The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-08-05
The Furry Over Moore Bros
Failure About Over.
NO TRADING ON 'CHANGE
Banks Taking Things Easy and
Helping Customers.
BISCUIT COMPANY NOT HURT
Estimated that the Moores Have Lost
All Their Fortune, Nearly S.
100000, in the Diamond
Match Deal.

Match Deal.
Chicago, Aug. 4.-Nothing in years
has caused such a furry in commercial
circles as the collapse of the Moores
in their efforts to maintain the control
of the Diamond Match stocks and New
York Biscuit Company. 1t has been
the talk of every man connected with
the Stock EXcnange and the Board of
Trade.
Another striking feature of the fall
ure, and one which in a measure show
ed it's extent and breadth, is the fact
that the Stock Exchange for the first
time in it's history adjourned indefi-
nitely at once; its doors were opened
without doing a dollars worth of bus
mess. The following notice was post
ed on the door of the Exchange:
THE Chicago Stock Exchange has
been closed subject to the Governing
committee.
(Signed) J. r. WILKINS, Sec'y.
Outside the door and through the
corridors of the building were groups
of brokers and traders in stocks dis
cussing the situation. Everyone con-
nected with the Exchange was endeav-
oring to convince somebody else that
there was no cause for alarm. They
announced that the officials of the
exchange were endeavoring to form a
pool to buy up the stock of the Moore
Bros, to hold it until the furry was
over.
At meeting of the Governing Com
mittee a resolution was adopted call
ing for the appointment of commit
tee of four by the chair
man, a member of which shall
be the president of the Exchange,
and the other three to be appointed by
him to confer with the bankers of Chi
cago and the Moore Brothers, to ar
range upon a basis of settlement. This
action had the effect to modify the ex-
element of many Of those interested.
The best posted men in the matter de-
clared that there is no fear of a gen.
eral panic. The Governing Committee
at a meeting to-day, adopted the fol-
lowing:
Resolved, That in cases Of all stocks
bought and sold regular the trades
shall be carried out and that in cases
where stock had been bought regular
and sold in the account, the stock shall
not be delivered until the opening Of
the Clearing House"
I /
banks are taking this Diamond Match
furry very comfortably. Their only
anxiety seems to be to help customers.
The basis of bank loans on the Moore
securities has been n low one for q
long while. The New York Biscuit
has not been a popular collateral even.
Diamond Match has been popular, but
the banks have understood there was
a lot of water in it. 1t is estimated
by those in a position to know that
the Moore Brothers have lost between
S4,OOO,O00 and $5,0000O0 in the Diamond
Match deal. Some say it has wiped
out every cent of their fortunes.
Chicago banks and bankers who hold
approximately $4,000,O00 worth of Dia-
mond Match stock as collateral for
money loaned, will not press the bor-
roWers for a settlement. TO do so
would be unwise, and might precipi-
tate panic. This the banks are bound
to avert at all hazards.
Another thing the banks have de-
cided to do is to accept the stock Of
Diamond Match owned by the Moore
Brothers at a cash value of 10.
Calls for 100000 margin on Dia-
mond Match, which could not be rails
ed, precipitated the failure. That the
margins would not be fOrthcominr
was announced late in the afternoon.
and then came the call for a meeting
at the house of p. d. Armour last even
ing. At meeting this morning nearly
every. bank in the city was represented,
together with the governing commit
tee of the Stock Exchange.
The whole ground was carefully
gone over, and it was agreed that the
only thing to arrest panic was the
closing of the Stock Exchange. A
resolution to that effect was then and
there adopted by the members of the
Governing Committee present.