The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-10-21
One o. the Governors says Revival o.
Business Cannot cems !: the In
stitution Keeps its Doors
Shut.
rs BEING CONSIDERED
Van Antwerp Declares Incorporation
Of the New York Stock Ex-
change Would Not be It
All Desirable.

UNITED Press Leased Wire Service.
NEW YORK, Oct 21.-The Euro
pean war has provided conclusive
reason why the New York stock e1-
change should not be incorporated.
according to William C. Van Ant
werp. one OF the governors OF the ex-
change. Van Antwerp issued state
ment today in reply to George W Per
kins and Senators Poindexter and
Owen. all three OF whom have urged
that the exchange be not permitted TO
reopen except under government con-
troll
HAD the New York stock exchange
been Incorporated when the war com
menced." said Van Antwerp, ANY
person with An Interior 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
such injunctions can be dissolved.
would have precipitated an economic
tragedy in America. Hundreds OF
thousands OF innocent persons would
have been injured beyond recovery.
Van Antwerp claimed similar re
suit would have followed IL the gov
ernors OF the Incorporated exchanges
had prohibited trading as was actual
~ done by the present gdsornfng
body. He said that inJunctions would
have been used to hold up this pro-
hibition and that consequent "irrep-
arabic loss and injury would have
been inflicted on numberless fnno-
cent and unsuspecting persons.
I'VE welcome any investigation OF
our methods by government officials, :
said Van Antwerp. we win be glad
to see any senator or congressman
who wishes information and place
everything before him. AS tar as
Mr. Perkins is concerned, he know
nothing about the stock exchange and
admitted - much when he was -
the stand during the so-called money
trust Investigation"
Van Antwerp made It known that >
definite plan for re-opening Of the ex-
change Was now being considered.
The resumption OF the business OF the
exchange Is expected to follow the
conference of the board OF governors
with Sir George Paiss. noted British
economist who is now In Washington
consulting with treasury officials. One
OF the features OF the p1an. Van Ant
werp said. is the refusal to iiQuidate
American foreign held securities In
gold. One OF the principal obstacles
to the opening OF the stock exchange.
he declared. was the fear that II
would at once be swamped by foreign
holders of American securities, who
would demand gold for their holdings.
1t is proposed to check this tide OF
gold to Europe by redeeming the Sc
curities only for bank balances In this
country.
Van Antwerp declared that 80, oo0.-
900 in gold had already been shipped
to Europe from this country this year.
This means" he said, "a shrink
age in our bank credits Of 81, 400 00G.-
GOO To protect our credits. IT is alb
solutely essential that stop be pnt
to this outflow of gold.
The business OF the country de-
mands re opening of the exchange.
The closing has put a stop TO practi-
calyl all corporate enterprises. per
sonaily know Of $4,000. 900 in munich
pal bonds issued which have failed
because of no bids. The closing OF
the exchange has meant stopping OF
all railroad and Industrial enterprises
and It must be opened IL We can have
any revival OF business"