Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1896-08-04
TO-DAY'S 1ELEGRAPHIC NEWS.
Big Failure in Chicago.

CHICAGO, Aug. 1.-The speculative
deal in Diamond Match and New York
Biscuit stocks has come to al end. The
Moore Brothers have failed. The
greatest speculation ever known in
Chicago has eliminated in the failure
of the people who were behind the deal.
When the announcement was made
late in the afternoon by Mr.. James b.
Moore that margin calls could be no
longer met, meeting Of the stock ex-
change was called and the governing
committee after discussing the situation
passed a resolution to adjourn the
exchange at 10 o'clock this morn
ing indefinitely, though it is thought
the adjournment will last but q
few DAYS and that matters within
that time can be Strengthened out IN
way that will make the losses as easy
as possible to bear. They believe that
the closing of the exchange and the
prevention of the making ofspeculative
quotations for the securities would en-
able brokers having open trades to close
them and the situation could be liqui-
dated in large measure without the
sharp decline that would surely follow
the trading and open market.
Brokers about the stock exchange
this morning felt as if they were tread
ing on a Volcano. Never in the his
tory of the exchange has there been
such suppressed excitement. The fail
ure OF the Moore Brothers and the col
lapse Of the Diamond Match Company
took precedence over every other
question. How many others on the
exchange besides the Moore Brothers
would be affected in the big smash up,
or to what extent, no one dared say.
Every one felt the peril of the hour.
The capital stock of the Diamond
Match Company is 81, 000,0 and Of
the New York Biscuit Co. $1,000 900,
and it is estimated that the Moores have
purchased half the capital stock OF the
Diamond Match Company and their
purchases of New York Biscuit stock
perhaps bears as large proportion to
the total. 1t is believed the Moore
failure will aggregate between seven
millions and eight millions. Local
bankers and members Of the stock ex-
change say that everything possible
will De done to prevent big slump in
stocks.
Mr.. ]. ]. Mitchell, president Of the
Illinois Trust and Savings Bank, says
that there is little doubt that pool
will be formed to take care OF the Die
mond Match stock. There is no incl.
nation on the part OF bankers to press
matters as the stocks are good holding
in themselves. The committee ap-
pointed by the governing committee OF
the stock exchange will undoubtedly
be able to make terms, but until every
thing is arranged the stock exchange
will not be opened.
1t is believed that an effort will be
made to syndicate the Diamond Match
stock now out at 10. If such &C.
ton is taken the danger of pos
sible failures resulting from the COL
lapse OF the Moore Brothers will be
very much lessoned Chicago banks
and bankers who hold approximately
81, 900, 900 worth of Diamond Match
stock, as collateral for money loaned,
will not press the borrowers for settle
ment. To do so might precipitate q
panic. This the banks are bound to
averts at all hazards, just now.
1t is said the banks have decided to
accept the stock Of Diamond Match
owned by the Moore Brothers at cash
value of 10.
Probably the heaviest losers in the
collapse next to the Moore Brothers
themselves are the brokers who had
been doing business for them on the ex-
change.