The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-04
I RICHES TAKE WINGS.
Moore Brothers Fail for a Good
Deal of Money.

CHICAGO, Aug 3.-The speculative deal in
Diamond Match and New York Biscuit stock
mas come to an end. The Moore Bros. have
rallied. The greatest speculation ever known
In chicago has eliminated in the failure Of
the popie who were behind the DEAL The Chi
cago stock exchange will adjourn at 10
Q CLOCK tomorrow morning for an indefinite
period. This action was decided upon at a
meeting held this evening at which were
present the members Of the stock exchange
governing committee and number of prom
inent capitalists The meeting was assem-
bled formally after the announcement, which
was made late in the afternoon by James H.
moore, that margin calls no longer could be
met. That announcement was made to a few
Oh the men most heavily interested and 1t
was thought best to call a meeting to discuss
the situation. Those who assembled discussed
the best means for restoring confidence, after
the shock which would be given to specula-
tive circles by the announcement of the fall
ure. 1t was the general opinion that 1t would
De the W1sest possible move to close the stock
exchange for period. The points were made
that nearly the entire business of the stock
exchange for a number of weeks has been in
Diamond Match and New York Biscuit; that
the closing OF the exchange would interfere
only in the slightest degree with general
financial affairs and that the present was
particularly opportune time owing to the fact
tnat the settlements in the July account had
just been completed and there had been as
yet comparatively little trading in the August
accounts. The governing committee Of the
STOCK exchange discussed the situation at
exchange at 10 O'Clock tomorrow morning in
definitely
The speculative deal of which the failure
IN the elimination is by all odds the most
important in the history Of Chicago stock ex-
change affairs. 1t began early in this year
The stock of the Diamond Match company
nad 6een selling along 100 for quite a time
ana there had been no special activity in the
market. Just prior to the Venezuela incident
the tip had gone out in inside circles that
Ihere were to be some important European
n urifb
Match affairs and the buying of the stock
commenced by strong people. The Venezue-
ian panic interfered with the speculation
and the stock dropped during the general
decline at the time to lis. From then the
rise started which is the most remarkable in
the history OF the exchange. A strong group
or spectators headed by James H. Moore
and William H. Moore began buying the
STOCK. It4aoved up with scarcely a halt In
time came the announcement that the Dia-
mona Match company had closed contract
WIN the french government under which
the patents and the machines controlled by
the match company were to be sold to the
french government for royalty of 100000
a year. Negotiations were opened for the
formation OF new company in England.
factory was equipped in Liverpool Nego-
uatlons were also opened in Austria Bel
glum and Italy. Calculations showing enor-
nous pronts to accrue made prices that had
at nrst looked extravagant seem cheap The
snreWdest men In Chicago believed in the
property.
The stock sold up as high as PAS. The
Moores went through the break without the
slightest difficulty, and it was generally be-
lleved that they had been glad to see the de-
cline so that more stock might be accumuIa-
ted. When the decline In stock markets GEN
orally came, following the Democratic con-
vent1on, the stock was selling at about 224
me me values OF other securities tumbled day
after day, but Match was held steadily with
out SO much as a. fractional decline The
Moore's bought the stock with the confidence
that transpired confidence in others. The peo-
hast {rafA
companys prospects seemed to feel absolute
ly certain Of the value of the security. and
prices were held through all the sharp fuc-
count came to be closed the CARRYING charges
Tor turning stocks into the August account
were very large, so large that faith was
interest. 0--o-
Today the stock was held with hardly a
Waver at 222, but there was an outpourine of
long, stock, which led the keen observers
become too heavy, and the events later in the
afternoon proved that these fears were cor
rect.
The deal In Diamond Match was only mart
OF tnls great speculative operation The
Moore Brothers had organized the New York
biscuit company several years ago after the
hrst great success of the Diamond Match
company. The panic of 1893 had hit the Bis
cult company severely, 1t did all other
industries and the stock was far below par
The success which was met with in a specu-
lative manipulation of Diamond Match led to
desire to see what could be done with New
York Biscuit, and that stock was taken sew
eral months ago and advanced from 70 to
10S; from that It dropped back to 49, and for
weeks was held close about that figure in
spite Of the sharp declines in other securities
The Moores have unquestionaby purchased
an enormous line of New York Biscuit and
Diamond Match. The high price at which
Match has been selling makes the sum in
voived extremely large. The capital stock of
the Diamond Match company is s11, 600 900,
ond of fhn Man VII n nnn
William H. Moore the senior member of
the firm, is at present in the East. James
H. Moore, who has been the immediate active
manager of the speculative campaign is in
Chicago, but tonight declared that he was not
yet in a position to make any statement as
to the amount involved.