Evening star., 1937-01-21
JOHNSTON TAKES
EXCHANGE POST
Newly Elected President
PreSideS for First Time
at Today's Session.
BY EDWARD c. STONE.

Booker, who has rendered the Organl-
zation very valuable service for the
past two years. The new exchange
head is a member of the investment
firm of Johnston Lemon & Co.. and
has been active in the financial dis
trict for many years.
He is a graduate of the University
Of Illinois, native of North Carolina,
and obtained his early financial train
ing with Spencer Trask g. Co. in New
York, right after serving in the World
War. He also represented the same
concern in Washington. later becoming
partner in the investment firm OF
Irving &, Johnston. until he took the
business over under his own name.
He has served the exchange as sec
retary and has been a member Of the
Board of Governors. Other officers
elected at the annual meeting included
Karl w. Corby, vice president; w. w.
Mackall, secretary; Chauncey G. Par
ker, ir., treasurer: Y. E. Booker and
Mr.. Corby, members Board of Gov
ernors
1t was announced on the exchange
today that the directors of the Mer-
genthaler Linotype Co. have declared
50-cent quarterly dividend, payable
March is, to stockholders of record
February 20. The company paid. a
similar dividend of so cents share
on November Is last.
Metropolitan's Record Year.
The National Metropolitan Bank
had big year in 1874. How the insti-
tuition piled up profits and broke all
former records from the date of or
ganization, January II, 1914, without
the sale of any of the banks gold"
was recalled when letter was read
to the present Board of Directors the
other day which was written by Presi-
dent j. w. Thompson to H. A. Willard.
The 62-year-old epistle, dated Janu-
ary /. 1875, said:
In conveying to you the subjoined
information respecting the a6airs of
this bank, we tender you our con-
gatulations upon its prosperous con-
dition, the past six months having
been signalized by degree of success
unexampled within the same period
since the date of its organization.
The net profits from the first of
July last have reached the very fiat
.ering aggregate of S44 9l065, or with
In fraction of a per cent dividend.
and this result has been attained with
out the sale, as heretofore. of any part
of the gold owned by the bank, to in
crease its gains.
Influenced, however. by desire to
strengthen the capital of the institu-
ton, and to provide ample means for
any emergency, the directors, at their
meeting on the 23d ultimo, limited the
dividend for the past half year to S
per cent. The remainder of the profits
will. so far as practicable, be carried
to the surplus fund, which already
amounts to S150.O00-a sum equal to
80 per cent of our capital.
The dividends are now ready for
distribution and you are invited to call
st the bank for the amount due on
your stock"
Banks Queried on Housing Act.
To ascertain sentiment of bankers
regarding continuation of title OF
the national housing act. which is due
10 expire April /, the Committee on
Banking Studies of the American
Bankers Association has sent out a
QUESTIONABLE to institutions which
have operated extensively under the
act.
The attitude of bankers who have
had experience with title l loans will
he a determining factor in framing
new legislation or extending the pres
ent law, Chairman Wood Netherland
states The law provides for the in
surance of lenders against losses up
to 10 per cent of their aggregate of
such loans made for the moderniza ton
or repair of homes up to $4,000, or
business properties up to $4,000.
Up to the end of November, Mr..
Netherland says, the Federal Housing
Administration had insured 1294,807
title l notes in the amount of S486,-
420.696. Termination of the plan
would mean that banks in about half
the States could no longer make in
ttallment loans at rates equivalent to
those obtainable on title l loans.
Credit Union Dividend Voted.
dividend of per cent for the
Federal Employees Credit Union. No.
26l, of the District of Columbia at
the annual meeting just held. Pro-
noting thrift among its members by
accommodating their savings and Gre
ating a source of credit for them by
making loans from such accumulation
for provident purposes are the chief
services of this War Department ac-
tivity. The Board of Directors and
officers are William S. Kinney, preSi-
dent; Gertrude E. Coyle. vice presi-
dent; Pearle Cooper, secretary; Charles
Bonneville, treasurer and Elva De G
Cramer.
An adding machine contest will be
held by Washington Chapter. Ameri-
can Institute of Banking on Wednes-
day, January 81, in the chapter rooms
In the Bond Building. Participants
must be members of the institute to
be eligible to compete. Cash prizes
will be awarded to the winner and the
persons placing second and third.
Heard in Financial District.
Robert v. Fleming is probably the
busiest banker in Washington right
now. In addition to his duties as
president of Riggs National, he is
forced to give a great deal of extra
time to his work as chairman of the
Inauguration Finance Committee, al
ways one of the most important ir
connection with the induction of q
President.
Senator Wagner, newly appointed
chairman of the Senate Banking ano
Currency Committee says that hi
plans to devote his entire time dur.
ing the present session of Congress
to the affairs of the Banking Com.
mittee. He has fully recovered from
his recent illness, during which time
Senator Glass acted as committee
chairman.
II Riduelu Bullock nreSident q