The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-08-04

feeted in the big smash-Up. or 10 what
extent, 10 one dared say. Everyone teIi
the peril OF the hour. It was believed the
Moore failure viii aggregate between
seven million and eight million. This was
the sum mentioned by q bank president
who had made advances to the speculators
during their daring and dazzling reign
According o this authority, James II.
Moore and William H. Moore mis- brother
| owned al told $5.50o.000 worth of Dia-
mond Match stock. A portion of this
great amount was owned in fee before
the speculative era in the stock began.
Much. however, was bought at prices
ranging between $50 ard 24o
Al 1879 the Governing Committee OF
the Chicago Stock Exchange went inte
executive session. It was believed that
an effort would be made to syndicate the
Diamond Match stock now out at lI0.
IL such action is taken the danger OF
possible failures resulting from the coll
lapse OF the Moore Bros. will be very
much lessened. Chicago banks and
bankers who hold approximately $4,000,
COO worth of Diamond Match stock, as
collateral for money loaned, will not
press the borrowers for a settlement. To
do so might precipitate panic. This
the banks are bound to avert at all ha5-
ards just now. 1t is said the banks
have. decided to accept the stock Of Dia-
mord Match owned by the Moore RIOS.
at a cash value of no. Such was the
basis OF settlement agreed upon at the
meeting of bankers held late last even
ing.
Probably the heaviest losers in the
collapse next to the Moore Bros. them
selves, are the brokers who had been
DONG business for them on the exchange.
Very few. indeed, are the brokers, too.
who did not do business in this line.
Speaking of the collapse. John y. Mitchell.
the president of the Illinois Trust and
Savings Bank, said:
THE banks will not lose, for they had
anticipated just such crash as happened
yesterday. That the speculation in the
stock could not last everybody knew A
panic in the stock was, bound, TO result
lean any more money on the Diamond
Match stock than they had already loaned
--lSV per cent. The collapse will clear the
atmosphere ard / DC not anticipate any
serious results outside the parties directly
concerned.
The Governing Committee of the Stock
Exchange held a short session and after
discussing the collapse and the proper
course TO pursue as a precautionary
measure of general safety decided to have
a committee of its members appointed
The selection of the committee was given
to Malcolm Jameson. of Jameson e co.
The function of this body is to interview
Moore Brothers and the city bankers of
prominence for the purpose of ascer-
tanning the condition of the firm finan-
cially and the concensus of opinion from
the firm and the bankers as to the best
plan OF action, The governing body then
adjourned until three O'Clock, when the
subcommittee will report the result of
rs labors and its recommendation as to
future action.
MI. JdIDlesOp appointed IOtM members
of the Exchange on the subcommittee
and Mr.. ]. H. Moore, of Moore Bros
was the first person visited. After a shor-
conference the five gentlemen emerged
from the private Office of Mr. Moore ali
looking well pleased and satisfied Mr.
Moore,s face particularly was wreathed
in smiles. But none would talk. Mr..
Moore on being questioned said:-
There VIII be nothing given out today,
but you can say in general way that
the stock wiz be taken care of. and
ss1xs
as if nothing had happened. The stock
is as good as gold and nobody is going
TO be very badly hurt.
The deal of which the failure of the
Moore Brothers is the elimination is bv
all odds the most important in the his
tory of the Chicago Stock Exchange 1t
Diamond Match Company had been SELL
ing about 130 for quite a time There
had been no special activity in the mar
ket just prior to the Venezuelan Incl
dent the tip went out in inside circles
that there We're to be some important
European developments in connection
with Diamond Match affairs and the
buying of the stock by strong operators
commenced. The Venezuelan panic inter-
fered with the speculation. and the stock
dropped IN the general decline at thai
rlfne to 1l5. Then the rise started which
is. the most remarkable in the history
of the Exchange. A strong group of
speeuIators. headed by James H. Moore
halt .
In time the announcement waa made
that the Diamond Match Company had
closed a contract with the French Gov
ernfnent under which its patents and the
machines controlled by the Match Com
pany We're to be sold to the French Gov
ernment for a royalty of S100 600 a year
Following the announcement Of the
closing of the French contract the stock
advanced with great rapidity. In the
early speculation the bulls had named
ZDU as IN extreme fiP1frN a
poets of further arrangements in Europe
appeared, much higher prices were pre-
Negotiations were opened for the for
mation of new company in England
which would unite with Bryant & May.
me me largest match producers in Great
Brlsaln, and would give to the English
field the advantage of the labor-sa Wing
American machinery.
factory was equipped in Liverpool
Wnich was owned by the Diamond Match
company, and which served as an object
lesson to European manufacturers
showing them the great advantage OF
me me improved machinery over their meth
ods OF manufacture
Negotiations were opened also in Austria
Iof me formation OF a company which
should combine all the manufacturing
interests there Other companies were
to be organized in Belgium and TtaIv
Calculations Showing enormous profits
70 aeSFue made prices that had at first
looked eHtravagant seem cheap. The
the property and the stock sold us as
high as 2iS. From that point there was
rapid decline, carrying it down to 200.
T'he Moores went through the break
without, the slightest difficulty and If
was believed generally that fhey had
been been CAD Cad to see the decline, 50 that
more stock might be accumulated
A great part of the capital with which
the deal had been carried on had beer
raised in New York and New England
Local banking institutions are only mod
w tf.I
Guilty was experienced, II is said. owing
to the general loss OF confidence, in re-