The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-04
ALL THE WIND OUT
End Of Diamond Match and
New York Biscuit Boom.
MoonG BROTHERS RuInEo.


IN Dfswcue Match ana New York Biscuit
has couss to a. end. The Moore Brotaers
havs failed The greatest spscslassoa
ever known In chsrago has easminassa
IL Ne faiiurs 81 The peooas who are %
hind ths deal
ne Chicago stock sxchange VII ad-
O.sn =. 10 O'Clock tomorrow 1oTning sor
IN ird~<uftA rsrfod Tbfs action was &C.
cfdsh spos II . meeting hssd this evening
~ which we're present ts< memo<rs o. tne
Stock exchange. gosSnsng Commits
and . nunnsw OF proHssnsnf e&pi.asasIs.
afser me announcement whsch was made
late in the Afternoon ~ James IL Moore,
that maresn calls could no longer b met.
The announcement was made 70 few OF
the men most heavily Interested Tncss
wnc assembled discussed the best means
OF restoring confidence after the check
which would be given TO speculative cir
eles BY tn. announcement Of the failure.
II was ,hs opinion that IL would be the
wlxest psssfbse move 70 close the stock
exchange for a period The points were
made that n~ariy the entire business az
tho stock exchange for q number OF weeks
had been IN Diamond Match and New
York Biscuit and that me closing Of the
exchange would interfere only ia a sight
degrees with general financial Affairs. II
sx thought the adjournment will last but
q few days. ana that matters can within
that zine De Strengthened out. So far as
rho banks arc concerned they are fndsf-
serent personally as 20 whether the ex-
change should he closed or not The
stocks hesd by them are raargtnsd %
point which leaves them secure 10 any
event
me specuiassve Deal OF which ne fail
urr II the elimination IL hy al ODDS the
most inanortsns IN the history OF the Chi
caxo stock exchange Affairs. II began
a.4f ~ afe@ ~ a.
mond Match Company had been selling
ABOUT $50 for quite a time. Just prior 10
The y@rezaeian inesasnf fsse sfp had rot
out in inside circles fhst there were 20
be some iFuoorfsa, Furopesn tevelop-
nTnts IA connection With Diamond Match
affairs and the buying Of stock was COM
menced by strong people. The Venezuelan
panic inferfsred with tire speculation. and
sf4e stock dropped during the general de-
cline ~ that time 10 rs. From there the
rise started which IL the most remarkable
in the history Of the exchange. strong
group OF spectators. hesfef by James IL
Moore ard William ri. Moore. began buy
fng the stock. II moved 40 with scarcely
q halt. The rise went on for consider
able time before the general public had
any fntfmai!on OF what sas really behind
the advance. In time came the announce
ment that the Diamond Match Company
had closed a contract with the French
government under which the patents and
the machinery controlled by the match
company were 20 be sod to the French
government for . royalty OF 100000
year Following the announcement or the
closing Of the French contract the stock
advanced with great rapidly. Negotia-
ions were opened for the formation Of G
new company In England which would
un!te with Bryant T. May. the largest
match producers In Great Britain. and
would give TO the English field the adj
~ lab akr3n M n
ehsnery factory was equipped in Liver
rooi which was owned by the Diamond
Match Company. and which served a. an
object lesson 10 Buropeaa manufacturers
negotiations were also opened I'm Austria
Tor ne formation OF . company which
should combine ali the manufacturing In
tsrsst tkera Other companies were 10
be organized ID Belgium and Italy.
The shrswdest men In Chicago believed
IN the property. Some OF the richest OF
chicago spectators Operated In the mar
kst heavily but tho head and front OF the
speculative movement was the Moore
hrothera The stock sold I'D - high a.
SIS
When the decline IA the stock market
generally eams, following ne Democratic
convention. si1e stock was selling az about
"a and was held steadily without so mach
as fractional decline. The Moores
bo,gnt the sioox with confidence tina, in
eplred confidence In others. The people
Who had been the best informed about thu
eonnpsny'e prospects, seemed 10 feel ALSO
iuteiy certain 81 the value OF the security.
and prices were held through all the sharp
fluctuations Ia other stocks. II was be-
fieved that heavy shcrs interest had
been crested by the bears. who did not
think quotations would be held IN the face
OF the decline in tho general market
sprarsntly the hopes OF the bulls rested
en- the sizes OF the shor; Interest When
the July account came to be cicsed the
carrying charges for turning stocks into
the August account we're very large. so
much 40 thai faith was shaken In thu
existence az an extensive short Interest.
The greater part OF the capital with
which tAa deal had been carried Oh had
been raised Ia New York ard New Eng
Land. LEGAL banking institutions are only
moderately interested In TIE affair. Dl'si-
Guilty was experienced. OWNS - the sea-
eral loss Of confidence. IN renewing some
Of these Eastern loans. Settlement cay
was successfully passed, however. and
every one believed that. IN spite Of The
heavy carrying charges, the bulls were
eflit In coatfoi Of the stsaattcn The
atock came out. however, IN enormous
auantisies The Mcorea were almost alone
in supporting the market, bat they stood
under n wfsn remarkable courage. Today
the stock was held with barely a culver A.
sss but there WAS an ogtpoarsng az long
xfo.k which tel the keen observers Of the
market 90 fear that The load might BE-
come too heavy. and the events later IN
TIA afternoon proved that those fesrs
were correct
The deal IN Diamond Match was only
nat ~ this xreas speculative operation.
.rhe Moore brothers had organised the
New York glseast Company several years
ago. after the iFst sreat saccess OF Tire
Diamond Match Company. The panic ~
sSss haa his the hsscait company severely.
"a Il sid alt the ether Industries. ard the
stock MAS FAR below PAR. The success
watch was met WITH n TIE speculative
manipulation o. Diamond @steh led 20
desire 70 see what could - done with
New York biscuit ard that stock Was
taken several nonths ago and advanced
from % 20 res From that = dropped hack
a. a. ana sor weeks was heia close about
shat figure Enormous quantities ~ this
stock were Also poured upnD me market.
tsst they xere taken With ne sAuse stead
tness mich marked re action ~ Diamond
Match The denominations. however.
represented great sun IN tiuss anS tas
es,era sloas m tne block ~ia add largely
IL she amount Involved
u = net ~ the present time possible 20
make any estimate % what ire figure -
The NAeres have unaaestioassiy pur~
chased ar enormous IRE % New York
Hsfsenif zn8 Diamond Match. The capital
stock - TIE Diamond Match COMPANY Is
81 ee, coo and Of the New York Riscait
The GAS COMPANY
K