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OFFERING BUSINESS IN THE SO-CALLED OPEN MARKET The names of the brokers are affixed to the benches. Almost all brokers have such a seat somewhere on the floor.

resume dealings for future delivery and to notes of the reorganized exchange, as a publish time-quotations. The brokers, on safeguard against "paper wheat.” Thus their part, agreed to accept five Agrarians the great Agrarian storm was laid with a on their governing committee, who, how- phrase. For what is to prevent two dealers ever, were to be selected by the “Eldest from settling the difference between the of the Merchants" from a list of ten sub- contract price of their transactions and mitted to them; but, in practice, this turns the spot price at the time of delivery? As out a barren victory for the Agrarians, and a matter of fact, grain speculation bethey rarely appear at the sittings of the tween professional operators goes on now committee. Equally barren is another in Berlin about as freely as ever; the only point conceded to the Agrarians. They marked difference is that the outsider eledemanded that the words, “For actual ment is wholly shut out. grain," should be printed upon the sales- Such are the main features of Germany's recent Bourse legislation. What has been The heavy stamp duties have diminished the result? In the security market there Berlin's importance as an international has been a shifting of business from time- market. The increased expense of listing bargains to cash transactions, and the has reduced the volume of new foreign monthly settlement has steadily diminished securities admitted; and the increased cost in importance. Before the stamp on sales of prolongation sends many large specuwas raised, operators were accustomed to lative operations to foreign exchanges. buy large blocks of standard government The whole tendency of the Bourse law, bonds and other international securities indeed, has been to drive German specuon time-bargains, and could prolong them lation to foreign markets. It is often re


Drawn by Werner Zehme. Half-tone plate engraved by J. Tinkey ARRANGEMENT OF THE “KÜNDIGUNGSZIMMER," OR NOTICE-ROOM, NOW ABOLISHED The “Kündigungszimmer" was formerly attached to the produce section of the Bourse, but ceased to exist with the prohibition of futures and the closing of this department in 1897. Here official notice was given of the expiration of contracts. The placards suspended in three circles

above the writing-tables contained the names of the interested firms.

from month to month with little expense, marked in the financial press that London till a favorable opportunity for profit-taking agents located in Germany get good orders presented itself. Owing to the present high even in times when business on German cost of prolongation, however, this carry- bourses is utterly stagnant. over business has vastly shrunk in volume, The prohibition of time-bargains in inand these securities are traded more and dustrials has put all the business in this more for cash. This naturally makes department upon a cash basis, and has heavier demands for money; and as few thus further swollen the brokerage operapurely brokerage firms operate with a large tions of the huge joint-stock banks. Has capital, such business is rapidly passing the prohibition given greater steadiness to into the hands of the strongest Berlin quotations ? The general opinion among banks. The high stamp gives these in- brokers is that values have fluctuated more stitutions another marked advantage, since abruptly under the Bourse law than ever, buyers prefer to send their orders where and figures have been printed which seem they can hope to get them filled by to confirm this view. At least, it is certain “matching," and thus save the tax. that the years 1897–1900 brought the most


enormous speculation in industrials that agitation in favor of revising the law has had ever been known in Germany, and arisen. Many chambers of commerce quotations shot


and down with unusual and other commercial bodies have deviolence.

clared for revision; and, as a direct result One of the capital aims of the Bourse of the Bourse law, the bankers of all law was to restrict speculation, but at no Germany have organized themselves for point has it more thoroughly disappointed the protection of their interests in matits authors. The volume of transactions ters of legislation and administration. cleared by the Kassen-Verein reached, in The first annual meeting of the new or1899, the record total of eighteen thousand ganization, the Bankers' Congress, was two hundred and ten million marks; for held in Frankfort, with an attendance of 1896, the year just before the law took nearly eight hundred delegates-certainly

effect, this figure was only eleven thousand the most imposing demonstration ever six hundred and fifty-three millions. It is made in Germany by bankers. The conalso certain that a still more marked in- gress unanimously voted in favor of a recrease of speculation occurred on the vision which should include the abolition books of the banks through the matching of the “ Bourse Register," the legalizing of of orders. Nothing can be clearer than time-bargains in industrial securities, and the complete failure of the law to diminish the repeal or reduction of the taxes on speculative ventures, and never was the Bourse transactions and listings. The outsider so active and so fully in control government, indeed, would now be willing of the Berlin market as in the years imme- to meet all these wishes of the bankers if diately following its enactment.

a majority in the Reichstag could be seThe moral effects of the law have been cured for such a reform. The present extremely bad. Through the “ Bourse Re- Prussian Minister of Commerce is fully gister” a purely artificial distinction be- convinced that the law needs revision; and tween legal and illegal transactions was in September, 1901, he called a conference introduced; unfortunate operators were of bankers and parliamentarians to discuss tempted to break their plighted word; the revision, out of which a bill for removing restraints of Bourse morality and public some of the more obvious evils of the law opinion were weakened; and distrust has has grown; but this measure is still in the supplanted confidence.

hands of the Bundesrath, and it is genThe abolition of grain futures has been erally understood that it will not be preequally disappointing. The position of sented in the Reichstag till the present Berlin as a grain market has been seriously tariff bill has been disposed of. Even then shaken. During the last few years the it is quite uncertain whether any reform papers have frequently printed compara- of the Bourse law could be carried. The tive quotations in the leading central mar- majority parties are strongly Agrarian, and kets which prove that German prices have still regard the Bourse, with a former become sluggish in responding to upward Prussian minister, as a "upas-tree"; and movements abroad, and that therefore if they do not secure the high duties on German farmers are failing to get as quick grain and meats which they are now dean advantage from rising prices as those of manding, it is quite certain that they will other lands.

resist any legislation for the alleviation of Owing to the above causes, a strong the Bourse's troubles.


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HE was a missionary's bride, The guard seized the bridle of Shirley's
just out from the States. pony, and with angry ejaculations turned
Her husband was a Yale the animal around.
man; he had been a half- "What does he say?" asked Shirley,
back on the university foot- helplessly appealing to Sing, the servant.

ball team. After graduation But Sing could only shake his head and he offered his brains and muscles to the motion her not to attempt the avenue again. Methodist Missionary Society for the ben- A crowd had gathered, attracted by the efit of benighted heathen. The society shrill outcries of the guard. sent him to Peking, and there, after three A Peking street rabble is always unyears, his sweetheart came out to marry pleasant, and this one was particularly so, him. Her Christian name was Shirley; his thought the missionary's bride. Frightened was George. It is not of the slightest con- by the infuriated looks of the guard and sequence what their last name was.

the unkempt-appearing men about her, Shirley had not yet learned a word of Shirley tried to hurry from the street in the Chinese. If she had, this story would never direction Sing was pointing out. A noxhave been written.

ious beggar, evil-looking and evil-smelling, The young couple were in the habit of placed himself squarely in front of the pony taking daily rides in and about Peking. and refused to move. Twice Singattempted These rides were the nearest approach to to force him to one side. The rabble met a wedding trip they could have. But once these impotent efforts with shrill jeers. when George was more than usually busy, Then the bride came to her own assistance. Shirley rode accompanied only by a ser- She turned her pony sharply and suddenly vant, a converted native and very worthy to one side, struck him across the flanks, man, whose acquaintance with the Eng- and dashed past. lish language was confined to one word, With a yell the beggar pursued her. To “Missy.”

escape the flying missiles sent after her,Anxious to reach the great plain beyond one had already struck her arm,-she enthe city gates, Shirley rode rapidly through tered a long, narrow alley at the right. The the ill-paved streets; but in the Tatar city clatter of hoofs behind made her aware that she was suddenly stopped at the entrance Sing was following, as well as the sound of to a wide avenue by an imperial guard. his voice calling beseechingly, “Missy!

The avenue had been carefully repaired, Missy!” The bride's only answer was to and strewed with a fine yellow sand. urge on her pony, determined first to place

Whenever the emperor leaves his pal- the whole length of the alley between ace in the Prohibited City, to worship at her and the vindictive pursuers. Another the “Tient tan " (altar to heaven) or at pleading cry of “Missy! Missy!" reached the “Sien Nung tan” (altar to earth) the her, and her fleet-footed pony bounded streets he traverses are closed to the public. into a wide street. One glance showed her This day his Celestial Majesty had issued that it was covered with yellow sand, and from his seclusion to offer up prayers for a second that the imperial procession was rain. His time was wisely chosen, for dark, not a square distant. She had a confused threatening clouds floated low in the skies. consciousness of men on horseback, of ele



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