Broadalbin High School - Kennyetto Kronicle Yearbook (Broadalbin, NY)

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V LEDICTQRY THE STOCK EXCHANGE The Origin and Evolulron of the Stock Exchange The organization of the stock exchange has been accomplished rn comparatively recent trmes but they are rn reality an outffrowth of many centurres of con tant creation and expansron rn all types of markets lo establish markets rs one of the most ancrent and fundamental rnstmcts of crvrlrzatron The ruins of the temples of ancient Egypt show us the fisherman the weaver the farmer and the metal worker barter ing therr several products long before currency was mvented The Dark ages drd not permit any develop- ment along these lines but the succeeding Middle Ages brought the medieval fairs from whrch modern stock exchange practices rn many cases can be traced The earliest and srmplrst markets were formed by the congregation rn one place of buyers and sellers driven together by economic necessities of trade A first these markets dealt rn all kinds of goods but as communication became easier populatlon greater and the volume of tradrnv larger a process of specralrza tion began The markets whrch had been held rn the open streets gradually began to acquire buildings or exchanges rn which to carry on therr business Ais the volume of busrne s increased a method of transfering goods bv w rrtten agreements was devise to avoid the bringing into the market of every rndrvrd ual obyect to be sold lhrs system brought about the organization of stock exchanges for the effrcrent an economical transfer of goods There are over 200 stock exchanges rn the world today of varymg size and degrees of organization lhey have come to play an important part rn the business world and any further developments would doubtlessly be decidedly beneficial The Nen Yorlg Stoclg Exchange The New X ork Stock Exchange rs a wealthy as socratlon governed by a committee whrch consists of three officers and forty members Persons attam membership by electron or by transfer from a member who has dred or resigned A member who rs ad mrtted by transfer rs obliged to pay an rnrtratron I 24 fee of S2 000 ln addrtron to this he pays a sum to the transferor for his seat rn the house he amount of whrch rs a matter of private adjustment as much as S140 000 has been pard for a seat when business was active but when rt rs quret the price rs consrderably less lhe gratuity fund rs an interesting provrsron of Exchange It rs an arranvement for providing the families of deceased members Every mem on electron pays I0 to this fund When a mem dres all other members are assessed S10 and the e o er er Qtock Exchanve grves S10 000 to the family of the deceased In order to enable all members to feel secure that no business has been done except wrthrn an official period durrnv which they are prepared to watch the market no transactions are allowed before or after certain hours The Exchange burldrng rs situated rn Wall Street and the Exchange rtself rs sometimes known as Wall Street Thrs burldrng rs often the scene of grgantrc speculative movements and enormous sums are won and lost rn these transactions A huge investment busrness too or at any rate what rs rntended to be investment business rs done rn Wall Street Ere quently the purchaser finds that rnstead of an rnvest ment he has acquired a speculative artrcle but this rs unavoidable rn a country whose wealth must b exploited rn new methods the outcome of which rs usually uncertain Wlral Does tht Public Know About the Exchange J Probably few persons outside of the stock broker s offrce fully understand the detarls of the game of fortune making rn the stock market Some have suc ceded rn therr dealrn s Others have been less for tunate lqach one ha hrs own vrew of the Exchange lhere are many unhapprly who rgnorantly and fo lrhly abuse the facrlrtles provided by the Ex chanffe lhese are people who approach the market rn a ffamblmff sprrrt and who know nothing of its purpose and are incapable of understanding the mighty Influences which control It A few may be lucky but the majority are unsuccessful lhe latter say V ' h K . .. . ,., t 1 ' ' ' . i , l . .. .1 , i i , ,D ' - ' . Y Q . V . . . Q i ' i i ,. . . V . l - N Y th D . ' ,, ' ' - , - f r . - . . . 5 ' V s . s LJ no ' , I , . I . q . D . s ' R . - 9 ' s . s Q 1 s 9 . . . V H 5 s ' ,, . . . . . . CI YU ' A ' ' I 5. g - I - Sometimes restrictions of membership were imposed. , ' ' ' .' , , . ' S ' , t ' . ' . ' ' ' , ' ' g ' i d ' . . . .- i H ' .V . . I Y Q . . . C D I , I - . L s '. ' ' ' . ' y I 1 - A Q 7 ' . A S s - - , - ' ' :- f- 5 f W - t i I , ' I 'i D . T : ' . ' A ' ' ll' ' ' ' 1 A l r - '

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The Immrgrant portIon of our populatlon con trlbutes a large percentage of the lawbreakers Frrst of all they are by nature very passIonate and excrt able They herd together In certaIn sectlons of our CIIICS and form communItIes wIth theIr own languages schools newspapers and churches They know nothmg of our laws customs or Ideals They are told that Amenca IS the land of lIberty whrch accordrng to thelr Interpretatron means that every one IS free to do as he pleases There are the dance halls the pool rooms and gamblmg places whIch are frequented at the same tIme by both ImpressIonable youths and experIenced crImIn als where much of the lawbreaker s techmque IS Im parted to the young hero worshrpper Heredrty seems to have lrttle to do wIth makmg a man cnmrnal or honest but sad to say many people are born feeble mrnded or Insane There are twenty two krnds or grades of Insanrty and many sub-dIvIsIons under them but that form known as dementra praecox has the largest toll and produces the most murders and suIcIdes Smce there seem to be no dehnrte symptoms of thIs drsease there are many manracs at large who are dangerous to theIr communItIes The percentage of InsanIty In the total populatlon IS Increasmg yearly qulte In proportlon to the Increase In Cflme ln recent years In several court cases the defendant has pleaded temporary Insanrty as an Incentrve to the crrme Another type whrch IS more to be pltlCd than censored IS the weak undecrded IndIvIdual If a man has not adopted a dCClSlVC attItude as to whether or not he wIll remarn wIthIn the bounds of the law he wIll sooner or later hnd that someone has decrcled for hIm and enmeshed hIm In a trap from whrch he cannot escape The Church forbrds both stealrng and man slaughter But relIgIon today seems to be out of-date and unrmportant Probably If we were more relIgIous we would have less crrme and yet many notorrous thIeves pray before dorng a Job because they clarm It brIngs them good luck More Important perhaps IS the wrdespread lack of respect for the law throughout the country There are so many some of whrch are qurte unfalr that a portron of them IS not even known to the publrc A a prrsoner once sard More law more crIme more rules more vIolatIons And It seems that unless a law drrectly concerns the welfare of the average CIIIZCD It IS very apt to be vrolated l 23 The World War IS very often presented as a cause of crIme When our men were released from servrce abroad they returned to Amerrca and trled to resume theIr normal lIves and actIvItIes Bu they had gone through hectrc months of actIon ad venture danger and suspense wIth the turmorl and excrtement always around them and the unknown facrng them just ahead They found lt hard to settle down to qulet routme For many there was no sort of employment Naturally they took to Cflme as the only way to keep from starvIng Also It could well furnrsh the excitement they craved Bootleggrng proved to be the most profitable pursuIt and so they turned to It whole heartedly PYOhlbltlOH the Noble Experlment Introduced Into the Amerrcan vocabulary many new expressions such as bootleggIng speakeasres roadhouses hI Jack ng and racketeerrng From the begrn nrng everyone seemed to resent lt and logrcally If no one approves of a law no one wIll enforce It People contmued to drmk as much as and more than prevrously ThlS In Itself was lawbreakmg But brrbmg publIc OHICIEIIS and usmg gunhre to escape the law presented a strll more senous aspect Bootleggmg was an Ideal occupahon as far as qulck and easy money was concerned and those Involved were wIll formed gangs for protectlon and were Swlfl to Cllmlnale any obstacle In therr way ln the wars be tween rIval gangs Innocent bystanders became the vIctIms of machme guns and Joy rrdes These great bootleggers and for that matter other vastly successful law breakers were wldely publIcIzed From coast to coast In screammg black headlrnes the newspapers proclarmed thelr latest feats ID luIId detarl They were grven more attentIon than famous celebrItIes and those who were bullders In stead of destroyers of socrety Thrs notorrety pleased ther sense of vanrty and Insprred them to strIve to reach greater herghts In the realm of yellow journal Ism Men llke Al Capone and Legs Dramond were ld0llZCd l-lNl'llS publrcrty of methods used by experxenced crImInals gave Ideas to the novrces Many crImInals have confessed that mo t of therr Ideas were taken from the movres and newspaper accounts of other crlmes Pumshmenl Under the old yall system the plan of actron was not to reform the Cflmlnal and Induce hIm to become law abrdmg but merely to pumsh hIm for the wrong Please lurn to Pa,.e Rr v l ' ' . . . I l Y - - , - I y 1 7 ' . . . , q ' - . . . U ' . ,, . If ' 'Y . - ll ' ,I if ' If if ,I ' ' . 1 s 1 - . .. - 1 , . - - - - Q i 1 v - I 5 Y 1 ' ' . .I . . . . . , ' ' - . . . ' . Ing to go great lengths to protect their interests. They o 1. . I I I 1 I - . . C 7 7 o 1 s 1 Qs- - , u E - E . , . . . ' . ' - vs ' u n u n ' ' ' 45' 7, ' I - . . . , . . . V . . S I I 6. p . o q n a 1 Q Y ' ' ' ' . . Q . .

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that Wall Street IS nothmv more or less than a den of threves fherr test1mony however IS ne1ther com petent nor unbrased as they have not acqu1red a thor ouvh knowledge of the operatlon of the Exchange But as1de from h1s 0pll'llOI1 of the Exchange what does the ax erave 1nd1v1dual know concern1ng 1ts techn1cal1t1es conduct of bus1ness and the drfferent types of stock wh1ch It offers? No person would thmk of gomof 1nto anv other busmess YNltl l0Llt first possessmg complete 1nfo1mat1on about vt yet he be l1eves that he can enter the stock market wrth a l1ttle money and le knowledge and st1ll come out a r1ch man l'hese DOll1lQ all wer1fv the statement that too many 0tl1ClYNlSC well rnformed persons have not only crude but d1st1nctly m1slead1n0 rdeas about the market fulne Mar 811175 Pzobabzlzlzes lqhere lv not a modern ClVllllCd country YNltl1Ol1t 1lS stock exchange and the number and SIZE of these orUan1zat1ons 1n any smgle country usually 1nd1cate that natron s wealth prospenty and degree of ClVlll 7at1on Indeed wherever stable government and aCtlVC busrness CXIST there IS a tendency to found stock exchanges These exchanges have proved so lmportant a factor ln econom1cal and soc1al progress that not only thelr permanence 1n the buslness world but also then Growth 1n the future IS assured It IS certa1n that the producuon and consumpt1on of many commod1t1es w1ll consrderably rncrease 1n the commg years It wrll become more and more dangerous and CXDCHSIVE to buy and sell such goods 1n the1r present unorganwed markets and accordrnvly exchanges may be establ1sh ed for greater economy Numerous ev1dences of pro- gress rn thrs d1rect1on can already be seen Every year new lmprovements are be1ng made and our pres ent exchanges seem destmed to a steady growth Amerrca IQ t1ll too young a natron to reallze the full 1mpo1tance of her market places Yet she should remember to cher1sh them 1f she des1res to reta1n the prohtable mlluence and stabl1z1ng effect created by them There are trmes 1n the l1ves of all of us when changes must be made We the graduat1ng class of I934 are facmg one now What sadder event could come 1nto the llves of an assembly of young people than a complete break IIIQ of old t1es3 Old faces w1ll depart old names wrll no longer he heard and old landmarks w1ll be obllterated and forgotten and we shall hnd ourselves am1d entrrely new surroundmgs Xve apprec1ate that we have been well prepared for any new scenes and assoc1at1ons by the 1nst111ct1on the mfluence and the leadershrp grven u by our teachers It 1s w1th deep ffmtrtude that we say farewell to them We also w ant to thank the Board of Educauon for the1r fore rghtedness 1n grvmg us everythmg necessary to our needs and for thelr kmd cons1derat1on of all our re quests We hope that your 1nterests w1ll go wlth us and that we shall not d1sappo1nt you 1n your expectatlons of us We have made our arm success and our hope to w1n If we accompllsh these des1res we shall feel that th1s day was an lmportant step ln the attamment of our goal ELMA U FINCH Baseball League Summar tlncomplete to date, June 187 T1 am J IH 1 nrt I a I1 'uh 1 I r nda CanaJoha111 Tllltunxlllz N rthxrllf IZJ Xwlaszr 1 U 11 . . Y . O , . - s ' Q ' 3 -f ' M , , , - - :Q ' 5 3 ' ' e . - 1 D , . O , . . -- . q I Y D . ' V ' . . I . , ' Lili' 5 ' 7 . y x . . ,I v -I . . A - - D , . K I ' 1 YL . .V If . S - .. . t , D Q y . . . . ' D 5, , . , 0 V f ' 1 , 1 9 ' S . ' ' 9 K .3-I Y 1 . V, Q , ' ' - I S. Q . . . . O A 9 . D . , -. ' ' 1 v V. v . . . , , Q 5 - - ' . ' XVHH Lust 4 L I Sf, .wt sv'lln ,, , , lu , 2 , 833 Ft ' 'I in , , , W We , 10 1 L ,V 3 g I -11. . lbir . .. 8 . . , It T137 PY , , , , ,, , - . 4 , . X 333 ,' ' 1 .. . , .. . 3 -. , ,. , , ti , 4 ' '- , .. .. , , 3 ., . 7 , . , , 30A fo' ' ,, . - - ., - , ,. 1 ,. --....,-..- . 8 . .,,,, .. . 1 ' 1