Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-08-05
Moore Brothers, Wild Specu-
lators, Are Bankrupt.
Chicago Stock Exchange Closed, Mon
day--Adjournment Indefinite.
MOorcs Dealt Extensively in Diamond Matches
and New York Biscuit.

|
| through the failure of the Moore Bros
| The greatest speculation ever known
| in Chicago has eliminated in the fail
ure Of the people who were behind the
| deal.
| The Chicago Stock Exchange stood
adjourned at 10 O'Clock. this morning.
for an indefinite period This action
was decided upon at meeting held.
last night, at which were representa-
tive bank presidents. the members Of
the stock exchange committee ana a
number of prominent capitalists This
| meeting was assembled informally
after the announcement. which was
made late in the afternoon by james
II. Moore that margin calls could no
longer be met This announcement
was made To a few Of the men most
! heavily interested. and it was thought
best to call meeting to discuss the
best means Of restoring confidence
after the shock which would be given
to speculative circles by the announce
mcnt Of the failure.
1t was the general opinion that il
would be the wisest possible move L
close the stock exchange for period
The points were made that nearly tho
entire business at the stock exchange
| for number Of weeks has been III
Diamond Match and New York Bis
/ cult. that the closing Of the exchange
would interfere only in the slightest
! degree With general financial affairs
ard that the present was a particu-
larry opportunc time, owing to the fact
that the settlements in the July az
count had just been completed. and
| There had been as vet comparatively
little trading in the August account.
The governing committee of the
stock exchange discussed the situation
at length and passed Il resolution to
adjourn the exchange at 10 O'Clock.
this morning, Indefinitely.
1t is said though the adjournment
viii last but a few days and that mat
ters within that time can be straight
cned out in a way that viii make the
losses as easy as possible to bear Al
| those present at the meeting last
| evening, felt that should the exchange
| open as usual. this morning, the bears
/ would make a slaughtcrinG of values
| which would cause Il great and, in q
| large measure, unnecessary loss. They
| believe that the closing of the eX-
! change and the prevention of the max
| ing # speculative quotations for the
securities would enable brokers having
| open trades IL close them and the sit
uation could he liquidated in a larg,
measure without the sharp declin,
! that would surely benefit the trade in
| open market.
| It is not at the present time possihl
to max" any estimate of how large the
| figure is or what its ramification MAY
| he
Tho Monrcs have unquestionably
| purchased an enormous line of both
New York Biscuit ana Diamond Match
| took. The high price at which Dia
mund Match has been selling makes
the sum involved in handling it *
trem"ly large. The capital stock of
the Diamond Match 60. is Sll, 900. 600
ard If the New York Biscuit 81. 900 600
and ii is estimated that the Moores
have purchased half the stock of the
Diamond Match Co. and their pur-
chase OF New York Biscuit stock per
hapS bears as large 4 proportion to the |
total.
Members of the Chicago stock ex-
'hanco advanced the opinion. this |
morning. that the shares of the Dia
mond Match and New York Biscuit |
Companies VIII not he materially af-
fectcd by the failure of the Moorcs |
Both concerns are known to be in first |
class condition.
At the usual hour of opening the |
stock exchange was filled with mem |
hcrS. but no business was being tran
Sactcd. Everyone seemed waiting for |
some announcement more definite than
a notice posted on the doors. which /
read: Exchange adjourned subject |
to the action Of the governing commit
tee j. A. Wilkins. secretary"
Ncxer in tn" history Of the exchange
has there been such suppressed excite
ment. 1t is believed that the Moore
failure will aggregate between s. 900
600 and 5000 goo. Such is the sum
mentioned by a bank president. who
has been especially close to the specu-
latorS.
According to this authority. James
II. Moore and William II. Moore ahis
brother. owned $500. 600 worth of Dia-
mond Match stock. A portion of this
amount was owned in fee before the
speculation era in the stock began
Much, however, was bought at prices
ranging between $50 and 2i0.
The Moore holdings were a majority
of the total stock issued. 1t so hap
rened. however, that the balance of
the stock was held by a great many
stockholders. Soon after the stock be-
gan its aerial flight these minority
stockholders began unloading, and in
each case the persons who bought this
purchasable stock We're James Moore !
and his brother. Most of these pur-i
chases were not cash purchases but on
account, some of them running 20
some 60 days. Margins of ) per cent.
were given. and in this way at least
S.,o00,0 600 worth of the stock was
bought.
Two banks in Connecticut. one i'm :
Bridgeport and the other in Hartford
were the holders of the stock as trus-
tees As the stock iluctuated in talue
or the time limit for purchase account
expired more margins had to be de-
posted. In this way not less than go
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