the price and fixes the level of value to which 
Berlin is compelled to conform. If, in the course 
of time, the interest in Turks in Paris gradually 
diminishes, and the people of Berlin or any 
other centre should become the largest holders 
of Turks, then the position would be reversed, 
and the Berlin or some other Stock Exchange 
would commence to dominate the market in 
Turks. 
In this way the principal markets for in 
ternationally held stocks are constantly 
changing, and the dominating centre of a 
stock does not depend upon its nationality, 
but upon the place where it is principally 
dealt in. 
Thus, the principal market for the Loans of 
the United States of America was at one time 
in London, but has now been transferred to 
New York. In the same way the Grand 
Trunk Railway is really a purely Canadian 
enterprise, but no Canadian or American Stock 
Exchange can at present control the price of 
its stocks, as London dominates the market ; 
whilst in the case of the shares in the Rio Tinto 
Copper Mine, which is situated in Spain, there 
is no independent market either on the Madrid 
or Barcelona Bourses. The shares are held 
in Prance and England, and the London or . 
the Paris quotation alternately dominates the