The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1896-08-08
MILLIONS INVOLVED
MOORE BROS, HACKERS OF DiA-
MOND MATCH 5t@,

And Biscuit Deals Have Been Forced to
Suspend Payment - Deal an Immense
Affair, Companies Being Capitalized
For S2O, O,OOO, 900 - Chicago Stock Ex-
change Closes Down Indefinitely TO
Avoid Needless Panic. ..s
CHICAGO, Aug. 4.-The speculative
deal in Diamond Match and New York
Biscuit stock has come to an end. The
Moore Bros. have failed. The greatest
speculation ever known in Chicago has
eliminated in the failure Of the people
who were behind the deal. The Chi.
cago Stock Exchange will adjourn In
the morning for an indefinite period.
This action was decided upon at q meet
ing held during the evening, at which
were present the members Of the Stock
Exchange governing committee and q
number of prominent capitalists. Il is
thought the adjournment will last but q
few days and that matters can within
that time be Strengthened out in way
that will make the losses as easy as
possible to bear. All those present at
the meeting said that should the Elk
change open as usual the bears would
make elaughtering Of values that
would cost great and in large measure
unnecessary loss. I'd
Was q Great Speculative Deal.
The speculative deal Of which the
failure is the elimination is by all odds
the most important in the history Of
Chicago Stock Exchange affairs. It
began early in this year. The stock Of
the Diamond Match company had been
selling around 1S0 for quite q time and
there had been no activity in the mar.
ket. Just prior to the Venezuelan In
cident the tip had gone out in inside
circles that there were to be some i'm
portant European developments in con-
nection with Diamond Match affairs,
and the buying Of the stock commenced
by strong people. It moved up with
scarcely q halt. Continued stories ef
pending negotiations for the starting Of
factories in England, France, Austria.
Belgium and Italy went the rounds and
the shrewdest men in Chicago
Believed In the Property.
The Chicago Exchange had never be-
fore known such activity. The head
and front Of the speculative movement
was the Moore Bros, but they were ably,
seconded by the most prominent local
and Eastern speculators and kept in alb
solute control of the situation. The
stock sold up as high as 248. When the
decline of the stock markets generally
came, the stock was selling at about
224. The values Of other securities
tumbled day after day, but Match was
held steadily without so much as
fractional decline.
The greatest part Of the capital to
carry on the deal came from the East.
and difficulty in renewing some Of these
loans caused the collapse. Monday the
stock was held at 222, but there was an
outpouring of long stock that was too
much for the supporters Of the deal to
carry and the collapse resulted.
Many Millions Involved.
The deal in Diamond Match was only
part of this great speculative operation.
The Moore Bros. had organized the
New York Biscuit company several
years ago after the first great success Of
the Diamond Match company. Enor-
nous quantities Of this stock were also
poured upon the market. but they were
taken with the same steadiness which
marked the action of Diamond Match.
The accumulations, however, repre-
sented great sum in time, and the op-
erations in that stock will add largely
to the total Of the amount involved.
II ..>..