The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-10-05
DIAMOND MATCH NOT a DEBTOR.
The Company TO RepudiRte the
Moore Bros. Contract

Chicago, Oct. A morning paper says:
president O. c. Barber Of the Diamond
Match Company. in a circular to the
stockholders which will be issued in the
next day OF two, will announce as his
opinion that the $7S9,767 which was used
by the Moore Bros. as margins on the
1850 shares Of stock purchased for the
account Of the company, was Illegally
used, and that it is a claim against tho
Moore Bros, which viii be held against
them until it is liquidated
president Barber will send the stock
holders also a report from Edwin Waiker
the new director and general counsel or
the company, in which Mr.. Walker gives
II as his opinion that notes issued by ths
Diamond Match Company were issued
without authority and that the Moores
may be held liable for the amount Mr.
Walker also says the Diamond Matcn
Company Is not and cannot be held to
be implicated in any of the speculative
transactions of the Moore Bros, and the
full extent of its liability, he says is the
amount of the notes issued and discounted
at the banks. The company in his opin-
ion, is not bound to take the stock bought
on margins in the name of ]. X Robin
son, trustee, and for the account of ths
This marks what Is believed to be the
beginning of a final rupture between o
G. Barber and the Moore Bros who
have until the last three months, worked
hand in glove in Diamond Match affairs.
The circular which President Barber
viii send the stockholders opens with the
statement that there is due a report
showing the condition of the company
after the recent failure of the Moore
Bros. who are officers OF our com
pany, and whose methods in stock specu-
lation have caused more or less unfriend-
ly criticism" In continuing, President
Harber says: 1.-The amount involved or
withdrawn by them from the company
while acting as officers, and used by them
to margin their purchases OF stock OF
this company is S9S,767. This is the
amount of their Indebtedness to the com
pany, and It will be held against them
until 1t is liquidated We are not GER
tain that the whole amount Is lost, but
are hopeful that we may recover a part
If not all of such indebtedness. There
can be no reason whatever for apprehen-
sion by the stockholders who hold their
stock for investment. The retirement of
the Moores from all official connection
with the company has increased public
confidence, and even at this early date
there are evidences Of a substantial i'm
provement of conditions.
The report of Edward Walker, the
new director and general counsel, Is an
Interesting one. He gives in detail his
views of the transactions, and says that
| the shares Of stock had been bought OF
margins, and that the proceeds Of tn,
notes issued by the Moore Bros had beer
used In the payment of such margins
| He says the report of the investga tior
made by him at the request of the boart
| of directors was that the stock had beer
bought, and that the notes had been Is
| sued and discounted without authority
| of the board, or of any committee from
| the board.
",'Briefy stated, your company is IT
| no wise implicated In any Of the trans
| actions of the Moores connected witt
| their speculations.'
He continues: If, during the time
they had held no official position and haC
| been entirely disconnected from the com
| pany, the relations of all the parties
would have been precisely the same as
they now are. They did not, and could
! not, represent the company officially oi
otherwise in any OF their purchases oil
| specuations.'