Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-02-12
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- In ReWeME2H

tions, the author says: "Demagogues
have set the agricultural classes
against Wall Street and against ex-
changes, but producers everywhere,
in default of exchanges, are form
ing quasi exchanges of their own.
But perhaps the most interesting
chapter in the book, the one of great
est interest to the man of small or
large capital, is that dealing with the
relationship between the banks and
the stock exchange. The author
quotes the great authorities, Bagehot,
the saint of the city editor of the
London Saturday Review, who said
"a million in the hands of a single
banker is a great power; he can at
once lend it where he will and Dor
rowers can come to him because they
know or believe that he has it. But
the same sum scattered in tens and
fifties through a whole nation is no
power at all; no one knows where to
find it or whom to ask for it." This.
says Mr.. Van Antwerp, explains the
power of Wall Street. Money flows
there for the same reason that water
flows down hill.
various precautions taken to safe
guard the vast flow of cash into the
New York banks and continues: 1t
is apparent from consideration OF
all these elaborate precautions that
the lending of bonds to stock brokers
is a safe business; indeed, in all of
the criticism directed against Wall
Street methods, 1t has never been
questioned"
The elucidation of the methods of
the clearinghouse and its benefits is
to be commended to the reader, as
also the chapter on the newspaper
and it's attitude as regards Wall
Street. One significant remark IS
that one should not believe all one
reads in newspapers, nor should they
take a scare headline placed over
news as the mature conclusion OF
man who has thought deeply and
considered a question. Mr.. Van Ant
werp, an old western newspaper
worker himself, is well qualified to
speak on this point. The clear ideas
of the work on the subject of credit
are so well expressed that we advise
all those who have leaning toward
| the methods of a Dietrich quick
| Wallingford' to read this part.
| Recently a well-known New York
newspaper man, beguiled with the
genius of a Morgan in the exploita-
| ton of syndicates, formed partner
ship with friends, got together lis.
| Of stockholders high in estimation
! in their several localities. hired a
ten thousand dollar office suite near
Broad street and started as a minia-
| ture holding company, a la Morgan.
| Alas, after securing properties on
pledges, shipyards and quarries, and
paying himself and his partners large
salaries out of the stockholders lit
tie contributions, these latter gentle
men took fright. The firm had fallen
afoul of the brick wan of credit; they
had none they had not seen fit to
cultivate it, they were crushed in
the impact. But their fate might
have been averted if they had read
| and carefully weighed Mr.. Van Ant
werp's volume.
1.-THE Stock Exchange from Within
BY w. c. Van Antwerp. Illustrated from
photographs. Doubleday, Page & Com
pany. Garden City, New York.
LIFE ON FARM.
(kYE HE Child" by THE Hops
Farm Man" The author OF
this interesting little book has
given the reader true sketch OF
how farmers of the Hill country live
and help each other.
Hiram Bently, the old soldier, and
his helpmate, Mother" are not ex.