The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1914-10-21
OBJECTS TO U. 5.
CONTROL OF N. Y.
STOCK EXCHANGE
William c. Van Antwerp Thinks
Scheme Would Be Utter
Failure
INJUNCTION MIGHT
RUIN HUNDREDS
Closing of Exchange in Crisis
Like Present Impossible,
He Says

:. NEW YORK, Oct. 21.--The Euro
pean war has provided conclusive
reason why the New York stock ex-
change should not be incorporated,
according to william c. Van Antwerp.
one Of the governors OF the exchange.
Van Antwerp issued q statement %
day in reply to George w. Perkins
and Senators Poindexter and Owen,
all three Of whom have urged that
the exchange be not permitted to re-
open except under government con-
troll.
Had the New York exchange been
incorporated when the war COM
'menced," said Evan Antwerp, amy
person with an, ulterior motive could
have sought an injunction. Even the
granting OF preliminary Injunction
which would have kept the exchange
open for the shortest time In which
would have precipitsted m economic
tragedy In America. Hundreds Of
thousands Of innocent persons would
have been ruined beyond recovery"
Van Antwerp claimed that simi-
lar result would have followed II the
governors of the incorporated ex-
change should have prohibited pri.
vate trading as was actually done by
the present governing body. He said
that injunctions would have been
used to hold up this prohibition and
that consequent irreparable loss and
injury would have been indicted upon
numberless innocent and unsuspect-
Ing persons.
'We welcome any investigation of
our methods by government ofiicials,'
said Van Antwerp. I'VE will be glad
to see any senator or congressman
who wishes information and place
everything before him. AZ far AZ Mr..
Perkins 10 concerned, he knows moth
Ing about the stock exchange and ad-
mitted as much when he was on the
stand during the socalled money
trust Investigation"
Van Antwerp made II known that
q definite plan for reopening OF the
exchange was now being considered.
The resumption of business on the
exchange IL expected to follow 4 con-
ference of the board Of governors
with Sir George Paish. the noted
DAAtibh CSOnOhAAsA, wiz ID nOW IA
Washington consulting with treasury
officials.
One OF the features Of the plan,
Van Antwerp said, II q refusal to
liQuidate American foreign-hsld secur-
tiles In gold. One OF the principal OBJ
stacles to the opening Of the ex-
change, he declared. was the fear that
II would at once be swamped BY for.
eign holders Of American securities.
who would demand gold for their
holdings. II u proposed to check this
tide of gold to Europe by redeeming
the securities only for bank balances
In this County.
Van Antwerp declared that $780,
100000 In gold had already been
shipped 70 Europe from this country
this year. =
"This means.y hs said. - shrink
age In our bank credits of o2,4oO.-
100000. To protect our credits Il u
absolutely essential that stop bo
put to this outflow OF gold.
"The business of the oountry a.
mands the reopehinG of the stook -
change at the namo tllmG II clob-
ing has put . stop g practically ~
corpoeato ontorprioo6. I poroond11v
know u oo.o0o 100 n munlolpo1 bond
issues which have fa1Iod bocnu1o of
no buolneos. The c1oDlns q eh6 q,
change hss meant ne etopoloo q III
railroad and industrial 6n10rDrlooo
and, t, - mucs -. openo6 bolcgo vo -
have nv rov1vQ q buo1ncso.S &