The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-05

its conclusion all concerned in Il looked
pleased, but none would talk excepting J.
y. Moore. whose out givings went no fur
ther than this: There will be nothing
given out to-day but you can say In a gem
oral way that the stock viii be taken care
OF. and everything win be running IN q few
days as IL nothing had happened. The stock
is as good as gold and nobody is going TO
be very badly hurt"
The governing committee OF the stock
exchange held "a second meeting 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 Bros.
and their dealing I'm Diamond Match and
New York Biscuit stock. IL was decided
that It would not do TO reopen the ex-
change until the Moore tangle Is straight
ened out. Offers were made around town
during the afternoon for patches OF Dia-
mond Match stock all the way from les
TO ll5, but nobody seemed TO care to sell.
p. ID. Armour. who is supposed to be
one of the heaviest holders OF Diamond
Match stock. took a hopeful view OF the
situation when seen to-day. He did not
think that the failure of Moore Bros.
would AFFECT any other securities than
Diamond Match and New York Biscuit.
and over these he 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 are all rich men and able TO carry
it, and so l see no cause for apprehen-
sion."
The Moore brothers are OF middle age
and lawyers by profession. Their business
life has been passed In Chicago. Their
hrst important venture in the cooperation
held was the organization OF Frazer Axle
Grease Co, which was a great success,
ana which gave them strong backing
of rich men. Then they organized the
Great Diamond Match Company which
has also been remarkably successful. The
New York Biscuit Company and the
American Strawboard Company, were or
ganized by them also.
The Moores lost their hold on the last
named company two years ago, when the
stockholders revolted against their man
agement. The MOores were believed to
be very rich UP to the time OF their fall
ure There failure Is believed to be en-
urely personal one, and members of the
chicago stock exchange advance the opin-
ion that the shares OF Diamond Match and
New York Biscuit Company, will not be
materially affected by IL as both concerns
are known to be in first-class condition
w. V. Baker Of A. O. Slaughter & Co.,
states that Diamond Match Is earning
between Is and 20 per cent, and paying
10, whilst the New York Biscuit pays 6,
and earns considerably more.
j. j. Mitchell, president OF the Illinois
Trust and Savings Bank says there is lit
tie doubt that a pool will be formed To
take care OF the Diamond Match stock.
Mr.. Mitchell said this morning. There
is no inclination on the part Of bank.
ers here to press matters, as the stocks
are good holding in themselves. The com
mittee appointed by the governing com
mittee of the stock exchange will un-
doubtedly be able to make terms, but un-
I'll everything Is arranged, the stock ex-
change VIII not be opened. 4 do not con.
slider the failure az you 50 call I'D of ans
great Importance as affecting values. II
- simply case Of inability
Bros. to put up any further margins, and
that Is all there is to It. The Chicago
Stock Exchange itself amounts to very
little outside OF a local speculative value
It's influence is slight
II is believed that an effort will be
made to syndicate the Diamond Match
stock now out at 40. If such action Is
taken the danger Of possible failures re-.
sulting from the collapse OF the Moore
Bros. will be very much lessened. Chi
cago banks and bankers who hold approx
imately 4.000O0O worth OF Diamond Match
stock as collateral for money loaned, will
not press the borrowers for settle
ment. To do so might precipitate panic
This the banks are bound to avert at
all hazards, just now
At the big stock brokers offices there
was a general feeling of uneasineas the
big failure having stunned and surprised
everybody No business was being done
I'm local securities, and the inquiries
from the country were for information
as TO the latest phase of the situation
Others asked II there was trading on the
curb, but a negative answer was return
ed to all, and the apprehenslve ones were
assured that there we're no Immediate
prospects OF any other firm being involv.
ed in the crash. Among the brokers there
was only approval of the course of ex-
change officials in closing the Institution
temporarily.