, 1863-02-02
TIE :!;E MaaasslkE Sank QUESTION:
FEIl Statement, Of its Affairs,
REPORT OF THE COMMITTEE 70 THE
STOCKHOLDERS. -

RsP0Rf 0F the coMMiFfEE10 the
- sIoekRolpERs:.
:--a'- -. = =
The Private Circular and Statement
Of Hon. J.. Young Soammon.
The stockholders Of the Marine Bank and
the Chicago Marine and Fire Insurance Com
lany, mst on Saturday evening at the resi-
dence Of Hon. ]. Young scanmon, Hon. VIM.
II. Brown III tho Chair, aud c. H. King Secre-
'tary.
In order that our readers may have better
understanding Of the case; we print here the
circular Of tho President Of the Bank, dated
December 25h, 1868:
TIE CIRCULAR.
To The Stockholders Of the Chicago Marine and
Fire Insurance Company, and the Marine bank'
It is known TO most of yon. TINT during the ab.
scnce Of the undersigned, In Europe, rom august,
eistsnt Cashier, unknown to tho Directors, became
largely indebted to the above-pamed institutions.
fore 1ny return, and the resident Directors took
decided measures to secure the nnds thus abstrac-
ted, which wonid, probably. have proved to great
scqucnt destruction Of the currency Of the State OF
Illinois, (which was based wholly State Stocks.
and. 10 large extent, on stocks Of the Southern
Our institutions being large collectors and de-
potitories Of the circulating ucdiu1n found them
selves IN condition on the commencement Of the
National difficulties in 1851. from which 1t was i'm.
. Neatly the whole Of this circulation became 90
deprecated. that the 1!th Of May + ceasea tobs
Collections @ md Deposits Of The two fnstitntioas
amounted to nearly e., 6oo 900 IN this currency 1t
fen E 10 g Rsa C. notify our custom
,rs a. ear]y a. 1850 that We would not be account
able for any other funds than eueh az VIC received,
draw their coiirctops, unless they authorized Us
to receive payment IN the illinois Bank notes.
This notice was repeated In December rud April,
d snd = our w customers, that We did moi run tho
riak Ct the depreciation Of the currency.
When these Bank notes ceased to be any longer
current, very many of our customers freely accept
ed euch currency ter Its equivalent In Talne) a.
WAS Deposited to their credit, but large numbers
refused to do 90, and harrassed us with snite and
litigation, putting ua to great expense, and COM
Relling us to make crest sacrifices iu making set
Tie undersigned has devoted himself unintcr-
rnptedly to the ecscncntof these claims anthc en-
tire Indebtedness, except about CO., which is 30
cnrcd by STATE Bonds two institutions Ia now
about two hundred and eighteen thousand i've
signed except about $4,000
To pay of this Indebtedness an immediate ad-
vance ot money ts necessary: the assets Of the two
twelve thousand dollars
The Chicago Marine aud Fire Insurance Com
rany % was e9l1pe1ed TO make an assignment on the
the atlairs OF the institution
e IT, M.tfns bans ias - made no assignment
$i:o10o disposed Of Il tolecd sales, @ a It misbt
not realize that amount. II judiciopsIy mauaTcd,
and not disposed of, at forced sales, we should
probably reaaize considerable more for the saine.
Q 1.-THE other assets. 0,003 are in litigation but
ofthe residne are suspended debts. from which it
IL impossible 70 say how much will be collected,
but probably eoneihing more than their present
that the trouble, delay and annoyance attending
their collection would go very far to Offset any ex.
pested advantage from additional collections.
would be better for the stockholders to advance 20
Per cent c,tpsn ,Ipon their respective amounts Of
terest Of as new Capital to rtleyc Se 6c 6sn ins,itn
tionB from debt. and enable them to resume bust.
ness, or to wind up without sacrificing their prop
The undersigned proposes to the stockholders
that they shall sevcru1ly advance to the Marine
Bank q Chicago, 20 per cent. upon theIrrespectye
amounts e ttoS9 IN the TWO Institutions, within
ject to be converted into new stock, II all the
stoclho!ds5s shall agree to such advance, aud il
they should not 30 agree, to be returned to them,
with interest as Aforesaid as eoon ns the af,
fairs or the two institutions shall enable the
hank to make snch repayment Should any party
bs unwilling to make such advance, the undeftiga:
cd Will. on receiving transfer Of the stock held
by euch party pay TO him twelve per cent. Of the
nominal or par value thereof In full for the came
| and will hold the same forthc benefit Of all sac!
parties. II anf, az ehal1 make such advance OF q
PET cent on their etocE II they shall elect to TAXI
the sanle md pay the cost thereof aud make tht
n@ceeff9a,x @ advance, MS before mentioned within
Should neither OF these propositions he accept
cd the asscts Of the two institutions viii be oeret
for ea1e. for what they wil bring in cash. the tint
possible to every atockholder. "
The nndersiG1ed believes that no riek il In
Of all that It shonld be made. He is extrenlcj
anxious TO close up al the old matters, or to plac
e + he hands Sf Other tha
| charge Of the institutions on hIs return home
june, 1860, has been both abor1ous and painful al
| he 10 Tcry anxious to be relieved from the same
. II is due to the undersigned and to the DIrecto
to sAte, that not one dollar Of the deprecated Gu
rency Of the Stale Of Illinois was ever issued /
either Jointly OF az individuals, With the e1ceptie
OF eafa Cashier, and that our Institutions were Il
, volved IN calamity for which re are not accom-
able, and In the bringing about Of which We had r
: (sigucd> J. Young scAxxos,
CHICAGO. ILL, Dec. Is, 1SGs-
The first business in order before the NEE
ing was the following report presented by Il
= committee appointed ut u previous meeting
REPORT or THE conarrrxK,
, To the Stockholders Of the Chicago Marine Al
= Fire insurance Company and the Marine Bank
Chicago:
meeting OF The stockholders Of the abovc-nam
institutions. held at the house Of Nj. Scammou.
: Saturday cvening, January "a, 1s63 to inrcstigs
the affairs OF said Institutions and to report th
E condition, and recommend such action IN rclnti
= to the same as would be most advantageous to
!. stockholders thereof. submit the following
: REroET.
k 1t appears from the list Of real estate, echcd,
n Of debtE due the institutions and statement OF
sets IN the statement books Of the two institution
and the schedule Of indebtedness Of the same,
r presented 70 e By ME. seammon. HI; Rogers, I
Of the Rank and Assignee Of the Insurance Co
= pany, that the assets and liabilities arc correc
= stated In the private circular Of Mr.. scammt
have taken place in the same since the Issuing
A fair valuation Of the assets at the present tin
~ out delay. fs, in round numbers. $500, ,0N. Th
IA m!ght b bring s atte , MORE OF ~ Nttle M less
e l.ol2crs upon capital Of $ssa,e0o Tic conn
~ tee. however. believe that mud, moro would
realized. II the aJockhLidEFe N0ulQ aHTdHcG lWel
r. Per cent, upon their respective amounts Of eto
~ n new capital. and the Marine Bank should rrsp
IA bueinees permanent Institution. They arc
s. opinion that either the institution should BE- rcs
ctated with new capital, OF be wound up with
delay.
In conclusion. they recommend the adoption
the stockholders Of The following resolutions:
es Reto|rtd, That the Directors of the two in-t
~ {'ons be requested to make call upon the ste
e. holders for twenty per cent. upon the amounts
" stock held by them respectively, payable on or
a,s fore the 1st day Ut Marth next the money i
no paid to be loan to the Marine Bank OF Chica.e
len per cent. interest, payable ecniaunuslly /
1cct to be converted into new stock If all the rt<
|AS holders shall ngrcc 10 such adyance. othcrwi1
: 1m returned to the pessoLs advancing the "a
&C. with interest ns Aforesaid coon As the affair
ny the two institutions shall enabic the Bank to m
Nv such repayment.
ar. Htxolrtd. That unless the stockholders sha1l
.or or before the fsst day Of March next. make
~" advance OF 20 per cent. the Directors be 1eque
,,,. delay. and for that purpose, that they advcs
.'n and sen nil the asstts Of the two institution
inc public sale. At the banking house In Chicago
~. roon after the ffEt dag Of April next az posi-
lAe giving thirty days notice. By letter. to each Ut
en- holder, Of the time and place Of euch ea1e
md every ttoclholder or the agent Of such etockh
Aau or. may be present at stch salc and thnt c
ad. stakeholder. without distinction, be admitte
bo | purchaser ut such sale.
FtA2rtd, That in case Of such salc. the as
had ehonld be sold only Tor ready money, aud tue
nth ceede. after sAtifyng the claims zatust sail
etitutton, be forthwith divided and paid or.
and the respective stockholders.
.,d Hefo1red. That we arc unwilling to make
advance or loan Of money to the Marine Ban
leh the assets. unless The institution ia to b
,me tuscitatcd without delay. prcfcETins 10 take
-. present value OF the asscts than 10 have the