The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-06
Closing of the Chicago Stock
Exchange Believed to Have
Saved Many Failures.
Exchange Will Remain Closed
Until All the Facts Are
Known.
Said the ArmOrs May Take All
the Holdings Of the
MOOreS.

CHICAGO, Aug 6.-The Chicago Stock
Exchange is still closed and will remain
closed until the Moore Bros. failure has
been settled. The action of the govern
ing committee in closing the doors Of
the exchange is said by certain finan-
ciers who are in a position to know, to
have averted a panic.
There is no telling where it would
have ended" said member of the
Stock Exchange. "It might have re-
suited in the ruination of a dozen busi-
ness houses and banks.'>
President NJ. M. Jameson, of the Ex-
change, in fulfllment of the resolutions
adopted by the governing committee,
appointed the following gentlemen to
act with him as a committee to confer
with the banks for the purpose of ar
ranging a settlement of the affairs of
Moore Bros.
p. A. Valentine of Armour & Co. !;
A. NJ Day of Counselman & Day, and
G. G. Yoe of Brewster & Co.
Preparing a Statement.
The Moore Bros. are preparing q
statement of their affairs and of the
Diamond Match and New York Bis
cult companies. The stock exchange
will be kept closed until all the facts
are known, and until a syndicate is
formed to underwrite the deal at some
price to be settled after all the informa-
ton is furnished by the MoOre's, par
tieularly as to the standing Of the COM
panies. The Diamond Match price will
not be over 100; New York Biscuit not
over 70. The Moores claim the COM
panies are not at all involved. 1t is
claimed 1866 has been bid for Diamond
Match.
President Barber Of the Diamond
Match company has sent the following
cablegram from Paris to Moore Bros,
here:
"Orr presence here quite necessary.
Can do no good if there. Have some
important trades here. Government
denies the statement made by GOuld's
agents"
Armours May Take 1t.
Friends of the Diamond Match COM
pany claim that President Barber
stands entirely aloof from the Moore
failure that he was in nowise inter
ested in the speculative deal. Mr..
Moore is authority for the statement
that had not G, T. Yerkes come into the
market as borrower Ito the extent OF
nearly 81 900, ,OOO) the collapse would
have been averted. Many banks threw
out the Moore securities and substituted
those of the North Chicago and West
Chicago Street Railway values. One
house known to be short of Diamond
Match and New York Biscuit Is bidding
ITO for the former and 75 for the latter
There is an unverified report that the
Armour crowd will take all Of the
Moore holdings at certain figure and
terminate the deal as purposed by the
Monroe street lawyers.
Panic Can BE Avoided.
Many of the outstanding trades in
Match and Biscuit, it is expected, Cur
be closed up by the brokers outside o1
the exchange and before trading is re
sumed on the floor. There were many
INQUIRIES for curb quotations on Match
and Biscuit, but nobody manifested ,
desire to trade until matters have beer
reduced to some definite plan. Mr.. J
A. Moore was closted with his attorney
Mr.. Coffen received all callers durin,
the early morning, but he had little t.
say regarding the situation.
Where do you find the creates
trouble, in the Diamond Match or tn
New York Biscuit p Mr.. Moore wa
asked.
"Oh, it worked both ways, due o
course to the stringency Of money, bu
Won can say that do not think ther
will be any panic in stocks; the Stocl
Exchange being closed, there will b
time for conservative action to preserv
values, and that we will eventual,
come out all right.
Will, BE ON Top Aga N Soon.
1--WE are long way from being finan
cially dead, and will soon be on to
again" said J. H. Moore. This affai
was hard shock, but it is only tempo
rary," continued the rotund lawyer
while his face wore smile-not
forced affair, but one that showed tha
his spirits were not dropping. "Ther
will be no statement of the situation Ii
sued by us. l can say shat with til
Stock Exchange closed there will be a
Immediate resort to resources Of whic
we have knowledge, and which are az
cessible to straighten matters out. Th
The shock came from the gener,
stringency in the money market. br
we have every hope Of soon gettin
things upon their normal basis"
.sYou cave arranged, then, for MOI
uey from the tanksY' Mr.. Moore ",
asked.