Evening star., 1937-01-01
INVESTING FIRM
CHANGES NAME
James N. Johnston & Co.
Also Adds Nees and Cram
as Partners.
By EDWARD C. STONE.

vestrnent firm active in the financial
district for several years, changed It's
name to Johnston, Lemon & Co.. at
the same time adding Bernard j. Nees
and Harvey B. Cram as general
partners. The firm conducts gen.
eraI securities business, specializing in
Washington securities and participat-
ing in underwritings. James H.
Lemon remains as partner under
the new DEAL the company continuing
to be correspondents of Spencer Trask
SS Co., members of the New York
Stock Exchange.
James M Johnston. founder of the
original firm, is a native of North
Carolina, graduate of the University
OF Illinois, class of 1917; served in
the Air Service during the World
War, later being associated with
Spencer Trask & Co. in New York
and in washington until 1928, when
he became a partner in the firm Of
Irving & Johnston. Upon dissolution
OF this firm in 1929, he started his
own concern.
Mr.. Johnston is secretary and men,
ber of the Board of Governors of the
Washington Stock Exchange; vice
president, treasurer and director OF
the Federal Storage Co.; director
of the Lawyers Title Insurance Co.,
Of the Seaboard Finance Corp. and
a member of the Columbia Country
Club.
Other Partners Well Known.
Mr.. Lemon is a graduate of Gen.
trail High and of Princeton University,
class of 1925, being noted as an ath-
lete. He entered the securities busi-
ness in 1925 with Spencer T'rask in
New York. Coming here he became
partner in the Johnston firm in
1929 He is a member of the WASH
ington Stock Exchange, former presi-
dent Of the Bond Club of Washington,
as we'll as being vice president of the
American Bridge League and men,
ber Of the University and Metropoli-
tan Clubs.
Mr. Nees, upon graduating from the
Hyattsville High School, attended the
American Institute of Banking. Later
he graduated from National University
Law School and is a member OF the
bar of the District of Columbia. He
IL member of the Washington Stock
Exchange and has been connected
with James NJ Johnston g. Co. since
1929.
Mr.. Gram is a native of Washing
ton and a graduate OF Central High
School, He graduated from Wesleyan
University with the class of 1926, en-
tered the employment of Spencer
Trask & Co. and later became man.
sger of the Rochester office of that
firm. From 1880 to 1892 he was man.
ager of the Buffalo office of j. G.
White & Co. and in 1882 became as
sociated with James M Johnston.
being made sales manager in 1884. He
Is q member of the Columbia Country
Club
District High Lights In 1885.
High lights from the summary of the
Federal Reserve Bank of Richmond,
showing greater progress than in any
other year since the depression, reveal
a 10 per cent gain in department store
sales over 1885, steady increase in loans
to commerce and industry and real
Improvement in employment. A
marked increase in construction is a
favorable sign Of recovery, the review
states
Building permits in November were
b per cent ahead of November, 1885,
and contracts actually awarded were
~ per cent greater. Business failures
and liabilities were larger than a year
ago Spot cotton prices climbed to a
figure about $3.50 a bale above the
same date last year.
Seasonal influences were credited
with checking "the decrease in unem.
ployment" III recent weeks. Two
STRIKES were reported In the district
during the past month, one Of workers
at a manufacturing plant at Cumber-
land, Md, and another at glass plant
in Charleston, w. Va. third. involv-
ing miners in the Southwest Virginia
coal fields, was reported Monday.
The bank found that a number of
textile mills were sold up several
months ahead" the fifth district on
October 81 having AS per cent of total
PldtC Ia eiiC ohAoNh oeotSS.
Spot cotton prices climbed to fig
tire about $3.50 bale above those on
the same date year ago, rising from
an average of l99 cents per pound on
November 13 to 1884 on December IL.
Chain Drug Sales Up.
Average daily sales of chain drug
stores in November, 1896, were / per
cent higher than in November, 1885,
according to preliminary estimates OF
the Bureau of Foreign and Domestic
Commerce. The greatest gain was
shown by fountain sales, which were
73 per cent higher, followed by all
other" sales with 03 per cent in
crease from last year, while tobacco
sales decreased 36 per cent.
The preliminary adjusted index fig-
ure of the value of retail sales of new
passenger automobiles shows marked
increase from October to November,
according to the Bureau of Foreign and
Domestic Commerce, Department Of
Commerce Sales in November were
about Is per cent higher than in No
yember, 1885, and 100 per cent greater