The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1896-08-05

saying that we will tide over every trou-
BILE. 1t is but temporary and we are
long way from being financially dead"
There was not. whisper in the street
yesterday that any trouble was pend
ing. The market for Diamond match
behaved in manner to excite little COM
, ment in that thousands OF shares of
stock were handled within fluctua tons
of Ia points. 1t opened at 1929, declin-
ed to 1921, advanced to $2.22H and closed
at 1922.
j. III. Moore and William Coffeen, the
confidential men of the Moores, We're
absent from their office during the day.
but while this was known the reason
for their absence-endeavors to tide
over the trouble-was not suspected
Calls for 100000 margins on Diamond
match, which could not be raised, pre-
cipitated the failure. That margins
would not be forthcoming was announce
ed late in the afternoon and then came
the hasty call for a meeting at the house
OF Z. d. Armour last evening. At this
meeting nearly every bank in the city
was represented, together with the gov
erning committee of the stock exchange.
1t was supposed that Mr.. Armour had
had an early inkling of what was COM
ing and that much of the selling of Dia-
mond Match and Biscuit by Chaplin &
Gaylord yesterday had been for Ar
mour's account, but this he denied at
the meeting and said he had no sus-
picion of trouble until o'clock in the
afternoon. The whole ground was care
fully gone over and it was agreed that
the only thing to arrest a panic was to
close the Chicago stock exchange. A
resolution was then and there adopted
by the governing committee.
The losers by the collapse OF the Dia-
mond match and the New York biscuit
deals will be the Moores and the specu-
lators who are long on the market. The
loss of the Moore Brothers, it is esti-
mated, is between $4,000, 900 and 5O0O,-
O00 They sacrifice all they made in the
deal while the stocks were being ad-
Vanced and what they had before 1t
is supposed that in supporting the mar
ket the Moores We're obliged to take As
per cent of the entire capital stock of
the Diamond Match company. They
had no doubt of their ability to carry
the balance through, but the public un-
loaded upon them to an extent the
Moores never dreamed of.
+. d. Armour said this afternoon that
he did not fear any panic as result of
the Moore failure.
Il do not think it will affect other
stocks" he said. '"The men who held
the bulk of the stock are very wealthy
and will come out all right. do not fear
a panic, and believe the Moore Bros.
will come out all right in the end.
1t Is the plan for the people who ad-
vanced money on Diamond Match to take
care of the stock at the prices they ad-
vanced at, and all to form an underwrit
ing syndicate
Charles Counselman, a prominent
broker SAYS:
THE deal is virtually closed The Dia-
mond Match property is all right The
company has had nothing to do with the
speculation 1t earned 81, 800, 900 last year
on $11,O00,00C capital, and has 5000. 900
of quick assets The speculation has been
by the Moores and their friends Mr.. e.
Moore says he is not broken. But Moore
mas been away up in the air. He could
not sell his stock and so he has kept
on buying 1t at the high prices. That is
1t an end. The people who have loaned
On the security will handle it from this
time forward. They will market it to
investors. There will be no more buy
ng at fancy prices. Mr.. Moore, think,
Will have generous equity. The whole !