The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-05
MOORE bros, FAILURE
Received In Chicago With Compare
tive CaImness.

i've CalmnesS.
CHICAGO, Aug. 1T Is estimated
by those in a position to know that
Moore Bros. have lost between four
million and five million five hundred
thousand dollars in the Diamond
Match deal. some say 1t has wiped out
every cent of their fortunes Nothing
in years has caused such a furry in
commercial circles as the collapse of
the Moores In their efforts to maintain
the control of Diamond Match stock
and New York Biscuit. 1t has been
the talk OF every man connected with
the stock exchange and the board of
trade. Another striking feature of the
failure, and one which in a measure
shows its extent and breadth, is the
fact that the stock exchange for the
first time in it's history adjourned in
definitely at once, it's doors were opened
without doing a dollars worth Of bust
ness. The following notice was posted
on the door of the exchange: The Chi
cago stock exchange has adjourned sub
Ject to the action of the governing
committee.
At a meeting of the govern
ing committee, a resolution was adopt
ed, calling for the appointment of a
committee of four, the chairman Of
Which shall be the president Of the
stock exchange, and the other three to
be appointed by him to confer with
the bankers of Chicago and Moore
Bros, to arrange upon basis of set
tlement. The governing committee al
so today adopted the following:
Resolved: That in cases Of all stocks
bought and sold regular the trades
shall be carried out, and in cases where
the stocks have been bought regular
and sold in the account, the stock shall
not be delivered until the opening of
the clearing house.
The banks are taking this Diamond
Match furry very comfortably. Their
only anxiety seems to be to help Gus
toners. The basis of bank loans for a
long time on the Moore securities has
been very poor.
William H. and J. H Moore, the
members Of the firm Of William H and
j. Fl. Moore & Purcell, made their first
move as promoters in putting on the
market the stock Of the Frazer Axle
Grease Co. The first corporation Of
any moment in which they were inter
ested was the Diamond Match Co.
Since the formation Of this company
Its success has been phenomenal, and
out of it the MOOreS have made fortunes
for themselves and for others. o. c..
Barber, the president of the company
has had control Of its actual working,
though the Moores have been recog-
n1zed as the real people behind the
company. Mr.. Barber is a practical
match man, and he owned large fac
tories in Akron Ohio. These factories
were taken In as part of the assets of
the old Connecticut corporation, and
Mr.. Barber, who had been the ruling
spirit in the first corporation, became
the working head Of the new. The
finances of the company, however, have
always been in the hands Of the
MOOreS
Diamond Match stock was not spec
ulative security in the true sense of
the word during the first two years of
the cOmpany's eXistence.>It went ahead
making money, and dividends were
paid regularly. At the time Of the Or
ganization, the capital stock was $4,000
600. 1t kept extending it's business and
purchasing other match factories, and
as it did so stock was issued at par to
stockholders. The increases in the CAPT.
tai stock were made from time to time,
until the last one in February, 1895,
when the stock was increased from
$10,000,000 to 81, 100000, the present CAPT.
tai. The last million dollars was used
to save lumber which had been burned
in the forest fires in Northern Mime
sofa, and this timber was cut and haul
ed to water for preservation. At the
time Of the last annual meet
ing, President Barber estimated
the value of this lumber at 81, 500,0 900.
In 1888 the Moores organized the
American Strawboard company, under
the laws of Illinois, to control the man
ufacture of strawboard and wood pulp.
The company acquired some Is paper
mills, located in eight states, and for
time it practically controlled the
entire output Of strawboard. The
American strawboard company has
capital stock of $4,000 OO For the last
two years the Moores have not been
interested to any considerable extent
in this corporation.
The last of the companies organized
by the Moores was the New York
Biscuit company, which was incorpor-
ated in 1890. This was a rival concern
to the American Biscuit company, and
bakeries in a number of states were
purchased, and the business of making
bread and crackers actively engaged
in. The capital stock Of this company
at the present time is 100000 1t
owns bakeries in nine states. The prin-
cipal one Of these is the Mason bak-
cry in Baltimore. The stock Of this
company has been an active specula-
tive security since its formation.