The Washington times., 1908-08-26
WALL STREET TALKS OF FAILURE
AND LET'S THE MARKET
DRIFT HELPLESS.

NEW YORK. Aug. 26.-"When the
market went against his play ne got
cold feet and quit and then the whole
house Of cards collapsed.
That is the way Wall Street sized up
the failure for more than a million
dollars of the once stable brokerage
firm Of A. Q. Brown & Co. today, re-
ferring to the actions Of man who is
the president of a trust company and
of exceptional standing In the financial
world He is blamed for the collapse
Of the firm inasmuch as it is now
known that he joined the concern in a
huge speculative venture and renlgged
ON his obligations when the market
started to rake in his chips. He couldn't
stand the sight of his money melting
like snow in spring sunshine and with
drew. leaving the firm that depended
on his money TO weather the storm to
go 10 the wall
Worse Than Muck-RakeTs.
There is no question that when all
the facts in this memorable failure come
10 the surface stock gambling viii re-
ceive a greater blow than all the COM
bined muck-rakers have lever dealt II.
In fact, so acute is the situation that
those who are now engaged in the del
lcate task of plastering a veneer OF
whiteWash over the operations of tie
stock exchange will be thankful If they
get through what Is to come with whole
skins.
The firm tried to throw the stock mar
ket into a whTlwind of confusion Sat
urday by trading in 100000 shares, and
then came its Waterloo.
Nothing ike an accurate estimate OF
tbs firm liabilities has yet been made.
The rea son for this is that about fifty
ErOkera ge concerns TO whom they failed
10 deliver stock sold during the tenn
1fAr of "a
shares in under the rules OF the eX-
change.
The total of these purchases was ap,
gFONimated at $50. .00Q shares. Brown a.
Co. must paw the difference between the
prices at which Saturday sales were
made and the prices paid for the stocks
yesterday.
r. r Bcchanan. managing partner Of
tire firm. said he would have state
lnsnt To give out today in regard 10 a
resumption of business. In the mean
time there is 40 explanation fOrthcom-
ing OF Saturdays Wild trading.
Market Very Quiet
Stocks are very quiet and irregular
IN Wall Street today Opening prices
showed fractional advances in the ac-
tive issues. Most of the trading was
i'm l00-share lots. There was complete
absence OF plunging operations.
As result of the failure Of A o.
Brown &. Co. nearly all stock exchange
a
their hands that will show losses for
which the firms must look TO Brown a
Co. for settlement. There probably
never was a failure that involved so
many stock exchange houses.
Speculative interests We're afraid "a
make a movement on either side OF the
market until the Brown failure is com
pletely explained. 1t looks as though
iiobOdv was TO blame but members of
the firm. The Street. however. insists
that Some big traders, not members OF
the exchange, are involved.
Cotton was about = cents a bale
higher III the early trading.
London was very irregular IN the
American department, bat with only
fractional price changes.
on the curb market. Nevada Con
SOlidated, L.e Rose, and Goldheld Con
eolidaJed wee the most active stocks
The market, though extremely duh,
has strength and a decidedly good under
tone. BY ] O'clock today the old leaders
had added nearly a point to the opening
quotations and were going along stead
lily. Trading is without special feature
and apparently upon a healthy basis