esident at once recognize the various transactions, and down
they go in the Secretary's book, and on the black board, while the
solemn-vizaged telegraph operator sends them clicking into every broker's
office in the city. High over all rings the voice of Peter, the keeper
of the gate, calling out members for whom telegrams or visitors have
arrived.

The other stocks awaken more or less excitement, and when the Regular
List is completed, the Free List is in order, and the Vice-President
calls such stocks as the members express a desire to deal in. Then,
unless there is a wish to call up some stock hastily passed over on the
call of the Regular List, the session closes.

At one o'clock, the afternoon session is held, and the routine of the
morning is gone over again. The transactions of both sessions are
carefully recorded in the Secretary's books.

The Vice-President receives a salary of $7000 per annum for his services,
which are not light. The Secretary and Assistant Secretary, and
Roll-keeper do the rest of the work of the Board. The last named keeps a
record of the fines, which yield an exceedingly large revenue to the
Board. The brokers are not the most dignified of mortals in their
meetings, but are very much given to disorderly conduct and practical
jokes. The annual dues of the Exchange are but fifty dollars, but the
average broker pays at least ten times as much in fines. To interrupt
the presiding officer during a call of the stocks subjects the offender
to a fine of not less than twenty-five cents for each offence; to smoke a
cigar within the Exchange costs five dollars; to be absent from special
meetings is to incur a fine of not more than five dollars; to stand on a
table or chair is punishable with a fine of one dollar; to throw a paper
dart or ball at a member during the session of the Board costs ten
dollars; and other offences may be punished with fines assessed by the
Vice-President at any sum between twenty-five cents and five dollars.

Each day a list of stocks to be put in the market is made out, and no
others can be sold during the sessions. The Board can refuse to offer
any particular stock for sale, and a guarantee is required of the party
making the sale. The members of the Board are men of character, and
their transactions are fair and open. They are required to fulfil all
contracts in good faith, however great the loss to themselves, on pain of
expulsion from the Board, and it is