Evening star., 1896-08-04
MOOREBROS.'
It Will Not Affect the Workings of
Their Companies.
BUSINESS TO GO ON JUST TIE SAME
Remarkably Successful Career Of
the Two Promoters.
RECENT STOCK CAMPAIGN

CHICAGO, August 4.-Nothfng in years
has caused such furry in commercial
circles as the collapse Of the Moores in
their efforts to maintain the control of
Diamond Match stocks and New York Bis
cult. 1t has been the talk of every man
connected with the stock exchange and
the board of trade.
Another striking feature Of the failure,
and one which in a mea sure showed its ex-
tent and breadth, is the fact that the stock
exchange for the first time in its history
adjourned indefinitely as soon as it's doors
were opened without doing dollars worth
of business. The following notice was
Losted on the door of the exchange:
THE Chicago stock exchange has been
closed, subject to the governing committee.
~. II. WILKINS, Secretary"
Outside the door and through the corr-
dors of the building were excited groups of
brokers and traders in stocks, discussing
the situation. Every o1e connected with
the exchange was endeavoring to convince
everybody else that there was 10 cause for
alarm. They announced that the officials
OF the exchange were endedVorlng to form
a pool to buy up the stock of the Moore
Brothers to hold it until the furry was
over.
At meeting of the governing committee
resolution was adopted calling for the ap-
pointment of a committee of four, the
chairman of which shall te the president of
the stock exchange and the other three to
be appointed by him, to confer with the
bankers of Chicago and the Moore Broth
to arrange upon basis of settlement.
This committee will meet at 3 pm. today.
This action had the effect to modify the
excitement of many of those interested.
Those best posted in the matter declare
that there is no fear of general panic.
| a o.
day adopted the following:
Resolved That in cases of all stocks
bought and sold regular the trades shall
be carried out and that in cases where
stock has been bought regular and sold III
the account the stock shall not be delivered
until the opening of the clearing house"
NEW YORK. August 4.-The announce
ment exclusively made in dispatches to the
Associated Press of the failure in Chicago
yesterday of Moore Brothers, the pro-
moters of the Diamond Match Company
and the New York Biscuit Company, re-
suited in the prevalence here today of all
sorts of rumors concerning the effect upon
the business at the New York offices of the
concerns mentioned. Scores of persons who
are interested in the affairs Of the Diamond
Match Company visited the offices of that
company in Hudson street, of which George
+. johnson is manager.
MIR. johnson was not at the office today,
having sent down word that he was sick.
He received news Of the failure of Moore
retary said that because Moore Brothers
owned good deal of stock in the Diamond
Match Company, it did not necessarily fol-
low that their failure would result in dis
continuance of the business of the concern.
"A great many others besides the Moores
own stock in the company" said the secre
tary, and the company will certainly go
ahead and fill it's orders. Beyond the mere
announcement of the failure of Moore
Brothers, Mr.. johnson has no informa-
ton
Until word is received from President o.
c. Barber no official statement of just how
much the stock of the company is involved
in the failure of Moore Brothers can be
made.
The Biscuit Company Not Affected.
The following statement was given out
to representative of the Associated Press
at the office of the New York Biscuit Co.,
in this city:
The failure of Moore Brothers will in no
manner affect the business of the New
York Biscuit Company. The fact that Mr.
VIM. H. Moore, of Moore Brothers, is presi-
dent of the company is no reason why we
should be affected in the least. We have
heard of the failure and that is ALL Stock
OF this company is well protected 1t is
very likely that when full information is
received from Chicago it will be found that
the affairs of the Moore Brothers will be all
settled within very short time Whether
they'are or not, business here will go on
just the same. as If the Moore Brothers
were perfectly solvent. Mr.. VIM. H. Moore,
president OF the company, is not in New
York city today, although it is stated that
he Is in the east
George +. johnson, who is manager of
the New York branch of the Diamond
York Biscuit Co.
Ihe following official statement has been
made by the New York Biscuit Company:
since this company has been organized,
u Moore ifc hoo
ways earned from six to ten per cent all
nually on the capital invested. For the
past five quarters up to July 1 last we have
1aled TO declare a dividend.
Our failure to declare dividends at the
expiration OF those quarters was because
the money was used in the construction of
Two Two ne new nu'saings 10 1a I which represent to-
day between S,OOO,OO0 and $4,OOOOOO One
OF the buildings, at 7S 10th avenue, cost
nearly $2,OOOoGO. 1t is just about finished.
The other new building has been erected
assets.
When the last quarter came around we
declared a dividend at the rate Of six per
cent. We do not expect to pass another
dividend Unless, OF course, 1t is done to
buy assets
On good authority 1t Is stated that New
York banks hold practically no paper of
Moore Brothers or of the Diamond Match
and Biscuit companies. Moore Brothers
paper Is, however, largely held in Provi-
dence, Boston and New England generally.
The firm estimated to be worth about
81, ,00OOOO in 1885.
Considerable stock, however, it is said,
is held in loans by different banks and
Institutions in the east. Loans on Diamond
Match for the last few months have been
made, outside Of Chicago at least, at par
Some of the Chicago loans are at par, and
an impression prevails that the stock may
go somewhere near that figure, perhaps a
little lower ,as the bank loans will have
to be liquidated sooner or later
Rise of the MOorcs.
CHICAGO, August 4.-William H. and J.
II. Moore, the members of the firm Of VIM.
ii. and J. H. Moore and Bursel made their
first move as promoters in putting on the
market the stock of the Frazer Axle Grease
Company. While this company has been
but little known, the Moores made con-
siderable money out of it.
The first corporation of any moment in
which they were interested was the Da-
mond Match Company. This company was
originally Connecticut corporation, and
it had been formed for the purpose of con-
trolling the manufacture of matches. 1t
had not been successful, however and at
the time the Moores took hold of It it was
in disrupted state and competition nearly
had caused its downfall. The Diamond
Match Company of Illinois was formed,