nal property
of the broker, who can sell or otherwise dispose of it as he would of his
watch or his coat. Candidates are admitted by ballot and with great
care, the object being to secure the exclusion of all but men of known
integrity, for the Board requires the most scrupulous good faith in the
transactions of all its members. Four black balls will prevent the
admission of a candidate whether he wishes to enter by purchase or
otherwise. Candidates must submit to a close scrutiny of their previous
lives, and must show a clear record.

There are two daily sessions of the Board, one in the morning and the
other in the afternoon. The securities offered at these meetings are
divided into two classes, the Regular and the Free List. No stock or
bond can be dealt in until it has been rigidly examined by a committee,
and found to be a _bona fide_ security.

At half-past ten o'clock in the morning, the Morning Board is called to
order by the First Vice-President. The Regular List, which is made up in
advance of the meeting, must always be called, and called first. The
Free List may be called or not at the option of the Board. The Regular
List consists of 1st. Miscellaneous Stocks. 2d. Railroad Stocks. 3d.
State Bonds. 4th. City Stocks. 5th. Railroad Bonds.

The session opens with the reading of the minutes of the previous day.
Then comes the call of the Regular List. The call of Miscellaneous
Stocks awakens but little excitement. Bids follow quickly upon the
announcement of the stocks, and the transactions, as they are announced
by the cries of the brokers are repeated by the Vice-President to the
Assistant Secretary, who records them in the journal, and they are also
recorded by a clerk on a black board in full view of the members. Where
there is a doubt respecting a sale or purchase the Vice-President
decides, and his decision is final, unless reversed by the votes of a
majority of the members present.

[Picture: THE NEW YORK STOCK EXCHANGE BOARD IN SESSION.]

The call of railroad securities brings the brokers to their feet, and the
real business of the day begins. Offers and bids, shouted in deep bass,
high treble, or shrill falsetto, resound through the hall, and in a few
minutes the jovial-looking brokers seem to be on the verge of madness.
How they yell and shout, and stamp, and gesticulate. The roar and
confusion are bewildering to a stranger, but the keen, practised ears of
the Vice-Pr