The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-06

| the list or hereafter to be listed under
! these provisions would he so small that
! the stock Exchange would cease to be a
! market of Importance The motive for
listing on the part OF corporations would
/ no longer exist.
II give the following reasons for max e
| Ing this statement.
, Sub division ta) requires n statement
verified by the oath OF AN officer of a
| corporation applying to have its securities
| listed setting forth separately and in
detail the entire amount and value OF
| the tangible and other assets and its con-
tingent liabilities
There Is scarcely any corporation that
could comply with this requirement. Sew
eral years must elapse and many millions
of dollars must be spent before the Inter-
tate Commerce Commission can determine
the &tanEible value OF the railroad prop
critics OF this country.
How then can n railroad office make
oath to sucn values? Never mind what
say about IL, gentlemen. but consider
what you as officers of these companies
would do about II II the situation were re-
versed."
He Refers 10 Germany.
The Instance Of Germany as a nation
which had through radical legislation
compelled the restriction OF the specula-
tive markets was cited by Mr.. Van Ant
werp. He told the committee how In
defiance OF the advice OF a commission OF
experts the Reichstag under an agrarian
majority had passed soNe years ago a bill
similar In purport and effect to the owen
measure, with the result that capital had
been detected from It's normal channels
and the business of Germany influenced
for Ill.
This situation still confronted Germany.
even though the Objectionable statutes
had been repealed The country had not
yet had time TO adjust itself to the Inn
proved conditions.
Mr.. Van Antwerp's argument closed
with warning that the defeat OF the legi-
innate purposes OF the New York Stock
Exchange and other exchanges would
serve to multiply the bucket shop evil
He said:
"Supposing the stock exchanges of New
York. Boston, Philadelphia, Chicago. San
Francisco and other American cities to be
rendered impracticable of operation by
the manner In which the postmast.r-Gsn-
eral exercises his discretionary censor
ship. the Montreal and Toronto stock ex-
changes can continue trading for the ac-
count OF American customers without let
or hndrance.
80 also. II goes without saying. can
the London Stock Exchange. Undoubtedly
this would be extremely inconvenicnt. and
IL would certainly make capital for
American enterprises cost n good deal
more. But the case IL even stronger than
that
The Speculative Fever.
so long as human nature remains UNI
changed there will always be people who
will speculate m securities II they can
not speculate on the New York Stock En-
change they will turn elsewhere--to Lon
don. Montreal. Toronto or any loosely Or
ganized and INSCRIPTIONS market place
which does not come under the prohibi-
tons of this bill"
The provisions OF the owen bill seek
ing TO restrict marginal requirements to
20 per cent. OF the market price would in
Mr.. Van Antwerp's opinion promote spec
ulation in the lower priced and more
nearly worthless stocks. while with the
higher priced securities IL would make
speculative commitments therein practi-
cally impossible
At the opening OF to-morrows session
Samuel W. STREET., chairman OF the clear
ing house committee OF the Stock En-
change. will discuss those provisions OF
the bill relating TO the Clearing House.
He will be followed by President Mabon
AMI others. after which the New York
stock Exchange members will be excused
until next Wednesday. when John q. Mil
burn. counsel for the exchange. will sum
W. the opposition to the bill