The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-05
Officers of the Diamond Match
and New York Biscuit
Companies
Say the Big Chicago Failure
Will Not Affect Them in
the Least.
The MOOres Said to Have Lost
Upward of Four Million
Dollars.

NEW YORK, Aug. 5.-The announce
ment of the failure in Chicago of Moore
Bros, the promoters of the Diamond
Match company, and the New York
Biscuit company, resulted in the prev.
valence here of all sorts of rumors con-
cerning the effect upon the business of
the New York offices Of the concerns
mentioned. Scores of persons who are
Interested in the affairs Of the DiAnond
Match company, visited the offices of
that company in Hudson street, of which
George P. johnson is manager.
Mr.. johnson was not at the Office,
having sent down word that he was
sick. Mr.. Johnsons secretary said that
because Moore Bros. owned good deal
of stock in the Diamond Match COM
pany, it did not necessarily follow that
the failure would result in discontin.
uance of the business of the concern.
"A great many others besides the
Moores own stock in the company"
said the secretary, land the company
wi certainly 60 ahead and fill its Or
ders. Beyond the mere announcement
Of the failure of Moore Bros, Mr.. John.
son has no information.
Until word is received from President
o. G. Barber, no official statement Of
just how much stock of the company is
involved in the failure of Moore Bros.
can be made
The following statement was given
out to representative of the Asso-
ciated Press, at the Office Of the New
;,,< <lic n;<
THE failure of Moore Bros. will in
10 manner affect the business of the
New York Biscuit company. The fact
that Mr.. William H. Moore of Moore
Bros, is president of this company, is
no reason why we should be affected in
the least. We have heard Of the failure
and that is about all. The stock Of the
company is well protected. It is very
idely that when full information is re.
ceived from Chicago it will be found
that the affairs of the Moore Bros. will
all be settled in very short time
Whether they are or not business here
will 60 on just the same as If Moore
Bros. were perfectly solvent. Mr.. w.
H. Moore, president Of the company, is
not in New York city, although it is
stated that he Is in the East
George p. johnson, who is manager
of the New York branch of the Diamond
Match company, is also treasurer Of the
New York Biscuit company.
Was Great Speculative Deal
The speculative deal of which the
failure is the elimination is by all odds
the most important in the history Of
Chicago Stock Exchange affairs. It
began early in this year. The stock Of
the Diamond Match company had been
selling around 1870 for quite time and
there had been no activity in the mar.
ket. Just prior to the Venezuelan in
cident the tip had gone out in inside
circles that there were to be some i'm.
portant European develo. .Snents in con-
nection with Diamond Match affairs,
and the buying of the stock commenced
by strong people. 1t moved up with
scarcely halt. Continued stories of
pending negotiations for the starting of
factories in England, France, Austria,
Belgium and Italy went the rounds and
the shrewdest men in Chicago
Believed in the Property.
The Chicago Exchange had never be-
fore known such activity. The head
and front of the speculative movement
was the Moore Bros, but they were ably
seconded by the most prominent local
and Eastern speculators and kept in alb.
solute control of the situation. The
stock sold up as high as 24S. When the
decline of the stock markets generally
came, the stock was selling at about
224. The values of other securities
tumbled day after day, but Match was
held steadily without SO much as q
fractional decline.
The greatest part of the capital to
carry OH the deal came from the East,
and difficulty in renewing some of these
loans caused the collapse. Monday the
stock was held at 222, but there was an
outpouring Of long stock that was toe
much for the supporters Of the deal to
carry and the collapse resulted.
The deal in Diamond Match was only
part of this great speculative operation.
The Moore Bros. had organized the
New York Biscuit company several
years ago after the first great success Of
the Diamond Match company. Enor.
nous quantities Of this stock were also
poured upon the market, but they were
taken with the same steadiness which
marked the action Of Diamond Match
The accunulations, however, repre-.
sented . great sum in time, and the op.
erations In that stock will add largely
to the total Of the amount involved. Il
is not at the present. time possible Il
make any estimate Of what the figure
y. The Moores have unquestionably
purchased an enormous line Of New
York Biscuit and Diamond Match. The