The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-05
THE DIilIOND MITCH FITLURE
Big Stockholders Put Up Margins to the
Eensnt of the small Holders

CHICAGO. Aug. 4.-The speculative deal
in Diamond Match and New York bis
cult stocks has come TO an end. Moore
Bros. have failed. The greatest specu-
lation ever known Do Chicago has culmi-
mated DOB tle failure of the people who
We're behind the deal.
The Chicago stock Exchange adjourned
NJ lJ O'Clock this morning for an inden-
mite period. This action was decided
upon at meeting held last night at
which We're representative bank presl-
dents. members Of the stock Exchange
Committee. and number oil prominent
capitalists.
The high price at which Diamond Match
has been selling makes the sum involved
so handling il extremely large. The cap
ital stock of the Diamond Matcn Com
Iany is su.Woo06 and of the New York
Biscuit 100000
A gentleman close to the spectators
explains the failure ia this way:
James "a. Moore and William ii. Moore
owned, all told, 100000 worth Of Diamond
Match stock. a portion or this was
owned in fee before the speculative era
in stock began. Much, however. was
bought az prices ranging from l50 10 2iO.
The MOores holdings were the ma
j0rty OF the total ISSUED. II so happen
ed. however. that the balance Of the stock
was held by great many stockholders.
Soon after the stock began It's wonderful
aerial flight. these minority stockholders
began unloading and in each case the
persons who bought were James Moore
and his brother Most OF these pur-
chases were not cash purchases. but on
account running thirty 90 sixty days.
Margins OF per cent. were given. and
I'm this way at least s. 10000 worth OF
stock was bought. Two banks In con-
reciion in Bridgeport. Conn, and another
I'm Hartford. were holders Of stock as
trustees
As the stock huctuated in value on
time limit for purchase account expired.
more margins had 90 be deposited In
this way not less than 90 per cent ON
the par value of the stock was paid All
this the M0Ores paid without iiinching,
but in the long run the stock became,
notwithstanding its extraordinary lntrin-
sic value. q frchtfully heavy load 10
carry. At last two brokers were sub
stantially the only props 10 the big
enterprise. and the result was Inevitable.
and the crash followed
And thus it.happens that to-day. while
the Moores. the financial genii OF this
colossal enterprise are losers 10 the tune
of t,fItfHI o. s. fG OHl numerous mi
nority stockholders are winners. for they
have been the benchciaies Of margins
paid and their stock Is stil theirs. al
though held IN trust.
Tine stock will Dee taken care Of. and
everything VIII hr running In a. few
days as n nothing had happened. The
stock Is ass good as gold and nobody is
going 10 be very badly hurt"
CHICAGO. ILL. Aug. 4.-The Govern
ing Committee Of the Stock Exchange hell
second meeting this afternoon, but ac-
cCmplisheu nothing. IL was decided that
10 would not 10 10 reopen the Exchange
until the Moore tangle was Strengthened
out. Offers We're made around town
during the afternoon for patches Of Dia-
moud Match stock all the way from l65
10 10 but nobody seemed 10 care 10 sell
H. D. Armour. who Is supposed To bee
one OF the heviest holders OF Diamond
Match stock took a hopeful view Of the
situation when seen to-day. He did not
think that the failure OF Moore Brothers
would affect any other securities than
Diamond Match and New York Biscuit
and over these he does not expect any
panic
NEW YORK. Aug. "A New York
banker SAYS that the Moore Brothers fail
ure at Chicago will not be fst In this
city. II will undoubtedly tie up a num-
her OF loans in New England. Bankers
throughout CoTItcticut and Massachu-
setts have been the largest lenders on
Diamond Match. Practically no loans
Nfre secured H. New York. rs Diamond
Match is = trust stock ana the paper Is
not persoi ally endorsed.
AMERICAN SECURITIES FEEL 1T.
LONDON. Agy-;;A,-yRes he failure Of