Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-08-06

4 par,s luttsr 70 The New York 1Ym<s
e1Yo; - 3 recent Iettcr gave . tkcteh 9!
~ oRxnDixaiiou d the Dourxc oS Paris.
xjloresc naW 10 describe some Of the other
toSiiupnial stock msgkets, taking up, arst,
1hcf 81 Berlin, the most important Of Cen
mi Europe. Unllke Paris, Berlin has no
s11ck iust(tuiion a. that Of the Corporation
c8 Agents dc Change, which claims
Ne GcnopoIy OF negotiations 81 AZ
1naRelAi transecticus. Il mas Its "sworn
brokcss and its "freeD brokers.
bpt he FORMER, though appointed Dy the
prtsld<pt Of the Corporation OF Merchants
meFee. are NOT obliged 70 give security, a.
Is Prince, and enjoy no other privilege or
nrerorsfive than that Of fixing the prices
On The "cf1cialv list. Nor does the State
exercise Apy control whatever over the
operations, lts surveillance being limited
10 an approval or disapprovai OF the
Boursc regulations, which cannot be
modified without the consent Of the
Ninl<tfr OF Commerce. All questions
relating 10 admission to the Bourse --open
20 al except women. children. and bank
rupts--snd the tol, exacted therefor are
decided, IN the first instance, by the presi-
dent Of the Corporation OF Merchandising
"College Of Ancients ---and, II his deel-
sion be sppeaied from, by the District
Court. This last IL On innovation dating
from the 1st Of April Of the present year,
previous TO which time all litigation con-
ecTninE commercial and financial massers
WAS within abe Jurisdiction OF the First
President OF the Province OF Branden'
boutg.
Quotations are classified under three
beads: n.) Official quotations.; t2.) nom
offcisl quotations; az special quotations.
Intte first category are included cash trans
actions, and cash transactions only upon
sueh securities ne have been accepted by the
) Corporation OF Merchants as bond-fide enter
prizes based upon capital not less than.
1000. 600 marks. about ESQ, 900, aud after
careful examination OF the constitution OF
the company and q scrupulous yeri-
fcation al the amount paid up on ITS
scrip, provided also that the postuanfs
he endorsed by three respectable mercan-
tile or financial firms and be approved by
the College Of Ancients, which body, after
one weeks publication In the principal
newspapers OF the Merchants Guilds, re-
rcrfs aud makes known is decision. In
no case, however, should this decision he
adverse, explaining the motives FOR re-
. iusal. These formalities are only observed
for the official quotations TO which are
admitted no transactions "on time"
either In the public funds, bills OF
; exchange, or other securities. Prices on
the official lat are established by the Com.
,nissaries OF the Bourse, who are appointed
BIZ ihe President Of the Corporation OF
Merchants, hold Office for one year, and re-
ceiye the reports Of the "sworn' brokers
concerning all affairs In which they have
been Intermediates. This list, repeat,
exclusively for cash transactions, alone 10
authentic. and regulates the prices OF the
non.ofhcial list 10 which admission Is
granted BY the Commission OF the Bourse
upon the proposal OF the brokers. over
inscription on the list OF special quotations
.fancyv end "wild cat" presumably
there seems 20 be no control whstever.
by the law OF the LIST OF July, 1881, the
State levies stamp-tax upon each " bul-
letin Of negotiation aud each "wlnding
up OF an account This Is OF 20 Dfennigs.
about cents, on each cash "bulletin OF
negotiation and each "winding up"
and Of mark on each "time" operation.
This tax. for the payment OF which the
brokers are individually responsible, pro-
dueed, In 1883, 2,12s,000 marks, about
100000. The legality OF operations "on
time with margiD-bas been IRE
qucnty contested In the German courts,
but the existing jurisprudence inclines to
admit the validity OF such transactions. A
distinction, however. Is made between
" iimer operations in which the scrip is
really delivered and those where only the
"dinerenee Is paid or received. "opera-
fiors IN which II Is agreed upon in ad-
vance that no stock shall be delivered"
but as no contract is ever drawn up With
such specification, cyen in purely specu-
lative operations. this jurisprudence il
-x.sl.or IN M tofs nj fi,nn pro.ffel NJ
The official price-list at Berlin ut present
quotes CAS- different securities. 4O7 OF which
.nrc German and 23s foreign. In the non
official list are lis different securities; In
the special Inst. 1,040. The commission OF
the brokers is I ON 1000 for public funds,
railway scrip, and bank stock, and OF 20
pfennlgs for each share for the Austrian
Credit Mobilier, the Austrian railways, tue
Lombards, DC. All foreigners are admitted
gratuifously TO the Bourse on the pre>enta-
ton OF broker or OF q banker OF Berlin.
Tie same concession II made 10 nOn-resi'
dents OF Berlin and Charloitenborg, and
to persons who do not come to the Bourse
more than three times annually. as also to
employees OF brokers aud OF banking and
commercial firms. Ali Others pay fixed
price for their "season y tickets, according
10 the importance OF their operations.
20 fity.four marks ninth elass) per snnum.
This tariff Is the average, but 1t may be
increased or diminished according TO the
receipts or OUTLAWS OF the Corporation OF
Merchants. Besides this impost, every one
interested IN financial operations. banking
operations. exchanges. precious metals. &C.,
pays for commercial license" These
licenses are divided into three classes: AL.
AZ, b. The trst comprises commercial and
financial firms having q large capital; the
second, those firms whoee capital and BUSH
ness 10 from flair to middling" the third
takes IN FIRMS OF small importance. IL
bill at present under debate in the
Prussian Chamber should obtain
majority OF votes the bankers will
letaxed an add, onal 20 per cent. on this
revenue, which IL estimated at4 per cent.
OF their declared capital. The number
OF "sworn" brokers' Maker depends
fpon the necessities Of the market, accord
ing 10 the appreciation OF the Merchants
Guild. Each OF them has his speciality
some deal only with the funds. Others OK
clusively with railway stock, DC, and the
sane usage prevails smoug the "free /"
brokers, who generally do moro business
than their "sworn, colleagues. | must
ada that to buy or sell on the Exchange OF
Berlin the ministry OF neither class Is in
6ispensable, aud that, therefore, In point OF
fact. II may be considered a Stree market"
] have stated that The Government in no
way controlled the operations, but. on the
other hand, the Government makes the
most profit possible out Of them by Its du-
ties on purchases and sales, by It's tax on
licenses to operate, and by its heavy
charges on tickets Of admission.
The organization Of the Bourse Of Dres-
den, although based on mere democratic
principles, resembles that OF Berlin. It's
Council Of Direction. elected annually by
the members, appoints the "sworn" bro
kerr, who have the same attributes and
privileges % the "sworu brokers OF Prus-
Ella, but no more, "free" brokers, except
20 far Is the establishing OF prices Is con-
etrned. being quite o. responsible inter-
mediariev. The state neither superintends
nor controls the market where public
funds are admitted dc pidso and other Sc
curitles. when approved by the Board o!
Directors. on the payment OF GOO marks
fer shares and Of 500 marks for bonds; be.
sides this there h duty az one mark paid
for every "time" operation; this class OF
operations Is considered legal and regarded
by the law as belonging 10 the category OF
ordinary commercial debts. The brokers'
commission Is one halt OF l per cent. on
the nominal value OF the security. 1t costs
$50 marks rer annum TO have the free run
a -