STOCK EXCHANGES.

Gisborne Times, Volume XXVII, Issue 2644, 28 October 1909, Page 2

STOCK EXCHANGES.

INTERESTING PARTICULARS

Some interesting particulars concorning the New York Stock Exchange, as well as the similar establishments in. Paris and Berlin, are given in the current “Scribner.” The Ne.iv York Exchange' is limited to one thousand members, governed by a Board of Governors, consisting of forty members, in addition to the president and treasurer. Seats upon die exchange are very valuable, selling at the present time for about BU,OOO dollars (£16,000). A larger volume of business is transacted upon its floor than upon any other exchange in the world. Tlie average annual transactions in stocks amount to more than 15,000,000,000 dollars, and the average annual transactions in bonds amount to nearly 1,000,000,000 dollars. —Tlio Bourse.— The Paris Stock Exchange, or Bourse differs very materially from the New York and London Stock Exchanges. It is really a Government institution, limited to seventy members, who, although elected by, the governing body, must be- apnroved of by the French Minister of Finance, and are appointed by the President of the Republic. Memberships are sold as high as 500,000 dollars (£iOU,000). Every member is responsible for the transactions and indebtedness of every other member. They act solely as brokers or agents, and are forbidden by law to deal on their own account or to he interested in anv other commercial enterprise. Dealing generally “for the account,” with fortnightly settlements, as in London. —The Berlin Stock Exchange.— The Berlin Stock Exchange, or Boerse, again differs materially from the others which have been referred to. it is really an open board of brokers, where anyone may come and, for a nominal fee, do business, subject to the general laws of Germany. The- rules of tlie Exchange are much less numerous and rigid than those of other exchanges. Most of the transactions are ••forMhe account,” with monthly settlements. As a general rule, margins are nob required. There is no regulation as to the rate of commissions. The persons dealing upon the Boerse are not subjected to anv scrutiny, and comparatively little control by tlie Exchange itself.