, 1877-12-30


The Chicago Coal Exchange held regular
monthly meeting yesterday afternoon in its
room in the Merchants Building, corner Of La
Sale and Washington streets. A dozen men,
bcrs were present. William E. johnson, Vice
President, presided, and D. AcGary acted as
Secretary.
The minutes Of the last meeting contained q
resolution resembling one that had been passed
at previous meeting, which provided for All
advance of Is cents per ton on the prices of
coal, and after the Secretary read the reeord
Mr.. hathaway moved that the resembling reso-
luton be expunged from the minutes, but his
motion was lost, after some talk.
MIR. Hathaway also moved that the Baker
brothers be reiustated as members of the Ex-
change.
It was stated that they could not be admitted
under the rules, because they had no dock, and
Mr. Stone said their admission under those cir
cuInstances would be establishing bud prcce-
dent, and opcn the Exchange to retail coal
dealers.
were temporarily out, OF dock, an1 urged their
reinstatement, but his motion was lost BY
rising vote 0i to g.
A resolution was offered providing Tor the ex-
pulsion of Kelley, Morley j. Co., and condemn
strong and caustic, aud several members oh
jected to it.
Mr. Stone moved an amendment, striking out
the Objectionable language, and simply pro-
yiding for their expulsion
Mr.. Dunn read rule that required the ref
erence OF all matters concerning the expulsion
OF members to the Board of Directors, mud the
resolution was thus referred.
A special Committee appointed at the pre-
vfous meeting for. the purpose Of stopping
further shipments OF coal to this city, reported
that the coal shippers East had assured them
that there would not be any more shipments
until demanded. The report was accepted and
the Committee discharged.
The meeting then nd djouaned.
Previous to the opening OF the meeting a
member predicted cold snap, and said that
there we're still hopes Of getting good prices,
unless there were bankrupt firms that would
sell ut any price they could get aud then settle
with their creditors. For the Inst three or four
years, he continued, there had been somebody
.who sold coal and failed, aud settled with the
creditors on basis of 10 or so per cent Kelley,
Morley d Co. owed one creditor S1l0,0 and
he wasn't bit sorry for said creditor, whom he
thought had no business to trust them.
Other remarks pertinent to the subject we're
made by several gentlemen.
Tic Directors Of the Exchange held confer
encc in their private room. and transacted some
routine business before the Exchange met.
KELLET, MORLEY u CO.
This firm yesterday made d compromise with
Its creditors on q basis Of so cents, one-third
cash, and the rest In six and nine months, Mr..
Kelley, the lumberman, who is d Brother Ut the
coal man, indorsug tue paper. The creditors
them were the Butler Collicry Company, who
we're interested to the extent of SIZE. 600;
Todd. Morris d Co., Of Cleveland, $4,000;
Smith, Cant & Co.,, Of Cleveland,
$1,000; A. &. Cook, Oswego, $4,000; W. L.
s. Co., Of Buffalo, 5000; Walsh Il Racketts,
Detroit, $1,000; and A. 6. Yates, Of Roches-
ter, S., 900, all for coal delivered to f., NJ. E
Co. Then there was B. F. Hutchinson for S40,-
Co., on account Of accommodations extended By
the Corn Exchange National Bank, and
which he became responsible Flor. Will
lam Linn, q member Of the Board
of Trade, was on hand to- represent
$40, ,000-moncy borrowed to continue the coal
war. Il number Of smaller creditors we're also
squeezed into the little back room. The Read
ing Company, to whom the firm owes S53, GOO,
were telegraphcd, but sent no representative.
The liabilities OF the firm amount to 1924 900.