RISE OF THE NEW YORK STOCK EXCHANGE 79 
the share markets in its general features, is sufficiently distinc- 
tive to defer a complete description to a later chapter.*® 
Restricted Admittance to the Floor.—The most stringent 
rules are and have always been in effect concerning admission 
to the floor of the Exchange.’ Only members of the Stock 
Exchange, as well as the bond clerks, reporters and telegraphers, 
pages, tube attendants and other Exchange employees are 
allowed on the floor. The telephone clerks, who are employees 
of members, are forbidden to go on the floor beyond the tele- 
phone booths. Clerks of specialists must similarly remain 
inside the stock posts. Even partners of members, in case of 
the illness of a member, are with a few exceptions forbidden 
the floor. This rule is made to prevent the possibility of inex- 
perienced persons standing about the posts and crying out bids 
or offers for securities, or in any other way interfering with 
the trading occurring between members. Without such restric- 
tions on admittance to the floor the complete present inviolacy 
of contracts between members made there could not well be 
maintained. A gallery is, however, provided for visitors to 
the Exchange, and any responsible person, after being properly 
introduced, can from this vantage point watch the activities 
on the floor. 
Of the total Exchange membership, from 500 to 800 mem- 
bers are generally present on the floor. In addition, the floor 
in the spring of 1930 required the services of approximately 
500 pages, 235 reporters, 140 tube attendants, 140 quotation 
clerks, and 8o bond clerks. Apart from these 1,100 odd Stock 
Exchange employees on the floor, there are also approximately 
1,145 members’ telephone clerks, and approximately 200 
cialists’ clerks. 
yc 
Description of an Opening.—The opening of the market 
at 10 A.M. provides one of the most picturesque moments in 
16 See Chapter X. 
17 See Appendix IIIh. 
18 Appendix IIIi.