Benefit

Half-masted last week was the flag of the New York Stock Exchange in memory of its most famed member--John Davison Rockefeller. Only once did Mr. Rockefeller ever enter the Exchange. That was in 1883 when he bought his seat, the rules-requiring his personal apearance before the admissions committee. But his membership, entitling him to low commissions, saved him vast sums in his personal transactions. He paid $30,000 for his seat, saw it sink to $15,500 in the 1890s, rise to $625,000 in the 19205, sink again to the current figure, $91,000. When the membership was enlarged in 1929, he sold his "right" for $125,000, more than four times his original investment.

The Exchange's constitution provides death benefits for members deceased--$15 from each surviving member. Last week small-trading members whose summer budgets were already a problem had to deduct their shares of $20,000 or so for the estate of the man who made more money than any man who ever lived. Efficient budgeteers were prepared for this contingency, however. On an average, 14 Exchange members die every year.

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