lerks kept until the matter is
satisfactorily adjusted. At ten, promptly, business begins. Clerks come
rushing in with small trunks, tin boxes, or with bundles in their arms,
and take their seats at the desks. On the side of the room entered only
from the manager's office is a desk, not unlike a pulpit. Precisely at
ten the bell rings, the manager steps into his box, brings down his
gavel, and the work of the day begins. Quiet prevails. No loud talking
is allowed, and no confusion. A bank late is fined two dollars; a party
violating the rules, or guilty of insubordination, is fined two dollars
and reported to the hank. On repetition, he is expelled the Clearing
House. The daily transactions of the Clearing House varies from
ninety-eight to one hundred millions. The system is so nicely balanced
that three millions daily settle the difference. Each bank indebted to
the Clearing House must send in its check before half after one.
Creditors get the Clearing House check at the same hour. Daily business
is squared and all accounts closed at half after three. Every bank in
the city is connected with the Clearing House by telegraph. The morning
work of clearing one hundred millions, occupies ten minutes. Long before
the clerks can reach the bank, its officers are acquainted with the exact
state of their account, and know what loans to grant or refuse. Through
the Clearing House each bank is connected with every other in the city.
If a doubtful check is presented, if paper to be negotiated is not
exactly clear, while the party offering the paper or check is entertained
by some member of the bank, the telegraph is making minute inquiries
about his financial standing. Before the conference closes, the bank
knows the exact facts of the case."

V. CURB-STONE BROKERS.

The members of the Stock and Gold Exchange, as has been stated, are men
of character. Their transactions are governed by certain fixed rules,
and they are required, on pain of expulsion from the Exchange, to observe
the strictest good faith in their dealings with each other and with their
customers. If the operations of the street were entirely confined to
them, business in Wall street might be regarded as in safe hands. But
there is another class, even more numerous and quite as well skilled in
the ways of the street, who transact a vast part of its business. They
are not members of the Exchange, and in former times used to assemble
around