New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-05
THE CRASH IN CHICAGO.
NO PANIC RESULTS FROM MOORE BRoSs
FAILURE.


INDEFINITE rIME--A STATEMENT OF TKH
DIAMOND MATCH AND BISCUIT OPERA
TIoNs PROMISED FOR TO-DAY
H. LIABILITIES OF SEVEN OR
EIGHT MILLIONS.
Chicago, Aug. 4-The speculative deal In tho
Diamond Match and New-York Biscuit COM
panes stocks has come u an end. The Moore
Brothers have failed. The greatest speculation
ever known in Chicago has eliminated In tho
failure Of the people who were behind the deal.
The Chicago Stock Exchange stood adjourned
at 10 o'clock this morning for an indefinite
period. This action was decided upon at a meet
ing held last night. at which were the repre-.
sentative bank presidents the members Of tho
Stock Exchange and number OF prominent
capitalists This meeting was assembled in
formally after tie announcement. which was
made late in the afternoon. by James II. Moore
that margin calls could no longer be met. That
announcement made 10 a few OF the men
most heavily interested. and 1t thought best
to call meeting to discuss the situation. Those
who assembled discussed the best means OF re-
storing confidence after the shock which would
be given to speculative circles by the announce
ment of the failure. 1t was the general opinion
that 1t would be the wlsest possible move TO
close the Stock Exchange for n period The
points were made that nearly the entire business
at the Stock Exchange for a number of weeks
has been in Diamond Match and New-York Bis
cult that the closing OF the Exchange would
interfere only in the slightest degree with gen.
eral financial affairs, and that the present was
a particularly opportune time. owing to the fact
that the settlements in the July account had
just been completed, and there had been as yet
comparatively little trading in the August ac.
count. The Governing Committee OF the Stock
Exchange discussed the situation at length. and
passed resolution TO adjourn the Exchange at
10 o'clock this morning indefinitely.
A RAID ON VALUES STOPPED.
1t is thought that the adjournment will last
but few days and that matters within that
time can be Strengthened out In a way that will
make the losses as easy as possible to bear. All
those present at tho meeting last evening felt
that should the Exchange open as usual this
morning the bears would make a slaughtering
Of values. which would a great and In
large measure unnecessary loss. They believe
that the closing of the Exchange and the pre-
vention Of the making # speculative quotations
for the securities would enable brokers having
open trades to close them. and the situation
could be liquidated in a large measure without
the sharp decline that would surely follow the
trading In the open market.
At the usual hour Of opening to-day the Stock
Exchange was filled with members. but no busi-
ness was transacted. Groups were gathered
here and there discussing the turn of affairs.
and every one seemed waiting for some an
nouncement more definite than notice posted
on the doors. which reads:
Exchange adjourned subject to the action Of the
j. A. WILKINS. Secretary.
Brokers about the Stock Exchange this morn
ing felt as II they were treading on a Volcano
The failure OF the Moores and the collapse OF
Diamond Match were the talk Of everybody and
took precedence over every other question. How
many others on the Exchange besides the Moore
Brothers would be affected in the big smash-up.
or to what extent. one dared say. Every ono
felt the peril Of the hour.
The Governing Committee Of the Stock Ex-
change held a. short session. and after discuss
ing the collapse and the proper course to pursue
as a precautionary measure of general safety
decided to have committee Of Its members ap-
pointed The selection Of the committee was
given to Malcolm Jameson. of Jameson & Co.
The function o, this body was to interview
Moore Brothers and the city bankers OF promi-
nence for the purpose Of ascertaining the con-
dition OF the firm financially and the consensus
Of opinion from the firm and the bankers as to
the best plan of action.
CONFERENCE WITH J. II. MOORE.
Mr. Jameson appointed four members OF the
Exchange on the subcommittee. and j. II.
Moore of Moore Brothers was the first person
visited. After a short conference the five men
emerged from the private office OF Mr.. Moore.
all looking we'll pleased and satisfied. Mr.
Moores face particularly was wreathed In
smiles But none would talk. Mr.. Moore. on
being questioned said
There will be nothing given out to-day but
you can say in a general way that the stock will
be taken care of. and everything will be running
in q few days as II othng had happened. The
stock IS az good as gold and nobody is going to
be very badly hurt
Mr. Moore. 1t is said. was able to offer no de-
tailed information regarding his affairs. but
made a promise that tomorrow he would fur
nish the Exchange with a written statement.
The Governing Committee held a second meet
ing this afternoon. but accomplished nothing.
They adjourned until tomorrow at noon to await
the statement promised by J. II. Moore OF the
finances Of Moore Brothers and their dealings In
Diamond Match and New-York Biscuit stock.
1t was decided that 1t would not do to reopen
the Exchange until the Moore tange Is straight
ened out
Offers were made around town during the
afternoon for patches OF Diamond Match stock
ell the way from 16o to 175. but nobody seemed
to care to SELL
T. d. Armour who is supposed to be one OF the
heaviest holders OF Diamond Match stock. took
hopeful view OF the situation when seen to-day.
He did not think that the failure Of Moore
Brothers would affect any other securities than
Diamond Match and New-York Biscuit. and over
these does not expect any panic. Mr.. Armour
said: "All the banks have agreed to make no
calls on the stock until arrangements can be
made. and the private individuals who hold stock