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EVERAL blocks from the § the lower end of Broad- way, that comparatively narrow and snake-like # street, which twists and turns through the center of Manhattan Island, on which the City of New York is situated, from the Battery on the the south up to and far beyond the Harlem River on the north, an in significant-looking street, probably a dozen, blocks in length, branches out and runs in an easterly direc tion toward the East River. This is the well-known and justly famous Wall Street, the center of the financial fabric of the United States —and some even say that it will soon be the financial center of the whole world. On the southeast corner of Wall and Broadway, a tall, narrow, mottled colored building is situated —No. 1 Wall Street, which is said to stand on the most valuable piece of realty in the world. Certain it is that the small cubicles known as offices therein —into most of which you step directly from the eleva tor, there not being room enough for any outside corridors—rent for thousands of dollars a month. Directly opposite this building on the west side of Broadway is the well-known Trinity Church, sever al hundreds of years old—the church which Alexander Hamilton and all the bon-ton of New York attended when Wall Street itself was the residential district in pre revolutionary days. It is protected by a high steel fence and on its left is a small plat of ground, full to overflowing with the tombstones of the early residents of the city. This quaint old church, standing alone amidst a sea of modern sky scrapers, presents a strong con trast between old and new New York. A short distance from Broad way, as we go eastward on Wall street. Nassau Street joins Wall from the north. This street for several blocks is a regular canyon running between two solid walls of immensely tall and thin buildings, all of which are filled with financial offices of one kind and another. The corner of Nassau and Wall is occupied by the United States Sub-Treasury buildiDg,alow,squat, formidable-looking building—as all such buildings usually are —with a row of colonial pillars in front, and it truly seems as sphinx-like and silent as one of the pyramids of Egypt, for there is very little traffic in and out of this building, while on all sides of it a hurrying and excited mob of men, women and boys seethes constantly from eight in the morning until four in the afternoon. This building faces Broad Street, which intercepts Wall Street on the south at this point. This street is not only Broad in name but is in reality also broad. It is really a more impor tant street than is Wall Street, for on the corner is the large office building of J. P. Morgan & Com pany, the Broad Exchange Build ing, an immense structure devoted entirely to the offices of large national and international broker age and banking houses, outside of which, winter and summer, in the open air, the Curb Market —of which more anon —operates. On the opposite side of Broad Street is the building owned and occupied by the New York Stock Exchange, while on the south of it are large and small buildings, the latter be ing almost entirely used as offices by the curb brokers, because they '-r r* AMERIGA’S MNANGIAL STREET An Interesting' and Concise Description of Wall Street, New York Paper Read Before the Prison Chautauqua Circle, by Mr. W. A. S, can easily signal their sales and purchases, in the deaf and dumb language, to their assistants in the open windows above them. The National City Bank, reputed to be the largest and most progressive bank in the country, is situated just around the corner on Wall Street from Broad Street, while other large banking houses occupy the buildings for several blocks further east on Wall. This, then, is the center, or hub, of the well-known and epoch-mak ing financial district of the new world, familiarly known as Wall Street. As is the case with Lom bard Street in London, England, and the Boulevard Houseman in Paris, France, the street is simply significant of the district at large. We have said that the New York Stock Exchange Building was situ ated on Broad Street near Wall. What is this organization? How did it originate and what functions does it perform? These and a hun dred other similar questions every one who is not familiar with such matters will ask at once. The Stock Exchange in New York was born of the necessity for men having stocks, bonds and other valuable securities for sale, of having some common meeting place, where they could meet at stated times and subject to known rules, to do such trading. Just as in the early days, the farmers came to the town market on certain specified days in the month and there sold their produce to the townspeople, who in that case were the purchasers, so the brokers, who now represent their clients and who wish to buy and sell mar ketable financial securities, used to meet in a similar manner, at first without very much formality 7, to do their trading for their clients. With the increase of wealth dur ing the past century —that is, since the beginning of the industrial age —which age began with the in vention of steam power during the latter part of the eighteenth cen tury, there followed quickly the adoption of machinery 7 for manu facturing purposes where formerly the same work had been done by hand, and with the final adapta tion of electricity to means of transportation and communication, the era of the joint stock company came into being, and with its ad vent the market place for its securities, stocks and bonds be came a more and more important institution, until finally the mar ket itself was incorporated by the state legislature and endowed with certain well-known and defined powers. Under its charter of in corporation a certain definite num ber of memberships were allowed it and the par value of each such membership was fixed, whatever that amount might be. It was to be managed by a board of gov ernors, whose duty it was to for mulate rules for the protection, not only of its members in their reciprocal trading, but also for the protection of their clients —“the dear public.” Whereas, during its infancy se curities of every conceivable kind, from the wild-cat mining promo tion to the gilt-edge railroad bond, were bought and sold on the floor of the Exchange, as time went on, the necessity for discrimination grew more and more urgent, until at the present time only those stocks and bonds which are well seasoned and dividend-payers are allowed to be “listed” and dealt in on the Exchange by its members. OUR MOTTO:-- “It Is Never Too Late to Mend." As we shall see later on, the “un listed” stocks, as they 7 are tech nically called, are dealt in on the Curb market, and so the possibili ty of ousting fake promotions on the “dear public” through this agency, is becoming more and more difficult with the more com plete organization of the Curb market itself. The New York Stock Exchange is nothing more nor less than a body of men incorporated into a legal entity, or “persona”—as the law calls it —with powers carefully limited to trade in stocks, bonds and other valuable securities. This corporate body is made up of a number of memberships, the par value of each membership being fixed and known, and when a man becomes a member by purchasing one of these shares, among other things he is entitled to what is known as a “seat on the Ex change.” Lest anyone who does not understand these matters should be deceived, I might say that there are no actual physical FROM THE INMATES TO THE DAUGHTERS OF VETERANS By Beau Rrprita We have been preached to often, often bad Do this, or that, because one said we should; And some of this has done a little good. More, none. But you who come to us so glad, In zeal of patriotic color clad, To tell the things for which your fore-bears stoo True sons and daughters of heroic mood. Bearing the emblem of the true comrade — You touched the hidden deeps; your message sank Into our hearts, to fortify the day With inspiration when our footsteps lag. We, too, have fore-bears in that thin blue rank, Who met the toil and torture of the fray, And gave to us, as you have done, a flag. seats on the floor of the Exchange itself to which the members are entitled; it is much too busy and lively a place during its hours of business to permit its members to sit down. The word seat simply means a membership in this cor poration, with its attendant rights and obligations. At the present time, although I have not seen any recent quotations, I believe that seats on the Exchange are now worth some place between SBO,OOO and $90,000. Why then should one have to pay such a high price for the privilege of doing business there? For the simple reason that the number of memberships is limited, and as the world grows older, there is a constantly increasing demand for such memberships, and conse quently the value of the same in creases, according to the well known economic law of supply and demand. They do not increase regularly or in arithmetical pro gression, however, for often dur ing panics and when business has fallen; at such times, for instance, as immediately after the declara tion of war in 1914, when such a large number of banking and brokerage houses went into bank ruptcy —at such times, I say, the value of seats decreases rapidly, for brokers are forced to sell ev ery available asset they they pos sess in order to meet their finan cial obligations, and a seat on the Exchange is a valuable asset and one that is used in many cases as Stillwater. Minnesota. Thursday, December 14. 1916. collateral security for loans from the banks. The Stock Exchange itself is a vast room, probably one hundred and fifty feet square, the ceiling of which is covered by an immense skylight, at least a hundred feet high. To begin with, the floor of the Exchange, where all the oper ations take place, is sacred to the presence of those specially favored persons who are actually members of the Exchange and who have seats thereon. If, however, one happens to be personally acquaint ed with a responsible banker or broker, who is himself a member, oi.e can obtain a permit to witness tie operations on the Exchange floor, when it is in active session, from ten o’clock in the forenoon until three o’clock in the afternoon; but one must needs view the spec tacle —for such in truth it is—from a balcony, situated at least forty feet from the floor of the Ex change, and which runs along the Broad Street side of the Exchange. If one happens to thus visit the Exchange during a panic, as I did the last time, shortly after war was declared in 1914, the sight is surely one to be remembered. The floor of the Exchange is thronged with excited groups of men, with out coats, waistcoats or hats, who seem to be yelling themselves hoarse without avail, at the same time tearing away at such clothes as they respectively wear, and generally creating such a pande monium that it looks for all the world like a free-for-all fight. The proceedings are certainly unin telligible to any lay person from a position in the balcony, as it is im possible to make out what they are saying, much less know what they are doing. As a matter of fact, each one of this frantic band is a broker, or his representative, called a floor-man who carries out the orders of his own particular office as to sales and purchases of stocks and bonds. The bigger and stronger he is the better oppor tunity he has of getting and hold ing the attention of the other brokers who may either want to buy the stocks that he has to sell or sell the stocks he wants to buy. In panic time when prices tumble very quickly one must be alert and active in order to do success ful trading. Each owner of a membership, therefore, is entitled to appear in person on the floor of the Ex change, or he may allow his per sonal representative to appear for him —the latter is almost always (Continued on page S) rilNfc TRAITS or GHARAGTER An Interesting' Sketch on the Observation of Character Traits in Youth X MY daily walks about J the city I have many op opportunities for seeing how boys think —or fail • • to think —of others. I am like a good many people —when I notice a boy tender and thoughtful of something in distress I say to my self: “His heart is in the right place. He is making life better by being helpful.” During an icy spell, I saw a truck horse fall on a bad pavement. A crowd gathered, but did not seem able to give the driver much aid. Suddenly a boy pushed his wa.y to the front. He had an old blanket thrown over his shoulder. “Say,” he called out to the driver, “I borrowed this blanket from a woman in that house,” pointing to a cottage, ‘ ‘and she says you can use it. 1 guess if you get it under the horse’s feet he’ll be able to get up.” The blanket was soon properly arranged and the horse easily found new footing. The driver thanked the boy and the latter returned the blanket and went on about his business. On one of the windiest corners of the city an office-boy came swinging along enjoying the fierce sweep of the wind. But an old lady just ahead of him was not having so good a time. The strength of the wind had forced her to stand still and it was certain she was going to be blown over. Her clothing was disar ranged and she was in great dis tress. I was some distance away, but started to help her when I saw this boy touch his cap, and carefully guide her into a sheltered nook. There he helped her arrange her wraps, grinned when she thanked him, touched his cap again and was gone. No one can tell me that boy is not thoughtful of his moth er and sisters at home. Few country boys I imagine have ever visited Chicago but that at noontime have noticed the flock of pigeons about the city hall and the many people, young and old, who stop to feed them. One day before the new city hall was built I was sitting at my desk busy over some papers when there came a knock at the door. On my re sponse a small boy came carrying a pigeon with a broken wing in his hands. The bird was not fright ened, but it was suffering. “Chief,” said the boy, “I haven’t any place to take the bird and I can’t help it, but I couldn’t let it die in the street. Can’t the city help it?” So on the kindly appeal of this unknown boy, with the gentle heart, the machinery of one of the largest cities in the world began to move for the sake of a pigeon with a broken wing. A police surgeon was found and the wing set. A temporary cage and resting place with food was secured. The wing mended and finally, through the thoughtfulness of a boy, the bird was safely restored to its mates. In watching the development ol boys, few things impress me so much in their favor as the manner in which they treat other people. The police were aiding in loading several hundred Sunday-school boys on a lake steamer some two years ago, when one of the small est of the boys fell into the river. A newsboy was sitting on top of a pile enviously watching the better dressed youngsters preparing for a MIMNESCH7 j historical SOCIETY Vol. XXX: No. 19 Selected day of pleasure. He may have known what a Sundy-school was, but I doubt it. But he did see the other boy go into the dark waters and he did take a straight dive into the river himself, reach the other, and hold him up until both could be rescued. Standing on the dock, shaking the water from his clothes, this newsboy was surprised to have a delegation of the older boys of the school walk up to him. “You’re a dandy!” they said. “Our friend is all right. We’d like to have you go on the excur sion with us. Will you come along?” Would he? But he was wet to the skin. “Never mind,” they said. “We’ll rig you out when you get on board. Come on.” There was bravery on one side and manliness on the other that was good to see. In my home neighborhood a fruit peddler’s wagon broke down and spilled his apples in the dust. A neighbor’s son saw the accident and went out and helped the man pick up the fruit and dust it off. The work, including the mending of the wagon, took some time. The peddler, an Italian, after all was finished gratefully turned to the boy and said: “Me got no monna, but you-a helpa to apples plenta.” He motioned that the boy should take from the wagon whatever he wanted, but the latter shook his head. “No,” he replied, “I just helped. You need the apples; good luck to you.” These are but a few examples of what I call “gentleness” on the part of boys. If he is manly there is not much danger of his getting into trouble, and he will never lack for friends. The boy who always seems to be in hot water is the one who bullies the helpless, or has no assistance to give them when he plainly sees that he can help. Roughness and brutality do not pay and he is cer tain to find that out in time, to his own regret, A little thoughtful ness helps so much more. Successful Failures Frequently the greatest victories have been seeming defeats. The immortal Three Hundred who de fended Thermopylae against the Persian invaders were defeated and slain, but few deeds in history have been so renowned. The world will never forget the home ward march of the ten thousand Greeks under Xenophon. It was not a victorious advance, it was not a fruitful conquest; it was a retreat, and yet forever memor able among all the brilliant ex ploits of valiant men. It was a great and unforgettable achieve ment because of the numberless and terrible obstacles which were overcome. The Greeks were more than a thousand miles from the sea which washed their native shores; deep, swift rivers, a wild country, mountain ranges, hunger, thirst, and interminable marches lay be tween them and any hope of safety; they were an insignificant band of ten thousand among hostile mil lions. What wonder, then, that when they saw at last the vision of the blue the tears sprang to their eyes and they cried aloud in their joy? All the world has heard their shout, and remembers how they turned de feat into victory.— Ex.