transactions are fair and open. They are required to fulfil all
contracts in good faith, however great the loss to themselves, on pain
of expulsion from the Board, and an expelled member cannot be
reinstated. The entrance fee is three thousand dollars. Persons wishing
to become members are required to make their applications at certain
times. This is publicly announced, and if any one can bring and sustain
an accusation affecting the integrity of the applicant, he is not
admitted.

Ordinarily the sale of the stocks offered, proceeds in a monotonous,
humdrum manner, but when "Erie," or "Pacific Mail," or any other
favorite stock is called, each man springs to his feet. Bids come fast
and furious, hands, arms, hats, and canes are waved frantically
overhead to attract the attention of the presiding officer. The most
intense excitement prevails throughout the room, and the shouts and
cries are deafening. Sales are made with the utmost rapidity, and the
excitement is kept up at the highest point as long as any thing of
interest is offered. If a sale is contested, the president names the
purchaser, and his decision is final, unless revoked by an
instantaneous vote of the Board.


THE OPEN BOARD.

The Open Board of Stock Brokers meet in the second story of a handsome
brown stone building adjoining the Stock Exchange. Their sessions are
from ten until one. The business of the Board is similar to that of the
Stock Exchange, and is dispatched with as much precision, quickness,
and clamor.