THE ALUMNI JOURNAL 37 



Business is conducted in varying ways at the different places. 

 In London we have the Exchange, the Royal Exchange. The 

 drug merchants and brokers and representatives of foreign houses 

 meet there daily at about n o'clock, say "how-do" to each other, 

 talk over the weather and are pleasant and sociable but very little 

 actual business is transacted there. Drugs are sold in London 

 chiefly at the fortnightly auction sales, at which the commission 

 houses who receive consignments from all parts of the world offer 

 these goods at public auction to the highest bidder. The articles 

 offered for sale are advertised about a week before the time of 

 sale, and samples can be seen at the warehouses also about a 

 week prior to the time of sale. The goods are bought as a rule 

 by brokers ; these brokers as a rule represent only one house in 

 any one country. For instance, a broker will represent a house 

 in America, one in Russia, one in Germany, one in Holland and 

 one in Austria ; in other words, their clientele is divided in such 

 a way that the interests of their principals do not conflict. They 

 get orders to buy certain goods, the price is either left to their 

 discretion or a price limit is given by their principals, and they 

 are paid a brokerage by the buyer, differing in that respect from 

 the way brokers conduct their business in this country, where 

 they work for the buyer without compensation, being paid by 

 the seller. At these auction sales 40 or 50 or 60 brokers assemble 

 (each man with a high hat), and the goods are offered in the 

 way with which we are all familiar — they are knocked down to 

 the highest bidder. Frequently they are offered at an upset 

 price ; if there is no bid received above this price ,they are with- 

 drawn from the market and thereafter disposed of at private sale. 

 While there is no law bearing on the subject, this has been the 

 custom since time immemorial, and it is a guarantee to the shipper 

 that his merchandise will not be slaughtered, will not be sold 

 below the market price, because it has been offered at public 

 sale free to all comers ; it virtually does away with collusion be- 

 tween the consignee and some buyer whom he may wish to favor. 



Hamburg has a real drug Exchange ; the one in London is 

 more of a social affair than a business institution. In Ham- 

 burg the Exchange meets at one o'clock, and every broker is 

 compelled to remain there until 2 o'clock, and if he gets there 

 after one o'clock, a small fine is imposed. Each broker has 



