Evening star., 1934-01-24
-FOUR ARE ELECTED
T0EXCHANGE HERE
Jones, Ferris, Kurtz and
Lemon Included as
Members.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Four new members were elected to
membership in the Washington Stock
Exchange at a meeting of the board OF
governors held this noon.
This action established a new record
for the exchange as heretofore only one
member has been elected at a time.
Members elected today include:
Robert c. Jones, head of the invest
ment firm of Robert c. Jones & Co.. IN
the Shoreham Building. Mr.. Jones has
been in the financial district for many
years, formerly being connected with
G. M. P. Murphy, New York Stock Ex-
change firm which took over the busi-
ness of John L. Edwards & Co. when
that company retired from business.
George M. Ferris, who is at the head
of George M. Ferris, another investment
firm. Mr.. Ferris established the con-
Germ himself and has had marked sue
cess since he went into business for
himself
Carl R. Kurtz, member Of the invest
ment firm of Stroud. Kurtz & Co. To-
Gated in the Transportation Building.
He is another investment dealer of
broad experience and has been in the
1uldllCldl OlSlILkt iIullJ yNoAo'
James NJ Lemon. the other member
elected to membership today. is afi-
lated with James NJ. Johnston g. Co.,
a Washington investment firm which
was established some years ago by Mr..
Johnston, who is also an official in the
Stock Exchange Mr.. Lemon is one of
the younger men in the financial dis
trict and a recent graduate of Prince
ton, where he made a wide reputation
sc kon al
The addition of these new members
will mean a new era in the history of
the exchange. More trading is certain
to result. They take seats which have
been held in estate for a long time.
Their elections follow the recent admis-
sion of Paul P. Rodler. cashier of w. B.
Hibbs & Co.. making five new members
in a very short time. 1t is possible
that one or two other members will be
added to the roster in the near future.
Bankers Code is Modified.
Modification of the Bankers Code Of
Fair Practices, which increases men,
bership in the code authority. has been
approved by Gen. Hugh S. Johnson.
The change provides for not more
than 25 representatives of the American
Bankers Association, three representa-
tives of non-members and one or more
representatives without vote appointed
by the President. The code originally
provided for code authority made up
of Is members from the association, one
representative Of non-memberS and
one presidential representative. The
modification becomes effective February
!, N. r. A. stated.
George O. Vass Is the washington
member of the American Bankers As
sociation Code Committee, while Rob-
ert v. Fleming as an officer in the ma
tlonal organization. has also kept in
very close touch with the code situation.
Wilmer ]. Waller is chairman of the
subcommittee which has made a spe-
cial study Of its application in the local
banks.
President Gets Exchange Report.
President Roosevelt has been pre-
sented with reports of the studies by
Secretary of Commerce Ropers COM
mittee reviewing stock exchange and
communications matters. The New
York Stock Exchange report was
awaited in the financial district here
all day yesterday. Vastly more inter-
est was manifested in New York.
Mr.. Roper said that both reports
were studies and do not commit the
President to program. They can oe
used by congressional committees along
with studies that the latter are now
making and are to be the basis OF pro-
posed bills on which public hearings
will be held.
IT suggested he transmit them with
out recommendation" MIR. Roper said.
N. g. w. Declares Extra of SO.
The Norfolk & Western Railway Co.
has declared an extra of 50 and the
regular quarterly dividend of So on the
common stock, both payable March l9
to stock of record February %.
The So extra dividend amounts to
s1,178,6oo on the $50 800 shares held
by the Pennsylvania Railroad system
including the 10,40O shares held IN the
insurance fund.
Preliminary report of Norfolk & West
ern Railway for year ended December
81. 1888 shows net income of S22, ,301,-
14O after taxes and charges, equivalent
after dividend requirements on 4 per
cent preferred stock, to $500 share
or 14O6483 shares of common stock.
This compares with Sl6,81191 or
Sll.30 a common share on 1882.
December net income was S2,069, ,32l
after taxes and charges, against net
Trading on d. c. Exchange.
Trading was light on the Washington
Stock Exchange today, most of the days
meeting being devoted to the election OF
the four new members. Mergenthaler
Linotype moved at 27 and Potomac
Electric Power 512 per cent preferred
came out at 1861.
Ten of the II Federal Reserve banks
operated last year at net loss after
payment of dividends and charges.
Only two to show net profits were the
Federal Reserve Bank of New York with
S2,688, 900 and the Federal Reserve Bank
of Chicago with 1892 900. Losses are
attributed to heavy write-down OF assets,
including buildings, plants and other
fixed items.
New life insurance production during
December totaled S715,256,000, an
amount greater than any preceding
month in 1888. This, however, contrasts
with S741, 100000 for December, 1882, a
decrease of SO per cent according to
report of the Association of Life 1nsur-
ance Presidents, based on new paid-for
business records, exclusive OF revivals,
increases and dividend additions, of AZ
companies having IS per cent of the
total life insurance outstanding in all
United States legal reserve companies.
Bank Women Plan Meeting.
The regular monthly dinner meeting
OF the Bank Women's Club of Wash
ington will take place at the Parrot
Tea Room. Twentieth and R streets, to-
morrow evening at 6 o'clock. The
president, Judith M. Fishburn, and her
associates have arranged an excellent
program.
The S275O00 Prince Georges County,
Md, serial 4 per cent public school
bonds were sold to the P. w. A. at par,
according to Nicholas Orem, county su-
perintendent of schools.
There was decline of Bis per cent
IN the number of buildings constructed,
and an increase of 02 per cent in the
value of buildings for which permits
Statistics renorts