davidaulloa/AmericanStories huggingface dataset:
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

customers may know at all times what
the market is doing and orders may be
given over the telephone as readily as
anywhere else.
In proportion to the total amount of
business, there are fewer speculative
transactions than in New York. On
the other hand, there is much larger
percentage Of investment trading
buying of securities for permanent in
yestment
Brokers Who Take No Speculative
Accounts.
There are brokers here, and some
young, progressive houses, too, that do
not want speculative accounts. One
broker expressed it somewhat after this
fashion:
1--WE don't care for the class of Gus.
toners that is ringing us up all the
time to know how the market is going,
or running in six or eight times day
to look at the ticker. Such customers
are more bother than their commissions
are worth. Now, the kind of clients we
want are those who give us an order
and then give the market little more
attention. They look at their Times in
the morning to see the quotations, and
are not continually bothering u.s.
This broker, a young man who had
been in business for ten years, said
that he had not sustained a single loss
from bad accounts. His customers were
of the investment class, who purchased
securities outright.
Securities Dealt In. :
There is much greater variety Of
securities dealt in on the London Ex-
change than on the New York. For
investment buying, Hconsols'' are in
the lead. Consols is an abbreviation
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

of consolidated, and refers to the stock
of some consolidation
Then there are colonial stocks, Iirit.
ish railways, foreign securities, An,eri-
can and Canadian railways. Indian and
foreign railways, a hundred sroess un-
der the miscellaneous head, Australian
shares, South African shares-a large
number, and many Others.
Volume of Business.
In marked contrast with New York,
the London Stock Exchange complies
no statistics, nor does the tape show
the number of shares dealt in. For this
reason, there is no means of making a
comparison between the volume of bust
ness in the two markets. Another diff
ference in methods or system, is that
settlement is made every day, in New
York, while the Londan Exchange
has settlement but twice a month.
It's Commercial Importance.
Owing to the peculiar position Of
Great Britain, small country with
many colonies and interests scattered
over the world, the London Stock Ex-
change unquestionably fills an import
ant position in the commercial and
financial business of the country. Par
ticularly so, as the Exchange is de-
voted largely to the trading in the act
ual shares and stocks, rather than being
a giant speculative pool, intent only on
floating new securities upon an easily
deluded public.
In measure, the Stock Exchange
seems to serve the purpose, in securi-
ties, that the Royal Exchange, next
dor, has for the last $50 years, in gen.
eral commerce. The Royal Exchange
has had its day., and it has had a
mighty influence. But its day is OH
the wane. The Stock Exchange, the
Baltic, Mark Lane, the exchanges for
coal, hops, metals, wool, shipping and
the Commercial Sale rooms, leave lit
tie room for general exchange.
-Rollin E. Smith.
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

to trade nor to make quotations. Yet
when he wishes to retain the connection
Of broker, he seldom. or never refuses
to do so. Having made price, he is
bound by the rules Of the exchange to
! deal at it.
When asked for quotation on a GER
tain stock, the jobber will give two
prices, one at which he will sell and
I the other at which he will buy. This
difference, which may be from one
fourth to one point, is called the job
ber's turn It is in reality often
the jobber's scalping profit, and the
public pays it on every trade made.
Under certain market conditions, there
would be innumerable opportunities for
immense profits to the jobbers, at no
risk at all.
No Litigation.
There is practically no litigation, per-
haps absolutely none, arising. from
transactions between broker and client.
While the committee that governs the
exchange does not recognize any deal
ings made with the public, neverthe-
less, should any question arise between
broker and client, the committee will
give the matter a hearing. So fair and
impartial have the decisions of the
committee always been that, in cases
Of misunderstanding, the public goes
to the committee rather than to carry
its troubles to court.
Investment VS.. Speculation.
There is a closer line drawn here
than in America between investment
and speculative accounts. Ample facili-
ties are offered for speculation, when
one once learns about them, and dur
ing the last dozen years speculation has
largely increased. The majority of
brokers offices have ticker, so that
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

in China they had no paper substitute.
The monetary unit is called tael and,
if coined, would weigh about one and
one-third times the Mexican dollar,
but no coins of this denomination are
in circulation. The Mexican dollar is
in common use, and in some Of the
provinces there are fractional silver
coins. But the Mexican dollar is so
often counterfeited that it is customary
to test each coin as it passes from hand
to hand. secured one Of the ''three
piece dollars, as they are called. These
are made by saving a thin disc from
each side of the dollar; the silver is
then removed from the center and the
cavity filed with lead and the two
faces soldered on. The work is done
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01
WILLIAM J BRYAN, AFTER WEEKS OF STUDY IN CHINA
TELLS THE FACTS OF THE ,"AWAKENING OF THE GIANT"

SO skilfully that the counterfeit can
only be detected by the ring. Several
of the banks issue paper notes payable
in Mexican dollars, but these are dis
counted in the various cities so that a
travellers currency is always under
going shave. The government has
decided to establish a uniform system
Of currency, consisting of gold, silver
and copper, the silver tael to remain
the unit.
Patent laws and trademark laws
are now being prepared; in fact, China
is being quickened in many ways by
the increasing knowledge which she is
acquiring of the ways of western civ
ilization. They are even considering
change in the alphabet and characters
in order that the language may be
more easily learned.
I have already referred to the fact
that China has until recently been
practically without newspapers. There
is no better evidence Of the progress
which China is making than is to be
found in the increase in the number Of
her newspapers. While the circulation
of these papers is small as compared
with the circulation Of similar papers
in the United States and Japan, still
the growth is constant and the colo
quail dialect sometimes employed
brings the news and editorial pages
within the comprehension of those who
cannot read books Many of these
newspapers are published in the inter
e
started at Hongkong opposes the ex-
animation system by which civil Off
Gals were selected, the footbinding
custom and the habit of wearing the
queue. The editor cut off his own
queue as an example and is now en-
couraged by the fact that the soldiers
are gradually adopting like course
He is also able to note progress in the
matter of footbinding. An imperial
edict has been issued exhorting the PEG
pie to abandon the practice, and numer
GUS societies are engaged in spreading
literature upon this subject.
/ But more important still is the re
cent abolition Of the examinations
This is revolution that has shaker
the ancient empire to its foundation
for the examination system not onl.
affected the government, but nodded
the educational system as well. In tn
larger cities elaborate provisions wer'
made for these examinations, in SOM
places from 10000 to $4,000 stalls being
constructed. These stalls were .abou
three feet wide by six deep and higl
| enouoh tn hermit the student to Stant
erect. The only furniture was boarI
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01
copyrighted, 1905, by Rollin E. smith.)

Copyrighted, 1905, by Ro1lin E. Smith.)
Special to The Journal
ONDON, March 31.-Anyone who
has walked into the convenient,
sometimes splendidly appointed
brokers' offices in America, where the
quotations are posted on blackboards,
and where every possible ''aid to spec
ulation' is offered as an inducement
to customers who are familiar
with such conditions-will at first be
Impressed with what seem to be the
handicaps which are placed upon spec
ulation and investment trading in Sc
curities in London.
By the rules Of the Stock exchange,
brokers are not allowed to advertise.
The modest announcement on the Of
fee windows, :" Blank & Co., Stock and
& Share Brokers' is the conservative ex-
tent to which the exchange permits
its members to go. Brokers in London,
who advertise in the papers or who
send market letters to others than their
customers, are not members of the ex-
change.
Exclusiveness Of the Exchange.
In coming to London, I had neglected
to provide myself with letters to mem.
bers of the Stock exchange; and so, at
first, doubtless encountered the same
difficulties that any stranger would in
seeking information or to open an &C
count with broker.
The Stock exchange is in the com
mercial and financial district, Of which
4 the Bank of England and the Roya
exchange are the precise center-jus1
as Wall street is New Y ork s fnancia
center Yet the exchange building i
Il rninviting in appearance, as the ex
\ change itself is uninviting in reality
g No one but members or their clerks art
81 permitted to enter the exchange, no
d IS there any gallery for outsiders
q Doorkeepers are stationed outside. til.
Il different entrances, where, in a small
II yestibule, there is generally group 0.
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

exchange differs radically from the
New York Stock exchange. A mem
bership lin the latter now costs about
$4,000 or more, and a member is a
member for life, or 'on good beha-
vior, or until he sells his seat. In
the LondA exchange members are re-
elected every year; which is an easy
way, by not re-electing an undesirable
person, Of dropping him: It is sim
pier than expelling him. There is an
annual subscription Of $3.50.
When application is made for. mem
bership, the committee makes search
ing inquiries regarding the applicant g
general character and credit; and,
furthermore, notes his standing in So
ciety. . a5,ssss1
Brokers and Jobbers.
The membership consists almost ex-
clusively of stock jobbers and brokers,
who execute orders for customers, doing
no trading themselves. However, there
are a few members, capitalists, who
were formerly either brokers OF job
bers, but who, not desiring to continue
in actual business, confne their deal
ings to their own Investments.
The stock jobber is unknown to
American exchanges, yet in a way, he
is almost identical with the floor
trader or scalper" Of the American
stock exchanges and wheat pits.
The jobber, like the floor trader,
stands ready at all times to buy or sell
at some price. He is the stock mer-
chant, and in reality constitutes the
basis of the market, for without him,
there would often be no one to buy
from nor to sell to-
The price at which, the jobbers offer
to transact business in any security, is
the official market price.
The jobber is not, Of course, bound
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01
Uwomd BeaS Can the SanedP
Minneapolis MasE pmmcsGh mgn.

traders awaiting an opportunity to
speak to their brokers' The latter are
summoned by means of speaking tubes,
and the doorkeepers are busy, during
the session, calling out brokers.
The doorkeepers are well trained in
the conservatism Of the place. They do
not know where any brokers' offices
may be found nor nything else except
that only members are admitted, and
that strangers are expected to seek in
formation thru the medium of friend,
who is acquainted with some broker.
The secretary office Of CONNER
cial organization is usually an unfail-
ing source Of information Not so with
the London Stock exchange. The Sec
rotary himself cannot be seen, and his
well-trained clerks have but the one
reply, The secretary gives informa-
ton only to members. =
The one thought that outsiders must
be excluded, has apparently been SO
well drilled into the automatic en-
ployees of the exchange as well as
in brokers offices that the impression
has gained ground with them that the
business is self-existing.
Yet this is no more true of the Lon
don Stock exchange than of the New
| York Stock exchange. The patronage
of the public maintains the exchange,
and the brokers and the thousands Of
employees just as in any other business.
Only the system of treating the public,
whose money is needed in the bust
ness, has not kept pace with the times
as it has in most other lines of business.
8 Yet all these formalities melted
away as nothing, after I had secured a
letter to a broker from mutual friend
on the Baltic exchange. Then the ease
with which things opened, everything
| but the doors Of the exchange room,
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

GOODNESS.
Beginning Of the Exchange.
The Stock exchange had it's begin
ming in May, 1897, when an act was
passed to limit the number Of stock
brokers and to regulate their person
mel. The act specified that No per-
son shall act as a broker until licensed
by the lord mayor and court of alder
men Of the city Of London
Brokers were then forbidden to deal
in any article on their own account;
and even now brokers are not supposed
to trade for their own account.
The London Stock exchange is pri-
vate institution. The building belongs
to proprietary Of shareholders, and
is managed by an executive body Of
nine persons, who, in addition to hav-
ing the entire control over the income
and expenditures, have the power Of
fixing at will the entrance fee and the
annual subscription to be paid by mem
bers Of the exchange. But they have
no authority over the business tran
sacted on the exchange.
The shareholders have no right be-
yond claim for dividends. That is,
they are not privileged to enter the
exchange, nor are they eligible to mem
bership except thru the ordinary course
prescribed for a stranger.
The members of the exchange are in
reality the tenants of the shareholders.
The members are bound by their own
rules and are managed by committee,
e Il
peal.
The membership of the exchange is
about three thousand, and the entrance
fee is now 500 guineas, or $1,000. In
its membership and management the
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

where the evidence of guilt is clear, has
also been abolished. According to the
Chinese law, person convicted Of muir
der cannot be put to death until he con-
fesses, and torture has been retained in
a case of this kind as a means Of com
polling confession when the guilt has
been otherwise established, but Mr.. WI
expresses the hope that torture in, such
cases will be abolished in the near flu
ture. ~.
+
The revision commission has also
succeeded in obtaining an imperial de-
cree ordering the construction Of more
modern prisons, requiring the inspection
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

mer minister to the United States, and
now vicepresident Of the board Of for
eign affairs, has been made a member
of the board of punishments. He and
Shen CHA Pen, the vicepresident of the
board Of punishments, have by imperial
decree been intrusted with the revision
and codifying Of the laws Of China.
They have established bureau with
staff Of secretaries and translators and
have spent two years in the examina-
ton of the civil and criminal codes of
the different countries in order to select
laws which are applicable to the con-
ditions existing in China. Ex-Minister
WI has taken a deep interest in the
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

for seat and another for desk At
a given hour the students entered these
stalls, were given their themes and
kept in their stalls without communi-
cation until their tasks were finished.
Now the stalls stand idle and the Off
Gals are chosen from the graduates Of
the newly established schools.
We visited the examination stalls at
Picking and found them in ruins. They
had been occupied by the Boxers in
1900, and the rafters, were torn out and
used for fuel. After the roofs had
fallen in, the unprotected walls rapidly
crumb1ed.
The conservatives have been very
much incensed by the abandonment Of
the examinations, but the reformers
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

sidewalks are making their appearance.
The finances Of China have been in
miserable condition. Cash is the
money in common use, and these brass
coins, running about one thousand to
the. dollar, are too heavy for any ex-
cepting the smallest transactions. Think
Of doing business with money SO heavy
that you must carry 100 pounds of
money to make $40 purchase! Some
complained Of silver in the United
States because Of it's weight, but the
silver certificate completely answered
this argument, for silver certificate is
as convenient as a gold certificate, and
more convenient than gold coin; but
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

of prisoners and compelling humane
treatment. Formerly relief from cruel
treatment could only be secured by
paying the official in charge.
The commission is now working upon
code Of procedure and intend, among
other things, the recommendation of
system of trial by jury, the admission
of lawyers to practice in the courts and
the relieving of prisoners and witnesses
from the humiliating practice of kneel-
ing in court.
In order to secure competent judges
and lawyers for the carrying out of the
new code the commission has obtained
the sanction of the government for the
establishment of law school at Picking
(the site has already been purchased)
and the high schools and colleges Of the
various provinces have been instructed
to add law to the curriculum Of their
studies. ~SsS5G
Minister WI called attention to other
reforms that have been introduced into
China within the last few years, among
which may be mentioned the construc
tion of railways, the establishment Of
a government board Of commerce, the
formation Of a police force, municipal
and provincial the. PRONUNCIATION of in
corporation laws and the establishment
Of minis. !. i, r.
| At first the railroads were built by
concessions issued to foreign companies,
but because Of the constant diff
culties which grew out Of such con-
cessions, there is growing sentiment
in favor Of government railroads. It
was in the pursuance of this policy
that the government acquired the
rights of the American company which
was projecting a road from Hankow to
Canton. Some Of the Americans re-
siding in China have expressed regret
that this road should have passed out
Of American hands, but I am satisfied
that it is better for the United States
that China should own the road than
that it should be in the hands of for
eigners or even in the hands Of Ameri-
cans. It would be impossible to OPP
crate the road without more or less
friction, which would involve the coun-
tries in diplomatic controversies. If
China operates the road herself, we
will have equal rights with foreigners
without the risks involved in private
ownership. And, speaking Of roads,
the city Of Picking is passing thru
an era, Of street Improvement. Some
eleven miles Of pavement have been
laid, within three years and concrete
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01
BY WILLIAM JENNINGS BRYAN


Copyright, 1905, by Joseph B. Bowles-Copy
right In Great Britain-All Rights
Reserved).
N what T have said Of the Chinese
government, system of education,
= religion and superstitions, I have
referred to the nation as it has been
for some twenty centuries-chained to
tradition, stagnant, asleep. Society was
stratifed; those in power seemed to
have no higher aspiration than to live
upon the labor of the masses, and the
masses seemed to entertain no thought
of emancipation. The life of the peo-
pie was occupied with ceremony, but
there was no genuine fellowship or
sympathetic connection between them,
family was likely to be storm center
because of the conflicting interests col
1ected under one roof. Education was
monopolized by comparatively few,
and there was no breadth to such in
struction as was given. Superstition
took the place of religion and the pla-
eating Of the spirits of the deceased
outweighed the nurture and develop
ment of those still on earth.
But change is taking place in China
such as has revolutionized Japan
within the last half century. The
sleeping giantess, whose drowsy eyes
have so long shut out the rays of the
morning sun, is showing unmistakable
signs Of an awakening. There was
vitality among her people which even
1000 years Of political apathy could
not exhaust sturdiness which CEN
turtles Of poverty and superstition
could not entirely destroy. Increasing
contact with Europe and America is
having it's influence, and the example
of Japan is even more potent, for the
people Of Japan are not only neighbors,
but are more like them in color and
race characteristics. Let me note some
Of the evidences of this change.
The government, so long an absolute
despotisn, is about to become a con-
stitutional monarchy. In 1898 tho
emperor, under the influence of some
radical reformers, prepared program
almost revolutionary in its character.
Recognizing that his ~ Mt, the dowager
empress, would oppose him, he pre-
pared to put her under guard while the
change was being made, but the old
lady learning of his plan, promptly
took him in hand and made him a
prisoner in his own palace. Since that
time she has been the unquestioned
ruler Of the empire, the nominal en-
peror affixing his signature to the
papers which she prepares. But so rap
idly has the situation developed that
she is now instituting the very re-
forms for the suggestion of which she
SO recently imprisoned her nephew. A
commission Of prominent officials is
now abroad, some in Europe, some in
America, studying the constitutions
and governmental institutions of other
countries. What concession when we
remember the self-sufficiency Of China,
the characterization of surrounding ma
lions as Crude tribes,'' and the use of
the term "barbarians'' to designate
even those with whom she made trea-
4 ties! ..' ~
It is reported that the dowager en-
press recently called her councillors to
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01
With All the Authorities Including Even the Aged Dowage
Empress, Advocating Reforms, Changes Are Pending
That Will Create Constitutional Monarchy.

exhibition
by
Pekng change being
the antii .#
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

seemed an apology for the previous
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-01

Copyright, 1906. by Joseph B. Bowles-Copy-
right In Great Britain-All Rights
Reseryed).
Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1906-08-25
G. A. r. at MINNEAPOLIS.

Minneapolis, MINI. The Grand
Army of the Republic completed it's
4Oth encampment and has adjourned
to meet in Saratoga, N. Y. in 1907.
The encampment after an exciting
debate decided that protest against
the erection of statue to Henry
Wire should be sent to General S. d.
Lee, the commander of the Southern
Veterans association. The PROPOSE
ton to deprecate the action of con-
gress in abolishing the canteen from
the old soldiers homes was laid on
the table without debate.
Just prior to the final adjournment
the new commander in chief, r. B.
Brown of GAINESVILLE, o.. announced the
following staff appointments:
Adjutant general, Joseph w. Neal
of Ohio; quartermaster general, Chas
Burrows, of New Jersey; assistant
quartermaster general, H. j. Holcomb
CT Philadelphia; chief of staff, J. V
Winanes, of Ohio.