The Detroit times., 1914-10-21
BJECTS TO U. 5.
)NTROL OF N. Y.
Brock EXCHANGE
|IIiam c. Van Antwerp Thinks
Scheme Would Be Utter
Failure
INJUNCTION MIGHT
RUIN HUNDREDS
Clssing Of Exchange in Crisis
Like Present Impossible.
He Says

KY NEW YORK, Oct. 2l.-The Euro
& Dosn war has provided conclusive
reason why the New York stock ex-
IDhange should not be Incorporated.
aecprding to William c. Van Antwerp.
( me Of the governors OF the exchange.
Van Antwerp issued o statement %
~ In reply to George w. Perkins
and Senators Poindexter and Owen,
al three OF whom have urged that
The exchange be not permitted to re-
open except under government con-
Had the New York exchange been
Incorporated when the war COM
-monced." said Van Antwerp, ANY
Deryon with an Interior motive could
have sought an Injunction. Even the
Rranting OF q preliminary injunction
,wbich would have kept the exchange
Z open for the shortest time in which
ouch injunctions can be dissolved.
would have precipitafed an economic
tragedy In America. Hundreds Of
<housands OF innocent persons would
have been ruined beyond recovery"
n Van Antwerp claimed that a SINH
M result would have followed IL the
sEovern0rs of the Incorporated ex-
change should have prohibited pri-
Iyote trading ss was actually done by
ne present governing body. He said
.<nnt injunctions would have been
0Dod 70 hold up this prohibition and
E&At consequent irreparable loss and
Injury would have been inflicted upon
|nouberless innocent and unsuspect-
Imx UorsOug .4
I'VE welcome any investigation of
6ur methods by government officials"
.nofd Van Antwerp. I'VE will be glad
~ Gee any senator or congressman
<uho wishes Information and place
ovexything before him. As far as Mr..
X0vkins ID concerned, he knows moth
M about the stock exchange and ad-
United % much when he was on the
|G(Gnd during the so-callsd money
must Investigation"
Van Antwerp made II known that
81 definite plan for reopening Of the
& t1change was now being considered.
The resumption of business on the
1xchange Is expected TO follow q con-
cronce OF the board II governors
nth Sir George Paisn. the noted
1ti6h economist, who Is now in
MN W9uAA8tOn SOnpuAhhB Win dcdsuIy
~ 1cia1n.
One Of the features Of the plan,
wan Antwerp said, Ia refusal to
Mandate American foreign-held secur-
& 1fIos IN gold. One of the principal OBJ
1(1clos to the opening Of the ex-
[&ouge, he declared. was the fear that
< would ct once be swamped by for
:&x<n holders Of American securities,
U1o would demand gold for their
Weddings. 1t II proposed to check this
No Of gold to Europe by redeeming
~ securities only for bank balances
4 a. this country.
Van Antwerp declared that $780,
cor 900 In gold had already been
shipped to Europe from this country
S thiS year.
This MEANS" he said, "a shrink
~ IN our bank credits OF y2,400,-
10 900 To protect our credits il Is
absolutely essential that stop be
|:Uut 70 this outflow OF gold
The business OF the couytry de-
hands the reopening OF the stock ex-
11onge ut the same time Its clos
+; ~ has put q stop to practically all
<1orporate enterprises personally
know Of 100000 in municipal bond
issues which have failed because OF
TAO business. The closing OF the ex-
I6hnnge has meant the stopping OF all
( rnlIroad and Industrial enterprises
md Il must be opened before We can
Aove any revival OF business"