Rensselaer Republican, Volume 27, Number 49, Rensselaer, Jasper County, 13 August 1896 — FALL OF THE MOORES. [ARTICLE]

FALL OF THE MOORES.

Diamond Match and Biacnlt Deals Come to a Sudden Knd, Like a thunderbolt out of n clear sky osune the announcement from Chicago Tuesday that the Moore brothers, the giants behind the great. Diamond Match, and New York Biscuit deals, had failed. The sensation produced in “the street”— that indefinite term used to describe the banks, brokers' offices and the business places of the big men in tinonce without regard to their locution—was most profound. While the effects of the failure will bo far-reaching and widespread, a Chicago paper asserts that there wil! be no panic. The Chicago Stock Exchange did not open Tuesday, and it will remain closetii until arrangements shall have been completed to settje the trades outstanding. This action was decided upon at a meeting of the governing committee. The ue- * tion of closing the exchange was commended on all sides. It wqs admitted that* if an attempt had been made to carry ou, trading under present circumstances serious trouble would surely have followed* in which all stocks would have suffered; materially. Operators oite the fact that during the panic of 1873, when bnnk»were failing all over the country, the New York exchange closed its doors and remained closed from Saturday, Sept. 21, for ten days, resuming on Tuesday, the 30th. For some time thereafter there was very lit tie business transacted. The exchange was also dosed in 18*50. when Gould cornered the gold, and Black Friday made it absolutely necessary to stop the wheels of business. The speculative deal, of which the failure of the Moore brothers is the beginning of the end, began early in this year. The head and front of the speculativemovement were the Moore brothers, hut they were, ably seconded by the most prominent local and eastern speculators.