The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-05

money lender. Boston and Baltimore are
largely interested
Chicago banks and brokers who ho,d
about a. Go 90 worth Of Diamond Mafcs
stock as collateral for rsoney loaned VIII
not PRESS the borrowers for settlement.
10 90 80 would be unEise and might pre-
cIpstate "A panic. which the banks are
bound TO avoid At ali hazards now TIE
banks decided 70 accept the stock Of Dsa-
rond Match owned BIZ Moore Bros AT the
cash valu~. Ia. Probably the h.avses.
losers. next 10 Moore Bros. are the bro
kerH doing business for them on the ex-
change. Thoze most affected are Ersexs
Cunsr1i.ss, Baldwin q Fxrnum, F. Z.
Erevrzte- a Co. and Wrenn e. CO. John
j. Mitchell. president OF the Illinois Trust
and Savings bank, said. '~Ths banks will
not lose. for they anticipated Just such a
crash and decided TO loan no more money
on Diamond Match than tisey had already
loaned. say 30 per cent. TRss collapse will
Clear the atmosphere, and do not anticg-
pate any serious results outside OF the par
ties directly concerned
New York. Aug. The announcement
or TIE failure at Chicago OF Moore Bros.
promoters OF the Diamond Match Com
pany and the New York Biscuit Company
resulted In the prevalence here today OF
ail sorts or FumorS concerning the cfyee:
upon business at the New York offices OF
the concern mentioned. Scores 1T ger
sons Interested in the affairs OF .he D.a-
mona Match Company visited The Offices
OF that company IN Hudson street. OF
which George Johnson is manager John
son was not at his Office today. having
sent down word that he was sick John
sons secretary said that the Moore fail
ure would not result I'm the discontinue
anee OF the business OF the concern. Many
others beside the Moores OWE stock, said
the seeretary, and the company would GER
faInly go ahead and nil its orders Be-
yonI the mere failure OF Moore Bros
Johnson had no information No word
has been received from President o. e.
Barber. and no Official statement Of Just
how Inncn OF ts1e stock Of the company Is
involved in me failure OF Moore Bros. has
been made.
The following statement was given out
TO the Associated Press al the Office OF the
New York Biscuit Company in this city:
The failure OF Moore Bros. will IN no
manner affect the business OF the New
York Biscuit Company. The fact that
William II. Moore, OF Moore Bros, IL
president OF the concern. is no reason why
We should be affected ia the least We
have heard OF the failure. and that is
about all. The stock OF the company Is
well protected. j. is very likely that when
fun Information Is received from Chicago
II will be found that the affairs Of Moore
short time. Whether they are or not, the
business here viii 20 on just as before"
William NJ. Moore. president of the COM
pany, is not In New York city. although
IL Is stated that he II in the East. Ar.
Johnson. manager of the New York
branch OF the Diamond Match Company.
Is also manager OF the New York Biscuit
Company.
Irwin Gould. president OF the Continen-
tai Match Company. I'm opposition to the
Diamond Match Company. said today:
MY opinion r. that the Moore failure VIII
be severe blow 20 the Diamond Match
Company. as Moore was the principal
hacker of the stock on the market Al
though stock prices do not always reflect
conditions vet the very high price at
which he kept Diamond Match stock un-
doubtedly gave great prestige 10 the con-
Germs business. IL is only another case
where the public has been misled." Geo.
Gould expressed sympathy for Judge
Moore and the stockholders.
An official OF the New YORK Biscuit Com
pany said today. 'sSnce this company
has been organized. with Judge Moore at
It's head, n has always earned from 10
10 per cent. annually on the capital In
vested. For the past FIVE quarters up 70
July 1 last we have failed 10 declare
dividend, because the money was used In
the construction OF two new buildings.
WHICH represent fDAAS pthNtEtf &SsNsrFVNf
and "a .6o0oo. These buildings are sound
assets. The last quarter We declared a
dividend a. the rate OF per cent. We do
not expect TO pass another dividend unless
II is done 10 buy assets"
II IL stated that New York banks hold
practically no paper OF Moore Bros or
the Diamond Match and Biscuit Com
pauv. Moore Bros.' paper is largely held
In Providence Boston and New England
generally. The firm was estimated to be
worth about s2.eoo.co0 In 1895. Leans on
Diamond Match have been made at par
The impression prevails that the stock
may go somewhere near that figure. per-
haps a little lower. as the hank loans will
have 20 he iiqaldated sooner or later.
Bankers IN this city have been reluctant
20 lend on Diamond Match on account of
IT'S being a trust stock and because the
paper IL not personally inaorsed. In the
New England towns. however, whore
large surplus capital IL available. the hish
rates offered for accommodation proved
tempting. and many loans were secured
Akron. o. Aug s--Nemhers Of the Dia-
moni Match Company IN this city say the
failure OF Moore Bros will not AFFECT the
concern IN any way except 20 reduce the
present market quotation for the stock.