The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1896-08-07
FIVE MILLIONS SHORT.
Failure of Moore Bros. Caused
the Greatest FURRY of
Years in Chicago.
Stock Exchange Closed to Re-
main So Until Affairs Be-
come Settled.
2
Collapsed Firm Expects Aid
to Help Tide Them Over
Every Trouble.

CHICAGO, Aug. Sit is estimated by
those in a position to know that Moore
Bros have lost between 100000 and
$5,500,000 in the Diamond Match deal.
Some say it has wiped out every cent Of
their fortunes. Nothing in years has
caused such furry in commercial cir
Giles as the collapse of the Moores In
their efforts to maintain the control Of
Diamond Match stock and New York
Biscuit. 1t has been the talk of every
man connected with the Stock EK-
change and the board of trade. An
other striking feature of the failure,
and one which in measure shows it's
extent and breadth, is the fact that the
Stock Exchange for the first time in its
history adjourned indefinitely at once.
The banks are taking this Diamond
Match furry very comfortably. Their
only anxiety seems to be to help Gus
toners. The basis of bank loans for
long time on the Moore securities has
been very poor.
Panic Can Be Avoided.
Many of the outstanding trades in
Match and Biscuit, it is expected, can
be closed up by the brokers outside Of
the exchange and before trading is re-
sumed on the floor. There were many
inquiries for curb quotations on Match
and Biscuit, but nobody manifested
desire to trade until matters have been
reduced to some definite plan. Mr.. j.
A. Moore was closted with his attorney.
Mr.. Gotten received all callers during
the early morning, but he had little to
say regarding the situation.
"Where do you find the greatest
trouble, in the Diamond Match or the
New York Biscuit? p Mr.. Moore was
asked.
.Oh, it worked both ways, due of
course to the stringency of money, but
you can say that l do not think there
will be any panic in stocks; the Stock
Exchange being closed, there will be
time for conservative action to preserve
values, and that we will eventually
come out all right.
" Ia DC oA AoP again SOohs
eve are long way from being finan-
cially dead, and will soon be ON top
again" said J. FL. Moore This affair
was hard shock, but it is only tempo
rary," continued the rotund lawyer,
while his face wore smile-not a
forced affair, but one that showed that
his spirits were not dropping There
will be no statement of the situation is
sued by us. I can say that with the
Stock Exchange closed there will be an
immediate resort to resources of which
we have knowledge, and which are &C
cessible to straighten matters out. The
The shock came from the general
stringency in the money market, but
we have every hope of soon getting
things upon their normal basis
"You cave arranged, then, for mon
ney from the banks?" Mr. Moore was
asked.
1--WE think we are perfectly safe in
saying that we will tide over every
trouble. 1t is but temporary and we
are long way from being financially
dead
Brokers Were Heavy Losers.
Probably the heaviest 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
Breeze & Cummins, Baldwin & Far
mum, E. l.. Brewster & Co., and Wrenn
& Co.
Speaking of the collapse, John j.
Mitchell, president of the Illinois State
Savings bank, said:
'The banks will not lose, for they
had anticipated just such crash.
That the speculation in the stock could
not last everybody knew what was
bound to result. Some time ago Chi
cago bankers decided not to loan any
more money on Diamond Match COM
pany stock than they had already
loaned-say 100 per cent. This col
lapse will clear the atmosphere, and /
don't anticipate any serious results out
side the parties directly concerned"