Year: 1871

pose of consultation as to the course to be


pursued by the banking interests of this
city in the present exigency. Mr.. Coal


bough was elected chairman, and Mr., Ira


Holms, secretary, of the meeting.


Mr.. Coalbough, on taking the chair. said
1t is hardly. presume, necessary that


should detail the reasons that have induced


us to assemble here together this morning;


the cause and necessity are apparent to all.


The banking interest of this city represent


an interest so large, 80 varied, so intimately
connected and identified with the general


business of this western country, that the
hour of action will be looked to, not only
here, but elsewhere, with great interest. It
seems to me that all is not lost that the
cool, calm judgment, the union, energy, the
industry and brains of Chicago at least are
left 10 u.s. It.seems TO me that at this time
of all others, we need to be calm, discreet
and courageous. A disaster of the most
serious kind imaginable has befallen us, but
there are evidences that the disaster is not
as great as we estimate. From conyersa-
tions l have had with gentlemen con-
nected with the insurance department
of trade and commerce, / am assured that
we shall be very gladly disappointed in a
few days, in hearing of the responsibility
of the capacity to pay that exists among the
insurance companies of the country, and in
stead offs, 10, Is or even 20 or 80 per cent.
of losses paid, l have great hopes we shall
find the insurance companies of the country
will pay 80 per cent. upon the amount of
insurance losses in this city. If this is so
it makes all our property we have left. 1t
makes the bills receivable of our banks
worth much more than we have anticipated,
and have deep and profound hope, based
on calm and mature judgment and refec-
ton for the past two days, that even we will
prove that the banks of this city, as a mass,
are solvent, and will be able to pay the last
dollar OF the amount of their Indebtedness.
Of course this is my individual opinion
only. | may be mistaken, but | believe,
looking at things as they are, and facing the
worst, that the result is within the bounds
of hope and possibility. But to accomplish
that, there has got to be some uniformity of
action on the part of the associated
banks of this city. We must take
care of our assets. There must
be concert of action to enable us to do
that, and it is for this meeting to determine
what course of action shall be taken. Itis for
this meeting to decide calmly, cnolly and
dispassiOnately the course that is best for
the people of this city, and the whole North
western banking interest, to pursue. 1t is
apparent TO every practical business man,
to everybody who knows anything about
finances, or the condition of the banks of
any city, that it is utterly impossible for the
banks tomorrow to pay their depositors.
The deposits amount to between twenty
and thirty millions. Of that sum, perhaps,
in the aggregate, twenty-five, thirty, thirty
five or forty per cent am not able to say
exactly how much-of the assets are imme-
diately available. Supposing the treasure
in the vaults to have been saved, and learn
that all the vaults, so far as heard from, are
supposed to be sateI so far as the money is
that, of course, does not paw
the amount of our depositors. The prin-
cipal thing for lis to determine, as
bankers are here we shall proceed in the
of our business. 1t is mani
festly unjust, it would be unreasonable in
any exigency, much less in this city, if the
banks should resume business tomorrow
or next day, to allow a few favored indi-
viduals who should reach first the counters
OF the banks to withdraw their money
which would cripple it and would almost
destroy the remaining resources of our peO-
pie. That cannot be done. There must
be some plan of action adopted by which
with due regard of the interests of those
who lost everything and those who saved
something, by which with due regard to
either interest, the business of the city and
the country can be protected and some
facilities extended to the business of the
future. This is what we have met TO decide
upon and talk about. There are some other
things connected with it which ought to re-
ceive your attention in general way. One
is hard, desirable as it may be for the banks
in the future to approximate in their locating
as near as possible. 1t would be severe
to have the banks scattered
miles apart whose business interests come
so directly together so frequently. But af-
ter all, the important question to deter
mine is, how in the evidence ofour opening
our doors, how shall we proceed? As
have said in the beginning it may be much
hopeful generally in the outcome, l believe
all that to our interest and integrity to
carry us and the city of Chicago through.


Mr.. Smith fully concurIed in the remarks
made. What was necessary was immediate
action, and he moved the appointment by





frame resolutions to submit to the meeting.
The committee was appointed.


Mr.. VIM. Burgess thought it impractical
BILE for the Committee on Resolutions to re-
port at once, and moved an adjournment
till nine O'Clock tomorrow morning, so as
to give the committee more time. In the
meantime the railroad people would have
their meeting, and they could confer with
the committee to be appointed.


Mr.. Haddock favored the plan of all the
banks meeting in the western division and
locating in some church building.


Mr.. Haugh made motion to have COM
nittee appointed to confer with the railroad
which was adopted.


The meeting was adjourned to meet to-
morrow morning, at the same place, at nine
o'clock.


The City Hall in Church.


The headquarters of the city government
nave been removed to-day from the west to
he south division, and are located in the
Unitarian church, corner of Wabash avenue
md Hubbard street.


A SOup-HOuse for All Winter.


The relief committee from Cincinnati,
Who arrived yesterday, are putting their
contributions into a shape which
S not only of great benefit, but it is to be
permanent for the winter. They are erect
ng an immense soup-hOuse, complete in all
is details, in the rear of the freight depot of
he Great Eastern railroad, in the vicinity
If the burnt district of the western side.
By tomorrow they will be ready to distrib-
lte six thousand gallons of soup daily.
Shanties are being built on open lots in con-
7enient localities, and made as comfortable
IS possible for temporary occupation.


j. V. Farwell is just in receipt of tele
Tam from Messrs. Spragues, of Providence,
3. l., requesting him to draw on them for
en- thousand dollars for the relief fund.


The Movement of Grain Resumed.


The loss of grain is now definitely as
,ertained to be $1,000, 900. Four vessels were
oaded with grain for the east to-day and
he eastern movement will continue as
here are full 5,000,O ,O00now in store. Water
vas let on in the South Division of the
ity so that all the populated portion of the
.ity are now supplied with water.
the Cleveland and


Chicago Companies Bankrupt.


The following important items in rela-
ion to insurance have been collected
rom reliable authorities, the ROYAL Insur-
nee Company of Liverpool loses $135, 900,
imperial of Liverpool 100000; North
British, Liverpool, S27OO,0OO. Good |
foots up the entire losses of the
:..o,,oool ond + nnlo,, To,.,..,