The San Francisco call., 1896-08-05

ing the exact condition of the firm finan-
cially and the consensus of opinion for the
firm and banks as to the best plan of ac-
ton. The governing body then adjourned
until o'clock
Mr. Jameson appointed four members
OF the exchange on the subcommittee,
and J. II. Moore of Moore Brothers was the
first person visited. After short confer
ence the five gentlemen emerged from the
private office of Mr.. Moore, all looking
well pleased and satisfied. Mr.. Moore's
face particularly was wreathed IN smiles.
But none would talk. Mr.. Moore, on
being questioned, said:
"There Will be nothing given out to- day,
but you can say in a general way that the
stock will be taken care of and everything
will be running in few days as if nothing
had happened. The stock is as good as
gold, and nobody is going to be very
badly hurt"
NEW YORK, N. Y, Aug. 4.-The fail
ure of Moore Brothers of Chicago. the pro-
moters of the Diamond Match Company
and the New York Biscuit Company, had
demoralizing effect on stock prices here
at the opening to-day. Enormous
amounts of the leading issues were thrown
on the market, and prices dropped one
per cent or so between sales. The loss
during the first ten minutes of business
ranged from l to 91s per cent, Western
stocks like Burlington, Northwestern and
st. Paul being the greatest sufferers.
At the New York Stock Exchange this
morning it developed that comparatively
little of Diamond Match and Biscuit stock
Sc hall ~, 6rof oil h iSh hn
lieved that considerable is held in loans by
Eastern and New York City financial in
stitutions. The officials in the New York
Biscuit Company, in this city, hardly
seemed disturbed this morning over the
reports of the Moore Bros failure in Chi
cago. Manager Thomas S. Olive, who is
also a director of the company. declared
that they felt no apprehension over the
Moore Bros failure, and that the Biscuit
Company was perfectly solvent.
Edwin Gould, the backer of the CONT
mental Match Company, being asked by
representative of the United Associated
Presses for his opinion regarding the failure
OF Moore Bros, promoters of the Diamond
Match Company, said: sit is only another
case of where the public has been misled
In the value of stock on account of the
high point to which speculation has car
ried IT."
Diamond Match and New York Biscuit
are still good properties" said ]. H.
Moore to reporter after the sub-commit-
tee of the Stock Exchange had called on
him. II am not prepared to make state
ment either of the liabilities or assets, be-
cause don't know what they are myself.
will say this: Moore Bros. are not
broke, they are simply temporarily en-
barrassed and will pull through all right.
The bankers and the Stock Exchange will
protect US and will come out all right.
Diamond Match is in prosperity and
worth more than we claim for it. Its earn
ing capacity has not nearly been reached.
We shall make statement just as soon as
it can be prepared"
The governing committee of the Stock
Exchange held a second meeting this af-
ternoon, but accomplished nothing. They
adjourned until noon tomorrow to await
the statement promised by John n. Moore
of the finances of Moore Brothers as TO
their dealings in Diamond Match and New
York Biscuit stock. 1t was decided that
it would not do to reopen the exchange
until the Moore tangle is Strengthened out.
Offers were made around town during
this afternoon for patches of Diamond
Match stock all the way from 165 to It's,
but nobody seemed to care to sell.
P. D. Armour, who is supposed to be
one of the heaviest holders of Diamond
Match stock, took a hopeful view of the
situation when seen to-day. He did not
think that the failure of Moore Bros.
would affect any other securities than
Diamond Match and New York Biscuit,
ana over these he does not expect any
panic. Mr.. Armour said: "All the banks
have agreed to make no calls on the stock
until arrangements can be made and the
private individuals who hold stock are ali
rich men and able to carry it, and so l see
no cause for apprehension"
The failure has caused little or no stir in
banking circles here. Lyman I. Gage,
president of the First National Bank, says
that institution has loaned some money
on Diamond Match stock. He added:
"The stock is good and we are not bother
ing our heads about it. AS to the exchange
closing that is matter of little import
once. The Chicago Stock Exchange is a
good place to buy, but poor place to SELL
The brokers on the exchange are quite
excitable and / presume the closing did
cause quite a little commotion among
themselves.
ST. LOUIS, Mo-, Aug. 4-The failure of
Moore Bros. OF Chicago and the closing of
the Chicago Stock Exchange created not
even ripple of excitement in st. Louis
financial circles. There are some blocks
of Diamond Match stock held here, but
they were purchased outright ar much
lower figures than those now prevailing
and the owners have still a handsome
profit on the deal. On change the Moore
failure did not affect prices except indi-
rectly and then only for a brief period.
st. Louis bears embraced the opportunity
to hammer the market and had tenn po-
rary victory, but the bulls carried the day.
LONDON, ENG, Aug. 4.-Upon the fail
ure OF Moore Brothers of Chicago becoming
known here there was general break in
the prices of American railroad securities.
On the street they closed at decline of
81 to 2M on the day.
NO FUSION IN THEIRS.