The Washington times., 1908-08-25
FIRM Of A. 0. BROWN
HAS SUSPENDED
Big Brokerage House Con
nected With Recent Stock
Furry, Fails.

NEW YORK. Aus. e5.-The New York
Stock Exchange brokersse firm of a.
o. Brown e Co. Of 81 Broad street. one
OF the largest ln th< financial district
and with branches in naay of the prin-
cipal cities of the United States. went
to the wall today, their failure involving
at the most conservative estimate sew
eral millions 81 dollars
a. .. Brown & Co. is the nrm who
dealt iH something like 10000 shares OF
stock on Friday and Saturday and
caused an Investigation by a special
committee of the Stock Exchange,
which was today conducting an inquiry
into the firms business.
The suspension was anncuiced early
this afternoon, before the close of the
stock market, from the firms Offices on
Broad street. There was no statement
concerning the liabilities or assets, but
II is known Jhat the firm is very heavily
involved.
Suspend on Cotton, Too.
A. o. Brown & Co. have suspended
on the New York Cotton Exchange.
Their outstanding interest is small.
The present firm of A o. Brown &
Co. with offices at 80 Broad street, was
formed November 6, 1902. The members
of the drm are A o. Brown 2nd Lewis
Ginter Young. members of the Stock
Exchange, and G Lee Stout E. f.
Buchanan. Samuel c. Brown, and W.
Rhea whitman.
The linn has branches in Buffalo. Chi
cagO, Cleveland. Detroit. Erie, Utica,
TOrOntc Ontario. Paterson. n. J.. ana
five in New York city.
arllf "a off FlN Hr
meut OF A. .. Brown a Co S failure
was mich less violent than might have
been expected in view of the large
amount Of stocks owing by that firm 10
other members of the exchange.
Prices vacillated rapidly on "A sudden
increase in volume Of transactions but
there was no very pronounced tendency
to theii movements.
Leaves Others Short
The technical erect is to leave those
houses short of stocks to whom the in
solvent firm has failed to make deliv-
cries Buying in Of such stocks would
be expected, under normal circum-
stances, to cause an advance IN prices,
but the Street is so bewildered by the
occurrences Of the last few DAYS and
so uncertain as to ramlfcati3ns of The
failure that a good deal of selling ap-
parently met the buying in Of stocks
Il became known today that the firms
tremendous orders on Friday and Sat
ufday Of last week were for the account
or several of the most prominent oper-
ators in the Streets. One of these men.
it is believed. was heavily involved Just
before the panic of last October. An
other of these men is one connected re-
Gently with q mammoth attempt 10
force the market for the disposal of GER
tain stocks
In Air Several Days.
The failure OF A. o. Brown & Co. has
been in the air in Wall Street for the
past three days Yesterday afternoon
1t was expected that their failure
would have been announced before the
close Of the days business on the floor
OF the exchange. IN some way how
ever, they managed to tide over matters
until today.
A rerort was started shortly after the
opening of business today that was an
parently given circulation to help the
mouse or Brown out of its difficulties
This was to the effect that the concern
had merely been acting as agent for
John d. Rockefeller and the Standard
OIL interests and hac not had a dollar
OF its oST in the magket.
The Brown concerli was involved in
January, 1907, in the Santo Domingo
Gold and Copper Company a mining
enterprise which they promoted. They
cnterpl Sc but afterWard were forced
though their own Investments into the
project to return the money to invest
oTs, with accrued interest
y. ". Newell has been appointed as
signee for the hf5n