The Courier News from Blytheville, Arkansas on December 21, 1936 · Page 5
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The Courier News from Blytheville, Arkansas · Page 5

Blytheville, Arkansas
Issue Date:
Monday, December 21, 1936
Page 5
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Page 5 article text (OCR)

MONDAY, DECEMMR 21, BLVTltfiVlLtfe, (AUK.) COUftlBR Brokers at Work on Exchange Flooi Slock Exchange Governors' Room Sf-iKftfi?* Li.tfxMrNiKiuLiA.V r ^,% •Great'-'Securities Market Is Organized as Voluntary Association Mj'Clcrlous to die layman— even lo lliQUsands of Hie investors and speculators who use its machinery—te the New York Sleek Exchange. The orgahiui- tlcu oi tfiis complex financial mrtket place is explained in today's article, the third of four which have been \vrilten for (he Courier News. Ry WIMJS THORNTON NE.A Service Staff Col respondent NEW YORK.—To realize exactly wliat llie New York Stock is, it is best to go back to its beginnings. Enck 144 years ago, men In high beaver hats met In what was then an unpaved lane culled Wall Street. Under n spreading bulbmvcod' tree ( they gatterccl daily to buy and sell stocks, bonds,'and other securities. Tho bullomvoccl tree was simply, convenient place to meet and transact their business. That whole vasl brick-and-slonc block down'in ths canyons of today's Wail Street is simply to- dny's elaborate version of the biit,- tomvood tree. The aims , of the New York Stock Exchange, according to its constitution, are simply "to furnish exchange rooms and othsi facilities for the convenient transaction of their business by its members: to.maintain high standards of commercial honor and integrity amonj its membors, and to promote and inculcaje just and equitable principles of trade and business." Exchange Has Nothing to Sell The New - York Stock Bxchaneo is a voluntary association. It is not a corporation. It doesn't sel anything. You'd be surprised, members lei you, how many people think exchange is like a store, and has stocks anfl-bonds on its shelves for sale, 'just like cans of sardines in a grocery. There are just 1375 members of tile exchange. You can't become a member uniess some member dies or tor some other reason.wants to sell lus membe'rsliip.-And not-then . unless the sale is approved by the other, members. In that respsct, the 4^,exchange i§ just .like a big club <7 ' But in addition, .to .approval' jou would £!so. need 'at least '$115,000, which \vas the price at which the last seat sold on -Dec. 17. 'Back' in the palmy days of 1929, when membership was , a lot more profitable than it is now, a seat sold for more Land, president oi the county council, presided, A rtporj, of the Plant to Prosper banquet at Memphis last week was given by Miss Cora Lee Coleman, county home domonstruXol) npnt Mr, and lijrs. II, A Duvall of New LJbedy, who «on Ihe comity tenant plass contest, Mr. and Mrs. T It. 3tr«e'ter of Wilson, who \\an the county o\uioi clnss contest nn<) \M-ro among the flnallbls in tho 1 state contest, Joe E riillciton, county agricultural ngenl, John pnmoron, his as- Ehl-int, i\nd Mrs., 8, S, Stcrnbsrg, u member of the county agricultural cpmmtltco, attended tl-o banquet, Mrs, Howaul 1'roctor told the story of 'The Spirit pf Christinas" 'Ihe meeting opined \ilfi ovciyone flnglng Christinas caro)/> Mh* Colenian was presented a imrio of $1650 as a Christmas prpi- ciil floin ilio council * Mcst inohensllc-tnlled animals cml (licit tnils downward In rfinsplng, but tho ticc porcupine rmh Its tall upward, RITI ni Your fcnttrUiu- mciit nml Coinfort A. picture inadc in which .trading-is conducted on the .'floor/of the New York Stock Exchange, brokers shouting, gesticulating,-signaling. than SGOO.OOO: ' ^Memberships are personal. No corporate firm belongs as suc'i. It is .'th'c individual .memberships of partners in a firm, that give that firm the status'of'.a ."member firm.' If the ''partner member" violates the rules, his firm may be removed from the list of membership, and if his.firm violates the: s-ules, the partner, though unoffending "personally, mny lose his membership Profitable Business Done As Side Lines . When a seat is sold, the proceeds go to Ihe man or the estate selling it, net to the exchange. Each member has an equity of l-1375th in foimerh maik«d "3tocK Exchange lime" the official tune by \\lucn. | opening, closing and the 2 16 se- curit>-delivery deadline aie maiked In early daj!> b»foie synchronized Ihc exchange employed a clockmaker named Ladtl lo'regu- late its clocks, .and ; "Ladd's lime' was ollicial exchange time regardless of other .clocks. Today, of course, slobk ' exchange lime coincides with regular clock- time, but if there should ever bs any discrepancy, tlu exchange's own clocks would govern. , A complete medical department i in charge of Dr. Francis X. H. i Glazebrook, is maintain5j : f o r members and employes with a staff of doctors ana nurses and complete clinical facilities. It is not only a convenience and an emergency protection, but cuts] down the average number of days lost through illness \ Employes btudj In Exchange School More than 1600 members and employes are students of the Stock Exchange Institute, taking courses under the'direction of Dean Bird E. Schultz and a "staff ; of floor | members and outside tecturers. All members must take a free cour$j in-'.Work of the Slock Exchange, and other-;courses in many phases or 'finance "are offered, with tuition charged. Such subjects as Brokerage Procedure, Security Analysis, Customers' 'Men, and the like are covered. Page" boys, who must be high sc'rool graduates are given a compulEory trnlnln" course in the institute Thus the "trading floor," uhich is seen by casual visilois, and in pictures, is only a small pait of the vas>t machinery \jhich keeps moving to enable the ' floor to operate as it does, an apparent bedlam and confusion which is really calculating, purposeful,'and accurate almost to complete piecision NEXT The Stock Exchange and its place in the social order.-A new regime-accepts social responsibility and President Gay ftllf of Us efforts lo regulate itself before go\- trnmcnt control becomes even more The rlihls uiihohtciod uuvrd wood-paneled loom in the New York Stock Exchange, where the picildcnl iml 50 somnois meet lo conduct the- m gmuVatlon's ntfnli!, iho incident picilda, m llie elaborate loaliunv settled bcnc.vlh the old ftishionul clock which shows oillclnl stock exchange lime the property of the exchange. The money that it takes to maintain this vast and complex "market place" comes from several sources. In the first place, most of its services and facilities arc self-supporting. I'.io stupendously-valuable real .'*' estate of this' "heart of 'the financial district" is operated by a scp- ' arate building company whose stock is owned by the exchange. The New York Quotation Company, which runs the ticker service in the finan cial districts, sells it for national distribution by Western Union, and < iyiore tlmn pays for itself. The Sic:k Clearing Coqioration, which provides means of balancing trans actions between members, Is self- supporting, and so is the Safe Deposit Company which provides vault facilities for members and others. W'crc Operating Funds Corns From Tims the greater part of the facilities are self-supporting or a lource of some profit. But ths Exchange employs more than 2300 people, clerks, messengers, guards, telephone girls, and the like. These expense's .are covered by initiation fees ($4000 for each member) and annual dues ($1000 a year from each member). There is a fee for listing a stock lor trading on the exchange, depending on Ihs number of shares listed. It his run as high as $100,000 for a single issue. There is a charge for members wishing telephone space on the floov, and for service on the an- nunciator board. Witli the president, Charles R. Oay, a Board ot Governors oi 50 directs the affairs of the exchange. They meet in an Impressively sol. cmn, red-carpeted chamber linsri with heavy carved wood and th? portraits in oil of former presidents of the exchange. The president sits in a carved chair bsneath an ancient and elaborate wall clock, At one side stands a marble urn prcssnled on behalf of ths Czar of Russia to celebrate the listing of certain. Russian ruble bonds on the exchange, Members would probably be glad lo trade back the urn lo- day for what went glimmering on .the ruble bonds. The clock Is one ot several which complete. Read Courier News Want ; "Ads Outside the swnl of intcina- tional diplomacy, Funk B Kellogg, above foimer U S secre- toi> °f stale and woild court mcrnbei, now icliied, foes mlo lus eightieth >eai with exidencc the pence measuies to which he gj\e much of his c.i- icer are crumbling undo.] the stress of new "European; crises. Kellogg's giealest single achievement was the Kellogg- Briand peace pact He \vas the 1929 Nobel peace pnze winner birthday.falls on Dec. 22 U. S. Foresees Postal Record in Stamp Sale WASHINGTON. (UP)—Dooming business hiis- the presses in Ihe Durcan of Engraving and Printing lolling day and night lo meet demand for" stamps -and new currency. Demand for 2- and 3-ccnt stumps, according lo postnl offi- crals, Is higher than at any Umcjl since start of tile depression.' So | far in tlio fiscal year demand .for Ihese stamps is 20 per cent: over .(he..previous flsch'l year. Post office revenues, an bffi;ial said, bids to break the all-time roc- i | ord of $750,400,000, set In 1930. At tlV buieiu of enjiavhij, it was revealed that from July 1 to Nov. 30 .a .daily average of 50,000,000 postage stamps were printed, compared with 45,000,000 In 1033. The dail> avciage of tigaiclte stamps was 32000,000 for tobaccq stamps 8800,000, and for Itquoi stamps 4,800,000 The dnliy iuernge 01 new cui- rency printing:"was. 3,500,000 compared to 2,100,000 in 1033. A trens- ury official attributed the Inorcas? t(j moie lapid cnculation of moncyj Two shifts.'arc at work iii'tha. burnii of engraving and punting to keep 'up the bla\np siippr, lliit'e shifts ha\e be;p omplojrl in producing nc\ teamen .uilifl- intcs icqulred undsr the Copelaiul ."•ifctv-at-i.fa acl In n(ldilloi), 1,- OtCOGO uostcis aie being printed foi fie Sotlal 8'Linlts Bom 1 nil U\o thitts me working qn bonds cortlllcntii, in connect ton with Demonstration Clubs Holt] Christmas Meeting Officers nn;i cliuh'iuen of the Wo- incii 1 .:' Home- nsmonstmllon clubs In 43 communtlles : ot Mississippi county were Invited lo attend ihc annual all .ilny Christmas niesllng at the Woman's club Saturday. Ihe ICO picsctU wcio scivcd n hollduy dinner at .the- noon hour uftei hn\lng hail a business session In the morning mid Ihe noott wns devoted lo a Christmas party, alfls were lienpcil nl the fool of n Jnigo lice, the club house having been..decorated with three gaily (rimmed tree 1 ! Mis Jeriy white of I'rowliccl L^st Time Today TKere'» a tKoussnJ , thrills and a heart-throb ' in this briitling drama . of» gangof moil thieveaj who scaled their'cJoo'mf under a postage itamp! Hits nn Relief Sought LOS. ANGELES (UP)—Los Angeles.'County, which has -one of the ; largest relief loads . in the United ; States^ Has "decided to investigate the system of the Mor nion .'Church... for keeping people off ichef The county stiperusors haic vulten Hebei Grant, president, to explain the operation of his program'when 'he visits Los Angeles. ANNOUNCEMENT We tire.-pleased, to announce we have acquired the services of LAMONT Of Fifth Ave. Jlr. Lanuinl wishes t(x extend a ''Merry Christmas anil Happy New Year (o his friends and patrons and extends a umlidl iu\iliilion to \ihi(' liini in hib new place of employment. We assure, you I lie-same high type of service. SPECIAL CHRISTMAS OFFER The: Famous -GLO-TONE Revitalizing, Reconditioning PERMANENT :\VAVE BIO Nell's (uid Minnie's Beauty Shop Phone 02 EVENING SLIPPERS TniLablo — Any Slmdc $3.45 to $5 l?irsL SlvJuing - - New Spring Styles Gray Suede - - -Black Gaberdine New SiyJcs Daily HONEYCOMB COASTER WAGONS sled Coaster Wagons. Formerly $2.95 NOW $2 45 Stag Handle Craving Set Foimcily ilucpcl $305. Mixing Bowl Sel Electric Toaster. Fornv cily piicctl at §1.75. Oven Hake nnd Mixing 'Bowl Bet of 3 bowls, 3 colors. Formerly ; $1.00. tlso rnramount News tnd Comcity —Admission— ilatincc—10 f. 25c—With lc Tax Night—15 £ 3\—Wllh lc Ta\ TUESDAY IS $125 BANK NIGHT , Also Oomed> and No\cll> j—AtlmLsslon : — Sfalince—10 «, 25c—)VUh lc Ta\ Night—15 & 35c—With lc Ta\ ^BKtM^^^^^^^^H^^H^^I» IROXY Adm— Always 10 & 25c—lo Tax Show K\ery Nighl Matlnrcs Friday, Satunlaj, Sunday Tridaj A Sunday jUalluces—J. 15 Saturdiy Matinee — Continuous — 1 00 Till 11 00 P. M Last Time Today SILK STOCKINGS They add a new lesi fo any outfit! They've individuality ... chic. Try 3 pair and you'll Icnow why mesh hose have long been favorites with clever Parislonnes .. . why many smart women are wear- ing.them this fall. They provide that dashing touch that "makes" an ensemble. And they're doubly effective in our new Sct'ccittitf Shades Ol'KX EVENINGS Pockel Knives PIO.SS 1'iiHon Pocket KnU'r with 2 blades. Formerly $1.00 Now STAR tH!U! (JRNAMENT P.iititcd Gla-sij Gnslals 5 1 a r o v c r bulbs. Was 2Gc Now Waffle Irons Hot 1'oinl 1 Klechic \VafUe Iron. 'I |1 ornnJrIy"Sp.95. Now Koller Skates Winchester Roll c r Skatcs. Fonncrly *1 05 Pressure (looker Formerly priced at $6.50. 95 ALL SMALL TOYS AT COST! Dolls j^-vo iviieicey 2 5e Jewel •Flash- Now 79( 5 S2.95 Mickey Mouse \Vatelies Now $2 light with bal. 17e -HENRY HARDWARE CO. J. W. Sltotise Phnnc J. Wikon llcniy Also Tox Mo\Klone j and Comedy Tue.-Wed.-Thur, PAL NjGHTS! 2 Adulli Adiiiidrd: for Price ot 1 All 'Children—lOci , ' "• Russell Hardie and Mary JJrian in "Killer At Urge" Also Comcdj and Cartoon v Adm.—AlH»>-s-10 «,-45c—Irs Taa

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