I just finished new hire training at JetBlue and we have the same tradition. I was the most junior in the class, known as the Caboose and the most senior guy was known as the Owl. We both had a Rattle and Cane respectively with all sorts of added tokens over the years. It was all in good fun, our inflight compatriots commandeered it a few times and we got it back via a few negotiated beverages. It got old after awhile, but really it was all in good fun and fostered good socialization in my opinion.
-2263