The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-08-04
PANIC IMPENDING.
The Failure Of Moore Bros.
Closes the Chicago
Stock Exchange.
BEAR RAID ON WALL STREET
Manufacturing Enterprises OF the
Suspended Firm Said to
Be All Right.
BEAR RAID on WALL STREET

CHICAGO Aug 4, 1S96.-The specula-
tive deal in Diamond Match and New
York Biscuit Companies stocks ha:
come to an end. The Moore Brothers
have failed. The greatest Speculation
ever known in Chicago has eliminated
in the failure of the men who were be.
hind the deal.
The Chicago Stock Exchange stood ad
souined at 10 o'clock this morning foi
an indefinite period. This action was de
cided upon at meeting held last night.
It is not, at the present time, possible
to make any statement of how large
the figures of the failure are or what its
ramifications may be. The Moores have,
unqnestionably purchased an enormous
line of both New York Biscuit and Dia-
mond Match stock.
The high price at which Diamond
Match has been selling, makes the sum
involved in handling it extremely large.
The capital stock of the Diamond Match
Company is 81. 100000, and of the New
York Biscuit Company $9,Oo0.e00. and it
is estimated that the Moores have pur-
chased half the stock of the Diamond
Match Company and their purchases of
NEW 1OEh blSEltll aStOJA. p6IH1DS pear
as large proportion to the total.
William H. Moore, the senior member
of the firm. is at present in the East.
james II. Moore who has been the i'm
mediate active manager Of the specula-
tive campaign, is in Chicago, but last
night declared that he(is not vet in a
position to make any statement as to the
amount involved william H. Moore is
the First Vice President of the Diamond
Match Company end President of the
New York Biscxit Company. James II.
Moore is secoFd Vice President of both.
The MoorSsBrothers are of middle age
and lawyeN by profession. Their busi-
ness life flas been passed in Chicago.
Their fi%t important venture in the
corporation field was the organization of
Ike Frazer Axle Grease Company, which
was a great success and which gave
them a strong backing of rich men.
Thep they organized the Diamond
Match Company, which has also been
remarkably successful. The New York
Biscuit Company and the American
Strawboard Company were organized by
them. but these have not proved profit
able to the stockholders, as yet.
The Moores lost their hold on the last
named company two years ago, when the
stockholders rebelled against their man
aSement The MooreS were believed to
pc very wealthy up to the time OF their
Those present at the meeting Of Direc-
tors of the Stock Exchange last night
felt that should the Stock Exchange open
as usual this morning the bears would
Amake slaughtering of values which
would cost a good deal, and in a large
measure cause unnecessary loss. They
believed that the closing of the Stock
Exchange and the prevention of the MAX
ing OF speculative quotations for the Sc
curlties would enable brokers ha wing
open trades to close them, and the sitaa-
ton could be liquidated TO a great extent
without the sharp decline that would
ket.
It was said that the banks were indif-
ferent as to whether the Exchange e
should be closed or not The stocks held
by them are margined to a point which
leaves them secure In any event.
There were present at the meeting the
members of the Stock Exchange Govern
ing Committee and number of promi-
nent capitalists The meeting was as
sembled informally after the announce
ment which was made late in the after
noon by James H. Moore that margin
calls no longer could be met. The an
nouncement was made to few of the
men most heavily interested, and it was;
thought best to call meeting to discuss
the situation.
Those who assembled discussed the best
shock which would be given to specula-
tive circles by the announcement of the
failure It was the general opinion that
II would be the wisest possible move TO
close the Stock Exchange for a period
The points We're made that nearly the
entire business Of the Stock Exchange
Tor number OF weeks had been in Dia-
rnond Match and New York Biscuit.
that the closing of the Exchange would
interfere only in the slightest degree
MIN general financial affairs, and that
present fif,t1l lat.1xr
tine, owing to the fact that the settle
nentS n the July account had lust been
cofnpletet. and there had been as vet
comparatively little trading in the August
The Governing Committee of the Stock
isAellailse discussed the situation at
iehgth and passed a resolution to ad
jeurn the Exchange at 10 O'Clock this
morning indefi1iteiy
Members. Of the Chicago Stock Ex-
change advance the opinion that the
shares of Diamond Match and New York
Biscuit Company will not be materially
affected by the failure of the Moore
lsrctlners, as both concerns are known to
be n first glass condition. W. v Baker
3 sof A. Q. Slaughter & Co, states thai
Dldmond Match IS earning between IS
aha " per CENT. and paying 10, whilst
siderably more. The Governing Com
rnittee of the Exchange met al $50 this
morning to affirm. the action taken at
the meeting held last night, relative 10
closing until the affairs Of the neYnber-s
can be adjusted 1T Is believed thaf tbo
adjournment viii be only for a day or
So ihere were no new Developments
oxernlght regarding the failure of the
Moores, which is chiefly a person9i one
At the Office Of Moore Brothers ali in
formation in regard to failure was denied
70 callers. Manager cofreen said t1af !
statement TO the public womb nrnhst,1t, I
he rAGc later in tlle day
1'1iEgs looked a little suuallv when 4be
Board Of Trade opened this nnornire- 1 soT
on The curb wheat had sold I cent loys,er
because OF the Moore failure. ana fhe
closing OF the exchange. Fortuna+elv
there were some strong and consas-va i've
Taen at the helm. and by their action
least. ayerted and a satisfactory feelino
peryaded the market II was argued fha7
tho failure Of q stock brokera ge coneerr
could in no manner affect the price al
wheat, particularly when there was evert
cause Tor an advance. This argument wa:
viewed as logical, ard when the pits he.
gan TO be crowded with buying orders
offerings were light indeed
At the usual honr Of opening this morn,
'hg tnc STOCK Exchange was filed with
members. but no business was traT1saotad
groups were gathered here and there dis
eu5slng the turn of affairs and everyonf
seemed waiting for some announcement
more definite than notice posted On the
doors which reads
fiop of the Governing Committee : =
~. A. WILKINS, Secretary
The Governing Committee met af 9:M
end promises statement later in the
Brokers about the Stock Exchange tha,
morning felt as H they were treading or
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