The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1914-10-21
ANSWERS PLEA FOR
us. RULE IN WALL ST.
Stock Exchange Governor Saws
Tragedy Was Averted by
Present System.

NEW YORK, Oct 2-The European
war has provided a conclusive reason
why the New York Stock Exchange
should not be incorporated, according
to William c. Van Antwerp, one OF
the governors Of the exchange. Van
Antwerp issued a statement today in
reply to George w. Perkins and Sena-
tors Poindexter and Owen, all three
OF whom have urged that the exchange
be not permitted to reopen except I'M
der Government control
Had the New York Stock Exchange
been Incorporated when the war COM
menced, said Van Antwerp, any
person with an Interior motive could
have sought an Injunction. Even the
granting Of a preliminary injunction
which would have kept the exchangs
open for the shortest time in which
such in5unctions can be dissolved
would have precipitated an economic
tragedy in America. Hundreds Of thou
sands Of innocent persons would have
been ruined beyond recovery
Van Antwerp claimed that a similar
result would have followed II the gov
ernors OF the incorporated exchange
had prohibited private trading as was
actually done by the present governing
body. He said that injunctions would
have been used to hold up this pro-
hibition, and that consequent '.irrepa-
rable loss and injury would have been
inflicted on numberless innocent and
unsuspecting persons"
I'VE welcome any investigation Of our
methods by Government officials said
Van Antwerp. I'VE will be glad to see
any Senator or Congressman who wishes
information. and place everything be-
fore him. AS far az Mr.. Perkins is con-
cerned. he knows nothing about the
Stock Exchange and admitted as much
when he was on the stand during the
so-called money trust investigation"
Van Antwerp made 1t known that a
change was now being considered. The
resumption Of bushes on the exchange
Is expected to follow a conference of
the board of governors with Sir George
Paish. the noted British economist. who
1s now in Washington consulting with
treasury officials.
One Of the features Of the plan, Van
Antwerp said, is a refusal to liquidate
American foreign-held securities in
gold.
One of the principal obstacles to the
opening Of tn the . exchange; he declared
be swamped by foreign holders of
American securities, who would demand
gold for their holdings. 1t Is proposed
to check this tide of gold to Europe by
redeeming the securities only for bank
balances in this country.
Van Antwerp declared that $500, 600. 900
in gold has already been shipped to Eu-
rope from this country this year.
This means" he said "a shrinkage
In our bank credits of 81, 400. 0O0, 0OO To
protect our credits 1t Is absolutely es-
sential that stop be put to this outflow
of gold.
THE business of the country demands
the reopening of the Stock Exchange
at the same time. It's closing has put
a stop to practically all corporate en-
terprises. I personally know of 50, 900. 900
in municipal bond issues which have
failed because OF no bids. The closing
of the exchange has meant the stopping
of all railroad and Industrial enterprises,
and it must be opened before we can
have any real revival of business"