The San Francisco call., 1908-08-26
BOURBONS TO USE
REPUBLICAN IDEAS
Marin County Democrats Pro-
pose to Adopt Planks From
Alameda County Opponents
Borrowed Platform Is Bait With
Which Candidates Will Try
to Win Votes

]
| ing democrats a platform has been
worked out roughly, which when poll
! ished will be brought forward for in
dorsement by the convention Saturday.
Among the resolutions agreed upon
are these from the Alameda republican
platform:
A plank pledging the nominees of
the party to vote for the passage of
direct primary law to the end that fed
eral, state and county nominees
may be selected by direct vote of the
people; strong anti-poolroom plank;
1 declaration for a reformatory for first
offenders; a resolution demanding
amendment of the federal constitution
to enable the election of United States
senators by the direct vote Of the peo-
ple and an adaptation of the Alameda
republican plank for liberal appropria-.
tions for the University of California.
Fighting on this borrowed platform
and counting on alleged dissatisfaction
in the republican ranks the bourbons
expect to ride into power on the crest
of a political landslide.
S~.~~~->~.~~~~~~~-~~~~
! ing amounted to more than 100, 900
shares, as against third of a mil
! lion during the full five hours session
/ of Monday, but most of these rumors
were dissipated. Buchanan himself an
nounced positively that the firm had
had no relations whatever with Thomas
W. Lawson.
MARKET CLOSES HEAVY
Announcement of the failure was
made on the stock exchange at 1875
o. m, when the market was ranging
from 1 to points higher than the
closing Of yesterday. There had been
heavy buying during the morning
hours, presumably on the part of
brokers attempting to I'LL the uncov
cred orders of Saturday, and for a
time prices were maintained. The
market closed heavy and uneasy, how
ever, at a decline.
of the New York stock exchange,
New York cotton exchange, Chicago
! stock exchange, Chicago board OF
| trade and the Cleveland stock
change. They had branch houses in
Chicago, Cleveland. Buffalo, Erie. Pa,
and Toronto. In this city they main
/ tanned expensive branch offices in four
of the fashionable hotels and at two
uptown addresses. Their principal
Office was at 80 Broad street. a few
doors from the stock exchange build
ing. Within the last few months the
firm had spent $4,000 in refurnishing
/ its Broad street home.
The membership of the firm included
/ Albert o. Brown, Lewis Ginter Young,
G. Lee Stout. Edward f. Buchanan.
Samuel c. Brown and ". Rhea Whit
man.
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 has made speciality of west
ern business
| Although organized in the latter part
| of 1902 the firm had come to take an
| important part in trading on the stock
exchange floor.
John ". Rhoades. cashier of the firm,
was named as assignee with D. w.
| Noel as counsel.
When the failure was announced a
member of the firm said that its affairs
were in a badly tangled condition as
the result of Saturdays trading and
that it was thought best TO make an
assignment at once It is understood
that brokerage firms who were await
| ing the delivery of stock from A. o.
Brown & Co. became impatient along
! toward noon today and sent word that
| they would allow but a few more hours
| of grace. All attempts to secure fur
ther delay were futile and the suspen-
sion followed.
It was also said that the banks that
carried the accounts of the house de-
clined today, because of the unsettled
condition of the affairs of the firm, fur
ther to certify any of its checks. One
of the managers for the house, when
questioned as to this, dismissed the sub
ject by saying the firm had asked for
no certificates. Less than an hour be-
fore the suspension, and when efforts
were being made to stave off the de-
| livery of unpurchased stocks, the firm
| announced that its business was pro-
ceeding in orderly fashion and that any
| suggestion as to its financial standing
was ridiculous.
friends of the members of the firm
declare tonight that the collapse was
due entirely to the clogging Of its reg
ular channels of business by the extra
ordinary Saturday trading. A thousand
clerks, it was explained, could not
properly enter and transfer the three
quarters of a million shares handled by
the firm on Saturday within the space
of time allowed by the exchange rules
for making deliveries.
4 Albert o. Brown, the head of the
firm, was before the stock exchange
! governors Monday afternoon to ex-
plain tardiness of delivery, and it was
announced afterward that his explana-
ton as to this feature of the trading
had been accepted. 1t was further an
nounced that the governors OF the ex-
change would appoint committee of
Eve thoroughly to inquire into Satur-
days transactions as means OF re-
storing public confidence and would
punish any members who had been
guilty of a transgression of the rules.
Saturdays trading will long be re-
membered in Wall street. With the
opening Of the session of the exchange
there was an almost immediate plunge
in the shares of a few active favorites
and in little while the ordinary units
, of sale were raised from 500 to 1000
share lots to 5000 and 10000 shares,
and it seemed for a timesas though the
, few brokers participating were playing
! a game with so many pieces of paper.
: In all this wild furry of buying and
selling of shares whose face value
, amounted to millions of dollars, there
was little or no change in the price of
the securities so freely handled. Sus-
picion OF manipulation and of the
matching of orders was aroused and
there was more satisfaction than sur
: prise when the governors OF the ex-
J change met on Monday to institute an
inquiry.
Two Good Stories
The Entangled Church" and srTbe