange
ment In relation To til. debt due the State. IL shall
be tho duty of the trustees in such au event uIun
call of the said partners, deliver to the agent
of the State the bonds Of the Chesapeake and Ohio
Canal Company, together with interest coupons, and
the arrears of interest, surh portions Of them tie
call of the said partners shall embrace in the fnllmrn,
of the saii arraugoncn the aaid partners feeling
earnest desire arrange the debt duo the State upon
term. satisfactory to all. AMI consistent with justice Ia
their other creditors, aud il 10 such arrangement be-
mado within tho time specified, then he deed stand
as il no such provision AZ this last named were con-
tanned in il.
The Globe makes tho following summary OF the
document:
The assets set forth in the schedule attached 10 the
deed Of trust, foot up AZ follawa:
Balances due from individuals as per Led.
ger c, city accouuts, Tl,1lO 70
Notes and bills discounted, 3iS,i!l ni
Claima in the hands OF attorneys, I,lf7 81
Total assets, sl,D66,9& Gi
We have bad time only to glance over the largest
items in the schedule Of assets and fnd, whom added
together among them the following:
Bonds Of the Chesapeake aud Ohio Canal s;9,'0O ~
Dollyhdc Copper Company 1929 81
Stock in Union Coal Company, 1851 to
Due from the members OF tha Arm as fol-
lows:
From r. W. Latham l. Co. 1882 5s
From K W. Latham 1890 %
From Bayuo, Wthers & Co.. 36,S93 II
From L. P. Bsyno, "D,i73 ~
From Bnyne g. Withen, 5000 %
From G. w. c. Whiting iT79 Il
s5as,'76 GG
Hero tsnys the Glohel i. than one-half ;l.e
amount Of their schedule in stocks greatly below par,
ii ssleable at all. and debts owing from who non.
stItute the company to the company The balance OF
the assets is $46S,lSS IS. The Globe adds -
Itis our opinion that not than S4G0 900 ii TINT
much can be made out nf tho whole assets put down
in the schedule; aud If 80, the creditors must losc
largely. for the trustees admit that the company owes
xSQ0600. 1t is believed that lhcy more than they
know of. We have heard from what We consider
good authority, that it tho State OF Virginia
alone that sum for stock it has received from her, Dis
posed Of, and made no return. The company acknow-
lodges that it owes the following, IN addition to wha,
it owes Virginia:
To the holders Of Its bank notes slO,0G0
To depositors l5O,GOO
To the Virginia and Tennessee Railroad 10000
$i5O,OOO
Why he's not schedule hoeu made hv tho compa-
n.y. showing how much it docs and TO whom il is
owinel II would epghtep their:craitors very much,
and might tend to make them irol happy .lian
they now dn.
We would like to see o staterncn. showing how
much capital the company stnrtcd WITH and how they
sunk il and so much money Of others. II j. proha-
bic that their ONLY capital "aR The Treasury OF hO
Cnitcd States. Tho Secretary 81 tho Treasury La,
taken that re-ourcc ieum ;hen, which, doubt,
cunstd their fuinrc.
When Mr.. Guthrie camo into tho Treasury Do
partment, the company owci it SID0,WH. Hc com.
meuced curtailins Immediately, and we unders!an,!
got il all back into the treasury before the failure Of
the company.
In elancing over the schedule Of assets ourselves
we notice the following: johnson, Bro',. & Co, tot
Baltimore we presume,) owe for circulation ac
count" SC 900; same Arm, s3l7 O.; Bank OF Winohcs
ter, Va Sl6D00 Potomac Savings Bank notes, ,G9
Stock OF Fuirnout WAY Bank, $3WO; Stock df
Union Plank or Turnpike Company, $1,000; Union
Land Company scnp, si,o4o