The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-05


true sense OF the word during the first
two years OF the company's existence
II went ahead, making money. and div
idends were paid regularly. At the time
Of the organization the capital stock
was 81. 00o. coo. II kept extending rs bus
mess and purchasing other match fac
tories and as Il did SO its stock was
issued at par 70 the stock holders The
increase IN tie capital stock was made
from time TO time, unrE the last one.
in February, 1895, when the stock was
increased from $4,000, 900 to s11 90. o0e.
the present capital
The last million dollars was issued 20
save timber which had been urred
in the forest fires IN Northern Minneso-
"a and this timber was cut and hauled
70 water for preservation At the time
Of the last annual meeting President
Barber estimated the value OF this lum-
Der at 81. 500. 900.
STRAWBOARD AND BISCUITS.
In 1883 the Moores organized the AM
erican Strawboard company under the
laws OF Illinois 70 control the manufac-
ture Of strawboard and wood pulp
The company acquired some twenty
five paper mills. located in eight states.
and for time II practically controlled
the entire output OF strawboard- The
American Strawboard company has a
capital stock OF 5000. Gee. For the last
two years the Moores have not been in
terested 10 any extent IN tAis corpora
ton
Thel asst ofthecompanses organized
by the Moore, was the New York Bis
cult company, which was incorporated
IN 1880. This Is a rival concern 10 the
American Biscuit company and bakerie
in number Of states were purchased
and che nu siomfSseinagk in ON in
and the business of making bread and
crackers was actively engaged IN. The
capital stock OF this company at the
present time is 100000. 1t owns bak-
cries in nine states. three having been
purchased this year. The principal
one OF these was the Mason bakery in
Baltimore. which was acquired by the
company in March. The stock OF this
company has been an active specuia
tive security since its foundation
THE BOOM IN STOCK
The present campaign in Diamond
match and New York Biscuit was or
ganized last November.
It was the intention to begin the cam
paign in December, but the message OF
Cleveland on the Venezuelan question
caused a postponement. The moysme nj
really began in March, the stock selling
around 1850. The advances In the stock
were phenomenal. and seldom a day
passed that the record OF the previous
day was not broken The highest ono
tations reached was on May 1. when the
stock sold for 24s. From this figure
the quotations declined 10 rs then
broke 20 200. II recovered the same day
to 20s1s. The next day the stock sold
UP 10 z17I3, and the following day il
sold above 20.
Nothing in years has caused such a
( furry in commercial circles as the COL
lapse OF the Moores in their efforts 10
maintain ,he control OF the Diamond
Match stocks and New York Biscuit It
has been the talk OF every man connec-
ted with the stock exchange and the
board OF trade.
STOCK EXCHANGE CLOSED.
Another striking feature OF the fail
ure. and one which in measure shows
its extent and breadth. is the fact that
the stock exchange. for the first time
in its history. adjourned indefinitely
at once. It's doors were opened with
out doing a dollars worth OF business
The following notice was posted on the
door OF the exchange.
The Chicago Stock Exchange has ad-
journed. subject 10 the action OF the
governing committee.
(Signed) ]. r WILKINS.
Secretary.
Outside the door and through the cor
ridors OF the building were excited
groups OF brokers and traders IN stock
discussing the situation. Everyone
deavoring TO convince everybody else
that there was no cause for alarm They
announced that the officials OF the ex-
change were endeevoring 10 form a pool
to buy up the stock of the Moore Bros,
CONFERENCE COMMITTEE.
At a meeting Of the governing COM
mittee q resolution was adopted cali
ing for the appoin oreut of COMMITTEES
OF four. the chairman OF which should
he the president OF the stock exchange.
and the other three TO be appointed by
hiul.ro confer with the bankers of Chi
ca go and the Moore Bros, to arrange
uusoxl a basis OF settlement, 20 meet at
o. m. today. This action had the ef-
feet TO modify the excitement OF many
OF those interested Those best posted
in the matter declared that there was
no fear of a general panic. The govern
ing committee at a meeting today adoP-
ted the following:
Resolved. That In cases OF all stock
bought and sold regular the trades
snail be carried out, and that In cases
where stock has been bought regular
and s1ld in the sccount.the stock SHAH
not be delivered until the opening OF
the clearing house"
BANKS NOT WORRYING.
The Chicago News Bureau says: The
hanks are taking the Diamond Match
furry very comfortably. Their only
anxiety seems 20 be TO help customers.
The basis OF bank loans on the Moores
securities had been low one for long
while. The New York Biscuit has not
been q popular collateral even Dia-
rnond Match has been poplulariout the
banks have understood mat there was
a lot OF water IN II"
The Chicago News Bureau. which
deals fn beard OF trade end stock *
change news says:
The bsntsh have been uitra-conse-v-
alive 81 their loans 70 che Noores and
their interest IS rather indirect than d.
rect. Some hanks have not loaned
above 10. II has been considered
that the stock was good Collateral opp 10
! % The banks interest - really chiefly
in IN. Interest % their customers Most
OF the big commission houses have had
TIE Moore bIsness and have HELPED %
Gerry the security. The anxiety of the
banks II not % great II regard 20 the
Diamond Match loans. a. regarding
New York Biscuit which was rsa-ke1
Up from under % 20 par and over. There
IS hardly rich man IN town who has
not been interested II s0n.e way. Usg-
ally as money i>n1---- BcSton has
been very largely interested. also Bal
1imore"