oportion to the defaulter's means or
resources; and where his general character has been irreproachable. The
second class, for cases marked by indiscretion, and by the absence of
reasonable caution only, or by conduct reprehensible in other respects.
The third class for cases where the defaulter is ineligible under either
of the former classes, but whom, nevertheless, the committee may not feel
warranted in excluding from the Stock Exchange. The final decision of
the committee on each defaulter's application will be notified to the
members in the usual way, and remain posted in the Stock Exchange for
forty days. Stockbrokers rarely go into the Bankruptcy Court, as the
house appoints assignees, and settles the affair in a much easier way.
Lame ducks are not always ruined in purse. I knew one who waddled off
the Stock Exchange, he having been a speculator on his own account, and
thus evaded the payment of rather a heavy sum. I met him at Brighton
this summer, living in one of the best houses in Kemp-town.

Stock-brokers are very facetious fellows, and amuse their leisure hours
in many ways, such as tossing for halfcrowns in a hat, and practical
jokes; occasionally a good deal of small wit passes current. I have
heard of an almanac, circulated in MS., in which the various
peculiarities of individual members of the Exchange were very cleverly
hit off. A late Exchange wit has given birth to the following _jeu
d'esprit_, which has attained a wide-spread popularity in the City:--

"When the market takes a rise,
Then the public comes and buys;
But when they want to realise,
Oh! it's 'Oop de doodum doo!'"

When the government broker appears to operate on behalf of the
Commissioners, for the Reduction of the National Debt he mounts into a
"box," and is surrounded by a clamorous host, all eager to buy or sell.

The present number of members of the Stock Exchange approaches nearly
800, each paying a subscription of 10 pounds per annum, besides finding
securities for between 800 and 900 pounds for three years. Our
stockbroker generally spends his money freely. If he is a married man he
has a nice villa at Norwood or Clapham, and affects a stylish appearance.
Then there are the "jobbers," who remain inside the stock market, waiting
for the broker, and who are prepared, immediately he appears, to make a
price at which they are either buyers or sellers--the jobber calculating
upon making it right with