...members. It had become, in great measure, an exclusive club, a situation of which the brokers were very proud. They wore silk hats and swallowtail coats during...able to overcome the hurdle of five blackballs for membership.14 Under the exchange's constitution, to be eligible for either regular or allied membership...

...members. It had become, in great measure, an exclusive club, a situation of which the brokers were very proud. They wore silk hats and swallowtail coats during...profitable one. The entry of young men was frowned on. To this end, initiation fees were raised to $1,000 — a hard fact that kept many young men from...