The Minneapolis journal. [volume], April 29, 1906, Part II, Editorial Section, Page 5, Image 17

About The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939

Image provided by: Minnesota Historical Society; Saint Paul, MN

                
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ITHE Wpj MOS
PICTURESQU E MARKE
Story of the Origin and Development of
Beginning of the Paris Stock Exchange.
The Stock exchange of Paris, the ex
act name of which is "Company of
Agents of Change"-Compagnie des
Agents des Changewas established
during the early part of the eighteenth
century. I was organized by a few
wealthy and conservative men, in
strong contrast to the speculative
schemes of Law, and received a charter
from the government.
A peculiar feature of the Stock ex
change is that it is entirely under gov
ernment control Until a few years
ago the membership was limited to
sixty. Then it was increased to
seventy, which is the present limit.
There can be no new member elected.
"until a vaeancv is caused bv death 9r
dismissal. Six members were elected
In 1905, and two in 1906, up to the last"
of March. The oldest member dates
from 1369. Applications for member
ship must be approved by the govern
ment before the applicants can be
elected. The members are called
."Agents de Change," with a strong
French accent.
Early Conservatism.
As already said, the Agents de
Change were a conservative set of men.
At the present time they are forbidden
to speculate or trade for their own ac
count They are supposed merely to
act for the public. Only a few stocks
or bonds, principally government, were
at fiist traded m. This, of course,
kept the market a narrow one, tho com
paratively safe. Owing to the limited
membership it is not difficult to retain
a Jitgh standard among the members.
One of the well-known and respected
members of the exchange is Count La
Fayette, a descendant of General La
Fayette, so much loved by Americans
for his valuable services in the revolu
tion.
I was particularly fortunate in meet
ing Count La Favette, and he instantly
volunteered to guide me about the ex-
'han^e ancl to him I am indebted for
much information and man^ courtesies.
Many Americans will remember
CJount La Fayette, for he accom
panied a party of distinguished French
men to Washington to attend the un
,_yeiling of the Bochambeau statue in
1902. He is now apparently about 48
fears of age. He is a gentleman of
exquisite manners and of distinguished
ippearance. It is a pleasure to see
men men in Europe who can interest
-hemseh'-es in finance and commerce.
The stock market became too narrow
"or the public and for others who had
i desire to enter into the stock broker
_ige business. The result was the be
rmning of an independent exchange,
vhich has deyeloped into a larger in
titution.
The "Coulisse."
The members of the independent ex
hange are called "La Coulisse,"
vhich, like many French terms, conveys
insinuation hard to interpret. This
a theatrical term, meaning "in the
vings." In semi-slang I should say
hat the coulisse are hangerson to the
eal thing, in which they cannot par
lcipate In fact, the title of the in-
lepenGent exchange indicates this. I
a "Syndicat des banquers en valeurs
terme pres la bourse de Paris." That
s, Syndicate of bankers in securities
or account (also for cash transaction)
'tea the bourse.
=Sr
Thart" little word "near," convevs a
vorld of meaning, when understood.
""he exchange of the coulisse is "near"
he bourse, both literally and figurative-
y. I is, in fact, on the broad, high
orch of the bourse, in the open air, the
'curb" of America. I is "near" to
he bourse also in that the interests of
he two exchanges are closely allied,
nd as the members of each give or
-lers back and forth the two ex
hanges.
Yet the same stocks are not traded
both exchanges. When a stock is
isted in the bourse, it is withdrawn
rom the list^of the conlisse.
It is rather a no\el sight, on th
Teat porch at the top of the marble
teps, to see the solid groups of the
_^ oulisse frantically trading in stocks
nd mining shares. Imagine several
undred naturally quick and excitable
enchme the pit of the Chicago
Joard of Trade, or on the floor of the
few York Stock exchange' Of course,
othing can exceed the intensity of the
train and excitement during a wild
larket on these American exchanges,
'hen it seems almost tragic to those on
he inside. But while I am told that
ere the traders become frantic during
xciting marketsand one can easily
elieve ityet in an ordinarily active
larket, the trading impressed me more
a rapid-fire gun at target practice
ather than as if there were an enemy
I front.
In America the barbarous custom of
Exchange of ParisHow Business Is Done There
and by Those on the Outside.
'COULISSE" TRADINGTHE PARIS "CURB
Ipecial Correspondence of The Journal.
ARIS.The name of John Law,
he of "South Sea Bubble"
fame, an early-day promoter who
might safely have sat in a game with
the BogersRockefeller-Morgan crowd,
seems so inseparably interwoven wih
financing and speculation in France
that a discussion of1
the Stock Exchange
of Pans would be incomplete without
some reference to him. And indeed,
the fever for speculation or gambling of
a broader mature than mere games,
which Law developed in the volatile
Frenchmen in the earlv part of the
eighteenth century, doubtless led to the
beginning of the Stock exchange. The
"Bourse" is the building occupied by
the exchange.
In 1716 John Law founded the Bank
of Pan s, with capital stock of 6,000,000
francs, $1,200,000. Shortly thereafter
he established the West India company
with a capital of $20,000,000. In 1719
this was increased to $50,000,000. Then
began a period of wild stock specula
tion such as the world had never seen,
and the intensity of which has never
been equaled Of course there was
but one endcollapse "but speculation
in stocks had had a beginning, and it
was a game too erood to be entirely lost.
nan
the Stock
mobbing' strangers when caught by the
traders, has nearlv vanished. But it
is still a rite, not ''right," indulged in
by the coulisse. Perhaps the Americans
fureditbfrom
jot them. If a stranger,
curiosity, gets within reach
of the coulisse on the porch, he is mal
treated manner truly barbarous, and
he will be fortunate to escape to the
street with half his clothes on
him.just
Thi8 of course, is great sport for the
coulisse.
This second exchange is a private
corporation I was organized by
wealthy men, and has grown in favor.
The two exchanges have of late years
been
inclinindg
toward
eachl
EASY
TERMS
other, an
believe by some wil ultimateld
be consolidated. The exchange of the
Agents de Change is too limited for the
present commercial and financial de
mands, and two are pot desirable. I
is therefore probable that the member
ship of the old one will be increased.
Thus the exchange of the coulisse will
cease to exist.
The hours of the exchange are from
12 to 3. The exchange room of the
bourse is divided, by iron railings, into
several compartments On corner is
reserved for clerks, who keep records,
in large books, of the stocks traded in
for their houses. No record is kept by
the exchange of the total number of
transactions. The exchange is open
during trading hours to visitors, who
may enter without a permit.
The building is owned by the city
and leased to the Agents de Change.
The traders in the exchange room are
divided into five groups. One group
trades in bonds and stocks for cash
accounts only. The others trade in
the various stocks and bonds for
"term' account, or on margins for
speculative account. The latter ac
counts are settled twice a month, as
in London, instead of daily, as in New
York. The interest on long stocks'is,
therefore, less than in New York.
There are listed in the exchange o
the Agents de Change some 300 stocks
it is7
Easiest Terms
Lowest Prices
Dining Chairs
A high grade Dining Boom Chair at
a very low price. It is strongly built
of solid oak, and nicely finished
golden, has full box se.at upholstered
in best grade genuine leather. Eegu
lar price $3.50. (fe O 7
Special *p 9
Rocker
Handsome Parlor Rocker, well made
and nicely finished in mahogany
has neatly Carved back, turned
spindles and saddle seat. Regular
price $3.50.
Special $1.95
Buffets
Here is your chance to get that
buffet you wanted so much. The fol
lowing is a list of bargains selected
from our spring stock. These goods
are strictly high grade in style, con
struction, "finish and material. All
made of selected quarter sawed oak.
No. 3137Weathered oak regular
price $22.50. Special $15.00
No. 3136Weathered oak regular
price $27.50. Special $18.50
No. 3135Weathered oak regular
price $27.50. Special $18.50
and bonds for term trading, and about
600 for cash account. The former in
clude French bonds, colonial bonds, a
lone list of French bank stocks, sev
eral French railwaysthere are only
six biff French roadselectric and om
nibus line stocka of different French
cities, and many French industrials.
The foreign list includes many Rus
sians, municipal bonds of different
countries, bank stocks, railways, indus
trial and mining.
For cash account there are many
French municipal bonds, tramways,
bank, electric companies, industrial, and
a cood number of miscellaneous stocks.
American stocks are not traded in.
but several railroads are quoted over
the ticker. The government demands
a tax, based on capitalization, on for
eign stocks and bonds traded in. This
should not bar all American stocks,
however.
The Coulisse trade a variegated'
list of etQcki, many of which have in
their names indications of being "cats
and dogs,'' and yellow ones, at that.
At the present' time Kaffirs, or Jun-
gles," so dear to Britishers, are among
the most active. A big decline has
been in progress of late. Mining stocks
are traded in very largely. The list of
stocks and bonds' for term account in
clude the following:
Argentina fours, '-Brazil fives, Cuba,
Madrid, Mexican, Bank of Athens,
Bechuanaland El
British South Af-
Bank of Salonica,
ploration company
rica Explosive ~~_
ic Gol Minin
pany, I)e Beers, Golden Horseshoe
Estate Company. The latter sounds
good. There are altogether stocks of
flftv mining companies.
The coulisse trade in twice the num
ber of stocks and bonds for cash ac
count that is listed for term account..
Of course, many of the stocks and
bonds are absolutely sound perhaps a
large ma-jority of them. If one should
go over a list of securities traded in
on the New York Stock Exchange he
would find a few cats and dogs, so this
is no reflection on the Paris exchange.
Banks and the Stock Exchange.
One is strongly impressed with tho
open intimacy between the banks and
the Stock exchange. In a large room
off the exchange room the prin
cipal banks of Paris have little com
partments or booths, with a clerk and
telephone. The exchange and the
banks are, therefore, in close commu
nication, which is no doubt a conven
ience to the agents de change.
The trading in bank stocks in the
open market is another feature of in
terest by comparison. Banks in Amer
ica seem a little particular who holds
their stocks.
Tickers in the Banks.
The exchange has direct telephone
communication with London, Antwerp
and Berlin, and quotations from the
Stock exchanges of these cities are
given over the ticker.
Probably the traveler meets with no
greater surprise in connection with tho
market than when he sees tickers in the
banks of Paris. All the "good" banks
have a ticker, and it is not in a back
room. In one of the branches of the
Credit Lyonnaise in Paristhere are
branches in all the important cities of
FranceI saw a ticker at the window
near the front door. There was a
group of men around it, earnestly read
ing the tape. What a sight for bank
presidents in America!
Eollin E. Smith.
company, Cape Copper
company, French Gold Mining com-
MtraDERESS ACQUITTED.
Atlanta. Ga April 28 Mrs E H. Staudifer,
accused of the murder of her sister, Miss
Chapell Whisenant, March 9 last, was acquitted
after teu minutes' deliberation by the jury.
Mrs Standifer entered a plea of not guilty,
and. while admitting the killing, her counsel
declared ttiat emotional Insanity Impelled her
to the deed.
PETERSON'S
73-75 South Sixth Street.
When it Comes to Housefurnishing
LET PETERSON FURNISH YOUR HOME.
Many are the young couples (now our staunch friends), who have found
it comparatively easy to set up for themselves in enchanting little homes
of their own, even though they had no bank account to start with and the
bread winner was getting only ordinary wages. W made it so easy for
them that before they realized it, and really without missing the amount,
they had completely paid for a splendid outfit.
Carpets and Rugs
House-cleaning time usually means
a new -carpet or rug for one or more
ofr the rooms. Remember, we are
headquarters for best qualities and
assortments of carpets and rugs and
prices are always the lowest. We
also arrange convenient terms of
payment for you.
Automatic Refrigerators
are thex
satisfying kind they keep
the food cool, and-best of allare
free from taint and odor. Your milk
and butter will not smell and taste
of fish and onions. I is easy to
keep this refrigerator sweet and
clean. The patent trap keeps the
warm air from passing into the re
frigerator through the drain pipe.
You will be interested in looking this
line over and. noting the low prices.
^W5 Editorial Section. THE MINNEAPOLIS JOURNAL. Sunday, April, ajj, 1906.
BLAME AUTHORS FOR
FAILURES ON STAGE
\i
Poor Writing ftock in Path of
Theaters, Say London-
Critics.
New York Herald Special Cable Service,
right, 1006, by the New York Herald,
Jjonclon, A-Tril 28 Discussing
I is therefore agreeable to chronicle
anotner genuine succeBB in apiece pro
duced under the point management of
Charles Frohman and Arthur Bouch^er
at tho Garrick. This is "The Fascin
ating Mr. Vanderbilt," by Alfred
Sutro. On the whole the last piece,
"The Walls of Jericho," proved the
greatest drawer of recent years until
Mr. Piemer eame along with "His
House in Order," at the St. James.
Another Farmers' Company.
Special to The Journal.
Humboldt, Iowa, April 28.Another
farmers' co-operative society has been
launched in this part of Iowa. Tho
farmers about Eenwick have organized
and will conduct an elevator business.
The Boone Valley Athletic and Declam"
atory association of high schools will
hold its annual meetinn on May 11,
at Eagle Grove.
Buy Now
Pay Later
EASY
TERMS
Yon get
big
returns
for your
money
when you
trade here
CARPET SPECIALS.
Best quality C. C. Ingrains, A
65c goods, at T'MQ
Best quality all wool In- JM g^
grains, 75c goods, at .OvC
Extra heavy all wool In
grains, 85c goods, at 0*/C
RUG SPECIALS.
A fine assortment of extra heavy
Wilton Velvet Rugs, beautiful in de
sign, 9x12 size, ^d*0*7 B*/\
omy qZ7.5
Extra heavy all worsted high pile
seamless Wilton Velvet Rugs, large
assortment of patterns OOA
9x12 size only p3U
Heavy Brussels Rugs, variety of de
signs in beautiful color (h mm mt
effects, 9x12 size b 1 r0\/
No. 3143Golden oak regular
price $22.50. Special $15.00
No. 3165Golden oak regular
price $23.00. Special $15.50
No. 3138Golden oak regular
price $35.00. Special $23.50
No. 3141Golden oak regular
price $35.00. Special $23.50
No. 3139Golden oak regular
price $40.00. Special $36.50
You always get a square
deal at PETERSON'S.
jmmmmmm
Defective) Page
LINOLEUM.
Fine quality Im
ported Linoleum,
food new patterns,
ought to sell at
65c. This sale,
quare yard
46c
Copy-
the
new
numerous failures of the recent
productions on the London stage to at
tract the public, some managers and
critics attributed the fact to the dearth
of good authors. Last year in response
to a pathetic plea, of the great unacted
the Playgoers club organized a compe
tition on the understanding that if a
suitable play were found Philip Carr
would produce it at a West En the
ater.
Two hundred and fifty plays were re
ceived, read and considered, but altho
a careful system of reiection elimin
ated all but two from the competition,
the committee and Mr. Carr agreed that
even these two were not of a nature to
meet the requirement of a London the
ater. Turning to the London halls the
keen competition, amounting in many
instances -to a fight for very existence,
ha* ,iust received a fresh object lesson.
Lyceum Closes Down.
The Lyceum, the home of the late Sir
Henry Irving for so many years, after
a strenuous bid for popularity as a va
riety theater, has been forced to close
its doors, and now it appears that Lon
don's biggest and most magnificent
house of entertainment, the Coliseum,
has reached a crisis.
An attempt was made to run in that
house four performances daily. That
failed, and the performances were cut
down to three, and now only the rais
ing of more capital can avert a disas
ter. This is the purport of the report
of the directors, who state that they
have done everything in their power to
maintain the credit of the company and
to raise capital, having become person
ally responsible for large sums.
Bodes in Path of Others.
Out of thirty West End theaters, ex
cluding variety shows, there were up
till Thursday only seven which this sea
son had produced successful plays, and
some of these were only a moderate
success. I am not referring to musical
comedies, as they are called, and which
seem to be drawing most of the money,
but actual plays.
SilksTaffeta Pongee, a splendid
heavy all silk quality, wear guaran
teed, in all the new AE*n
shades, yard O O
SilksBlack Taffetas, full 27 inches
wide, wear guaranteed, positively
worth $1.00, at, Aft
SilksChiffon Poplins, in the new
Alice blue, French grays, reseda,
cream, light blues, old 9&f*
rose, black, etc., at, yard.. wV
SilksNew Novelty Silks, in stytish
gray checks and stripes, Louisines
and Taffetas, for shirtwaist suits,
waists, etc. 75c WA sTfcj^
value, yard
mW%F%*
Dress GoodsGray mixtures, '46
inches wide, in stylish stripes and
Scotch effects, 75c ^titaT*
value, yard W
GoodsFrench Veilings, in
blue, cream, French grays,
rose, light greens, heliotrope,
Dress Alice
old
black, etc., at,
yard
^,'.Monyl
49o
Dress Goods54-inch black Chiffon
Panamas, extra fine, high 4f5Cfetf%
luster, $1 quality, yard wFO
Dress GoodsMohair Sicilians, 54
inches wide, in grays, navy, na
tional, green, black, 75c JkWkf%
values, yard 1 5FO
Mohair LusterIn stylish suiting
effects in plaids and checks, in the
new spring shades, 25c |B A
quality, yard OUl
Aeolienne ClothsA highly mercer
ized silk warp fabric, in beautiful
new shades and black, OiTfc..
at, yard OOU
Dress Goods 36 inch "Wool Poplins
and Jaequard Crepe Cloths, in cream,
Alice blue, French grays, navy,
reseda, blacks, at, AB A
yard mm%3%M
Dress Ginghams8c quality, 100
pieces in a big variety of choice
new spring styles and Rf*
colors, yard Ol#
Printed Batiste15c quality, 2,000
yards, in white and colored
grounds, dots, scrolls, stripe and
floral designs, mill ends, lft#%
yard Madras ClothsRegular 25c quality
these cloths are full yard wide and
come in the new spring
styles, yard
Organdies In 'bea.ntifnl -floral
signs, white and tinted grounds, big
variety, at,
vard
12G 12G
Matt J.
Johnson's
*&
*J!
Dillin Drag Co.
T. K. Gray.
A. Backdabl & Q.
Brede & Erkel.
Henry BueLler. i
George W Bush
W. A. Cotfin.
Crocker & Thompson.
A. B. Crovell.
Douglas Pharmacy.
Gamble & Ludwig.
John Goldner.
Goodrich & Jennings.
MtH
Why Suffer
from Eheumatism, Catarrh, Kidney Trouble, Back
ache, or any other Blood Trouble when you can
BE CURED=
The whole trouble lies in your impure blood, and
you can only be cured by purifying the blood.
is a most wonderful blood medicine. It acts direct
ly on the root of the trouble and effects immediate
relief and a permanent cure to the sufferer.
to refund your money if you are not satisfied after
^taking HALF of the FIRST BOTTLE.
EADER
An Unmatchabie List of Monday Specials
That You Cannot Afford to Overlook.
Spring Jackets, $4.48Pony and
fitted jackets, in fine ccfrerts and
black cheviots, English top coats,
in the new mixtures, Etons, in taf
feta and broadcloth, JB A_Wk.
$7 values, Monday... v^llO
Spring JacketsIn the 21-inch cor
set fitting styles, taffeta lined, in fine
coverts and broadcloths, taffeta,
Etons, pony and box coats, in mix
tures and coverts, fe sTfcO
$8.50 values, Monday 9vifO
Tailored SuitsMade up in the
stylish gray mixtures, broadcloths
and chiffon Panamas, in all the
new high colors, Eton and^ pony
jackets, very stylishly trimmed
with fanc vest effects, braid and
taffeta, ful circular skirts, $22.50
$15.00
SuitsStylish Eton effects, with
deep girdles, short sleeves, ^Persian
vests, trimmed with silk braid, full
circular skirts, colors of navy,
black, rose, violet, gray and Alice
blue, $18.00 suits, flA A A
Monday IFlF
Percale WrappersBest quality per
cale, dark and medium grounds, full,
deep flounce, shoulder trimming,
bishop sleeve, braid trimming,
$1.50 wrappers, Oft**
Monday wOw
Stylish Walking SkirtsIn the full
circular and plaited styles, trimmed
with tailored folds and bands in
serges, mohairs and Panamas, in
navy, gray, white and black, also
the stylish gray mixtures, $8.00
skirts, Mon- 4feZL Qft
Walking Skirts, $3.95In the new
gray mixtures, suitings and mo
hair in navy, white, gray and
"black, full ciTculaT and plaited
panel effects, $5.00
skirts, Monday....
Laces Immense assortment of
Valenciennes lace with insertion to
match our usual 5c values, 0*%
Monday
Couch GovernFine line oriental
Couch Covers, all new styles, bought
to sell at $1.25. This
sale, each
Ladies' UnderwearGreat variety
of* Ladies' Union Suits, at prices
ranging from 75c OQ^
$3.95
89o
Infants' VestsThe garment we
usually sell for 12c.
Special, Monday....
White GoodsSpecial Monday sale
in fine White Goods great variety
to choose from, A tS
7o
at ZO O
American Beauty Corsets
Our Corsetieres are careful to find which particular model among the hun-
dreds here is going to be the best for your figure.
American Beauty Corsets
There are no finer corsets made. Many of the models are constructed with
high busts and long tapering waists to conform to the Princess and girdle
gowns that are the rage this spring. We have other corsets, too, in nearly
every make, style and quality. We can corset you and do it properly.
New Corset Section, Second Floor.
We call your special attention to style 738 at $2.00.
6088
I Absolutely Guarantee
FOR SALE AND GUARANTEED BV
0. H. Grabben & Cp.
A. Grotefend'8
Hansen Drug Co.
O. E. Haugen.
W. K. Hicks.
S HArn
Semes' rtoatmacy.
KfldiBh
John H. KInports.
A J. Kline.
C. Krukeberg
Lang A Delander
E. M. La Penotiere.
Lion Pharmacy.
A. H. PersaU.
Robertson Drag Co.
George A. Rose.
A. A. Segerstrom.
A Steinlng-er
3 Storms &. Co.
W H. Sweet.
Topper & ObamberUiD*
E B. Wilson.
N. A. Wlnslow.
Matt Wltticn.
High GratU Barmints
lor MEN and WOMEN.
I I MILLINERY!
WmmW $i per week.' $i perweek.
P. GROTT & CO., 8l4U8l6WlcolletftYe.
^**mm0m0*m0i*mi*mm*mmmmJiiAm*0 mmtmmtm mmtwamm
BRASS RODS
Silver end Exten
sion to 54 inches,
with hooka com-
1 sold by
everyone at 10e.
Our special, eaek^
Ladles' HoseFine imported full
fashioned Hose, black and
soles, worth 30o,
special Ladies' HoseThe celebrated Bur-Bur
son Hose, fashioned feet
and legs, for Monday...
23cewhit
ated 12Jo
Hose.,,gHose
Ladies' HoseThe Bnrson 25c
in solid black and white1
i
5oV
soles. Special, Monday.... 1 W
Hose, Ladies' HoseFull seamless Hose
double heel and toe, worth
10c. Special, Monday..... 6o
Ladies' UnderwearSwiss ribbed
Vests, a large assortment,
at 10c 8 and O
Petroleum Jelly, 5c200 large bot
tles Petroleum Jelly, screw,top bot
tles, worth 10c. Special,
drug counter, bottle 6o
Writing Paper, 10c500 fancy boxes
Writing Paper, ruled and unruled,
fine quality paper, worth A A
19c. Special, box I
Ribbons, 23c200 pieces Messaline
Eibbons, 5 inches wide, bright lus
ter, all colors but black
35c quality. Special,
yard 23crregula
Pearl Buttons, 5o100 gross White
Pearl Buttons, 12 to 18-line variety
of patterns, worth to 15c IJP
dozen. Special, dozen W
Silk Shoe Laces, 8c860 pairs
black Silk Oxford Shoe Laces, SO
inches long, tipped ends, worth, 15
Special, notion counter,
pair O O
Collar Bandings, 25oNew, Swiss
Embroidered and Lace effects,
dainty patterns, worth 3flc. Special,
neckwear department, A|f A
Men's Underwear Men's Shirts
and Drawers, in ecru, blue and
brown shirts made with French
neck and silk trimmed fronts, draw
ers with double seat, glove fitting
garments that sell regu- Ag-
larly at 89c, special SBOO
Men's HoseMen's Cotton Hose,
in blue and tan mixtures,
values at 10c special
5c6 *or
Men's Overalls Men's Overalls,
made with apron front, in a good
strong grade of denim, sold
larly at 75c.
Special Men's HandkerchiefsMan's Linen
^Finished HancUseTc&ief a, ^in plain
and colored border,good values at
10c. Special, each 5o
6 *or
25cdgoo 50oureg 25o
id