Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-22
TRADING IS QUIET
ON D. c. EXCHANGE
Weakness in Wall Street Has
I! Tendency to Slow Up Buy
kc ing in Local Issues.
BY EDWARD c. STONE.

ton SVOek Gxcnange To-Day CaplCal 1EAC-
ton stock opened at 6lA and closed at
81, the same as the closing price for
the stock on Monday. The days sales
totaled but IS shares. The final quota
ton was 5034 bid and 511a asked.
Mergenthaler Linotype again sold at
01A on q very small turnover. In the
bond division the largest sale was q
$4,000 turnover in washington Railway
& Electric IS at 89A.
Washington Gas IS figured in $4,000
and $1,000 sales at 1861 while Wash
tngton Gas IS. series "a" registered
small sales at 103, the days transac-
lions maintaining steady prices in local
bonds. In the unlisted department,
Army and Navy Club SIS changed hands
ct 30.
washington Gas Light stock is now
being quoted ex dividend on the local
board. Only one other issue in the
whole list Is ex dividend, National Saw
ings g. Trust Co. bank stock.
The lull in trading on the washington
Exchange during several recent sessions
Is laid largely to the New York Stock
Market. When weakness Is pronounced
in Wall Street, it Is almost always felt
here. Some selling usually takes place
to protect New York commitments and
at the same time local investors hesitate
TO do much buying.
Making $4,000 From Ten Cents.
'sTen Cents Grows Into $4,000" This
Is the title used by James L. Wright,
Washington correspondent Of the Buff
falo Evening News in writing for the
Nations Business facinating story on
the famous Buchanan stamp which was
recently sold In this city for Miss Ma
talie Sumner Lincoln.
It will be recalled that the sale was
cleverly engineered by G. H. Gockeler,
vice president of the District National
Bank and secretary of the washington
Stock Exchange. Mr.. Wright asked Mr..
Gockeler how q stamp that originally
cost 10 cents, provided President Bu-
chanan didn't have all his stamps fur
nished him, came to be worth $4,000.
The old law of supply and demand,
was Mrs. Gockeler's only solution for the
apparent mystery. 1t was case OF the
supply being very much limited and the
demand equally extended. The stamp
had the additional value Of being on the
original letter which was sent by Presi-
dent Buchanan and addressed by him
to Nathan Smith Lincoln, Member OF
College, Hanover, N. H"
Mr. Wright recalls how stamp collect
ors came rushing to Washington from
all parts Of the country. pretended the
stamp was not worth much and tried
to buy it at a much lower figure than
the final sale price. The writer finally
suggests way to get rich quickly. "All
YOU have to do to make 100000 times
the capital you invest Is to find an old
postage stamp" he concludes. And he
might have added that there Is one
more step. You have to have an inter-
nationally known authority on stamps
to deal with the buyer.
Trust Program Is Outlined.
Many Washington Trust Co. bankers
are expected to attend the Twelfth
Conference of the trust company d.
vision of the American Bankers Asso-
citation to be held in New York Febru-
aEy II, 10 and 10. It is announced
that the conference program VIII be
divided into the three general heads of
promotion, operation and admintstra-
ton in trust company work. The flrSt
day Of the meeting, under the head
Of promotion, will be devoted TO the
younger men in trust company work,
the heads Of public relations depart
ments, educators and men engaged in
promotional work. The second day
viii be devoted to operations, to the
junior officers and assistant trust Of
1icers who are the men who do the
actual work behind the scenes. The
third day viii be devoted to the presi-
QGIlJS ana executive VICE pICSlQcuJS, bE1C
men who dictate the policies Of the
trust departments.
Auditors Section to Meet.
The auditors section of the District
Bankers Association will hold its
monthly meeting at s o'clock tomorrow
night at the National Press Club,
Chairman Ralph Endicott presiding.
Several committee reports are to be
made and further plans laid for the
Winters work. One report in which
especial interest Is being manifested is
that Of the committee covering ex-
change charges made by the local
banks, Raymond @. Marx, chairman.
This section always has dinner meet
ing.
Buying Of Good Caliber.
Buying in the stock market has been
Of better caliber than the selling since
the last week Of September, according
to the differences drawn from the study
Of security loan figures published In
Barronis. This study indicates that the
recent sharp break in prices has not
called forth liquidation by astute, re-
sourceful investors, but. on the contrary,
has induced moderate accumulation.
Large scale selling appears to have been
confined to margin customers Of broker
age houses.
Farm Prices at Low Mark.
The bottom has been reached in the
prices of agricultural commodities,
Chairman Alexander Legge Of Federal
Farm Board asserts.
Prices will probably hang around
present levels while and gradually
improve" he added. The prediction re-
ported to have been made that wheat
would rise IS cents in 30 days Is q little
optimistic, the chairman said.
He added that the farm commodity
markets are doing better to the extent
that they have recently acted independ-
emily of the stock market.
Farm Wages Lowest in Years.
Farm wages on October /, this year
were at the lowest point in seven years,
according to the Department of Agri-
culture.
The low level of wages was attrib-
uted to poor crop prospects, farm prod
ucts price declines and the fact that
the supply Of farm hands exceed the
demand by more than 40 per cent.
The bureau says that the excessive
supply of farm hands lis a reflection of
the continuance Of the present extern
siye business depression, which has scat
tered unemployed industrial workers
throughout agricultural sections in
search Of a livelihood. The supply is
in excess of demand in all geographical
sections, ranging from an excess of "a
per cent in the North Atlantic States
to 40 per cent in the South Central
States"
Heard in Financial District.
The financial district was panied to
hear of the death early today of John
E. Benton, assistant auditor of the
American Security g. Trust Co. Mr.
Benton had been with the bank for
many years and was q great favorite