The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-05

CnlSsIO, AuE. as-NOtnlnE IN years
has caused such n furry In commercial
:lrcles as the collapse OF tho Moorcs In
their efforts 10 maintain the control OF
Diamond Match stocks and New York
Biscuit. It has been the talk OF every
man connected with the stock exchange
and the board OF trade. Another strik-
Ing feature OF the failure and one which
In measure showed It's extent and
breadth is the fact thnt the stock cx-
change. for the first time In It's history,
adjourned indefinitely ut once: It's doors
were opened without doing dollar'3
worth OF business. The following notice
was posted on the doors OF the exchange:
"The Chicago stock exchange has ad-
!ourned subject to the action OF the gov
crning committee.
is!gned) ~. r. WILKINS,
SECRETARY"
Outside the doors aud through the cor
ridorS OF the building were excited
groups OF brokers and traders In stocks
discussing tho situation. Everyone con-
nected with tho exchange was endeavor-
ing TO convince everyone else that there
was no cause for alarm. They nnroun-
ced that the officials of the exchange
we're endeavoring to form pool to buy
up the stock OF the Moore Brothers 20
hold Il until the furry was over.
AT meeting OF the governing COM
inlttee resolution was adopted calling
for the appointment OF a committee OF
four, the chalrman OF which shall be the
president OF the exchange and the other
three to be appointed by him to confer
with the bankers OF Chicago and the
Moore Brothers to arrange upon n basis
OF settlement. This committee met
at 8 p. m. This action had the ef-
feet 10 modify the excitement OF many
OF those Interested. Those best posted
in the matter declared that there was no
fear OK q general panic The governing
committee nt 4 meeting to-day, adopted
the following:
Resolved. That In cascS OF NIL stocks
bought and sold REGULAR the trades
shall be carried out and that in cases
where stock has been bought regular
and sold In the account nf the stock,
shall not be delivered until the opening
Of the clearing house"
The Chicago News Bureau says:
The banks are taking this Diamond
Match furry very comfortably. Their
only anxiety seems to be 10 help Their
customers. The basis OF bank loans on
the Moore securities has been n low one
for a long while. The New-YOrk Biscuit
: has not been 4 popular collateral even.
Diamond Match has been popular. but
the banks have understood there was n
lot OF water In IT,
The E.os,es.
It Is estimated by those in position to
know that the Moore Brothers have lost
between si.OGO.0OO and s5.5OO,OOO in the
Diamond Match deal. Some say 1t has
wiped out every cent Of their fortunes.
Chicago banks who hold approximate
" ;,,U00.c0O worth of Diamond Match
stock as collateral for money loaned, Will
not press the borrowers for settlement.
To do so would be unwise and might
prscIpltate panic: This the banks arc
bound to avoid a all hazards just now.
q. Another thing the banks have decided
to do Is TO accept the stock nf Diamond
Match owned by the Moore Brothers Ut
cash value Of 10.
..robnbly the heaviest losers in the
collapse OF the Moore Brothers, next TO
the brothers themselves. are the brokers
who had been doing busincSs for them on
the exchange.
The losers BY the collapse OF the Din
mond Match and New York Biscuit
deals will be the MGorcs and the spcctl-
IdLOI5 VIII hlt IOAlEp VII lIlE NAV NNN' 4 nv
loss OF the Moore Brothers It Is csti;nat-
eG Is between S4,000,000 and S5.o00,0pJ;
they sacrifice ali they made In the deaf
while the stocks werc being advanced
and ull they had before. It Is supposed
that In supporting the market the
;Moores were Obliged to take 40 or 50 per
cent Of the entire capital stock OF the
Diamond Match Company. They had
no doubt OF their ability to carry the
deal through. but the public unloadcd
upon them TO an extent the AI0ores new
er dreamed OF.
Operations Of th- N1orT-.
William II. and ]. II. Moore, the MEM
bprs OF the firm OF William and J. II.
Moore and Pursell, made their first
move as promoters BY putting on the
market the stock OF the Frazer Axle
Grease Company. While this company
has been but little known. the MooreS
made considerable money out of 1t.
The first corporation OF any moment
In which they were Interested was htc
Diamond Match Company. This COM
pany was originally Connecticut cor
p0ratIon and 1t had been formed for the
purpose OF controlling the manufacture
OF mrtchca 1t had not been successful.
however, and at the time the Moon.B
took hold OF II 1t was In a disrupted
state and competition ncnr!y c1uscd us
downfall The Diamond Match Com
pany OF Illinois was formed, which took
10 the properties of the former company.
Since the formation Gt this company.
its success has been phenomenal. ana
out OF II the AIoores have made fortunes
lnr themselves and others.
20. Barber. the president OF the Dia-
m0nd Match Company. has had actual
control OF itS working, though the
NoUrea have been recognized ns the real
people behind the company. Mr.. Bnrbet'
is practical match man and he owned
large factories In Akron, Q. These fac-
tories wcrn taken In MS part uf the as
sets OK the Old Connecticut corporation,
and Mr.. Barber. who had been the rul-
Ing spirit In the ilrRt corporate ton, be-
camp the working head Ofth1 new. The
financial management, however, has al
wayB been In the hands OK the Moores.
Diamond Match stock was not spec
ulativc security In n true gense or the
word during he time OF the cotnphnys
existence. IT went ahead making mon
Cy and dividends We're paid regularly.
At TIE time of the organization the Chpl-
tnl stock was SG,OOO.OOO. 1t kept extend
Ing It's business and buying other mutch
factories, and as It did 20 stock was IL
sucd at par to Etockh0llcrs The In
cs"nSns In the capital stock wore raised
fi0m llnio 10 time. until In. February,
lsJj. when the stock was Increased from
$4,000 900 tOrSll 100000 the present eapl'
tai.
The last million dollars were used 10
gave timber which had not been hiirned
IN the forest ircs In northern Minnesota,
ana this timber wng cut and hauled in
water for preservation, At the time ut
the last annual meeting, President Bar
her oIt!Inatcd tho value OF this l'ltrlhcr
nt fi,SO0,00O.