The Minneapolis journal., 1906-06-24

the bank an order to SOL his stock. But
II IT Is put onsthe market, slump may
result. The bank may prefer to take
this stock itself. at the market price,
gather than to have the price depressed.
Again, 9 bank may. have orders to
buy say 900 shares of a certain stock,
and orders from other customers to sell
the same stock. The bank is permitted
to cross these trades at the official
price, tho the transactions must be re-
ported. s&
The Stock exchange Of Berlin is
recognized part of the commercial and
financial interests Of this great center.
change, under the patronage Of the gov
ernment. Neither is it in the hands
of a board of directors. It's destiny is
shaped by the Corporation of Old Mer-
chants & Bankers. This is an old or
ganization and a close corporation. In
fact, it is too close for many business
houses that could not gain a member
Chamber Of Commerce, is the result. The
latter is only some six years DID,, and is
now supposed to work in harmony with
the exclusive Old Merchants & Bank
ers in directing the financial and com
mercial interests of Berlin. 3
AS to Speculation.
Yet speculation is not regarded with
favor by everyone. The agrarians,
who only recently added 1s cents q
bushel.to the import duty on wheat and
increased it on many other things in
proportion-this busy political party
has taken shot at the Stock exchange.
For one thing, it passed a bill prohibit. !.
ing future or term trading in German
industrial or mining stocks. They, may
be traded in for cash only purchased
and sold outright. The agrarians also
have had the government represented
on the exchange, in the person of
royal commissioner Also, there are
sixty or more sworn BROKERS' ap-
pointed by the government, who have
places inside a railing in the center Of
the floor: Their business is to execute
orders given them and to make the of
day. The stocks dealt in for cash
only are under the control Of the
"sworn brokers,' and only one quota
tion is made on such stocks each day.
All transactions in cash stocks are made
at the official price, which is an aver
ing orders. The official prices on the
different stocks are given out at from i
o clock to 1:30, and no trades can be
made after the quotation is announced.
All who have cash stocks to buy or
sell, report to the sworn brokers, giving
the price limits, and thus an average is
made &# .-ss+g,s.. +
" Business of the Exchange.
+ The business done on the exchange is
very large. and the list of securities
traded in is long one, consisting of
about $500. Some of the Americans
traded In are the following: Central
Pacific, Chicago, Burlington & Quincy,
Chicago, Rock Island & Pacific, Denver
& Rio Grande, illinois Centra Long
Island railway, Northern Pacific prior
lien, Northern Pacific general lien,
Pennsylvania railway, Southern Pacific,
and Baltimore & Ohio The latter and
Canadian Pacific are favorites from the
other side. .f
Foreign stocks, when brought into.
the country. are taxed 3 per cent. All
stocks are taxed for each transaction
a stamp tax. - !
The Stock exchange has but one set
tling day month, as compared with
two a month in Paris and London and
a daily settlement in New York. The
latter is best for the broker and the
banker, and the monthly settlement is
easiest on the customer. n~"