The Montgomery advertiser., 1908-08-26

session OF Monday. but most of these
were dissatisfied. Mr.. Buchanan, him.
self. announced positively that the
firm had had no relations whatever
with Thomas ". Lawson.
Announcement OF the failure was
made on the Stock Exchange at 1876
p. M, whep the market was ranging
from one to three points higher than
the closing OF yesterday There had
been heavy buying during the morning
hours, presumably on the part of the
brokers attempting TO fiji the uncovered
orders Of Saturday and for time
prices were maintained The market
closed heavy and uneasy. however, at a
decline.
A. o. Brown and Company were men,
bers of the New York Stock Exchange,
New York Cotton Exchange. Chicago
Stock Exchange. Chicago Board OF
Trade. and the Cleveland Stock Ex-
change. They had branches in Chicago.
Cleveland Buffalo. Erie. Pa, and Tor
onto. In this city they maintained ex-
pensive branch Offices In four Of the
fashionable hotels and at two uptown
addresses. Their principal oftices were
at 80 Broad Street. but a few doors
from the Stock Exchange building.
Within the past few months the firm
Broad Street home. The membership
Of the frm included Albert O. Brown,
Lewis @. Young. g. Lee Stout. Edward
F. Buchanan, Samuel C. Brown and
w. Rhea Whitman. Private wires were
maintained to all principal cities.
The extensive trading Of the firm, It
Is believed, was confined largely to
New York. despite the fact that the
house had made speciality of Western
business.
Although organized only in the latter
part OF 1902, the firm had come to take
prominent part in trading on the
Stock Exchanges floor. John w. Rhoades,
cashier OF the firm, was named as as
signee, with D. w. Noel as counsel.
When the failure was announced.
member Of the firm said that its affairs
were in badly tangled condition as
the result OF Saturdays trading and
that 1t was thought best to make an
assignment at once.
Brokers Were Impatient.
1t Is understood that brokerage
firms who were awaiting the delivery Of
stock from A. o. Brown and Company
became impatient along toward noon
today and sent word that they would
allow but few more hours of grace.
All attempts to secure further delay
were futile, and the suspension foI-
lowed.
Less than an hour before the suspen-
sion, and when efforts were being made
stocks. the Arm announced that its bus
mess was proceeding in ordinary fash
ion and that any suggestion as to it's
financial standing was ridiculous.
Friends Of the uembers of the frm
declared tonight that its collapse was
due entirely to the cIogging of its reg
ular channels Of business by the extra
ordinary Saturday trading.
Albert O. Brown, head OF the firm,
was before the Stock Exchange Govern
ors Monday afternoon to explain tardi-
ness OF delivery and IL was announced
afterward that his explanation as to
this feature OF the trading had been
accepted. 1t was further announced that
the governors OF the exchange would
appoint committee Of I'VE thoroughly
to inquire into Saturdays transactions
and means OF restoring public coma.
dence and Furnishing any members who
had been guilty OF a transgression Of
the rules.
The personnel OF this committee had
not been announced when the failure
of Brown and Company became known,
but 1t was said the events of the day
had in no way changed the purpose OF
the governors.