The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1896-08-08
CHICAGO CHANGE WAS EXCITED
Arrangements Making to Prevent -
Panic Elsewhere.

Chicago. Aug. 4-Nothing in years has
caused such a furry in commercial circles
as the collapse of Moore Bros. in their
efforts to maintain control of the Dia-
mond Match company and the New York
Biscuit company. The striking feature
of the failure is the fact that the stock
exchange for the first time in history ad-
journed indefinitely today without doing
a dollars worth of business. The fol-
lowing notice was posted
1.-THE Chicago stock exchange has ad-
journed subject to the action of the gov
erning committee.
WILKINS, Secretary"
In the Corridors where excited groups
of brokers and traders were discussing
the situation, every one connected with
the exchange was endeavoring to con-
vince everybody else that there is ho
cause for alarm. They announced that
the officials of the exchange were endeav-
oring to form pool to buy up the stock
of Moore Bros. and to hold ii until the
furry is over. At a meeting of the gov
erning board a comittee of four was ap-
pointed to confer with the bankers of
Chicago and Moore Bros. to arrange upon
a basis of settlement This committee
met at 3 p. m today. This action had the
effect of modifying the excitement. Those
best posted declare there is no fear of a
general panic.
Inc governing committee also auOpltO
the following: Resolved, That in cases
of all stocks bought and sold the regu-
lar trades shall be carried out and hat in
cases where stock has been bought reg
ularly and sold on account OF stocks all
are not to be delivered until the opening
of the clearing house,
1t is estimated Moore Bros. lost be-
tween $4,0OO,000 and $5,OOO,00O in the Dia-
mond Match deal. Some say i. wiped out
every cent of their fortunes
The Chicago News bureau says the
banks are taking the Diamond Match
furry very comfortably. Their only anx-
iety seems to be to help customers. The
basis of bank losses on Moore securities
has been low for long time. Diamond
Match stock has been popular, but the
banks understood there was lots of water
in it. The anxiety of the banks is not
so great regarding Diamond Match loans,
however, as regarding New York Bis
cult, which was marked up from under
30 to over par. There is hardly a rich
man in town not some way interested.
usually money lenders. Boston and
Baltimore are largely interested.
Chicago banks and brokers, who hold
about $4,000 900 worth of Diamond Match
stock as collateral for money loaned,
! will not press borrowers for a settlement.
To do so would be unwise and might pre-
cipitate a panic, which the banks are
bound to avoid at all hazards now. The
banks decided to accept the stock OF Dia-
mond Match owned by Moore Bros. at the
cash value of 40. Probably the heaviest
| losers, next to Moore Bros, are broker s
doing business for them on exchange
Those most affected are Breeze & Cum
minis, Baldwin * Farnum, f. L. Brew
ster & Co., Wrenn & Co.
John b. Mitchell, president of the Illi-
| nois State and Savings bank, said: The
banks will not lose, for they anticipated
just such a crash and decided not to loan
more money on Diamond Match than they
! already loaned, say iG0 per cent. This col
lapse will clear the atmosphere, and !
don't anticipate any serious results out
side of the parties directly concerned"