Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-10
LOOMS SAYLES CO.
OPENS OWN OFFICE
Boston Firm Takes Over
Business Formerly Run
by Henderson & Co.

Business formerly conducted in Wash.
Ington and Philadelphia by Henderson
g. Co., Inc, on behalf Of Loomis Sayle.
& Co, Inc investment counsel of Bos-
ton, will now be carried on under the
latter name, 1t was announced today
The local Office, formerly under the
name of Henderson a. Co, is at 100
Shoreham Building and today changed
its name to that of LOOMS Sayles &,
Co., but the personnel in charge re-
mains the same. William Floyd Cros-
by Of this city, o vice president of the
new company, remains in charge of the
Office here in the Shoreham Building,
while Lew c.. Colt is supervisor.
Simultaneous changes will CONSOLE
date the present business of LOOMS
Sayles e. Co., Inc. under its own name
and will also increase its research ia
cilities in Hartford, New York, Phila-
delphia. Washington, Chicago, Detroit
and San Francisco.
L. F. Henderson of Hartford is presi-
dent and treasurer of the new local
company. j. Randall williams of Phil
adelphia and w F. Crosby of Washing
ton are vice presidents.
Other companies which similarly be-
come more closely affiliated with the
original Boston organization were for
meriy operated by Sheridan q Co., in
Chicago, and the investment counsel
division of the Equitable & Central
Trust Co., in Detroit. The business of
Loomis Sayles d Co. Inc, the an
nouncement states, is exclusively that
OF Investment counsel on behalf of in.
dividuals. corporations and institutions,
and the company does no merchandise
ing OF securities.
w. r. g. e. As Up.
Washington Railway g. Electric As
sold on a rising market today on the
Washington Stock Exchange, opening
at 80, fraction above last sale, and
gaining to 93l2 Washington Gas SIS
turned over at 103, while a small block
of Capital Traction stock went at 1914,
shade under last sale.
Washington bank clearings for today,
$2.974,830.42.
New Treasury Issue.
The United States Treasury is in the
market again, this time with an issue
of pl-day Treasury bills. to be sold to
the highest bidders next Thursday, in
the sum of S60.000.000.
Tenders will be received only at Fed
eral. Reserve banks and their branches
until 2 o'clock Thursday. The bills win
be dated August II and will mature
November Is, when the face value will
be payable without interest. No bid for
less than 81 ,0o0 will be considered and
all bids must be in multiples of 81 900.
Signs of Recuperation.
Definite signs of recuperation in the
United States are seen by the American
Bankers Association Journal. which
says these signs have been overlooked
on account OF the European financial
crisis.
A number of major industries have
apparently emerged from their cycles of |
deep depression y says the journal. "and |
are currently operating on larger vol |
ume than year ago, among which |
might be mentioned the cotton, woolen. !
SIX, shoe and rubber industries; also I
cnaln stores and department store trade |
In some sections of the country. The |
seasonal slowing down that occurs dur |
ing Midsummer has further increased |
the slack in employment and plant ca I
paclty, nut the Autumn months have |
never failed to bring a material expan- /
sion, save IN the exceptional instances
when the trend was sharply downward
1904. " anu
Adverse conditions have spurred
drastic reduction in manufacturing.
selling and overhead costs in almost
every line. Recently published state
ments for the second quarter show that
greater economy and efficiency are now
being turned into increased earnings
Some OF the more progressive corpora
tions that were in the red during the
hrst quarter have decided to take bust
ness as they find 1t rather than TO mark
time and possibly go bankrupt waiting
for The rest of the world TO recover.
ana achieved a net profit after all
charges during the second quarter.
Possibly other companies win take the
hint TO lower their own costs likewise
SO as TO be in position to move their
product and, incidentally, disburse
larger pay rolls.
SO far there has been no concerted
move toward reduction In wages. al
though In the first six months of this
year 1,436 individual estab lishmentS re-
ported lowering of wage rates. and
IN 1880 there were 900 so reporting.
Since November. 1929, there has been
q total OF 1854 wage cuts reported in
the n1onthly reviews Of the Bureau of
Labor, which almost comedies with the
number of dividend reductions end
totaiing 1900 during the
same period. Wage rates are ultimately
determined as are commodity prices
and interest rates. By economic condi-
tons, and they are constantly changing
80 as 10 maintain natural equilibrium
Wage rates are not made by employers I
or workers, by labor unions, politicians |
or any other individuals-they but |
Ffer ~ gr.s-,