Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1896-08-08
BIG DEAL COLLAPSES.
Spectators in Diamond Match
Stocks Fail.
Moore Brothers, Operators Noted for
Their Boidness. Forced to tho Wall
New York Biscuit Stocks Involved -
Story of the Failure.

Moore Brothers, Operators Noted for
Their Boidness. Forced to tho Wall
New York Biscuit Stocks Involved -
Story of the Failure.
Chicago, Aug. 4.-Moore Bros, pro-
moters of the Diamond Match company
and the New York Biscuit company,
announced Monday night that they had
failed. A meeting OF prominent finan-
ciers and Chicago bankers was held
about midnight at the residence of one
of them on the South side and it was
agreed by them to close the Chicago
stock exchange indefinitely to-day.
Involves S2O,ooO,OOo.
The stock exchange will be called to
order at ten a. M, when the failure
of Moore Bros. will be announced. The
! speculative value of the failure will
! be about 2O,000,O00. 1t is thought by
some that the adjournment of the stock
( exchange will last but 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.
| Diamond Match opened at $2.22 on the
! Chicago stock exchange Monday morn
ing. There were heavy sales all day,
: and the loads that were sold were enor-
nous. Notwithstanding this, the stock
did not break, going only to $2.21.
! There were slight rumors of the diff
culties which surrounded the Moores,
but no one suspected the crash.
New York Biscuit sold early at o2h,
going to 90 shortly after noon. There
was a rally, however, and Biscuit closed
at 90.
Would Help the Brokers
Those present at the meeting of di-
rectors of the stock exchange Monday
night felt that should the exchange
open as usual this morning the bears
+ would make a slaughtering of values
! which would cost good deal, and, in a
large measure, unnecessary loss. They
believed that the closing of the ex-
change and the prevention of the max
ing of the speculative quotations OF
the securities would enable brokers
having open trades to close them, and
the situation could be liquidated in a
large measure without the sharp de-
cline that would surely follow the trad
ing in an open market. So far as the
banks are concerned they are indiffer-
ent as to whether the exchange should
be closed or not The stocks held by
them are margined to a point which
leaves them secure in any event.
Means for Restoring Confidence.
There were present at the meeting
the members of the stock exchange
governing committee and number OF
prominent capitalists. This meeting
was assembled informally after the an
nouncement which was made late in the
afternoon by James H. Moore that mar.
gin calls no longer could be met. The
announcement was made to few oi
the most heavily interested, and it was
thought best to call meeting to dis
cuss the situation. Those who assem-
bled discussed the best means for re
storing confidence after the shocl
which would be given to speculative
circles by the announcement of the
failure. 1t was the general opinion
that it would be the wisest possbl,
move to close the stock exchange for
period.
The points were made that nearly
the entire business of the stock ex
change for a number of weeks had beer
in Diamond Match and New York Bus
cult; that the closing of the exchange
would interfere only in the slightes
degree with general financial affairs
and that the present was particularly
opportune time owing to the fact tina
the settlements in the July account hat
just been completed, and there hnC
been as yet comparatively little trad
ing in the August accounts. The gov
erning committee of the stock eXchanG,
discussed the question at length art
passed resolution to adjourn the eX
change at ten o'clock in the morning
indefinitely.
How the Failure Came About.
The deal of which the failure of tn
Moore Bros. is the elimination is b,
all odds the most important in the his
tory of the Chicago stock exchange
1t began early this year. The stock o
the Diamond Match company has beer
selling at about 1.3O for quite time
: There had been no special activity il
the market. Just prior to the Vene
zuelan incident the tip went out il
inside circles that there were to be som
important European developments il
connection with Diamond Match af
fairs, and the buying of the stock b.
strong people commenced. The Vene
zaelan panic interfered with the specu
lation and the stock dropped during
the general decline at that time t.
1.15.
Contract with Foreign Governments.
From then the rise started which j