very rare that an expelled member can
be reinstated.

III. THE GOVERNMENT BOARD.

The room used by the Government Board, in which all transactions in the
bonds and securities of the United States take place, is located on the
second floor of the Exchange building. It is handsomely frescoed and
furnished in green rep. The basement beneath this room is an immense
vault, containing 618 safes, arranged in three tiers, and guarded by four
policemen detailed for that purpose. These safes are a foot and a half
square, and are rented by the brokers who deposit in them overnight small
tin boxes containing their bonds and other securities. It is estimated
that the value of the securities nightly deposited here is over two
hundred millions of dollars.

The seats of the brokers in the Government Room are arranged in tiers,
rising one above the other, from the floor to the wall. The officers
occupy a platform at the head of the chamber. The order of business is
very much like that of the Stock Board.

"The Vice-President begins:

"'6s '81 registered--'81 coupon. 5.20s '62 registered--coupon. What's
bid?'

"Here and there from flanking chairs come sputtering bids or offers:

"'Ten thousand at 3/8, buyer 3.'

"'I'll give an 1/8, seller 3, for the lot.'

"'0.25, buyer 30, for fifty thousand.'

"'0.25, regular, for any part of five thousand.'

"_First Voice_. 'Sold,--five hundred.'

"The presiding officer repeats the sale and terms, the secretary makes
his registry, and a new bond is started.

"Sometimes when 5.20s are called, there is at first only one voice which
rings the changes on 'I'll give 115. I'll give '15 for a thousand,--'15
for a thousand.' Presently, however, before any response follows the
offer, a member in a distant corner, either carelessly or maliciously,
shouts out, 'I'll give '14 for a thousand,--'14 for a thousand.'

"The Vice-President plies his hammer: 'Fine Irving--fine Irving fifty
cents.' The Roll keeper proceeds to make his little note of it, and
Irving, who has violated the rule, founded on common sense, which forbids
a member from making a bid below or an offer above the one which has the
floor immediately subsides amid the laughter of his neighbors.

"Occasionally an interruption of a grosser character occurs, a member
leaping from his seat on some slight provocation, and striking off the
hat of the man who has offended. Fine Harrison, fine Harrison again,
_fine_, FINE