Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-01-25

and be required to report all his financial
transactions to the government.
Section 40 of the French penal code
prohibits Corners. and all attempts to
control the supply or affect the prices
of grain. flour. bread, wine and all
other kinds of food and beverages. ANY
rson or persons who individually or
IN combination attempt to advance or
depreSs the price of such commodities
above or below the value determined by
natural and free commercial competition
will be punished by imprisonment for
not less than one month. and not more
than one year. and pay a fine OF nos
less than 900 francs. and not more
than 10000 francs. And. after serving
their terms of Imprisonment the Of
tenders are placed under police surveil-
lance for not less than two years, OF
more than five years. during which
t'n'" they are required to report all
their transactions to the government
Germany Takes Up Crusade.
Germany. under the pressure of the
agrarian party, has undertaken what
other nations have been DESTROYS of do
ing, to check speculation in stocks, and
also in food products, especially grain.
Whether this will be accomplished by
the law recently enacted remains to be
seen, and it will certainly be interesting
for other nations to watch the expert
ment. Below are given the most salient
features OF the law.
L. No exchange can be esta blished
without the consent of the government,
| which, through a commissioner, will ex-
ercise continued supervision over its
actions and dealings.
2. A court of honor is created. which
may exclude persons from the exchange
after due trial. Parties who have been
judicially declared bankrupt will be eX-
cluded for at least six months, and per-
| manently il the bankruptcy was fraudu-
lent.
3. When the listing of stocks or bonds
lis applied for at the exchange a commit
tee will make a thorough investigation
of all circumstances affecting the Sc
curity and desirability and will decide
whether they may be admitted. Before
this is done prospectus must be issued
giving all particulars of such securities
Stocks will not be admitted until one
year after the entry of the corporation
or firm name in the commercial register
nor before the publication OF the balance
sheet for the first business year Al
parties who have gned the prospectus
are individually liable for the CORRECTNESS
of all information it contains and mus.
make good any loss or damage to the
buyers of such securities resulting from
false or misleading statements i'm the
prospectus Besides, they are liable TO
be criminally prosecuted if the circum-
stances warrant such proceedings
Speculation in grain and mill products
on exchanges is forbidden by the Ger
man law, as l have mentioned before.
but speculation in .Other farm products
and stocks and bonds is allowed, provid-
, ed the parties enter their names and
their transa ctiOns in the exchange regis
ter. AS the latter is a public record.
secret gambling by private individuals
is thereby done away with. because a
! private citizen cannot afford to have his
name publicly exposed in the gambling
register, and dealer cannot venture to
business ncf yxl, n,,l
he could not press a claim. Even a de-
posit will not protect him, because he
cannot touch it. having no legal calm
against the speculator. This feature of
the law is regarded as a wholesome re-
straint, because IL will prevent private
individuals from specializing i'm shares of
which they know nothing. speculations
which have seldom brought profit. but
often ruin and shame to many a worthy
man and his family