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-President at once recognize the various transactions, and down they go in the Secretary's book, and on the black board, while the solemn-vizaged telegraph operator sends them clicking into every broker's office in the city. High over all rings the voice of Peter, the keeper of the gate, calling out members for whom telegrams or visitors have arrived. The other stocks awaken more or less excitement, and when the Regular List is completed, the Free List is in order, and the Vice-President calls such stocks as the members express a desire to deal in. Then, unless there is a wish to call up some stock hastily passed over on the call of the Regular List, the session closes. At one o'clock, the afternoon session is held, and the routine of the morning is gone over again. The transactions of both sessions are carefully recorded in the Secretary's books.