What could Alex. Brown have learned in that one week?

"Alex. Brown doesn't have a bunch of cowboys taking wild risk positions."

Alex. Brown, the subject of continued takeover speculation, rose 5/8, to 59 3/4.

But the old Alex. Brown did not deal much in derivatives.

Alex. Brown is in many ways one of the most attractive of these regional firms.

Nonetheless, several investors and analysts said Alex. Brown should have seen the problem.

Alex. Brown said yesterday that its profits in the first quarter were down 26 percent, to $75 million, because of lower underwriting and merger business.

The stock, underwritten by Alex. Brown, ended the week with a gain of 11 percent.

In 1982 the museum purchased a log cabin from Alex Brown, the owner at the time.

Alex. Brown & Sons also lowered its rating to neutral from buy.