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 Sayles
& Co, Inc, investment counsel of Bos-
ton, will now be carried on under the
latter name, it was announced today
The local office, formerly under the
name Of Henderson 81 Co. is at 100
Shoreham Building and today changed
its name to that of LOOMS Sayles d
Co., but the personnel in charge re-
mains the same William Floyd Cros-
by of this city, q vice president of the
new company, remains in charge of the
office here in the Shoreham Building,
while Lew G. Colt is supervisor.
Simultaneous changes will CONSOLE
date the present business Of Loomis
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
nerly operated by Sheridan 81 Co. in
Chicago, and the investment counsel
division of the Equitable e. Central
Trust Co., in Detroit. The business of
LOOMS Sayles g. Co, Inc, the an
nouncement states, is exclusively that
of investment counsel on behalf of in
dividnals, corporations and institutions,
and the company does no merchandise
ing Of securities.
W. r. e. E. Is Up.
Washington Railway g. Electric Is
sold on a rising market today on the
Washington Stock Exchange opening
at 90, fraction above last sale, and
gaining to 93l2. Washington Gas IS
turned over at 103, while a small block
of Capital Traction stock went at 1915,
o shade under last sale.
washington bank clearings for today,
$2.974,S3o.42.
New Treasury Issue.
The United States Treasury is in the
market again. this time with an issue
Of p1-day Treasury bills, to be sold to
the highest bidders next Thursday, in
the sum of s60,0oo.000
Tenders will be received only at Fed
eral Reserve banks and their branches
until 2 o'clock Thursday The bills viii
be dated August II and will mature
be payable without interest No bid for
less than 81 600 will be considered and
ell bids must be in multiples of ST. 900.
Signs of Reeuperation.
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, says the journal, and
are currently operating on larger vol
ume than year ago, among which
might be mentioned the cotton. woolen.
silk. shoe and rubber industries: also
chain 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
pacltg, but the Autumn months have
never. failed to bring a material expan- |
sion, Save in the exceptional Instances
when the trend was sharply downward |
1903.
Adverse conditions have spurred |
drastic reduction in manufacturing. |
selling and overhead costs in almost |
every llne. Recently published state |
n1enfS for the second quarter show that |
greater economy and efficiency are now /
being turned into increased earnings, |
Some OF the more progressive corpora |
tons that were in the red during the /
f1rst quarter have decided to take BUSH
ness as they find 1t rather than to mark |
time and possibly go bankrupt waiting
for the rest of the world to recover.
and achieved net profit after all |
charges during the second quarter. /
Possibly other companies will take the |
hint to lower their own costs likewise
so as to be In position to move their
produet 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 establishments re-
ported lowering of wage rates. and
in 1880 there we're 900 so reporting. |
Since November, 1929, there has been |
total of 1884 wage cuts reported in
the monthly reviews Of the Bureau of
Labor. which almost comedies with the
number OF dividend reductions and /
omissions totaling $500 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
so as To maintain natural equilibrium |
Wage rates are not made by employers
or workers by labor unions politicians
or any other individusls-they but