The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-05
THE MOORE FAILURE.
A BELIEF THAT THE TROUBLE IS
BUT TEMPORARY.
At Any Rate No one Outside of the
Moores Will Be Seriously Injured
Financially-A Glance Mt the Bus
mess Done.


New York Biscuit, it is expected, can
be closed up by the brokers outside of
the exchange before trading is reSum-
ed on the floor. There were many in
quirieS for curb quotations on Match
and Biscuit, but nobody manifested a
desire to trade until matters have been
reduced to some definite plan. James
Hobart Moore was, closeted during the
forenoon with his attorney. Mr.. Often
bach received all callers during the
early morning hour, but he had little
to say regarding the situation.
The officers of the bank holding Dia-
mord Match loans were in no wise dis
turbed They felt confident that
everything would come out all right,
and that nobody outside of the MooreS
would be seriously hurt.
Where do you find the greatest
trouble in the Diamond Match or the
New York Bdscuie?' Mr.. Moore was
asked.
NO PANIC.
"Oh, it worked both ways; due, of
course to the stringeFlcy of money. But
you can say that 1 do not think there
will be any panic. The stock exchange
being closed there will be time for
conservative action to preserve values
and we will eventually come out all
right"
Comment by callers in the American
Express building, wherein are the Off
ceS of the MooreS, centered in the
elevators. Nothing was discussed but
the failure. But every person who
volunteered an expression either TO the
elevator man or to a fellow passen-
ger, was certain the Moores gould not
be harmed in the squeeze-that they
would eventually be on top.
1--WE are a long way from being
financially dead, and will soon be on
top again. said ]. H. Moore, in his
Office this noon, after having partici-
pated in conference of some duration
with his attorneys and financial friends.
This affair was a hard shock, but
it is only temporary continued the
rotund lawyer, while his face wore a
smile, not forced affair, but one
that showed his spirits were not droop-
ing. There will be no statement of
the situation issued by us. l can say
that the stock exchange closed there
will be an immediate resort to re-
sources of which we have knowledge,
and which are accessible to sItraighten
matters out. The shock came from
the general st1ingency in the money
market, but we have every hope of
soon getting things upon their normal
basis
you have arranged, then, for money
from the banks?" Mr.. Moore was
asked.
PERFECTLY SAFE.
1--WE think we are perfectly safe iul
saying that we will tide over the
trouble. It is but temporary. and we
are long way from being financially
dead
There was not a whisper in the street
yesterday that any trouble was i'm
pending. The market for Diamond
Match behaved in a manner to excite
little comment, in that thousands of
shares of the stock were handled with
in fluctuations of IA points. 1t opened
at 2.22, declined to 221, advanced to
2.2214, and closed at 2.22. j. Hobart
Moore and William Coffeen, the conf
Dental man of the Moores, were alb
sent 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 $4,000 margins on Diamond
Match which could not be raised, pre-
cipitated the failure. That the mar
gins would not be forthcoming was an
nounced late in the afternoon, and
then came the hasty call for a meet
ing at the house of P. D. Armour last
evening. At this meeting nearly every
bank in the city was represented, to-
geTher with the governing committee
of the stock exchange.
IT WAS SUPPOSED
that Mr.. Armour had had an early
inkling of what was coming and that
much Of the selling of Diamond Match
and Biscuit by Chaplin and Gaylord
yesterday had been for Mr.. Armour's
meeting, and he said he had no sus-
ir the afternoon. The whole ground
was carefully 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 COM
mittee. The losers by the collapse of
the Diamond Match and New York
Biscuit deals will be the Moores and
the spectators who are long on the
market The loss of the Moore Bros,
it is estimated, is between $4,000, 600
and $4,000 They sacrifice all they
made in the deal, while the stocks were
being advanced. and all they had be-
fore. 1t is supposed that in support
ing the market the Moores were oblig-
ed to take 40 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 unloaded upon them to
an extent that the Moores never dream
ed Of
P. 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 veal
thy and
WILL COME OUT ALL RIGHT.
Il do NOT feal a panic and believe the
Moore Bros. will come out all right in
the end.
1T is the plan for people who ad-
vanced money on Diamond Match TO
take care of the stock at prices they
advanced at and all to form an under
writing syndicate"
Charles Counselman, a prominent
broker, says of the Diamond Match
fiasco: THE deal is virtually closed.
The Diamond Match property is all
right. The company has had nothing
to do with the speculation. It earned
$l,SO0.000 last year ON 81 ,000 900 capital,
and has S5,000,000 of quick assets The
speculation has been by the Moores,
and their friends. Mr.. Moore says he
Is not broken. He has resources and
plenty of courage. But Moore has
been away UP in the air He could
not sell his stock and so he has kept
ON buying il at the high prices. That
is at an end The people who have
loaned on the security villa handle it
from this time forward They will
market it for investors. There will be
no more buying at fancy prices, no
further attempt TO support prices, but
the stock will be held. Moore, 1 think,
will have a generous equity. The whole