Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-05-08

and pay a small annual fee for the
privilege. There is no purchase and
sale of seats as on the New York
Stock Exchange, and the privilege O:
trading on the bourse. which must be
renewed annually. has no salable
value.
Those who register are legalized
stock dealers. Subject to the prohibit
ton Of gambling in the products of the
soil and Industrial and mining shares,
they may do what they please pro-
vided they do not infringe on the rules
laid down by the state commission.
Only registered brokers may speculate
In stocks.
If any one who has not registered
specululates, the party with whom he
speculates takes the risk of repudia-
ton, because no stock speculations ex-
cept between registered brokers are en-
forceable at law. The German policy
was to prevent merchants, business
men and others from specializing by
requiring them to register as stock
dealers or to make their transactions
unenforceable. Thus q stock broker
having a claim on account of a bourse
transaction against anybody who had
not registered could collect nothing by
suit in court. No legal obligations
arise and all encouragement debts
are void except in the case of regist-
cred parties. This is somewhat sim
liar to the New York law against
gambling-house keepers. Neither may
registered brokers buy and sell for
themselves except they announce the
fact.
Any private investor may buy stock
of a registered broker, pay for 1t and
take 1t away. But IL the broker let's
him deal on margin is 1t at the bro
ker's risk.
All prices are fixed by the Govern
ing Committee through Official quota
ton brokers'" who must not have any
, other business. It is the duty Of these
brokers to prevent price fluctuations
by means of wash sales or balance
sales or other devices to prevent a
faithful statement of market values.
The prices as fixed by the committee
through the quotation broker must
keep a daily journal of all his trans
actions, which is to be inspected by the
Governing Committee.
No Tickers; "Tips" Crime.
For any broker to give false advice
is a crime. The stock ticker Is pro-
hibited. No prices are given out ex-
cept such as the Governing Committee
announce, and the publication OF
prices. quotations and sales Is con-
troiled by them. This Is blow at
what in the United States are known
as the market letters of brokers and
their solicitations to customers.
While this law has continued to
meet with the support Of the Agrari-
ans. the Centre and part OF the Con-
sentative party In the Reichstag repre-
senting Industrial neighborhoods. a
large element, and particularly the
bankers and brokers of the cities where
the bourses are located. have been
seeking its amendment. They claim
that It drives speculation to Paris
London and Amsterdam and deprives
them of business and profits. The
Prussian Minister of Commerce, Del
bruck, proposed last spring several
amendments. The main objection te
the old law was the Bourse Register
under which spectators In stocks OTTER
repudiated their losses on the grounc
that they had not registered as stoci
gamblers. Also many business mel
who liked to take an occasional iyel
in stocks had difficulty In doing 81
without registering. The Register hat
the effect ofbranding man as stool
speculator and thereby Affecting hi
other business.
Proposed Amendments.
The main concession that the bro
kers asked was the abolition OF tn
official Register so that anybod.
could gamble in stocks without hayini
to advertise the fact, and so that dos
ses could be collected from other
than registered brokers. An exception
TO the prohibition OF grain futures !
also proposed to be made to land
owners and farmers and grain merch
ants to the extent of their annual bust
ness.
Although these amendments do no
! greatly change the law as first passed
they are regarded as letting down tn
bars. and the mass of the Agrarial
| land Conservative parties are oppose
to them. oS far they have been dis
cussed extensively in the Reichstas
but the prospect of their becoming
L., Ma Work World