Show WHITNEY TELLS TELLS' HOW HO BU BEARS S HEP HELP STOCKS NEW YORK Oct 1 AP AP-A AP A de defense dc- dc de- de Ot tene of ot short selling as s a a 8 boon to finance written by Richard Ricard Whitney of the New York stock exchange ex cx- president th change has ha been ben made public here Whitneys Whitney's views are contained Ina in ina a letter Whiney's sent by him hm to I. I lore Levy attorney who has ha assailed short hor selling as demoralizing the financial fina- fina finan finan- cia cial structure of the world cal In his hi letter to Levy Lv Whitney de declared do- do dared it tt was wa largely because of the cared insufficient amount of ot short selling seln in 1929 that the subsequent decline dele deleI In I stock tk prices price proved so sharp shar The Te letter stated in part If lithe the practice of selling something something some some- I thing which one does do not own ow at the time tie thi put but which one can readily obtain later on is i to tb be held hold Illegitimate per latr se it would woud not be sufficient to change a few stock st exchange rules the We should have to revolutionize financial commercial and ad industrial laws of the whole country The he role of at the short shor seller seler as a acue a cause ause of or declining security prices is 1 cue usually exaggerated in bear markets marketa The e actual acta cause cuse of ot declining prices price is a general generl with wish wh on the part of at se security se- se holders to t sell seU coupled cuple with witha wt a general unwillingness on the part of investors and and speculators to p buy The Te principal result of short sho selling Is to t hat hasten n a price decline inevitable for other reasons rean The Te owner of securities should not In his hi own ow interest disregard the very ver real ral services which the short shor seller seHer performs serce for tor him As A far fa as a short soiling selling acts at as a a break on price In Inflation In- In I flaton the Investor is 1 prevented from irom purchasing stocks at at exaggerated ed prices pric and later on incurring losses ioe upon them Many people seem to t forget foret that It tt is i impossible to sell sel stock unless someone is 1 willing to buy it I. I To prohibit prohibit pro pro- hibit or artificially curtail cutal short sellIng sell sell- lag Ing would only render the market maket more liable Hable to severe price declines This Thi is i cne reason why all aU the great geat stock exchanges of the world have al always always al- al a- a ways S permitted short selling a |