Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-08-03
BROKERS LOSE
HEAVILY WITH
EXCHANGE SHUT
Idle Wall Street Employees VIII
Form New Labor
Problem.

NEW YORK, Aug. Stock ex-
change brokers reconciled themselves
today to the probability of pro
longed suspension of the market OF
New York. w. c. Van Antwerp.
member of the board of governors,
said that there was no thought OF
reopening the exchange in the i'm
mediate future. He believed 1t prob
able that the exchange would re-
main closed while the European war
was on and said that brokers We're
trying to readjust themselves to the
prospect of being idle for several
months
The financial aspect OF the situa-
ton, he said, was a serious one. Mem
bers of the exchange realized that
they would suffer enormous losses
should the period of suspension be
prolonged, for while receipts in the
form of commissions on stock ex-
change transactions would be cut on
expenses would go on as usual.
In the cases of some of the larger
stock exchange firms these expenses
run up to $500 to $1,000 daily.
Secretary McAdoo, just before he
left the city said:
1--WE are going to work together to
relieve the position of Americans
abroad and anything that the gov
eminent can do in their behalf will
be done"
IF American bankers ship gold to
England" Mr.. McAdoo was asked,
will it violate our neutrality"
II cannot pass on that" he said.
Brokers Held In Suspense.
Although immediate resumption OF
business is not expected, brokers have
hesitated to disorganize their ma
chinery by Diminishing employees and
cutting off private wires, for in case
of sudden reopening of the exchange
they would be unable to transact
business. Most of the contracts with
the telegraph companies for private
wires contain a clause permitting the
lessees to discontinue the service on
given today by several of the wire
houses, with the expectation that
should trading be resumed in the
meantime the wire would be re-en-
gagged.
The general situation has been
made more acute by the poor business
which Wall street experienced for
many months. This cut down the re-
ceipts of brokers to a large degree
More than one house, according to
general opinion. has not made ex-
penses for the last year or more. The
special committee of five brokers APP
pointed last week met early today
and 1t was said would continue in
session each day during the time that
the exchange is closed.
This committee will attend to the
settlement of such points as may re-
quire adjustment. acting as repR-
sentatives of the stock exchange
firms and will keep in constant touch
with the European situation, with
the view to determining the probable
chances for the resumption OF busi-
ness
Many to Lose Positions.
Wall Streets army of salaried EN-
ployes was particularly anxious TOT
| the future. In the New York Stock
Exchange Employees Association,
there are $500 enrolled members.
which represent only fraction of
| the number of men whose livelihood
depends directly or indirectly upon
the various exchanges of this city.
So far as could be learned. no whole
sale dismissals of clerks and other
employees was contemplated for the
| immediate future.
The floor of the stock exchange to-
day presented an appearance of DESC
| lation.
only half a dozen brokers were on
| the floor.
WASHINGTON, Aug. 3.-Secretary
| McAdoo reported to President Wilson
from New York that he had taken
up with leading bankers the question
of assisting Americans in Europe
through the foreign connections of
banking houses in this country.
He said that the subject was being
considered by the bankers with every
prospect that assistance would be
given.
| BOSTON, Aug. 3.-The Boston
clearing house today voted to au-
thorize the issuance of clearing house
certificates in unlimited numbers.
1