New-York tribune., 1896-08-27
THE MOORE BROTHERS. AFFAIRS.

REPORT OF THE INVESTIGATING COMMITTEE
MATCH AND BISCUIT COMPANIES SOUND
Chicago. Aug. 9-The subcommittee Of the Gov
erning Committee of the Chicago Stock Exchange.
appointed to investigate the affairs of Moore Broth
ers the Diamond Match Company and the NewYork
Biscuit Company filed its report this afternoon and
It was accepted. No action was taken and the only
business done by the Governing Committee at It's
meeting held this afternoon the acceptance OF
the report CT the subcommittee and the passing of a
resolution authorizing the members OF the Exchange
to deliver Diamond Match and Biscuit stock If they
saw fit There is no probability of the Exchange
being opened again until some time in the coming
month
The committee reported that the affairs of Moore
Brothers was IN such tange that they were unable
any substantial facts, but that from all that
could be learned, the Moore Brothers have no tan
The books Of the two companies were reviewed
showing both to be In excellent condition. The
net earnings of the Diamond Match Company have
increased steadily from year TO year, having been
$4,000 in 1891 and over N,5O0oO last year. In
speaking of the Match Company the committee
said:
The books of the company very carefully
kept and from investigation we satisfied that
the earning power OF the Diamond Match Com
The fire at Ontonagon IS not the catastrophe which
has been represented. The company had no match
box factories. 1t has $4,000 insurance distributed
tcrfere with the production Of matches.
The statement submitted OF the Biscuit Company
shows profit OF q $4,000 for the last five years
The business of this company is also said TO be
well managed and n strict account OF same kept.
The committee reported that II had been unable
TO formulate a plan which could be carried
through looking to the trustceing of the floating
stock OF the companies II has however, not
dcspaired. and asks more time In which to form
the trust.
The committee finds that the Moores received
checks from the Match Company for margins ag-
gregating $4,000 and checks from the Biscuit Com
pany aggregating $255.OO). The former is under
account called i. Is. Robinson, trustee and the
latter under the name of I'll J. Evans. trustee. ="
These checks. in both instances. II is claimed were
issued by order OF the executive committees Of the
respective companies. but the records OF neither
corporation is there any record of the Directors
having passed any resolution indorsing the action
Of the Executive Committee and II Is the opinion of
legal counsel that neither the Match Company nor
the Biscuit Company can bee held responsible for
the purchase OF stock for which the irregularly
drawn checks were used
The committe reported also that the Moore
Brothers were backed by pool. all the members
the members of the pool withheld but the
committee says that II such members do not come
forward and agree to assume the liability Of Moore
| Brothers transactions they Will give the names
and suggest plan for compelling the pool TO put
up the money necessary 10 straighten out affairs
The committee closed its report with refusal to
recommend any settling price between brokers' for
account stock. II merely recommended the brokers
settle their accounts with each other on "A fair and
equitable basis.