The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-04
NOT DISTURBED.
Their Only Anxiety Is to Help
Their Customers.
How the Loans on Match and Bis
cult Stocks Have Been Made.

CHICAGO. Aug. 4.--Nothing ia years
has caused such a furry in, commercial
circles as the collapse OF the Moores In
their efforts 10 maintain their control of
the Diamond Match Company and the
New York Biscait Company. II 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 showed its
extent and breadth Is The fact that the
stock exchange for the first time in its
history adjourned indefinitely at once.
Its doors were opened without doing q
dollars worth.of business. The following
notice was posted on the doors OF the ex-
change:
The Chicago Stock Exchange has ad-
journed subject to the action Of the gov
erning COMMITTEES. (Signed)
j. X. WILKINS, Sec.
Outside the doors and through the
corridors of the building were excited
groups OF brokers and traders In stock
discussing the situation. Everyone con-
nected with the exchange was endeavor-
ing to convince everybody else that
there was no cause for alarm. They an
nounced that the officials OF the ex-
change were endeavoring 10 form a pool
to buy up the stock of the Moore Bros. to
holi it until the furry was over.
At meeting OF the governing commit
tee a resolution was adopted calling for
the appointment Of committee Of four,
the chairman of which shall be the presi-
dent of the stock exchange and the other
three to be appointed by him, to con-
fer with the bankers of Chicago and the
Moore Brothers to arrange upon a basis
OF settlement. They will meet at 3
o'clock today. This action had the effect
to molify those interested. Those best
posted in the matter declare that there is
no fear of a general panic. The govern
ing committee at a meeting today adopt
ed the following:
"Resolved, That in cases OF all stocks
bought and sold on regular orders tho
trades shall be carried out, and iu cases
where stock has been bought regular an d
sold in the account the stock shall not be
delivered until the opening OF the clear
ing house."
The Chicago News Bureau says: The
banks are taking this Diamond Match
furry very comfortably. Their only
anxiety seems to be TO help the GUS
toners. The basis OF bank loans on tho
Moore Sc curities bes been a low one for
a long time. The New York Biscuit
Company has not been popular collat-
eraL Diamond Match has been popular
but the banks have understood that there
was lot OF water in it. Tie Chicago
News Bureau which deals in hoard of
trade and stock exchanges further says !:
The banks have been ultra-con servative
in their loans to the Moore IL Brothers,
and its intersis rather indirect. Some
banks have not loaned above no.
1t has been considered that the stock
was good collateral up TO 1t0. The
banks interest is really chic fly in the
interests of their customers. Most OF the
big commission houses have had the
Moore business and have helepd to car
ry the securities. The anxiety of the
banks is not so great in regard to Dia-
mond Match loans, as regarding New
York Biscuit, which was marked up
from 80 to over par There is hardly a
rich man in town who has not been IN
some way interested, usually as money
lenders. Boston has been very largely
interested; also Baltimore.
1t is estimated by these in position to
know that the Moore Brothers have lost
between 1000, 600 and s5,OOO,OOo in the
Diamond Match deal. Some say 1t wired
out every cent of their fortunes.