The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1896-08-05
MATCH And BISCUIT
Mr.. Moore Says The Shock Is Only Tenn
porary and Thsre'll Be No Panic.
HE'S NOT FINANCIALLY DEAD
The Diamond Property 10 All Right
and the company is No Loser.
In Fact It's Making Money
Chicago stirred Up.

Chicago. Aug 4.-Many OF the out
standing trades In Diamond Match and
New York Biscuit, II Is expected, can be
closed up by the brokers outside of the
exchange before trading is resumed on
the floor, There Were many inquiries
for curb quotations on Match and Bis
cult, but nobody manifested a desire
20 trade until matters have been re-
duced TO some definite plan.
Where do you find the greatest
trouble-ln the Diamond Match or the
New York Biscuit?" Mr.. Moore was
asked.
"Oh, II works both ways, due, Of
course. to the stringency of money. But
you can say that do not think there
will be any panic. The stock exchange
being closed there will be time for con-
.servatlve action to preserve values and
We will eventually come out all right.
This affair was hard shock. but II is
only temporary" continued the rotund
lawyer. There will be no statement
OF the situation issued by us. can say
that, with the stock exchange closed.
there will be an immediate resort to re-
sources of which we have knowledge
and which are accessible to straighten
matters out"
You have arranged. then. for money
from the banks?" Mr.. Moore was
asked.
1--WE think we are perfectly safe in
saying that We will tide over every
trouble. 1t is only 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
nap1tp9 Calls fo,- cinO 0n1 mo f.ptnc on
Diamond Match. which could not be
raised. precipitated the failure. That
the margins would not be forthcoming
was announced late in the afternoon,
and then came the hasty call for
meeting ait the house OF p d. Armour
last evening. At this meeting nearly
every bank In the city was represented.
together with the governing committee
of the stock exchange. 1t was supposed
that Mr.. Armour had had an early Ink
ling of what was coming and that most
of the selling Of Diamond Match and
Biscuit by Chaplin q Gaylord yesterday
had been for Armours account. but
this he denied at the meeting and he
said he had no suspicion of trouble UNI
Ill about o'clock in the afternoon.
The whole ground was carefully gone
over and II was agreed that the only
thing to arrest panic was to close the
Chicago stock exchange. A resolution
was then and there adopted by the gov
ernlng committee.
The losers by the collapse Of the Dia-
mond Match and the New York Biscuit
deals will be the Moores and the spec
ulators who are long on the market.
The loss Of the Moore Bros. II Is esti-
mated. Is between $4.00o.0 .000a nd $5.0o0.-
900.
p. d. Armour said this afternoon that
he did not fear any panic as a result OF
the Moores failure. 'T do not think II
will affect other stocks" he said. THE
men who held the bulk of the stock are
very wealthy and will come out all
right"
Charles Counselman, a prominent
broker. says OF the Diamond Match
fasco: THE deal Is virtually closed.
The Diamond Match property is all
right. The company has had nothing
to do with the speculation. II earned
1880. 900 last year ON 81 900. 900 capt.
tai and has $4,000. 900 Of quick assets.
The speculation has been by the Moores
and their friends"