The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-04
DON'T FEAR A PANIC.
Moore Bros. Failure Caused a Big
FURRY But Serious Results Not
Feared.

Chicago, in years has
caused such a furry in commercial cir
cles as the collapse of the Morses in
their efforts to maintain the control of
the Diamond Match company stocks
and New York Biscuit. It has been
the talk of every man connected with
the stock and the board of trade An
other striking feature of the failure and
one which in q measure shows its ex-
tent and breadth is the fact that the
stock exchange for the first time in its
history adjourned indefinitely as soon
as its doors were opened without doing
a dollars worth of business The fol-
lowing notice was posted on the door
of the exchange:
The Chicago stock exchange has ad-
journed subject to the action of the
governing company ISignedl
J. R. WILKINS, Sec'y.
Outside the door and through the cor
ridOrs of the building were excited
groups of brokers and traders in stock
discussing the situation Everyone
connected with the exchange was en-
deavOTing to convince everybody else
that there was no cause for alarm. They
announced that the officials of the ex-
change were endeaVOring to form a
pool to buy up the stock of the Moore
Bros. to hold it until the furry was
over.
At a meeting of the governing com
m1ttee resolution was adopted calling
for the appointment of a committee of
four, the chairman of which shall be
the president of the stock exchange
appointed
him to confer with the bankers of Chi
cagO and the Moore Brothers to arrange
upon a basis of settlement. This COM
mittee viii meet at 3 p. m. today. This
action had the effect to modify the ex-
citement of many of those interested
Those best posted in the matter declar-
ed that there is no fear of a general
panic. The governing committee at a
meeting today adopted the following:
Resolved, That in case of all stocks
bought and sold regular the trades
shall be carried out and that in cases
where stock has been bought regular
and sold in the account, the stock shall
not be delivered until the opening of
the clearing house.
The Chicago News bureau says: 1.-THE
banks are taking this Diamond Match
furry very cOmforta bly,. Their only
anxiety seems TO be to help customers .
Chicago banks and bankers, who hold
approximately $4,000 600 worth of Dia-
mOnd Match stock as collateral for
money loaned, will not press the bOr-
rOwers for settlement. To do so would
be unwise and might precfpitate a
panic. This the banks are bound to
avoid at all hazards just now An
other thing, the banks have decided
to do and that is, to accept the stock of
Diamond Match owned by Moore Bros
at a cash value of 40.
Such was the basis of settlement
agreed upon at the meeting of bankers
held last evening. Probably the heav-
lest losers in the collapse of Moore
Bros. 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.
Those most affected are Breese & Cum
minis, Baldwin & Farnum, Z. L. Brews-
ter & Co. and Wrenn & Co.
Speaking of the collapse, John T.
Mitchell, president of the Illinois State
and Savings bank said: THE banks
will not lose. for they had anticipated
just such a crash as happened yester-
day. That the sDeculating in the
stock could not last everybody knew.
A panic in the stock was bound to re-
suit. For some time Chicago banks de
cided not to loan any more money on
Diamond Match stock than they al
ready had loaned. This collapse will
clear the atmosphere, and I don't an
ticipate any serious results outside the
parties directly concerned"