Chicago Daily Tribune Newspaper, April 10, 1874, Page 2

PUTS. Judgo Blndgdtlfs Decision on Thoso Donglt of Chandlor, Pomeroy & Co. Ho Holdy that They Are Simply Gambling Contracts, Ono Side Did Not Intond to Deliver the Grain, or tho Otlier to . Recoivo It They Are Contraots Contrary to Publio Policy. .o To Ask $400,000 for What Oost: © $19,000 Is Monstrous, !l.;he Claimants Allowed Only What . They Paid. A decision on tho question of tha legality of “puts” was mado yostorday morning by Judge Blodgott. ‘Tho queation was a8 to tho admissi- bility of thoolaims of Willlam Young & Co,, Bousley & Wagner, 0. A, Main & Co, Davis, Pope & Co., ond Aloxandor Geddis ngainst tho bankrupt firma of Chandlor, Pomoroy & Co. and Poyton 1, Chandlor. Tho Judgo de- oided that “puts” were nothing mors than wagers, and oxoludod tho cluims, but allowed tho partios to fllo claims for the smount actually paud on their *“puty,” boing s half-cent por bushol on the amount offered, Wo glvo in full the opinion, which is ono of tuo cloarcst aud best ever mado by Judgo Blodgott. ‘The question in this case arigos on tho roport of II, N. Hibbard, Esaq., onc of tho Registors of this Court, on nunpplication by the Assignao of tho banluipts for an order to oxpungo tho claims of the parties uamed, ns woll as o lurgo number of othoer claims depending on substantislly the sama focts, THE TESTIIORY. - Tt appears from tho tostinony snbmitted with tho Rugister's roport that in tho month of May, 1872, aud for scvornl yoars I)rior thereto, the bankrupts, Peyton R. Chandler and tho firm of Chandlor, Pomeroy & Co. wero ongeged in tho businoss of buying and solling grain on tho Tt 1HE CHICAGU DAILY TRIBUNE: FRIDAY, APRIL 10, 1874. of a card, Tho ovidonco in thla caso shows that in nearly all tho onson of sottloments: on “put” or “option' con- traots, tho grain {s nover dolivared nor oxpeated to bo dollvered, hut tho partios simply ™ tha differonce, ns sottlod by tho pricos.i But, £ that wore not go in all cosos, it is cloar that 1n thia cnse no deltvery of the grain_ was intonded by thoso *put " holdera, beeauso thoy lknow thut Chandlor controlted all tho osts in the mnrkot and flxed tho prico, and that tholr only oxpocta- tion for succoss dopoudoed_on thoir boing ablo to, bronl tho markot bnfore tholr thmo for dolivery oxpited. Somo of them say—Bousloy, I think— that thoy intondod to doliver the onts, but 1T 18 AIBULD to supposo that thoy intended to delivor, unless thoy could do 8o for loss thun 41 conts, ‘Thoy intended to delivor it l.lmx could break Olandtor, or provent his “cornor” from culminating, as the jookoy may infend to walle his _own horso over the courso aftor Lo hins polsoued or Jamod that of his compotitor. 'Lhoy did not intoud to dollyor, if Onndlor succooded, Thus a utrug- Flu inevitably onsued botweon Ohandlor ung tho holdors of tiis immenso swount of ¢ puta” and ““aptions,” Ohnndlor_ alono on ono sido attompt- ing to hold up tho price, aud all tho rost neoldnj to put it dawn, The fact that tho scllors o “optlous” and holdors of “puts™ woro sblo to fob rosolutious through tho Bonrd of ‘rade, malking now warchouses whore onts had nover been storad bofore, *regular” for the porformance of thoso contraots, shows the {u- tonsity of tho contrast and tho overwhelming iniluenoos with which Chaudlor had to contond, I do not mean to bo undorstood a8 saying that tho fact that Chandlor sold ** puts” to” so niany a8 to aveato an overwhelming opposition, maken tho transaction any moro or loss o wager thau if lie lind only sold ono * put,"” but it showa THR NOTORIETY OF.THE WHOLE I'OCEEDINGH, T'rom tho very naturo of tho transactiun tho intorost of the fiolder of the ** put™ is to break cown tho prico, and thut of tho sollor to main~ tain it, ‘I'he numbor eugnged in this trausac~ tlon, and tho quautitios involved, domonstrate hat noither party oxpected any grain td be do- livered. Chandler oxpoctodto hold up theprice, in which event no grain would ba offored Lim, and _tho other parties must havo lnown they could pot got the grain to deliver uuless thoy firat broko Chandlor, and thon, although thoy might tonder, ho coula not rocvive, o that in ynymonl no actunl dellvory was anticipated, fhoy mado their tonders only nsa mothod of establishing difforoncos after hie had failed, and wus powerloss, TUE AUTHORITIES, That transnotions of thig kind nre only wagors is nbunduntly established by authoritios, (Guge- waod ve, Blain, 11 Conu. Bongl, 6385 Druco's Anpeal, 55 Poun,, 86, 208; Kirkpatrick vs. Bon- soll, manusoript opinion of Bup. Ct. Pa,, ox parte Monham, 3 DoG,, ¥, & J,, G644 ; Cnpord vs. ilinmpn, 1 Dosworth, 217.) Iu is truo thoso casos aroso under stalutes making such trans- actions vold as gaming contracts, But the test appltod was: Did tho pactios intond to soll on one side and buy on the ather tho stecks which purported to bo the subject matier of the trane- action, or did they ouly intond to adjust tho differences? And ag it was found that thoy only Chicago market, and as membors of tho Board of Trado of thiy city, That Chandler, Pomoroy & Co, wore brokors and commission morchants, and Poyton R, Chnndler deats mainly on his own nccount o8 & capitalist through Chandler, Pome- roy & Co., who ncted ns_his brokers, That abous the middle of Mny Poyton It Chandler concoived tho idea of making A CORNER IN OATS for the month of -Jung thon ensuing, and with that view ho purchrsed oll the *“ cash onts " a8 thoy arrived in the market, and took all tho “ options " offorod him for Juno delivory,—his purposo being to own all the onts In tho market aud compel thoso who bad sold *“ options " for Tuno to pay his price ; or, in others words, to sottle with him by gnyiug such difforences as should oxist botwean the pricos nt which he pur- shasod tho options and ‘the price he should es- inblish for cush oats on the last day of June, when his options matured. In pursuanco of this plan, ho purchasod, botweon tho 15th of AMa; nd thd 18th of June, 3,500,000 bushals of cas sats, being all, or substantially all, the cash oaty m tho market, and also bought June ‘‘op- dons” to the. nmount of 2,999,400 bushels. Tha total omount of oats in stora in this city on the 18th of June was only 2,700,000 bushels, from which it will be scon that Chandler practically controlled tho markot up to that time, and tho fotal amount rocelved during tho ro~ muinder of tho month was only 800,000 bushels, Asincidontal to run part of the machinery of this ooruer, Chwdluf algo #old whiat aro ealled TUTH, or privileges of doliveriug to him oats during tho month of June for 41 .ceuts nbushel, Theso “ put” contracts aro alife in form, aud rood ns follows 2 . Jeceived of E, F, $30, in consideration of which wo givo him, or tho holder of this contract, the privilege of dulivering to us or not, prior Lo ¥ o'clock p, m, of Juno 40, 1672, by notifieation or dulivery, 10,000 buehsls No, 2 gats, Yegufar recelpts, nt 41 conts per bushel, in storo; and, if doliverad, wo agres to recolve aud poy for (ko sawio at {ho aboyd price, Cl1cAGO, Jung —, 1672, Citasptzn, PoMENOY & Co, R, P. CuaNDLER, The smount paid by {ho purchasers of theso “puts™ was }Z cont por bushel for whatever quantity was pamed in tho contracts, The tickots, or contracts, wers all signed by Chand- ter, Pomeroy & Co,, and part of them were elso sigued by P, R, Chandlor, but Chendler, Pomig- roy & Co. acted o the brokers of P. I. Chaud- lor, and their contract was bis, The tolal quan- ity of oats called for by these “ puts™ unyjounted *fo about 3,700,000 busliels, FAILURE, When Chandler commencod to buy oats with o view to the cornet the prics in this market was about 39 cents n bushel. After ho taok possuss- Jon of the market Lo put the price to 41 conty sud upwards, and hoid it _thoro till tho 18th of Juue. Tn the meantime the prico had declined In New York and othor markets, so that oats to .ship were not worth over 33 to 85 conts, and July options for this murket wore not worth ovor 33 conts. On tho 18th of June P. R, Chaudler and Chandler, Pomeroy & Co. fsiled, aud tho price declined before tho closo of busincsa that ay from 41 to 30 cents, and continned to de- -eline during the remnindor of tho month, so that atone timo thoy were as low as 20 cents snr bushel. Betweon tha timo of tho failuro sud 3 o'cloele on tho 80th of Juno tho holders of the “puts" claimed io have made ten- dor to tho bunkrupts of the quantity of oats ealled for by their rospective tickots, and tlie oats natboing accopted and pnid for, thoy sold thiom upon tho market that day or the uext, under tho rulos of the Board of Trado, and bave proved up their claims for the differ- ences botwoen the prico named in the *‘put” and that for which they sold. B THE TOTAL ANOUNT of clahms thus proved up 18 about $400,000, snd the totul amount recoived by tho buukrupts for thoso puts was loss than $19,000,—about F18,600, 1 I computolt at half o gont a busnel, GENERAL ENOWLEDOE, The proof shows conclusively ihat the plans of Chuudler and tho fact that he was manipu- Inting the morkeb with oxpress referonce to cornor in oats for June, were well kuown snd understood on the Doard of Trado, whilo, the number of theso *“put’ claims, about 125 all, or substantinlly all, in favor of members of the Bonrd, show that tho strugele betweou Chandlor, who was ondeavoring to hold up priecs, and the sellers of ~ “options” and ~ hold- ers of *‘puts,” who woro ondeavoring to Lrenk tho price, wa# quite _gencrally participated In by membors of tho Board, In othor words, it was notorious that Chandler wos endenvorivg to lmur the }n'lcn at 41 conts or up- wayds, whilo the scllers of oPtluuu " aud hold- crs of **puts " wore endeavoring to break down tho prico, Tt i truo that in this testimony somo of tho claimunty sny there was no “cornor,” orthat they did not kuow that there was a cor- ner, but_ the_cross-exawinntion shows that thoy Xuew Chandlor was irying to male a cornor, and they sny ho did not do it beopuse hio failod Tiofore the ¢lose of the month, ko that by thoir own admission, thoy know thut Le was attempt- ing—kuow tho rensons for his purchaso of such largo quantitios of *‘cagh onts," aud options, and know ho did nob sustain his corner beoauso the “glort ™ (uterost brolko him down, and the ‘momout & man bought a ‘‘put," o boeamo idontitied with the wshort mterest—his interests wore autagonistio to Chaundler, THE CLAINS BAID TO IE FRAUDULENT. The Assiguco attacks thoso claims upou the grouud that thoy are feaudulont oy agaiust the ather conditions of the baulupt, ‘The muin t:.(_mml. und the only one which I shall considor, boiug thut they ara wagor-contructs, and thorg- fore void. Without taking timo to discuss nll tho pointe raiscd by the able arguments which have beon adduced, and tho various reatous urged for and against those clatms, it iy anongh to sy tuat it soems to mo that tho contracty in quostion_ pariake of all the chusractorinties of o wager, It s in substance sn assortion by the pollor of tho “put® thut outs conugk be pur- chased on that tuarket before 8 o'clock p, i, of the 80th of June for losy thou 41 conts n Mushel, and aro uudertakiug to pa; tho difforenca Lietweon 41 conts aud any ' corner™ market prico. If he, Chandler, sustaing tho price at 41 conts or above, ho wins the hintl-cout Lushel paid for the * put * bocauso the holder will nat deliver, whila if_ the price goes buluy (hut nuned ho Ja to pay the ditforonco, Lk fs peacticnlly tho contract. 2 A MANIFEST DET. ' 1t 14 08 manifestly & bot upon tho future price of the »rin in quostlon, o8 suy which could ba ado wevid WY Bpeod of a horas or the tnm meant difforences wheon thoy eald sharos, tho contracts wero Liold to be ocssontially gombling contraots, and therefore void. CONTRARY TO PUBLIC POLIOY. Tt is vaid, howover, that thero is 1o statute in this Stato exprosyly probibiting contracts of this king, as thore is ju England and Peunsylvanis; and, as the Supromoe Court of this Stato hns de- cided ihat wagers aro not necessarily vold, thoreforo, theso contracts—not beiug inbibite by any express Inw of this Biato—aro not void. +L'horo is no dispute that contracis of wagor aro ‘valid at common law, unless .affoctod with somo speclal case of invalidity, (Ualt vs. Gilbert, 13 llun. 807.) But wagers which aro contrary to publio policy havenlways beeu hoid in the courts to bo essentially void, withont statutory probibi~ tion, and caunot Lo made the ground of nu ne- tion, (ifartloy v, Rico, 10 East., 32) And Digli autority 1o tho profession hns stated tho law on tho Bubject of the validily of tvagoers with groat forco and clearness, whon ho says: As tho moral zenso of tho presout day regards sll goaming or wagering contracts as fnconsistent with the intercsts of thio community, and at varlunco with tho Iuws of morality, tho excoption necessarily leuds to becoma the rula, Tndeed, suy ono rising from a full examination of tho law applicablo to wagery, a8 expoundec by the courts, would tndoubtedly testify that whilo Do hag found in the books, and ospecially among the oldor text-writors and cases, general ex- prassions to tho effect that wagers wore valid at common law, ho has found the cases, wheu thoy havo beon enforced, to ho oxtromoly raro, and tho courts tave boon astute fo find rensous for not enforcing them. . DECISIONS OF THE STATE SUPREME COURT. Tollowing this genoral curront of authonty, the Supromo Court of this State, undor tha stat- nte prohibiting gaming, has declded that wagers upon Lors-races are vold, and cannot bo one forced, and that monoy paid on such wagors can bo recovered back. (23Tl., 493; 51 11),, 473.) The Iangunge of tho Illinois tatute on which theso decisions aro based is, in substance, that all promises madoe in pursuanco of arrangemonts, ete,, where Lhe consideration or any part thoreof slull bo mouoy wou by gaming, ole., shall bo .| ble ns that of the_ cinimants. All wore nngn;zu\l void ‘I'ho languago of 8 and 9 Vict., on which the Gagowood v, Ulaln and other Euglish easos wora deelded, is: ** All contructis or egrooments what- over, by parol or in wruinF, by way of grming or wagering, shull be null'and void.” The pro- clso question made in this case has nover been bofore the Supromo Court of this State to my kuowledgo, aud I nm not aware tbat it has over been rawed. At tho Circuit barin o lato caso Vefore His Honor Judge Trco, of this city, ho hold that ““aption in contrnots for grain, whon tho parties intonded only to pay the difforences and not to deliver tho grain, wore veid, ns wagor- ing contracts,” I quote him as reported in tho duily papers of this city. Dut it Lardly sooms possiblo that any court called upon to constina tho Iiliuois statute inthe light of tha oxpasitions ulready mado by our courts and of tho English deoisions upon . statute so substantially similar could besitate to -pronounto thess contracts wagerg, aud void a8 coutrary to the statute. TIIE COMMON LAW. But even if not within the letter or spirit of tho statute of this Stato, tho common law au- tharilies quotod show that all wagors contrary to public policy aro void twitliout roferenca to ony statute. . And, a3 tho cantracts under con- sideratlon nro cssentially nothing but bots upon tho price of oats in this markot within the timo limited, and as it i ebviouy that tho offect of such traneactions is to bogot wild speculntions, to derango prices, to make pricos artificially high or low ay the intercsts, strength, and skitl of tho manipulators shall dictato, theroby tonding 10 destroy Lionlthy business and unsotile logiti- mate commereo, there can bo no doubt of the =3 INJURIOUS TENDENOY OF BUCH CONTRACTS, and that they shoutd bo held vold s against pub- lio policy. " As is mout cogently uaid by tho learned j’ndgu who delivered the vpinion in the cages cited from 55 Poun. : Anything which Induces men to risk thole monoy or property without uny otlior hopo of rotura than to get for noihing ony given mmonut from suothor i mbling, snd demoralizes the community, 1o matter 7 htk sani 3 tnay bo callod, T'ho finnncial disaster and rum which followed @ Buck Friday " in Now York, aud the scaxcely less dumuging local consoquoncas whick followed tho varloust **cornors ™ which havo eithor suc- coeded or beon attempted in this olty, furnish conclusive proof, if proof wero noeded, that such gumbling operations should bo held void, a8 contrary Lo publio poliey. i ! The total amount paid by the claimants in theso casos wus less than $10,000, aud yet the amonnt they olaim is within n fraction} of $400,- 000,—n disparity botweon tho consideration paid and the sum demanded which striles tho mind at ouce g 8o grossly inequitable that the judi- cinl congatonce is sliocked, and rovolts from bo- ing mado tho instrumont tor enforcing such out- ragoous injustico, WIIAT I'UTB ARE VOID, I do not infengt to bo understood ra holding thut avery oE(iou contrnot for the dolivery of .guain or stocl, or that overy “put” iy nceos- sarily void, but only that all these contracts, in the. {lghz of tho testimony boforo the Court, were in tholr essoptinl fonturos gambling con- tracts, ‘Phe partics when thoy wmade them did not intend to aotiver tho grain, but only at tho utmost to sottlo the differences, Lhoy knew they could not abtain the gra to dellvor it Clhundlor sustained Lis ¢ cornor,” and theiraction in buy- ing s “pub” wag virtually a bet on their part that he could not accomplish what thay all kuew ho was endeavoring to do, that is, keep up tho price through June to his own figures, aud virtually & bot on his part that o could do so, HARMLEES CONTRACTH, It Is shown iu the vrool and urged ju the argu- ment that the ** put ™ s in itsell a vory harmicss contraot,—that dealors fraquently resort to thew a8 n mothod of wsuring pricos. It is anewor cuough to this to sy that tho proof fails to show that such wan tho cbject of auy of thoso olaim- ants, Chandlor was’ taking all tho cash ostg offored at tho prico namod in tho * puts ” and upwaxd, and noue, with tho oxcoptlou of Bons« loy, clujm thot t'huz hud tho oats to fill the **puts ' ut the timo thoy bought, or hought for it purpono tlafier Clinndlor's fatlure, It iy nochips pousiblo to hnagine o deator with a stack OF gralu on hand which-hio wishos to hold for an advanco, who may tuko i privilogo of this kind 10 fnuure himsolf aguinst u docline while waiting for un advauco, Bt the very uct of olforing Lo uell o ' pus " elther implics that tho sollor hns control of tho uarkot o that ho expeets to mako his own priva, or elun It i & 1mora rovklons wasor- tlon of tho sollor's opinion that tho prico will bo - lnm(nln.lucd.—nl!horjnt which partnkea of tho n bot. nhmxflv?:x?:r," soya Douvin, “1s & contract by which two or moio pertios agreo that a aum of monoy or othor thing shnll bo patd or delivorod to ono of thom nr; tho Imtp poning or not happon- uncortain ovent, ‘“q': znn;‘t‘lmt thoso contraots woro énkon for tho purposcs of insuranco 18 too far-fotchod an ox- cuse, aud ovidently nn afterthought, ND VINDICATION OF ONANDLER, *Tu what I have #nd I do not intond to vindl~ onto Obinudlor. His conduck was as roprohonsi- this in ot immoral sud fllogal transaction, an Court ought not to ollow its powers to bo prostituted fo tho onforcomont of thoso contraots for oither party, Monoy lay or in gnmning, cannot bo recovered {s?xu:'ora‘t lv‘vhixu an action {4 given by statute, but, s T havo slroady intimated niy opinion ' thal thoso coses aro within tho statuto” of this Binto on tho subjoct of ,gnming undor which monoy pald may Lo recovered Daok, I shall allow tho clalnauts to prove thoir clalms for tho amounts sotually pald by thom respectlyely, which is a Dlf cont por bushol on the grain'nimod on their tiakots, “In tho onso of \\yllllnm Young & Co., 8L176; A.L. Qoddos, 81,000; Densloy & Co,, §860; Marr & Co., 8170 THE CITY HALL. Efforts to Make the City Go Into the Leasing Business. The Buildings Offered, Their Rent and Accommodations, : ~hie Cheapest Thing to Do. Ono of the fow quostions that at the prosent timo ngitato this municipality is tho changing of clty and county hoadquartors from tho “shobang” ironically tormed *‘the Oity-Hall," which is npw dovotod to publio officos of & losal type. That tho court-rooms, Olerk's office, Low Departmont, and Mayoral ‘sanctum are inade- qunto for tho usgs to which thoy are dodicated is universslly ndmitted. Tho buildiug is rickety, tho soworago s shominable, the wator-pipos aro forever out of order, tho gas I8 dofoctivo, and?| tho odor fs quite appalling to ordinary olfac- tories. Btill, thoro isno donying tho fact, tho city lna pot now in the Trensury sufliciont monoy to do botter with most of her public officors. W'he county shares this % DEPLETED STATE OF PINANOES, s although wot to so great an oxtent. ‘Thereforo, tho question prosouts itsolf thus: Must Chicago aud Cook County, officially considored, contont themselves with tho prosont bulldiogs until thoe now City Hall is eonstructed ? , The Ju(}%os of thp Circuit and Superlor Courts, ‘with their Clorks, are chief among tho malcou- tonts, and they aro scarcely to bo_blamod. common Justios of ‘tha Peace would hardly ven- ture to hold court in tho best of ~ their rooms. Thoy are, genorally speaking, filthy, and poorly ventilnted. It'is actual suffoca- tion for n Judge to hear, or a lawyer to “try" a oasoin noy of theso apart- ments during the summer months, As for the Clork's officos, thoy aro utterly unsuited for Dbusiness, and tho chamber devoted to tho Law Departmont would disgrace » mushroom “eity ” out on tho Plaing, Stfl], what can a poor comn- muunlty do undor tho circumstances? As, might bo expeoted, SEVERAL PLANS to mitigato tho ovil complnined of have baon discussod, Tho maesive and magnificent bwld- ing of Mr. i1 H. Honoro, in Dearborn stroet, s beon conpidered, and somo Aldermon, of very oxtravagant notlons, have spoken favorably of renting the edifico at an almost incrediblo figuro, No ressonablo man could think of ront~ ing such a wtructuro as the Honoro Bloek, for, nltogathor npust from tho fact that it wos builé for n hotol aud;is AROIITEQTURALLY UNSUITED FOR PUBLIC OFFIOES, cspeoinlly for court-rooms, tho propriotor, in ardor to pay hiiaself, would bo foroed to domand o ront altogetliyr out of proporcion to tho pros- ont resourees of tho city. Novertholess, a spocial committes of the Qoole County Commigsionors has the mattor undoer considerution. Connnissioner Crawford is Chair~ mau thereof, and o ropott will be made on Mon- duy. Commissionor Jonos statod to o "CRIDUNE roportor yesterday that nothing definite lad ‘boen resolved uyion, and that, so far ag Le know, - no immodiate change was contomplated. o thought that, should anything of the kind bo at- tompted at all, it would not bo put into oxecu~ ,tion for sovoral months. Commissionors Ashton uud Olough professed themsolves as boing on- tiroly innacont cf any design of involving tho county in ugeless oxpendituro, They, howover, would not oxpress avy opinion on the quoestion brought beforo thotn. Mr, Honore, boing called upon, atated to o roporter that hio nimed no prios whatover to tho County Commiagionors, They were tho par- tios from whom the offer was to como. As ro- garded ibo inndnptability of the edifics for public purposes, lio eaid that tho intorlor bad cou entiroly romodolod, so n8 to afford excel- lont facilitics for tho holdiug of court, and for otlior important uses, ‘Tho building, he thought, was moro than wuflicient to accommodate both city and county. ANOTIER DUILDING spokon of is that of Alexandor White, situated on Tifth avonuo, immediatoly north of the Staats-Zeitung offieo. This placo 18 not moro than one-third the eizo of the Houore Block, and could searcoly accommodato the county ofilces, not to speak of those of the municipality. It is waell-suited for business purposes, but its remote situation nnd limited dimonsions rouder it on- tiroly unfit for a tomporary publio establigh- ment, such 88 a Oity Hall aud Court-Houso, I'he County Commisgionors hava this building algo undor consideration. Tho ciamms of Mr. ‘Whito aro nu‘lzporlud by a couple of morning papors located in tho vicinity of his building, but their advocncy has u motive too patont to En misunderstood by the public mind. ) THE AVERAGE ALDERMANIO BENTIMENT apponrs to bo loatilo to the ides of removing tho city ofticos from tho present place. ‘Thoy hink the building can be madoe habitable by the oecaslonnl oxpenditure of a fow thousand’ dol- lurs, Just now tho city ofiices present quite a neot nppenranco, having beon caloimined .and painted, By the judicious laying out of 8700 a wondorful change hng beon ‘offcotod, and tho city sectiop of the building is good emough, ak lonst for tho prosent.d # Among tho Aldermen who expressed diusatis- faction at the idon of moving intg moro uxgfln- sive quarters, are Messrs. Schaffuer, Campboll, Lynel, Btout, White, Qullerton, Dixon, Warren, sud Minrgly. Bliko Dailey, the'Chairman of tho Building Committep, is, wy usual, rathor non- comnnitial, If ey chango at ail in contomplated, tho Al- dormen montionod sy, lot it be, by sll moaus, to TUE QLD POBT-OFFIOL, which oan bo titted up almost as good as new for about #£G0,000, porhups losy. ‘That structure would accommodate all-tho county and most of the city offices, It wowd bo substautial and sufo, and, what both the Honoro and Whito builfilugs lnck. it would have umgln fira-proof vaults wheroin to preserve tho publio arclives. Nine of the County Commissioners aro under- stood to favor this viow of the oaup, bub will say nothing dofinite until that Comitieo males its roport at the meoting of Monday. TUE NOARD OF PUBLIO WORKA— all tho members thorgof—are in faver of kenplng both city and county in their Pmunnz quarters, Al of 'the Commissionars think that tho county soction oan be made comfortable nnough by an outlny of a coupleof thousand dollars fu painte ing, whitewashing, carpoting, and furuifure, Irom inquiries among i PROMISENT OITIZENS, it would appear that the gmwmi sentiment lg ngainst roning exponsive headquarters, and tax. puyors ara hourtily iu favor of municipal econ- omy, at whatevor present inconvouionco, —_— Mo ¥o Omittod. Washinaton Correapondence of tha New York Tribune, Ilouceforth the words *laughtor,” Yapplanse,'’ “ gonsation,” and other paronthetical romnrks indicative of tho hilarlous or anpreciatiyo domon- strations of tho louso, are to bo omitted from tho oftleinl roport of the dobatos, which will now bo drlor reading than ever, ‘I'he intelligont con- stituont, while perusing the dreary offorts of his mombor to bo witty, will love to judge for himsolf where tho laugh came w, and will be thrown baok npon bis unaided fmagination for a picturo of tho zpplause which grooted the flights of elo- nenco, ‘This important deelsion was mado to- 3ny at the instauco of Georgo T\.:loar, who aaked by what rulo ar authority the words ln quostion wora put In, Tho sponker said thero was no rulo for it, and thut, a8 tho words onl, put o rocosd tho fact that the mombors had violatod the ruloa which forbade applause or othor _demoustrations, they had 'botter be, omitted, and he would dirost the reporters to conyo puitiug thom fu, "THE UNIVERSITY. Important Meeting of the Board of : vTrnatees. ’ Detailed Report of ihe Financial Condition of ihe Iustitution, Plan for Raising the’ Woney Needed, . W. B. Ogdon Will Bo Asked to Giyo His Namo to the North Wing, Dr. Burroughs and tho Ohancellorship. An {mportant meoting of tho Board .of Trus- toea of this Institution was hiold at tho looture- room of the Collogo of Law in this city, April 7 ond 8, the Hon, J. Y. Scammon in tho ohalr. T'he following membora woro prosent: Mosars. J. Y. Boammon, William Shannon, M. L. Piorco, J. XK, Pollard, RobertHarris, L. D. Boono, L. 1L Bmith, E. B, McOngg, J. A. Bmith, J. F. Bonfield, W. D. Bacon, Ienry Greonobaum, V. 3. Hatc, E. N. Blako, . A, Loveland, 8. P. Orawford, H. A, Rust, BE, Hinokley, A, B. Mockor, W, T. Coolbaugh. EXEOUTIVE COMMITTEE. Tho first mattor boforo the Board was tho re- port of tho Exocutivo Committeo oxhibiting tho business transsoted sinoe last meoting of the Board, somo of whicl was of s highly important charactor. Among tho partioulars mny be mon- tioned the appointmont of the Hon.J, R. Doolit- tlo to the oflioo of Acting Prosident of tho Uni- vorgity, and his acoeptance under conditiona speoifying such sorvico as ho found it praoticablo, conslstently with professlonnl ongagements, to undertakoy $ho engagement of Dr. Josoph Haven for istruction in Motaphysica and Moral Philosoply ; the elootion of Dr. Ransom Doxtor to the chair of Zoology, Comparative Anatomy and Physiology; and the proparation aud official publication of o statoment on bohalf of the lato President of the Univorsity, tho Board and tho Exoculive Commitico, in reply to published allogations of an Injurious charactor, a printed copy of.which reply was submitted in connection with tho roport, The xoport of tho Committeo was unanlmously adopted, by & voto ayes and noes, with instructions to eproad the wholo, in- oludiny th«;yrlntud statemont, upoa tho records of tho Board, * COMMUNICATION FROM DR, DURROUGHS, ' Tho following communiontion was reosived and read from tho lev. Dr. Burroughs: Onoaao, Aprll 7, 1874, b tha Trusteet af the Untversity of Chicayo : GENTLEMEN: Througli your Corresponding Bocro- tary, tho Itov, Dr, Bmilli, I was informod, aftor your moofing in Docomuor lust, of your accopfanca of my rosignntion a8 President of the Unlverslty, snd ot the same tnio that you donired that my connbetion with tho institution should not torminate, but bo continued in tho relatlon of Glancellor, as Soon ns tho neccs- sary_loglulation could bo oblained, I also obsorye in ‘tho callof tho meoting for to-dny that this sub. Joot would como up for conskloration, aud posstuly, for fusl sction, Allow mo to thsuk you, as well fof tho kind and genorous oxpressions which you connect with your nccoptanco of ‘my rosignation, s for tho murk of your confidonco tmplied {n your desire to ro- tain mo In your sorvico, The office £0 which you pro- 080 to elect mo is an honorabls one, and s duties, ns oreshadowed by the resolutions reforring to the aube Joct, aro pocond lo no othors in thuir boaring upon o oxpuusion and progress of the Untvoraity, At the samo {Ime, tho Board will pardon mo for the suggostion {liat tho'chief iuterest of the preseut Lour 1o tho University fa not tho complotion of its organi= zation or the laying of plana for tho future; thatall such questions can afford to walt upon tho one ques- tion, whethor the University can bo relloved from ite ‘ebts and provided with any adequato means to pur- 8uo i¢s worlt, It scoms to mo that this shonld bo the ono aubject of altoution at this mecting, and tho ong which siould recelvo tho undisided co-operation of evory momber of tho Yoard und every friond of the Untyersity until tho ond fa ncoomplishoil, At tho meotings In_Fobruaty aud March of last year 1t will be remombored that I consentod, under tho ad- Vioo of an influentini conimittea of business men of tho Board, to the immodiato sale, In bulk, of tho land which hind'bean selling in lots, for tho benofit of the Unlversity. It was distinolly ‘undorstood na o part of that proposition that, ono-half of tho funded dobt bo- ing thius providod for, the Trustees would toko moap- ures for tho lmmodiate payment of e remnindor, and agcordiugly n lurge conmitteo was appointed to carry out that undorstanding, T beltova that commit- teo 11as nover reported, and, sitbsoquent meotings hova ug boen eutlrely ocanpled \ith auestions of tuterual _orgautation, this subjoct, vital to tho vory boing of tho University, Lns ‘lin in sboyuuco aud nogs fect,* T cannot but hopo tlat tho Trastcea will recognizo this 05 tho first concern and business of this amecting, nnd va far as the proposal to create tho ofiio of Obancelior hes uny relation tomo I must ask {hat tlio consideration of 1t b doferred until this far more important matter {s dtermined, At tho eamo timo, um glud to proposo to the Trusfees, thut if thoy will carneslly unite in an offort to provido for tho Uabli- tios of tho University beforo tio sunual meeting in Juno noxt, and if X can bo of any ussistance iu- tho ‘zork, I will ronder such sorvico ns I can, without sul- ary, the samoas if I Leld oflicial Telationd to tho Uni- vorslly, Iam, gentlemen, with great reapect, yours uly, J. 0. Buknovalrs, In response to this communication, THE FOLLOWING BESOLUTIONS were adopted at tho meoting hold Wodnesday: WuEnEeas, Tho Tov, Dr, Burroughs, in responso to tho invilation of this Hoard to still 6orve the University fn the oftico of Chancollor, bns roquested that no ac- tion_ relaung to Limeolf personally, in that regard, ahall be had at the presout moeting, but offers, if tha Toard 6o plense, to give bis services without oflicial position nud without salary, fo an_offort to make pro- Vislon for thio payment of the oxfating dobt, bofore tha aunual meeting ju Juno nuxt, namiug, as condition £0 this, that tho Board shall, upon its own part, active- Iy co-oporata to the same snd ; therefore, Jesolved, Thnt, recognizing cordislly the gonorous spirit in which Dr, Burroughs makod this proposal, Hho Bosea.uczent b olfer, Bud, Wil requeating hin to undertake (Ll service, plodge to him its owa active co-oporation iu nn offort (o provido finally and fully for the University dobt. Resolved, That Presidont Doolittle bo requested to give, in association with Dr. Hurroughe, such cifort in this bebalt na moy bo consistent with ofher duties aud angagemente, aud in such waya od to himsolf shull seen wmost oxpediont. FINANCIAL, CONDITION, Tho report of the 'Fronsurer, Mr. John W, Griggs, was prosontod, and aftor disoussion wag referrad to a committoo conslsting of the Hon, J. It Doolittle, Dr. Burroughs, 1, A, Rust, and tlio Trensurar, with fustructions to roport to the Doard a more oxplicit and completestatemont on cortain points. At tho adjournod mooting hold on Weduceday, the following minuto -was read : Alr, Doolittle, from the Committos to whom was ro- ferred thoe question of tho sssots of the Univeraity of Qbicago avatlablo, and which may becomo ayailablo in tho payment of it linbilitles, submitted tho following roport and nplwndlx 3 ‘The appondlx contulus o detallod st of such assots $n thros classes. L'(rat—Noleaand subscriptions, consisting enly ot valid obligations fn writing. S Second—Bubscriptions for the payment of money ‘when a suficlent sum shall bo ralssd or socured in good subscriptions to puy oll the indobtedness of the Ual- yoralty. ht¢d—Of Tands donsted and now hold by tho Ut~ yorsity outsidu tho Clty of Chjpago, 1, A8 totho lst of Dotes agd subscriptions, your Caruinittco would romork thot*in malring out {ho list of notos and eubscriptions, thoy have carriod out in tho right-hand colunn o amount sot appoetts o tho nomo and residonco of tho malier. oz subscribor s and they have not addud, in uny case, the accrued intorest, AllIu tbut column thoy boilove t0 bo good as avatlible fwncls, In casca whera thoso nates sud subscriplious huve ~ timo to_run, and do not draw intorcet, fley DLovo discountod from fhelr faco such pui, in thelr estimate, as to give thelr pres- ent value only, Thoy placod in the left-hand column all such as oo membors of tho Gommitteo hud kuow- ledge of and wora Fogurded doubtful for any resson, No luterest I8 included in thelr catimato of tho nvallu- 1o notca nnd subscriptions, for tho reason that many of thom are for suma less thun $200, aud while thoy aro Yegardod as good for principal and ‘{ntorest, the noces- nury fucldentul expensos of collecting and making them aviflable, will bo, perhaps, qual to that interost, In thele oalimato tioy huvo'reliod vory much upoi the Judgment and personal knowledgo of Dr, J. 0, Bur- Tougbu, as to thg responsibilitica of tho pertics, As o test of hifs confidence, Lie offers to take from thls list at cithor end, o anywhoro, an aasignment of such an smnount, a8, with thio intereat added to thoir faco, will equal tlo smount duo to Wm fn full sottiomont of Lia Qomand against the Univaraily, which, nccoraing to thie Treasuror's yeport, 14 over §15,000. "Iho aggregate Iu the right-hand’ calumn amounts to tho sum of $30,645,07, Tu tho lott houd, or doubtfal colun, to the sum of $13,181,00, 11, fiocondly, »a to tho list of condiifonsl subtorp- fous e Vliolo amount subacribod, as appears fa tho ap- pendix, amounts to 810,176, In ‘ordor to vondor this o auy nortion of it avallablo, it Is necossary to comply With 116 condition annoxed {o them, viz. : thut a suth Suilicient to pay off tho outice {ndobtednoss of tho Dutyorsity shall b subscribed by good aud responsible patics. fius roporting, s wa hiave boon compolled to do, upons 'tho reuponslufiity ‘of (h0 partios. moutiond i Tho firet. elass, (¢ would under no - efreumatancos o proper to publish tho unmea of thoso whore tha aaunts ar stoted in tho left-hand column, Sucl uvlication fa wholly unnocensary, might ingiice tho Pernons referred to, and would violate 1o conidence and friondebip roposed i (e Board, : "Fhoro fs n lurgo amouut Of notes on bund which tho Qomuitteo have ot pytered upon the lixt of doubte ul. Tu tho very briof timo Iu whioh” they wores ro- \iked ta roart, thoy ura 1ot propared {0 announca, ot ua woetlilest, biciuso tho partios ure unkaown to clthos ueiber of the Jommitives o fsom thels long \ ' - yocably, forover, tlt no pust of pifo slanding without any payments upon them, thoy ara Togacdod us vary doubten) hiora aro nlgo upon tho books momoranda of ver bt plodgos to a large amount, among whickl, bn ape Ponra tpon tho liat in tho appendix snuoxod) in tho amount of $3,000, which resta upon tho honor aud in. fegrity of “porsuns known to tho Commilteo, and in rognrded wholly reliable, Your Committes, how- ovar, do not include then: 08 availablo, £ Ag 1o tho third class of ovalinblo ammots, Tt Sppoars by o third list of tho appondix tiab tho University holds landa outatilo of tho clty recolved na donations to tho amount of £6,400, 1V, To this ahonld bo adrod tho valio of tho cquita. o nterastin tho landa deoded to Mr, Jacobs a8 truse tee, or In tho avafls of {ho samo, Another -committos Iing that subjoct in chnrgo, and in rolotion to that your Cominitieo tako no rosponsilility, nnd recommend no netion, Thoy slmply roter (@ tho' mattor ns en avalln. blo fund, pledgod for the payemeut of tio funded dobt, =ad estimata 10 Asma at £63,000, TTho threo classes of assota which aro avaflablo, and which may bo made availablo, may bo summed Up o8 follows, viz, ¢ . 1, Notes and subsoriptions, $30,045.07 9, Conditionnl_subecriptions. 10,776.00 3. Outsidoands.sescererss 6,400.00 AQd the equitablo inforest i [0 Tind dooded o Mr. Jacola na Lrustoo, ala, or 4 lts o £3,000,00 ; £108,720,6 Tpon a_reviow of o st wo deora'th propes 0" 1o deduct from that known to bo cutirely Baf0. 0 wwesenaerennecueeas 10,000,00 And 108Y0 1ho DAIGNCO, vve et vavesvvns o ovves 80871207 which ia regarded by your Gothmilleo 88 o gafo esti- mnto of tha vailabla asaots, opplicablo to the paymont, of linblities, It will bo observed that your Gommititeo have pro- ceeded upon tho basia of the Treasurer’s report 8o far 08 fo stata tho bnlauco of he Account, at (ho ond of tho lust Niacal yoar, Boptomnbar, 1873, 1t Will thoroforo bo nocensary to atrlko tho bnlance aa of {hat dato, boe tovoen tho vallablo asscta sud tho Unbilitiea; ot (o Add duterost upon that balsnce until this timo, or pore liop sl botter, until tho ond of tho prescat fiseal year ; that is, oilo year'a fntorcat, Somo timo fa necessnry to raleo o smount of such Dalanco, and it would bo prudent to add, also, for tho amount of current oxponss for all purphacs, ‘ou and abovo curront Incomo, during tho prosent yoar, by Way of eatimato, $3,000, 3 our Committea Would stato, briafly, the account ss follows Tonded dob.... Al otber tnadfictncgs, Suciiding bonded debt and 1o tha Greo endowment. fund to Hoplombor, 18T0.veserrrsserinene 16,250 Add {utorestot 8 por' cent on' $100,000 for ono FOOTussusvannsonns Seeteseny be .o 8,000 01 16,350 Tor 0no. yeor at 10 por cont. s 7,525 Add estimated doficicncy of curront year, ., 8,000 Total debt September, 1874, Total available assots o8 stated. Intercst nt 8 por cont should bo lowed 1pon thie $30,000 to be realized from tuo Burroughs and Jacobs Land Trust fund, Add {ntorest on $30,000 for ono year. 4,000 Tatal of asscts, Boptombor, 1874,$102,720 Daluncoof debl, Hoptombor, 1874, 01,054 109,775 $100,776 To provent all misundorstanding tho Gommitico deom {t proper to aay that thoy hava had no reforenco ‘whatovor, 1 makdug the eatitmato of svallablo asscts, 10 tho maguificont property and grounds, lbrary aud spparatisof tho Univaraiy Hlself, wortk over balf wmillion of dollars, In conclusion, your Gommitteo, {horofors, fool au- thorizod to ay fint ¢ 01,084 in inoney, or in gaod 10 Der cont Intoreat-bearing obllgatlons could bo added to tho proscnt avallablo resourcos of tha Univeraity, all its bonded and floating debt, including its indebled- ness Lo tho Greek Fund, could bo provided for, paid, and discharged altogothor, Ono hundred thousnn dollars would muko IEabsoliately, cortalm, Al of which in respoctfully submitted, J. 1. DooLrrri, airmen Commitico, 3. W, Gnraas, Troasuror, RAISING MONEY. The Hon, J. R, Doolittle, B, B, McOngg, Eeq., and tho Hon, J. Y. Scammon, wore made a Com-~ mittce on Resolutions, and st the ndjourned meocting presouted tho following, which wero unanimously adopted : % Wagszas, By tho chartar of th Univeraity of Ohi- cago, the Governor of this Stato is made Chaucetlor ox-officio, und, by roason of tho dutics of his oilice as Governor, it {8 {impracticablo for Lim 0 act na Obnue cellor in fact; and Witengas, In tho condition of ita offeira {t was deemed advisable by this Board, ut its last meoting, to ask the Leglslaturo ta autbaorize the appointment of a Chancellor to dischargo such dutfes as this Hoard may.deom propor {0 assign to him, and such roquest L0 boon granted, In tho pussago of & general Jaw, to tako enfect on the 1st day of July nox siesolved, That & Committee of Fiyo bo sppolnted by tho Ohadr, of which the Ohairman shall bo ono, to pror garoand foporl such by-law, for tio wloptior of tho oard, at its first meeting after eald Inw taxes offect, a8 thoy shall decm necessary and proper; and also to roport whak further action slould be taken by this Bourd upon that subjoct, \iree4s, It apresra tiat (o sum of $100,003 in nd- dition to the availablo means of the Univers! lé{nl Chl- cago, and tho amount. of gubscriptiona which will be mudo avalloble by ruleing that sum, will, if promptly secured, reliovo sich fustitution from all Jts labiliticd, for its bonded and floating dubt, fncluding ita indobt- adness to the Grook Bndowmeut Fund ; therafare, Resotved, That this Board, and each membor thereof, carncatly appeals to tho citizons of Clicago to unito withall tho frionds of tho Univorsity ovarywhora to ralso this sum in mones or fu good obligatious for the &ame, on or beforo tha dth day of July nost; and, furtiiar, that by liberal subsoriptions, and donations in monoy, 1and or otliurwise, to endow'its chairs, to ime prove {ts buildings and grounds; to bulld s gimuasl- um3 ond to rulso the means Nocessary to bulld the north wing of the *University building estimated to oost from $160,000 to $250,000 aud to {awits corner- stono, on oF befors tho dtl”day of July, 1870, Do it urihor Resoived, That, in ordor o carry forward the pur- 030 oxprasscd i1 (ho abovo resolution, not only tho ixecutive Committes and tho otlicers and agents who uny bo designated by them for thut purpose, are here- | by Instructed, but eavh momber of this Board is ro- spoctfully and porsonally roquestod, ot i ’plnu of bisiness, and ot ouch tisnes as io may convenfontly do 80, to receive HIIIIMPISNDII! substantially in the fole lowing forms, priuted coples of which shall ba for- wardod by the Secretary tocach momber of this Board, at his placo of residenco or busiucss, viz: [Eirst Form,} For value racefvad, and in consideration of the great advaniages of maintaining tho bigher institutlons of Iearning, the undovalgned promiscs to pay to the Unie voruity af Obleago Ui sum of — dollaxs on or bafore —— disy of — noxt, with Interest at tho ratoof 10 or cont after due, “This sum and tlio subscription for the samo 14 made Sppliablo o the payment of tiodobis ind Uablitiss of {ho University of Chicaga ; aud, upon tho indorso~ meut of its ‘Treasurer, may bo assigned aa a negotin— blo ooty n paymiont of sl ludebtedussy, subjoct to no athor conditfons, in tho samo monuer ga if mado puynblo to bearer, atod April 7, 1874, E Second Form.1 Far value recalved, aud In cousideration of the great advantages of malutaining the higher {nstitutlons of loaruing, tho undersigued prormise to pay to the Uni- veruity of Olileago, on or bofore the 4th day of July, 1678, tho sum of dollars, withs interest at tho Tato'of 10 porcont after duo, This subscription sud promise 18 wads upon the oxpresa condition that a wholo amoint thorco! shall bo applicablo to the improvement aud culargoment of tho bufld- ings of tho University; and upon the further cundition that, hereaftér, no lien or incumbranco, for auy purpose whatovor, ehall over bo croate ed, or sufferod, upon any port of the grounds, build. ingw, or othior property of eaid Univoraity ; aud that tha whole of the mean uccossary to build ‘tho uorth winyg of the Uuiversity susll Do ralsod in monoy or in good Jogal wud Feapousiuleabligatiuns spplicablo 1o it purgose, beforo auy contract for {ta building sholl bo eutored jnto, which can in any manner bo ‘oonverted 1uto lien upon guch grounds, ar upon such Dullding. It fa undorstood that this abligation, or suy part thorcof, msy Lo assignad by the Treasurer of DAl University Ju poymost to sny coniracior or ullder, 88 it tho samo wero uegotiabia and payablo to asror ubjoct to 1o athur conditiont, Datod April7, 1874, [Third Form,] Yor value rocelyod, and, in_conaidoration of the great sdvantsgos of making pormancnt oudowmenta of thio chairs of the faculty, in_universities of learning 1o underaigned promises to pay to the Univoraity of Oliicago, tlio s of §: 1o aunual justallments witli 8 pér cont {utcrost, payablo annually upon all fn- stallmonts not duc, with 10 per cont interest upon all inatullments after thoy bLecoms ,due; that the wholo amount of such intorest ' shnll bo snnually paid for the eupport of te Ghair e such Univeralty ; and, whonover the principal of said instaliments or any past thereof, shall be pald by tho undoreigned, the sum shall bo mmodiately inveatod, and foraver kopt iuvested by the Endowment Commiitos, upon such so- ourities aa shall be safs from any loss, and shall ro- alize ay noarly an poesibla tho higheat legal rata of in- forest aud, itpon tho further oxjiress condition, frro- o ntorost sball ovor Do appiled to uny otlier purpose than tho payment of such nalary of the occupant of auch chalr, aud that no part of matd principsl sliall overbo recolvoll or uked for any other purpose than for investment, aud reinvest- msat, ferever. 4 Dafed April, 1676, Tourth form.] For yalue rocetved, aud i consideration of the great advantages of maluisiuing, Bulurglugi, sud _proper) endowing the University of Ohlcayo, the undersigne agroes to pay to tho Univursity of Uhlouio, the sui of —— doliars, in Usroo equal ainunl instalimonts, with intorest ot tho rato of — - AL Cont befora dua: aud at tha rato of 10 per oent wilor due. The firet of safd Installmeuts, or 80 much thorcof ag shail bo nocessary, shiall ba applied to tho Jeyniont snd Alschargo of the llubilities of tho University in overy form, Thio balanco of auch insfullnent, with ail of tho seo- ond, sl ba appliod to the cseation of an.cndowment fund to poy the salaries of tho Presidont and Pro- fossors of tho Univorsity, such salaviea to bo fized by thie Board of Trostecs, . The balunce of such frst and sscond Installments, iftor paytug nd dischorging siich dobts, and makin auch ‘cudowmonts, with #ll of (ho third fustallment #hall bo_applicablo fo tho matntonanco and fmproves mont of ita prosont bulldings wnd grounda; fo tho orection of now bulldings, and to ihe catablishment and tho roafntensnce of such uew dopartmonts as the Yioard of Trusteas abull from. tme to tia ordain, it thls subseription §s mado wpon the following soves al coudtious procudent 10 each of 4 several fratate mouts, vid: Hrat—No part of tha firat installment, oz of the in- torest thercon, shall, be applfed to ony other purpass than tho payment ot tho deble aud linbllitics of said ‘Unlversity, until the samo ure fully paid, Gecond—No part of tho interest of th second fuatall- ‘mout sliall bo appllod {0 avy othor purpose than above oxpreutd i tio yayment of o salarles of th occu. ants of the chairy theroby endowed, and no part of o prinoipal sbiall ba usod"except fof pormonent fn=" veatmeut 10 tmalntain auch eudonnent Sfurovers and . 2 TAfrd—Tho third and Inst natallmont, together with tho first and second mado spplicablo to Dulldings, ete,, elinll nover bo usod oxcopt upon tho oxpress condition tnt s8ld Univoralty ahall lioreaftor movor oroato, or suffor {o arise, any lon, chargo, or incumbrance, for any ‘nluumfl whatover, wpon tho grounds, buildin, or oihor proparty of tijo Univorsily s and, that no co tract nhall Lo entorad into for tho ofoction of auy now Dullding until tho wholo amotint nocossary o com- plote tlio samo slill bo sectired tn monoy and obllgn- dous of undoubted reaponnibility, nnd which tho cono frnctors and bulldora shiall Lave ngrecd o accopt and Tocolvo, withont recourna to tho Univeralty, or any lien upou its bulldings and graunds or othor property. 1t lmln‘? the wish of tho undersigned to aid in plac. ing tha Univorsity of Gbicago tipon o footing of oquals ity with tho bost univorsitlen of tho United Biotes, and Iifn alncora liopo that on or bfors tho dth day of JTuly, 1810, it may bo froo from overy Hability, its chintfa ent dlowed, snd sufficlent menns nocurod to lay the founda- tionn of tho uorth wing of tho Univorsity buildiug—au edifico to be wnrt}a’!}-um £160,000 to $250,000, Datod April 7, Jeesolved, That tho Lxocuilve Commitios bo ro- ucatod to'appoint s0ma prapor person. in hebalf of 0 Doard, 1 noon ua. they. ausly pasatleel o mennA onotigh havo bean secured to dischnrge all th dobts and liabllitios of the.Univaraity, to walt in por- fon upon tho late Trcsident, of (hia” Bonrd, tho 1ou, Wm, B, Ogdon, of tho City of New Yorl,' to sonfer with him tpon the futurs of tho Univaraity of Chie Sno, sndas o tho uamo o bo givan to- thio’ proposed orth Wing of the Unlversity : and to express. (ho Hopo that ho may ogatn aliow this Noord to namo bim A esoloed, Tuat all monoys recelyed, togothor with all subscriptions, bills, notes, nl.\llfl‘nlnu'u, sods, morigan gos, and other securitiea for the Univorsity, nhlllfim 1uid, or snfoly forwardad, by tho porson. rocolving the amo, to tho Tresstror, who aliall immedintely wpon thio books of thio Univetsity, opon an accountwith sach subscribor or contributar 3 'and it suall-bo tho duty of stich Treasurer, aflor entoring the aamo properly on Lia books, to puy over all monoys and dolivor ail saotie rittes contributed for the purpano of endowment to the Gommitteo on Endowments, to b investod by thom, the Treasuror taking propor vouchors for such paymont sd dolivery to such Kommitieo, sud niak- g, sisoy tho proper cutry upon Lia books of tho Resolved, That tho Excoutiyo Commiites iavo power, and it shall bs thotf duty, to requiro bonds with goot and sufliclent surolten of 'tho Troasurer, 1n tho poual 8utn of $20,000, with power an _thetr part from time to” timo to incroass tho samo, conditioned for the fafthful exccution of tho dutios of is oflico as Treastrer; thnt thio Troasurer sbnll keop all moneys coming into Lfs liands in some bank or other securs place of doposit tobo approved by tho Executivo Commitco; that ail disburecmonts of monoy by the Treasurer to tho amount of $5 or upwards shall bo by chcok, .| poysble to the order of tho pemon roceiving the snmas that much chockns, with o stubs, bo presorvod an additional vouohors, besides his books'and. Focalpla; that such Trossurer’ shall report tho amouatof all such recolpta and exponditurcs quartorly to the Exoo- utlvo Commitie, snd shiatl snnunlly, snd as much oftoner as tho Exceutlve Committeo shall roquest him ta do 8o, present for oxamination Lis books, vouchors, chouks, and othor e, etoload, That S the Journalaof thin clly o res .speotfully requosted 0% piblish, ot fongth, the pro. ctedings of tho Board of yestordoy aud today, with such notico of thoir mnnnimous Action ms may lend thoir great inflnence to mnko tho futurs history of tho ‘University of Chicago what it ought to bo, The Oommitteo provided for in those rosolu- tions, and instructed to ptn[i:lro a by-lav, fixing tho dutios to bo conncoted with the offigo of Oliancellor, and to report gonorally upon tho course propor for tho Board to adopt in rogard to that offico, was 'lpEolnmd 88 fallows: J, Y. Scammon, J. A, Bmith, J. R. Doolittlo, E. B. MoCagg, Robort Harris, B OF OTHER DUSINESS "trananotod may bo montionod the cleation of Robort Harris, Esq., a8 s member of the Exceu- tivo Committoo, with tho appointmont of com- mittoes upon matters touching the Univorsity grounds, and upon cortain spoecial questions of finance. ‘Cho moeting was the hri“t hold by tho Board in along timo, and was harmonious and unanimota thronghout. A large amount of 1mont important busincss was tiangacted, and tho ‘members separated with the feeling that a new coreor i8 oponing to the University they roprosonk. - SUICIDE. A Well-Known' Citizen Shoots Himself Through the Head. The Oause Mental Depression Produced by Peouniary Diffoulties. The Act a Premeditated One., John II. Poinier, a resident of Chleaga for twenty-fivo yoars, and o gontloman well-known in tho husincss circles of this oity, committed suicido yestorday in the DBrovoort House. For somo timo past, Mr. Poinier has boon very low spirited on account of pocuniary diffeultics, and o short timo ago tried to poison humself, but by toking an over-doseho dofoated his own pure poso, . Wednesday. evening a gentloman called ot tho Brovoort Mouse and rogistered ©J. M, Poinicr, City." Ho wasgiven a roon and imme« dintely rotired, Yesterday, about 11 o'clock, one of tho bell-boys wont ta Alr, Poinier’s room and found him lying on the floor, blecding from n pistol wound in the head. . Dr. E. J. Foarwoll was nt onco called, but ffi“‘,}d do no good, and spon alter Mr. Poinier od. THE INQUEST, CGoronor Stopheus bavipg beon notified, at once jmpanelod a jury, with ex-Gov. Bross us foremau, ‘'he first witness examined was Witlio Olark, tho bell-boy, who fouud Mr. Poinier dying, 1o tostilled ne follows: Found the decensod lying on the floor; ho was groauing and the blood was suuning from tho wound vory fast; Lo held a pistol in his loft haud, Harry Nyo, boing sworn, gave the following tostimony: Am night-clork at tho Breoyors Houso; deooased came in Wednesdsy ovening and rogistored ; sssigned o room to him; mover snw him pofors; ho wus not in the loast intoxi- cucod; ho roomod alone; no_one hoard the re- port of the pistol; wasoalled when the deconsed was found dying, ~ ‘'ho witnoss then idontitiod a plstol shown him by the Coroner o8 the one do- conecd hold in his left hand, Dr, E, J, Farwell tostitiod that ho was called to nttond deceased ; found him lying on his faco in a paol of blaod, shot through the right towm- plo; probed for the bullet and immediatol found.it; washed tho decoased’s face and head, snd had him placed on o cot. Loeora Polnier, bnlnF sworn, tostifiled ns fol- lows: Am tho wifo of decensed; tho body lying in tho noxt room 18 that of my husbaud ; am re- siding at No, 770 Michigan avonuo; Jast enw decoased on Tuonday, whou ho camo to tall ovor 1us business affaing; ho s{xukn of going to Iows, but did not nmmnr_r]ualdo( about apything; Lo hind been low spirited for a long time, and ab times ncted stringely; would talk in his sloep for hours until he would bocome vory fatigued ; hie once befora tried to take his life by polsoning Limsolf, but took so much that it mado uimsick, and vomiting saved his life, Mra, Poinior was thon shown o slip of paper on whioh was written, *‘Sond my clothea to 770 Michigan svenuo,” and the lotier to Gov. Bross glvnn below, both of which she pronounced to 0 the writing of deceased, . HIB LAST MESSAGE. Gov, Bross theu read to tho jury tho following lottor found on docoased and addressed to him; Ouoaao, April 9, 1874, Tuls moto will surprise you, All I fiave {o anytls simply thut the mortal ba passed to Dr, Audrows, Blx- tecuth streat, hiead Prairie avonuo, to bo used in (ho cause of sclence, After having comploted the nutopay 1 wish the wholo mortal materlal destroyed. I do nat know where I may bo found, Hutlico to say, I buve taken 0 gra, morphino, Do not Lave me Lacked up by Millor, “Cliero will ba no necassity for Goroner’s jury, 1 wish Dr, Pattoruon to folu you. _dod blees yoii, O Sould you se0 1o ak Tall wriling, You would tapmaon tha back a3 you wero want to do 24 years ago aud al- mosk 25--asy Joly God Lese you. My ulher ataics uro oll sottlod, I acarcely know how to close, Al that I oan aay1s,in tho langusgo of Hume, Now for tho areat wuorut, Joux I, Poinen, Do WWilliam Bross, Heq,, Tribuns ofice, TUE LETTER EXPLAINED, The above lotter was undoubtedly written on tho 24 of Aprll, though {{ is thouglit by some of Mr, Polnior'a friouds that in his unsottled stato of mind be mado a mistako in tho date. Boven dnys ago a gentlemnn onlled on Gov, Bross and {uformed him that o hnd just loft Mr, DPolnior, who ghowed bim a lottor dircotod to the Gov- croor and nt&unumy of morpline, & Furtlnu of ywhich ho said bo had awallowed for the purposo of putting an ond to his lifo, 1o said he would Lo dend in twenty-four hours, aud appoared do- torminod to kill himself at all hazards. Whilo tho gentloman was oudosyoring to dissuado him from ki rash purposo, a buildor ntexgpuv.\ up aud offored Mr, Polufor & small Joh. (@0 accopted it, and afterword romarked, "‘Fhis will put it off twenty-four hours at any rate,” Flndluf romonstranco usoloss, the goutloman thon lofl him, 1t has sinoo beon ascertained that Mr, Polnior dld the work, and that he subsoquently got an- other job, whioh he also worked on and gom- pleted. Tuie omj loymont restrained him from committing suicido botwoon the day on which tho lettor waa writton and yostordsy, but his kooplug tho lottor in his posdosslon shows clear- ly that Lo wag determinod on self-dostruction all the time. THE VERDIOT, The jury found thal docongod died from a pis tol shot wound juflloted by limnulf while &l' tatoof mantal dunroseion, THE NATIONAL LIFE, . This Insurance Company Ade judged Bankrupt, . Tho Recelver Appointed by tho State Court Will Go Out. Powers of the Bankrupt Court Tully Sustained. Opinion by Judge Bln(igefl;. A decision was rondored on the motion: for n now trial in bankruptoy of tho Natlooal Life In~ suranco Company, yostorday morning, by Judga Dlodgott, The Judge firet stated | TIE FAOTS : That & potitidn waafilod againat tho Company on tho14th of Fobrusry, 1874, sotting up tho von-paymont of n death-loss for about ©1,000; and that the potition also shows that on tho 16th of Decombor, 1873, o bill was filod in the Circult Court of Cook County; by tho Attorrey- Qonoral, for the purposo of winding up the af~ folrd of the Company, nnd distributing its as- sots ratably, pursuant to tho aot of tha Coneral Assombly of March 11, 1805, In that sult o decres was subsoguently made appolnting Kirk Hreines Recolver, with | anthorityto take possossion of all tho nssots of | tho Compnuy and divide tho samo among its croditora and thoue entlitled ¢hurcloi Whe Ro- colver hns takon full possossion of the assots ard proporty of the Company in pursunnce of such decroo, and s procoeding to oxeeito tho docreo and mondato of sald court, whoreforo ro- spondent submita that this court hns no juriedi o~ tion to adjudge rospoudenta bankrupt. Tbis auswor brings bofore the court for construotion thonct af Congross passed on the 13th of Fobe ruary, 187, amondatory of thio, Bankrupt act, ACQUIRING JURISIGTION BY A BTATE COURT, It t8 claimod that, tho SBtato court baving acquired jurisdiction of the dobtor and its ns- soby, undor tho laws of this Btate providing for winding up its offairs and distribullng its assots, tho smendment fu quostion excopts the - debtor from tho oporationd of the Bankrupt law, and lonvos the debtor in tho hands of the Steta courts, : DEFORE THE AMENDMENT. 5 Trior to tho passago of this amendment the, Toderal courts had uniformly held that tho poudeucy of proceedings in tho Stato courts to administer tho nifaira of an mnsolvent corporae tion did not provent tho Fodoral courts from assuming full jurigdiotion on & propor caso mude in bankruptey. In ro Merchants' Insurance Company, 8 Bissoll, 162, ) THE LANGUAGE OF TIIE ACT in question is peculiar, It is as followa : B it enacted, etc., That whonever o corporation cro. atod by tho laws of any Btato, whoue business is can" ried on wholly withia the Slato oreating tho sams, and al50 any insuranco company Ao created, whother a1 38 Lbusiness shall be carried on in such Stato or not, hat had ‘wuuudlnss duly commenced ogaingt auch carv . porotion or company boforo the courts of such State for the purpose of winding up the atfairs of such corv poration or company nd dividing ity assets ratably omong jts creditors snd lawfully smong those . onlitled thereto, prior fo proceedings having been commencod againat such corporation or company undor tho Daukrupt, laws of the, United | Btates, apy order made, or that shall bo made, by such court, agrecably to the tate law for the Tatable dis- tribution or payment of any dividend of assets to the craditora of guch corporation or company, wWinlo such State court phall remain actually or_conafructively in yousession or control of the assols of such corporation or company, shall bo doemed valld;: notwithstandin Procesdings in binkruploy may Bave boon commoncod aud bo ponding sgainst such corporation or company, WIHAT IT MEANS, Tt will be secn that it does not say, in case of procoodings in Btate codrts, tho baunlkrupt court shall not take jurisdiction. It doduces thatall ordors made by the Btate court ngf'munbly to tha 8tato 1aw for the ratablo distribution or paymont af dividends or assots, whilo nuch Bnte court sball remain actually or constitutionally in pos. soaslon of nssots, shall bo deomed valid. The lirago, ** whilo tho Btato court, by its Reaelver,. s in possosuion of nsaots” soema to imply thay tho Stato court may be divestod of possession at somo time by tho 1vmuum!lngu in bankruptey, and the langungo of the act only says that tha orders of tho Stats court for tho payment of diy- idends, whilo %0 in possossion, stall bo valid. That 18 to say, the court in imnkmplcy shall not set aeido the orders and decracs of the Binte - court, and begin the administration of the cstato do uovo, but shall take hold where the Stato caurt leaves off, ar where it finds tha dobtor ab tho time of adjudication. % DANRRUPL COURT NOT DEPRIVED OF FOWED, It sooms very olear to ma that if Congress had Intended to divest tho bankrupt courls of jurisdiction ovor this class of debtors it would nve soid 60 cloarly and unmistakably. The courta had o expounded the Dankruvt lnw at the timo this nmendment was passod 83 to hold that jurisdiotion was conforrad.- ovor this class of dabtors, nutlrlt[xulnudiy:i;‘ the pondengy of winding-up proceedings, and if it had boen the intention to leave these corporatious in tho hiands of the Btate cowts, exclusively, Cougross would have szid so, ANOTIER CONSIDERATION which has gront woight with mo on this point, is that fraudulent canvoflnm:uu gifts,and prefor-, oncos, which nre prohibited by tho Danlrupt law, can only be ronched and sof aside by attnck from the Asgignee in Bankruptey,nfter adjudica- tion ; and it Hooms tome Congross did not in. tond to loava tho creditors of such corporations romedilosa as to suol: transactions, *T'he roason- . ing would scom to bo this: Tho Rocoiver of &' Stato court can conyert into money snd divide the tanglblo assots and property of these cor- Jouatiou, porbaps os vell us un Assigneo iz ankraptoy, and whet the Suste court shall do in that glrocnou, tho bankrupt_court shall nob undo, but tho creditors slinll also have all tho remodiea of the Bankrupt lnw for tho recovoring of {raudulont gifts aud convoyances snd re- covery of proporty or mouoy paid by way of proferouco. \ ADIUDOED DANXRURT, Tho objections on the ground of jurisdiction raisod by tho answor aro, thoreforo, overruled. And, it having boon coucaded on tho argument that tho acts of bankruptoy alloged in the peti- tion are true and wall-}xlnnded, on adjudicution will be entored acourding to the prayer of tho potition. . —_—— TEWMPERANCE IN THE ELECTIONS. To the Editor of Ths Chicagn Tribuna Bi: In your ediforisl of this morning on *One Losson of tho Elections,” you give s lish . of sixty-throe tgwns which voted to atlow liquor to be told, and only twonty-nine which refused ; and you draw the lesson that this, if not a cone dewnatlon of tomporance, is » condemnation of tho motkods pursued by the friends of tempor- ance, - To temparance pooplo, inatead of a dofeat, this looka liko a triumpli; inasmuch as, witbout tho agltation horotofore, not only tho *sixty-threo,” but algo the othor “twenty-nine® placos, have voted for free whisky. 1t is slnply o gain of twonty-nino; that i sl You furthermore stato that the tomporance people **movad heavon and oarth" to garry tho olections, ‘That thig 18 a mistake #o far as Chi- cago is concarnod, every citivon knows. The temporanco poople mado 'mo offort whatovar, lnving absolutely no ticket in tho flald. The samo {8 true, to alsrge extent, of tho other places you npmo. Xy I'ho ibuuo {s not now a politioal one, the a) poal bolog made alinost “ontlrely to persuado men not tovoto on the question, but to. censs from the trafie, Ouvly incidentally has thero beon A political appoal at all. 2 * Ono thiug I8 cortain,—and that this eleotion did not, toach,—that tho only hopoe politically for tomperanca i8 in & widor and more onlightened rub io sontimant on the subject. And this is Lo work firat to bo dona iu this temperanco ro- form. And tomporanco pooplo are not one whit dlscournged, aud do not proposd to consa agltote iug, knowing that the timo is coming when men shall think rlght, and o voto right. ~ Untll thon, tho agitation must go on, ‘What you say sbout tho ¢ warninga" of the publio press, aud of high-standing clergymen ; aluo, of tho ' soolal bau,” und of the **intorfor- ence with business,” and of ' personal right and Uborty,"—sounds very. !nmllpyfl.i In fact, it Las suoh & family-rosomblauco to what was euid & fow yoars sinco lu reforoyea to auother groat *“crusado against a cortaln ¢ Divino in- stitution” whiol lay south of Mason & Dixon's Mtuo, that one onn imagine himsel?, without much tronble, bagk in those good old dl{l. But tha! l:f‘f:r::ln:u&t N'“fo‘%\vnn\ i nm.twltl;u n::;]lua“ dfl;; sninge 0 Amall Yoio ot e . 1ol '