The record-union., 1896-08-05
The Firm Said to be Losers to the
Amount of $8,OO0.OO0.
Minority Stockholders Winners by
the Deal, Having Been BenefiCi-
aries of the Margins Paid-The
Exchange Closes Its Doors Until
the Governing Committee Can In
quire Into the Exact Condition of
Moore Brothers Affairs.

moore AIkdsTS.
CHICAGO, Aug 4-Brokers about
che Stock Exchange this morning felt
as if they were treading on a volcano
Never in the history of the exchange
has there been such suppressed excite
ment. The failure of the Moore Broth
ers and the collapse of the Diamond
Match Company was the talk Of every
body, and took the precedence over
every other question. How many others
on the exchange besides the Moore
Brothers will be affected in the big
smash-up, or to what extent, no one
dared to say. 1t is believed the Moore
failure will aggregate between $1,000,
600 and $4,000
At the usual hour of opening the
Stock Exchange was filled with mob
but no business was being transacted.
Groups We're gathered here and there
discussing the failure, and every one
seemed waiting for some announce
lnent more definite than a notice on the
door, which read:
Exchange adjourned subject to the
action of the Governing Committee
The Governing Committee met at
$3.50, and promised a statement later in
the day.
According to a well-known authority,
j. Fl. Moore and W. H. Moore, his
brother, held all told $500, 900 worth
of Diamond Match stock. a portion of
this great amount was owned in fee
before the speculative era in the stock
began. Much, however, was bought at
prices ranging between $50 and 240.
The Moore holdings We're ajority of
total stock issued. It so happens, how
ever, that the balance of the stock has
heen held by great many stockhold-
ers, and in each case the persons who
2 bought the purchaseable stock were
the Moores. Most of the purchases
were not cash, but on account, some of
them r1hYniHg thirty, some sixty days.
MargifrSJe .. per cent. were given, and
IN this. way 1t least Se,eOQs,o0 worth of
,hs saasl5 .ev as1agg -
Tosoay While the Moores, the finan-
cial genii of this colossal enterprise,
are losers to the tune of 81. 900 600 or
$4,000 600. the numerous minority stock
holders are the winners, for they have
been the heneficiaries of the margins
paid, and their stock is still theirs, al
though held in trust.
J. ]. Mitchell, President Of the Illinois
Trust and Savings Bank, says that
there is little doubt that a pool will
be formed to take care of the Diamond
Match stock Mr.. Mitchell said: There
IS no inclination on the part of
bankers here to press matters, as the
stocks are good holding in themselves.
The committee appointed by the Gov
erning Committee of the Stock Ex-
change viii undoubtedly be able to
make terms, and until everything is ar
ranged the Stock Exchange will not
be opened. / don't consider the failure
Cf you so call iD of any great import
ance as affecting stocks. 1t is simply
a case of inability on the part of Moore
brothers to put up any further mar
gins. and that is all there is to it. The
Chicago Stock Exchange in itself
amounts to very little outside of a local
speculative value. It's influence is
slight"
The Governing Committee has ap-
pointed a subcommittee to confer with
t'ankers and capitalists, with the OBJ
ject of forming a pool to take care of
the Moore Brothers holdings of Dia-
mond Match and New York Biscuit.
Local bankers and members of the
Stock Exchange say that everything
possible will be done to prevent slump
In stocks
At 1920 a. m the Governing Com
mittee of the Chicago Stock Exchange
went into executive session. The Ex-
change then adjourned subject to the
call Of the committee. It is hoped that
the Diamond Match stock now out can
be syndicated at 10 II such action is
taken. possible failures resulting from
the collapse will be very much Iessened.
Chicago banks and bankers who hold
approximately 81 900 600 worth of Dia-
mond Match stock as collateral for
money loaned, will not press the hor-
rowers for a settlement and Will ac-
cept the stock of the Diamond Match
owned by the Moore Brothers at a
cash value of 40.
Probably the heaviest losers in the
collapse of Moore Brothers. next to the
brothers themselves. are the brokers
who had been doing business for them
on the Exchange. Very few. indeed
are the brokers, too. who did not do
business IN that line.
The Governing Committee of the
Stock Exchange held a short session.
and after discussing the collapse and
the proper course TO pursue as pre-
cautionary measure of general safety
decided to have a subcommittee OF
its members appointed. The selection
Of the subcommittee was given 10
Malcolm Jameson. of Jameson & Co
The function of this body is to inter-
view Moore Brothers and the city
bankers of prominence for the purpose
of ascertaining the exact condition OF
the firm financially and the consensus
OF opinion as to the best plan of action
The governing body then adjourned
until 3 O'Clock.
Mr.. Jameson appointed four mem
bers of the Exchange on the sub
committee, and J. H. Moore was the
first person visited. After a short con
ference the fiveF gentlemen emerged
from the office of Mr. Moore, all looking
well pleased and satisfied. Mr.. Moore's
face particularly was wreathed III
smiles.
Mr. Moore, on being questioned said
There will be nothing given out to-
day, but you can say in a general way