The citizen. (Frederick City, Md.) 1895-1923, 1896-08-07
PANIC IS AVERTED
Excitement in Chicago Over the
MoOres' Failure Allayed.
EXCHANGE CLOSED INDEFINITELY
Ranks viii BE Lenient with BOrrowers-
business Career of the MoOres-
Their Big Fortunes Believed To
Have Been Swept Away.

Have Been Swept Away.
Chicago, Aug. 5.-Although the
failure of the Moore Brothers is still
the principal topic of discussion among
bankers and brokers all danger of
panic IS passed. This cheerful con-
dition was brought about by the
closing Of the Chicago stock exchange,
which win remain closed indefinitely
As the Match and Biscuit stocks have
been almost the only stocks dealt in,
Il is not believed that the closing of
the exchange will interfere with gen.
eral financial affairs Financiers say
that there is no danger of panic, nor
Is there any likelihood of any serious
results
Banks viii Not Press Borrowers.
It is estimated by those in position
to know that the Moore Brothers have
lost between 81 900, 900 and SIS, 900, 900 in
the Diamond Match deal. Some say it
has wiped out every cent of their for
tunes Chicago bankers and banks
who hold approximately 100000
lateral for money loaned, will not press
the borrowers for settlement, as to
do so would be unwise. The banks
have also decided to accept the stock
of Diamond Match owned by the Moore
Brothers at cash value of 10. Such
was the basis of settlement agreed
upon at the meeting of bankers held
late last evening. Probably the heavi-
est losers in the collapse next to the
Moores 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 busi-
ness in that line.
Career OF the Moore Brothers
William III. and J. n. Moore, the
members of the firm of Moore & Moore
& Pursell, made their first move as
promoters in putting on the market
the stock of the Frazer Axle Grease
company. While this company has
been but little known, the Moores
made considerable money out of it.
The first corporation of any moment
in which they were interested was the
Diamond Match company, originally
Connecticut corporation formed for the
purpose of controlling the manufac-
ture of matches 1t had not been
successful. however, and at the time
the Moores took hold of it it was in
disrupted state and competition nearly
had caused it's downfall. The Diamond
Match company of Illinois was formed,
which took over the properties of the
former company. Since the formation
of this company it's success has been
phenomenal, and out of it the Moores
made fortunes for themselves and for
others. o. c. Barber, the president of
the Diamond Match company, has had
control of its actual working, though
the Moores have been recognized as
the real people behind the company.
Mr.. Barber is a practical match manu-
facturer, and owned large factories in
Akron, o. These factories were taken
in as part of the assets of the old Con-
necticut corporation, and Mr.. Barber,
who had been the ruling spirit in the
first corporation, became the working
head Of the new. The finances of the
company, however, have always been
in the hands of the Moores.
Not Speculative Property.
Diamond Match stock was not
speculative property here in the true
sense of the word during the first two
years of the company's existence. 1t
went ahead making money and divi-
81 a
time Of the organization the capital
stock was Sc, 600, 600. 1t kept extend
Ing its business and purchasing other
match factories, and as it did so stock
was issued at par to stockholders In
creases in the capital stock were made
from time time until the last one in
February, 1898, when the stock was
increased from $40, 900, 900 to $11, OO0,-
ONO, the present capital The last
million dollars was used to save tim
Der which had been burned in the for
est fires in northern Mime sofa, and
this timber was cut and hauled to
water for preservation. At the time
1.-THE last annual meeting President
barber estimated the value of this at
$500, 900.
strawbOard xnd Biscuit Companies
In 1888 the Moores organized the
american Strawboard company under
k'e laws of Illinois, to control the
manufacture of strawboard and wood
pup The company owned twenty-five
paper mills, located in eight states,
.no Tor time it practically controlled
'ue entire output of strawboard The
american Strawboard company has
SSpltal stock of 5000, 600 For the
aa' Two years the Moores have not
eea Interested to any considerable ex-
~ I' IN this corporation. The last of
companies organized by the Moores
~: 'ne New York Biscuit company,
~. a.'n was Incorporated in 1890. This
D. s' . rival concern to the American
N Oui1 company, and bakeries in
H. Uer OF states were purchased and
crs. ro business of making bread and
csn;. ssers actively engaged in, The
Orpa al stock of this company at the
Isent time is $1,000, ,0OO It owns
bsaS e' IN nine states, three having
n,l purchased this year. The princi-
p' oIe OF these was the Mason bakery
NJ a'''more, which was acquired by
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