Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1896-08-04
DOWN SHE CONES,
Great Deal in Diamond Match
Tumbles to Ruins.
MILLION SIN MONEY ARE INVOLVED

How Many Nobody Knows Yet, but the
Chicago stock Exchange Closes TO Find
Out How Badly It Il Hurt-An Opera
tion That Included the Great Match and
biscuit Concerns and Had Its Raminca-
tiops Across tho Atlantic.
CHICAGO. Aug. 4.--Nothing in
ytars has caused such q furry in
commercial circles as the collapse OF
Moore Bros. in their efforts to main
tfin the control OF the Diamond
Match and New York Biscuit stocks.
The striking feature OF the furry and
one which in n measure shows its
breadth and depth is the fact that
the stock exchange for the first time
in its history adjourned indefinitely
as soon as the doors were opened
without doing dollars worth Of
business. II is estimated by
those in position to know that Moor
Bros. lost between four and five
and-a-hali millions in the deal. Some
say 1t has wiped out their entire
fortune. II was said officials OF the
stock exchange were endeavoring to
form pool aud buy up the stock OF
Moore Bros. and hold il until the
furry Is over. The governing COM
mittee adopted n resolution for the
appoiotment OF n committee to con-
fer with Chicago bankers and Moore
Bros. and arrange n basis OF settle
ment. This committee meets this
afternoon. This action has greatly
modified the excitement.
T.. ID. Armour said this afternoon
he did not fear the panic as re-
suit Of the Moore failure, and
, thought IL would not affect other
stocks.
AKRON. Aug. "A member OF the
Diamond Match company, OF this
city says the feilurc OF Moore Bros.
will not affect the concern in any way
except TO reduce the present quot.-
tions for its stocks.
Excitement In the FURRY.
CmcAGo, Aug. i-Thc speculative deal
In Diamond Match and New York Biscuit
stock has come to an end. Moore Bros.
have failed. The greatest speculation ever
known in Chicago has eliminated in the
failure of the people who were behind the
deal. The Chicago stock Exchange will
adjourn at 10 o'clock this morning Tor an
Indefinite period. Tho announcement Of
Moore Bros. failure was made to u few
men most heavily interested, and IL was
thought best to call meeting to discuss
the situation. Those who assembled dis
cusscd tho best means for restoring conf
dcncc after tho shock which would bc
given 90 speculative circles by the an
nounccmcnt of the failure 1t was the
general opinion that IL would he the wiscst
possible move to close the stock exchange
for period.
The Banks Were Indifferent.
1t is thought that tho adjournment will
last only few days, and that matters can
within that time be so straightcucd ont rs
to make the losses rs easy as possible 90
bear. As FAR rs the banks arc concerned
thcy were indifferent personally as to
whether the exchange should be closed or
not. The stocks held by them arc mar.
gincd toa point which leaves them secure
in any event. The speculative deal OF
which this failure is the elimination is by
all odds the most important in the hist lry
of Chicago Stock Exchange affairs. 1t bc
gan early Ia this year.
History of the Great Deal.
The stock of the Diamond Match Com
rany had been selling Mt l30 for quite a
time. and there had been no special activ.
i;y in the market. Just prior To the Ncr.
czuclan incident n tip had gone out in in
side circles that there were to he som,
important European developments in con.
ncCtion with Diamond Match affairs, and
buying Of the stocks was commenced Ivy
strong people. The Venezuelan panic in
tcrfcrcd vita the speculation and tho
stock dropped during the general decline
mt that time To ll5. From then u ris,
started which is the most remarkable in
the history of the exchange.
Operations Extended to Europe.
A trurg group OF spcculaturs, hcatcd by
James II. Moore and William II. Moore
began buying the stock. Il moved u,
with scarcely n halt. Then came the an
rounccmcnt that the Diamond Mate,
company had closed contract with tn
French government under which the pat
cnts and machines controlled by tn
match company were To be sold to Franc
for n royalty of $4,000 u year. rollowin
this announcement the stock advance
with great rapiduy. Negotiations wcr
then opcrcd for thc formation of a ne
company in England. which would unit
with BRYANT * May. the largest inatc
producers In Great Britain. aud woul
give to the English field the advantage ,
labor.saving machinery.
sCoorED THE sHHEwDEsT or II,