The Vice-President receives a salary of $7000 per annum for his services, which are not light. The Secretary and Assistant Secretary, and Roll-keeper do the rest of the work of the Board. The last named keeps a record of the fines, which yield an exceedingly large revenue to the Board. The brokers are not the most dignified of mortals in their meetings, but are very much given to disorderly conduct and practical jokes. The annual dues of the Exchange are but fifty dollars, but the average broker pays at least ten times as much in fines. To interrupt the presiding officer during a call of the stocks subjects the offender to a fine of not less than twenty-five cents for each offence; to smoke a cigar within the Exchange costs five dollars; to be absent from special meetings is to incur a fine of not more than five dollars; to stand on a table or chair is punishable with a fine of one dollar; to throw a paper dart or ball at a member during the session of the Board costs ten dollars; and other offences may be punished with fines assessed by the Vice-President at any sum between twenty-five cents and five dollars. Each day a list of stocks to be put in the market is made out, and no others can be sold during the sessions. The Board can refuse to offer any particular stock for sale, and a guarantee is required of the party making the sale. The members of the Board are men of character, and their 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 it is very rare that an expelled member can be reinstated. III. THE GOVERNMENT BOARD. The room used by the Government Board, in which all transactions in the bonds and securities of the United States take place, is located on the second floor of the Exchange building. It is handsomely frescoed and furnished in green rep. The basement beneath this room is an immense vault, containing 618 safes, arranged in three tiers, and guarded by four policemen detailed for that purpose. These safes are a foot and a half square, and are rented by the brokers who deposit in them overnight small tin boxes containing their bonds and other securities. It is estimated that the value of the securities nightly deposited here is over two hundred millions of dollars. The seats of the brokers in the Government Room are arranged in tiers, rising one above the other, from the floor to the wall. The officers occupy a platform at the head of the chamber. The order of business is very much like that of the Stock Board. "The Vice-President begins: "'6s '81 registered--'81 coupon. 5.20s '62 registered--coupon. What's bid?' "Here and there from flanking chairs come sputtering bids or offers: "'Ten thousand at 3/8, buyer 3.' "'I'll give an 1/8, seller 3, for the lot.' "'0.25, buyer 30, for fifty thousand.' "'0.25, regular, for any part of five thousand.'