, therefore, that the Stock Exchange is
a self-constituted body, without any charter, but merely established at
the will of the members, to the support of which a subscription is
paid by each individual. They are ruled by by-laws, and judged by a
committee, chosen from among themselves. This committee, as well as
the members, are regularly re-balloted once in every year; of course no
person is admitted within the walls of this house who does not regularly
pay his subscription.

"In this way has the Stock Market been established and forced from its
original situation by a set of jobbers and brokers, who are all, it will
be seen, interested in keeping their transactions from the eye of the
public. These men being always ready either to buy or sell, renders it
easy for the brokers to get their business done, having no trouble but
merely stepping into the Stock Exchange. If a broker wants to buy 5000L.
stock, or any other sum, for a principal, the jobber will readily sell
it, although perhaps possessing no part of it himself at the time, but
will take his chance of other brokers coming to put him in possession
of it, and may have to purchase the amount in two or three different
transactions,{18} but in doing that he will take care to call the price
lower than he sold at.{19}

17 If the system of the private market had tended to lessen
the broker's commission, he would have gone or stood any
where else to transact business for his principals.

18 This at present only applies to young beginners, but old
jobbers, who have enjoyed the system long enough, have been
put in pos-session of large fortunes, and are now enabled to
buy into or sell out of their own names to the amount of
hundreds of thousands.

19 Should other brokers not come into the market to sell to
him, he is then obliged, at a certain hour of the day, to go
among his brethren to get it at the most suitable price
possible. This is sometimes the cause of a momentary rise,
and what is known by the jobbers turning out bears for the
day. A depression some-times takes place on the same
principle when they are bulls for a future day, and cannot
take stock.

~134~~After the stock is transferred from the seller to the buyer,
instead of the money, he will write you a draft on his banker, although
he has no effects to discharge the same till such time as he is put in
possession of it als