The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-08-05
FALL OF THE MOORES.
The Diamond Match and Biscuit
Deals Are Ended.
FAILURE CAUSES A SENSATION.


The Chicago stock Exchange AdJourns
untii Matters Are straightened Out
transactions Which Have Amounted to
Millions Of DoIlars-Heavy Margins Put
Up by the Moores-Efect of the Big
Failure In New York and Boston.
CHICAGO, Aug 5.-How long can they
Keep 1t upS This was the question which
daily Interested the financial and Stock
exchange interests for some weeks past
when the Moores in the face of declining
markets abroad, i'm New York and on the
Stock exchange maintained their stocks
at comparatively high prices The ques.
ton Is answered The Moores have pulled
the peg and the most stupendous specu-
lative deal ever manipulated, so far as
Chicago and probably so far as this coun-
try is concerned, is at an end A confer
ence of bankers and the governing COM
mittee of the Chicago Stock exchange was
held at o'clock Monday evening Tele-
phones were kept busy in calling the
members together, and while the cause of
the call was suspected no one knew ex-
actly what was coming
1t is grave matter and one which has
the widest influence and will waste many
fortunes Chicago is familiar with the
history of the boom in the Moores-Dia-
mond Match and New York Biscuit. The
transactions have amounted TO millions
of dollars and the profits In the earlier
part OF the deal were sufficient to make
fortunes, as the final losses, so far as the
4. L 4
break many who were more fortunate
when the advance first started.
j. II. Moore Made the Announcements.
The meeting at Armour's was not kept
long in suspense as to the reason therefor.
j. ii. Moore, who has been managing the
deal from this end, made short state
ment, in which he admitted that his firm
could not put more margins. Then there
was CONSERVATION.
In the consultation which followed the
governing committee of the exchange de-
cided that il would be wise, pending the
adjustment of details and certain intricate
affairs connected with the settlement of
the matter, to ad journ the exchange for n
few days In the meantimes there will be
continued efforts to get things in shape,as
every one is inclined To make concessions,
and go as far as possible to mitigate the
shock.
The secrets of the clearing house are as
closely guarded as the confessional and IL
is impossible TO tell the amount of open
trades Fortunately the settlements of
the July accounts are over and the Au-
gust trades were nothing like as heavy as
they were doing the early part of July
The carrying charges were made very
heavy from the July TO the August ac
count and as a result many holders of the
former trades were compelled to get out
entirely-a fact for which they will now
be grateful, although complaining at the
time Of the excessive rates But the hold
ings In the claring house are Il compare.
lively small part The Moores were OBJ
liged to take n large amount of stock on
deliveries of July account, and this ex-
plains the reason why they made the
turning charges so heavy.
stock Held by Rich Brokers.
Fortunately again for the market, the
stock which is in the clearing house is
largely in the name of big brokerage
houses-concerns of unlimited capital
and these houses are believed to be per
fectly able to protect their trades, and,
under the rules of the board, will be
Obliged to do so.
Bankers who are carrying a large
amount of stock have acted in very gen
erous manner. They heard the statement
of the Moore interests and calmly assert
ed their absolute ability to carry all and
any stock which they might have on
hand and, Furthermore, agreed not TO call
any margins in connection with the mar
ket, thus assuring that the price they have
been lending at is the lowest which can be
reached i'm the way of IA break.
In the past the Moores have put up mar
gins as fast as called on. and they were
always heavy Much of their stock was
bought outright. Many of their friends
were in the deal, and large amount OF
foreign and New York money was EN-
ployed In the manipulation. Private cap
ital of big men has been freely used and
the resources of the Moores were deemed
| to be practically beyond the possibility OF