The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1896-08-08
ARE STILL IN THE RING
MOORE BROS. SAY THEIR FAILURE
is ONLY TEMPORARY.
Diamond Match and New York Bis-
cuit People Claim Not to
BE Involved.

Chicago, Aug. 4.-Many of the outstand-
ing trades in Diamond Match and New
York Biscuit, it is expected, will be closed
up by the brokers outside of the exchange
before trading is resumed on the iioor.
Ihere We're many inquiries for curb quo
tations on Match and Biscuit, but no
pody manifested desire to trade until
the matter shall have been reduced to
some definite plan.
Where do you fino the greatest trouble
IN the Diamond Match or the New York
Biscuit?' Mr.. Moore was asked
oh it worked both ways. due of course
to the stringency of money. But you can
say that l do not think there will be eny
panic. The stock exchange being closed
there will be time for conservative &C
vtion to preserve values, and we will even
tually come out all right.
This affair was a hard shock but it 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 resources Of
which we have knowledge and where it
is possible to straighten matters OUT
You have arranged then for money
from the banks?" Mr.. Moore was asked.
I'VE think we are perfectly safe in say
ing that we will tide over every trouble
1t is but temporary, and we a long
way from being financially dead"
There was not a whisper in the street
yesterday that any trouble was impend-
ing. Calls for 100000 margins on Dia-
mond Match, which could not be raised
precipitated the failure. That the mar
gins would not be forthcoming was an
nounced late in the afternoon, and hen
came the hasty call for a meeting at 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 ex-
change.
1t was supposed that Mr. Armour rad
had early inkling of what was COM
ing, and that much of the selling of Dia-
mond Match and Biscuit by Chaplin &
Gaylord yesterday had been for the Ar
mour account, but this he denied at tire
IAeeting, and said he had no suspicion of
trouble until about o'clock in the after
noon. The whole ground was carefully
gone over, and it 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
erning committee.
The losers by the collapse of the Dia-
mond Match and New York Biscuit deals
will be the Moores and the spectators
who are long on the market. The loss of
Moore Bros, it is estimated, is between
afternoon that he did not fear any panic
a result of the Moores' failure.
II do not think it will affect others
stock" he said. THE men who held the
bulk OF the stock are very wealthy, and
will come out all right"
Charles Counselman, a prominent bro
ker, says of the Diamond Match failure:
The deal is virtually closed. The Dia-
mond Match property is all right. The
company has had nothing to do with the
speculation. 1t earned 81 10000 last year
on $1,000. 900 capital, and has s5,O0OO0O OF
quick assets. The speculation has been by
the Moores and their friends"