The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-25
YANANTWERP SHOWS
The PUJO MISTAKES
TELLS Washington Bankers That
Committees Loan Figures
We're All Wrong.
DENIAL on SPECuL ATlON
Relieves Government should
Control stock Issues. ~
l. Done Abroad.
DENIAL on SPECULATION

N,s,ttN,ros. Ion "a utts.,, =, 90,
,,,r,., ,,.,,.a,,,,,,' -, .,... So, v.'sn
'''"'' VI ''' w" ~"
STOCK EN'haHse sNoE' io-hisnt al the
Dl,,r,c, of ,.o,n,,,,a on en-. .po,nlar
Dannatiop of the Stock b:xcnang."
AR \an ,,tv.rp attached s,n,. of the
.,s,s,on,. ,nad. n, IN. i,,io cnru,,t.a
a.nac,,ii,. ,ta ,,or,,,t,,a,.. ,,r,,,,,,tinr tha,
~ ,,,,as -, ,n., ,n,,,',,',. ana, ,,,,,nio,.d in
~ .,. wy " 49, -,
80, ~, - '' ,,,, '''''', n,,
80, a
a. r., Aa,,,r,, ,,,,,,..d ,,,, ,,ot IN.
MI van An,nerp po,ntru ou' ,nH' .ne
~ ~ ,,.,,,, ,.," les -us
80 -, s,s,,,,, xg.n ~, ana 900.
~, o., W.. ,,,,, -, 80, y, ,,,,, Ia,,L.
n. add.,, tho, ,yu,es of mis- magnitude
Ma h..n u.sd win yra,t er,c,.t through
M, tho ,cour,rv to snow am IMPROPER d.
version of f,,nds
The sneaker said that included in tins
total were the loans of the many houses
which do business in bond and underwent
INK syndicates and in various issues not
listed on the Stock Exchange and that
have nothing whatever TO do win the
market
Inc ac'uai ngures Oh me S'ouh hA
cnAnse ioans w ''e .'' III ai,.,., nu
uuS. co"pa,l,vs auo.eu ~ W. w. ,'
wv ua.e snnn ~. 80, W. 80. ,h.
ANtn v HAe ha0 hn " q n
=. .tver in the puio repori ~ sb.s3lb.-
600 Thus the Puio report -rrs to the
oxtent OF S236239,
Amounts stockbrokers ""''
"Now the total loans Of all the sixty
three hanks and trust conpanies belong
ing 10 the New York CLEARING House As
sociation on the dat. mentioned were ST.
93S.37t,OOO OF which amount. as | have
Just shown. s29O. 100000 WAS lent to stock
Of the New York banks to the rest OF
the country.
FOR every uoiiar i"h' l" st"'N oroNe'
more than -FOUR were ien' 10 me ""st an"
South. and this is representative state
ment or the loans or the New YOU banks
at any autumn period within The last
several years
Now let us examine the proportion OF
stock exchange loans {" the bank loans
OF the entire country. The Comptrollers
call for November -, 1919. shows that
the total loans for the banks ~ the coun-
Try were ssO5sss202a The loans of
Na~ York stock brnl;.rs as we have
sbou, arc seoo t;5IOI b> the New York
hark. and ,r,st comnanies and sa4O.
SSo ooo h, o,,, ~, co., h,,Ls -. cn,,.
800 ~. n,,,n -, ,.I.jn. ,.,,ai
49, E w" ''' '''' '''''1 'NA'
vi ,"ou''U' ~ 49,. ,.
w" u 'osi,H o. a. '"e '"'" Va VIC
e'u"'s w. T''''''''''''' a." I'm" "
NV YORK stoch oroHe's ~" s'"o''"o'"oo'
~ follows mar Tor "NerN o"ilh' lent ~
the country al larS' stock brokers or all
KINGS IN New YORK CITY Dol owed nut
eight and three-quarter cents. aud con
siderably less than That II stock Exchange
securities alone are included.
Is eight cents on the dollar too much
TO finance the needs Of the market place
when oeaIs III securities representing one
hfth or Americas material wealth"
r.,
S'"'s'
Nj Van Antwerp also criticised the Puio
committees repeated assertion that large
Gums are employed To carry stocks on
margin on the New York exchange.
The harm done by thes. random and
misleading implications" said MI. Van
Antwerp. lis in"alculaDle. Good bur un-
imaginative business men who accept such
statements as authoritative should be
told plainly the facts
Ny Van Antwerp contended that the
Stock Exchange in the matter 81 dealing
IN the securities OF new companies is doing
everything possible to protect the investors
by obtaining and publishing All pOssi bile