their services. Members have confidence in each other, for they know
that no one can afford to be dishonest. Expulsion and financial ruin
and disgrace are the swift and inflexible punishments of bad faith.

There are many persons, whose transactions in the stock and gold
markets amount to millions of dollars each year, who cannot enter these
boards as members. They are regarded as unsafe, and their petitions are
invariably rejected. They usually operate through regular members.


CURBSTONE BROKERS.

Any one who can pay one hundred dollars a year for the privilege, is
allowed to operate in the "Long Room," as the lower floor of the Stock
Exchange is called. His capital may be one, one hundred, or one
thousand dollars, but if he pays his dues regularly, no one is allowed
to molest him. No rules or regulations bind these operators. The honest
man and the rogue mingle freely together. Persons dealing with them
have no guarantee of their good faith, and must look out for rough
treatment at their hands. They overflow the hall, crowd the steps and
sidewalks, and extend out into the street. From this circumstance they
are termed "curbstone brokers," a name which will probably cling to
them. A few of these operators are men of integrity, who being unable
to enter the regular boards, are compelled to conduct their business in
this way. They have regular places of business in some of the
neighboring streets, and are as fair and upright in their dealings as
any member of either of the boards; but the great majority are simply
sharpers, men who will not meet their losses, and who will fleece any
one, who falls into their hands, out of his last cent.