Evening star., 1937-02-21

New York. has a secondary interest
in philately. His sons, William and
Joseph, are ardent Junior collectors
whose enthusiasm is contagious enough
to infect the entire household.
FirSt-day sales reports for the 20
cent and 50-cent trans-Pacific stamps,
Monday and the Scent Army and
Navy stamps. Thursday, were 54,003 so
and $54,691.17, respectively Covers
to the number of 800, were mailed
on February 1s.
According to News-Week, stamp
collectors will pay" for the projected
globe-circling flight of Miss Amelia
Earhart. In her plane she will carry
10000 covers which later will be
marketed by a New York department
store at So. SO each plain and IS each
autographed.
A delegation representing the Ma
tional Woman's Party has presented
to the Post Office Department a
handsome portrait Of Susan B. An
thony framed in silver.
Acting Third Assistant Postmaster
General Roy M. North has intervened
in the interest of clearer cancellations
in rural post Offices. He recently eau
toned the clerks It Westminster, Md,
m t,o ,,,iy,JF,,l of roo,,lo tio-,e raoo rdip
legible postmarks.
Stephen Early, writing to Seymour
B. Simmons, editor, the Philatelicker
New York, says that President Roose-
welt has about 10000 stamps in his
collection Surely he must have meant
2O,000,O00!
George Robey, English comedian. Is
a general collector with a particular
interest in Portugal and colonies. At
68 he finds in his stamps an avocation
which is a JOY.
Russia announces two commemora-
tives for Alexander Pushkin. famous
poet and novelist, whose centenary is
being celebrated this month.
Spain, despite civil war and other
troubles, has brought out a stamp in
tribute to the great painter. Velasquez.
The denomination is soc, dark blue.
Greece has released four new stamps
of dignified classic design showing por-
traits of King George II. Values are
Id, deep green: Sd, orange brown; Sd,
dark blue, and 100d, deep lake.
H. E. Harris, head of one OF the
largest stamp-dealing institutions in
the world, says: ''It is common knowl-
edge today that a very large number
of people-more than ever before in
the history Of philately-are making
speculative purchases Of postage
stamps. Collectors, dealers and even
total outsiders who scarcely know a
watermark from perforation. may be
found laying away a thousand copies
of this, hundred sets of that, a
trunkful Of Tipex, a carload Of King
Edwards or, in short, an untold guam
tity of whatever happens to strike
their speculative fancy
''AS in other fields where the spec
ulative fever has ragged, so it is in the
stamp field. After the occurrence of a
few sensational and out-of- -the-ordi-
nary increases in value (the Farley
special printings, British jubilees,
etc. thousands rush excitedly into the
market and begin to buy right and
left with reckless lack Of discrim-
ination.
Much has been said and written
about the current boom in stamps,
but we do not believe that any one has
yet pointed out how easily the stamp
dealer can get embroiled in it. to the
detriment of his own business.
I'm the normal course Of a success
full business, capital is invested in
merchandise, which is marked up to
include a fair profit and sold Is rap
idly as possible. The initial capital
and part of the profits are promptly
reinvested in more stock and the
process is continuously repeated.
Meanwhile the business follows the
pattern of an upward spiral: the VOL
ume Of sales and profits rises grad
ually as the stock keeps turning.
When the average dealer forgets
that he is primarily a merchant, and
begins to use part of his working cap
ital for speculation, he exposes his
business to several hazards.
"The first of these is, that in so far
As he withdraws the life-blood of his
enterprise, its working capital, he cor
respondingly weakens his trade posi-
ton. For lack of capital prevents the
adequate replenishment and expan-
sion Of stock, which is indispensable
to rapid turnover and good profits.
"A second difficulty is apt to arise
out OF the first one. If any consider
able amount Of money goes into spec
ulative holdings, the natural conse-
quence is that the dealer-who still
needs working capital as much as ever
will try to accumulate it by post
poning the payment of his accounts
Aside from the bad ethics of this pro-
cedure for the dealer is in reality
gambling with money that does not
belong to him), it leads directly to
loss Of good credit standing, which
is so very convenient and sometimes
so vitality necessary to the successful
conduct of a business.
THE dealer who succumbs to the
mania for speculation Is also exposed
to another temptation-to borrow
from one of the increasingly numer-
Gus philatelic loan companies. the
money with which to main his psr-