Evening Star Newspaper, August 10, 1931, Page 12

LOOMIS SAYLES CO. S OWN OFFICE Boston Firm Takes Over _Business Formerly Run by Henderson & Co. Business formerly conducted in Wash- Ington and Philadelphia by Henderson & 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 & Co. is at 100 Shoreham Building and today changed its name to that of Loomis Sayles & Co, ‘but the personnel in charge re- malns the same. William Floyd Cros- by of this city, & vice president of the new company, remains in charge of the office here in the Shoreham Building, while Lew G. Coit is supervisor. Simultaneous changes will consoli- date the present business of Loomis Sayles & Co., Inc., under its own name and will also increase its research fa- cilities in Hartford, New York, Phila- delri)hln. ‘Washington, Chicago, Detroit Ban Francisco. L. P. Hénderson 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- merly operated by Sheridan & Co., in Chieago, and the investment counsel division of the Equitable & Central Trust Co., in Detroit. The business of Loomis Sayles & Co., Inc., the a nouncement states, is exclusively that of investment counsel on behalf of in- dividuals, corporations and institutions, and the company does no merchandis- ing of securities. W.R. & E. 4s Up. ‘Washington Railway & Electric 4s #old on a rising market today on the ‘Washington Stock Exchange, opening at 93, a fraction above last sale, and gaining to 93!, Washington Gas 6s tumd over at 103 while a small block of ‘Capital Traction stock went at 3915, & 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 9l-day Treasury bills, to be sold to the highest bidders next Thursday, in the sum of $£60,000,000. - Tenders will be received only at Fed- eral Reserve banks and their branches ! untfl 2 o'clock Thursday. The bills will | be dated August 17 and will mature | November 16, when the face value will be payable without interest. No bid for less ghan $1,000 will be considered and | must be in multiples of $1,000. Signs of Recuperation. Definite signs of recuperation in the DUnited States are seen by the American Bankers’ Association Journal, which says these signs have been overlooked en account of the European financial “A _number of major industries have -pptnn ly emerged from their cycles of deep depression,” says the journal, “and are currently operating larger vol- ume than a year ago, ong 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- l T has further increased ck in employment and plant ca- pld but: the Autumn months have llflld to bring a material expan- qun ve in the exceptional instances whefi the trend was sharply downward, ;;oln the years 1930, 1923, 1914 and “Adverse conditions have spurred reduction in manufacturing, and overhead costs in almost ev:al line. Recently published state- for the second quarter show that economy and efficiency are now turned into increased earnings. of the more progressive corpora :fl ‘that were in the red during the m- they find it rather than to mark time. and po-lbly £0 bankrupt waiting and. achieved a net profit after all chai during the second quarter. hlnt o lower their own costs likewise to be in a ition to move their rfi pay rolls. ar there has been no concerted D‘ih in the first six months of this VQI! 436 individual establishments re- . 1929, fl\!fl has been a total of 2,364 wage cuts reported in Labor, which almost coincides with the number of dividend reductions and same period. Wage rates are ultimately determined, as are commodity prices tions,'and they are constantly changing £0 a8 to maintain a natural equilibrium. or workers, by labor unions, politicians or @ny other individusis—they but ter have decided to take busi- for the rest of the world to recover, other companies will take the and, incidentally, disburse move toward reduction in wages, al- Teporting. lh! anunthly reviews of the Bureau of omiseions totaling 2,300 during the and interest rates, by economic condi- | Wage Tates are not_made by employers discover and conform to them." dra sell OIL MANAGER SEES | IMPROVED BUSINESS Harry J. Kennedy of Contll\fll(ll' Company, on Air Tour, Says | Situation Better. @pecial Dispateh to The Sta ? BALTIMORE. August 10.—"“Business is better and there is every finmrlmnn} it will steadily improve,” declared Harry J. Kenneds, general sales man- | who | | | ager of the Continental Ofl Co, local | spent Saturday inspecting the plant. Kennedy and other officials are trav- eling 1;1 two airplanes on a tour of lon. on observations made in 80 cities located in 26 States and 3 Canadian provinces. business volumes. | whieh showed a fallin~ off in April and | May, compared with the frst three | months of this year, are increasing. Kennedy said. “In the West and Mid- | dle West increased activity is observed | in genersl mercantile lines. dry goods and toys being purchased for Fall and | Winter requirements. The revival of building interests appears to be slow. “The business man in the best po- | sition is the one who has paid at- tention to better business management, improved sales technique, and who has advertising as a capital = These factors, coupled with ndividual nerally 'fll business busi m o-nly as indim business im FNGRE——,S THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Stock and Dividend Rate. Abitib} Pwr&Pap pt.. 1 Adams Express (1 1 Adams Millis (2).... 4 uction (t4%) 2 ka Jonewu (400) 396 Alleg Corp. Alleg Cp pf $30 w Alleg Cp $40 ww & i Allled Ch & Dye (n6) Allied Ch & D pf (7). Allis Chalmbers (2).. Alpha Port Cemt (1) Amerada Corp (2). Am Br Shoe (2.40)... Am Can (15). Am Chain Am Chicle (13) % Am European Secur., Am & For Power. Am & For Pw pf (8 Am Home Pr (4.20).. Am lece (3). Am Ice pf (6 Am Internatiol AmLa Fr& Folm 2 Am Locomotive (1) A Tacomat oD Am Mch & Fdy 140 Am Pow § Lt (31). Am P & Lt pf A (4) AmP& L ot A st (5) Am Ra&5td San Am Rolling Mills Am Safety Razor (5) Am Seating. . Am Smelt Ref (3) . Am Sm & Ref pf (7). Am Solv & Chem. ... Am Stl Foundries(1) Am Sumatra Tob Am Tel & Tel (9) Am Tobaceo (16) Am Tobacco B (16) Am Tobacco pf (6) Am Water Wks (3) Am Wat Wks cfs (3 Am Woolen. Am Woolen pf... Am Writ Paper et Anaconda Cop (14) .. Archer-Dan pf (7). Armourof IIL A,.... Armour of I B... & Art Metal Const (1)« Associated Apparel.. Asso Dry G (2%) Atch To & 8 Fe (10). Atch To&S Fe pf (5). Atl Coast Line (7)... Atlantic Refining (1) Auburn Auto (f4). .. Austin Nich pr A (3) 12; Aviation Coro Paldwin Locomotive Balto & Ohio (5).... Balto & Ohio pf (4) Barnet Leathes Rarnsdall Corp'n. Beatrice Cream (4) Belding-Hemingway Belg N Ry pt pf 14.82 Bendix Aviation (1) Best & Co 12).. Bethlehem Steel (2). Bethlehem St pf (7). Bohn Alum & Br1% Borden Co (k3)...... Borg, Warner (1 Briges MIg (11%). Brockway Mot Trk. . Bl\yn Man Tr pf (8). Bueyrus-. P Budd Wheel (1).. Bulova Watch (1%). Bush Termjinal (3%) Bush Term deb (7). Byers (A M) Calif Packing (2). Callahan Zine & Ld. ). Canadian Paciic 1. 126 Cannon Mills (1.60 3 Capital Admih A. Case (J 1) (8). Caterpillar Trac (3).. 36 .8 Cent Aguirre As1%. Cheeker Cab Mfg. Ches & Ohio (3%) Chi MiI St P& P pf.. Chi & Northwest 14) ChiRI& Pac(m3%) Chickasha Cotton Oi} Childs Company Chrysler Corp (1 City Ice&) City Stor Cluett-Peabdy pf (1) 108 Coca-Cola (17%). ... Coca-Cola A (3). Colgate-Pal-P (24). Colo Fuel & Iron.... Col Gas & ki (2) Col Gas & Ei uf A (§) Columbia Graph §8e. Col Grapho ctfs 58c. Columb Carbon (§).. Comel C Comel Cred pf B (2).240s8 Comm inv Trust (2). 1 Comel Inv Tr pt 614, 1908 Comm Solvents (1).. 26 Comwlth&Sou (40c). 31 Cmwlith & Sou pf (6) 2 nsolidated ¥ilm. .. Consol Film pf (2)., Consol Gas N ¥ (4). Con Gas of NY pf () Consol Laundries (1) Consol Textile. ..... Contl Baking pt (8). Contl Can (23%)..... Contl Dia Fibre (1).. Cont) Insur (3.60) Contl Motors. Contl O11 of Cont Shares. Corn Product Coty Inc. Cream of Wht (12%4) & Seal 2.40. 1 o Stee) pf (1) 40 “uban-Amer Sugar. . an Dom Sugar irtis Publish (4) ruis Publish pt (7) urtiss Wright Corp r Hammer pf (1.40) D laware & Hud (9). Del Lack & Wn (4).. Diamond Match (1) Otamond Mtch pf 1% Dome Douxl Drug Corp (4). Elec&Musical Instru 11 Kiec Pwr & Lt (1. 30 Elec Pow & Lipf«l) 2 Eiec Stor Bat llL i Coal. < d b Fire (n (2.60) Firest T & R of « First Nat Strs (3% ). bber Fourth Nat Inv mése Fox Film (A) (1%). Freeport-Texas (3 Gubriei Co A Bal Add 00, High Loy 31 Abitibl Pow & Paper 4 30 Note—All stocks are sold in one hundred-share lots excepting those designated by the lelter s (80s) (250s). Prev. Close. Close. 3% 8% 13% 13% - 13% 14% | 90% | 10635 1064 12% 3 ~ 5% —~Prev. High 3 1804 1235 1 RO% 11 Gobel (Adolf). Gold Dust (2% Goodrich (B §' Goodyear Tire&R(1) Graham-Paige. Grant (W T) (1) Great Northn pf(4). Grt Nor Ore (2). Grt Western Sug Grt West Sug of (1). Grigsby Grunow.... Prev High Low. Close: Close s “Lbn 20% 20% 1(- 26 Hacken Waipfd 1% 2 4% Hann Dept Stos Harb & Walker (1) .. Hayes Body. Hercules Powd (3).. iHersh Choc pf (15). . Holland Furn (12%) Homestake Min (17). Houdaille'Hershey . . Houston Of1 Hudson Motor (1). 5% Hunn Motors. ... > 11linois Central (4).. 21% Indust Rayon (4). 74 Ingersoll Rand (4).. 41 Inspiration Copper. . 94 Insuranshares Del A 19% Interb Rap Transit,, 1615 Int Agriculture pf 27% Int Cement (4) Int Combustion. .. Int Comb Eng pf. ... int Harvester (2%).. Int Hydro E1 A (e2). int Match pf (4) nt Merchant Ma Can(40c) ok Can pf (7)., per & Pwr pf.. int Shoe (2) 5 Inter Dept Strs ¢ Tones & Lanz lohns Manville (3) 40% 10 Kayser (J) & Co (1). pring Tir Kelvinator Corp. ... Kennecott Copper (1) Kresge (SS) Co 1.60. Kreuger&Toll (1.61) Kroger Groc&Bak (1) Lambert Co (8, 2'4 Les Rubber & Tire. ., 884 Leh Port Cmt pf (7). 37% Leh Valley (2%)...« 45% Lehman Corp (3).... Lehn & Fink (3 Lib Ow Ford Glai Liggett & Myer (15). Li~g & Myers B (15) Lily Tulip Cup (1%) Lima Locomot (m2). Liquid Carbonie (3). Loew's Inc (3)...... Loew’s Inc pf (6%) . Loft Inc. .. . Loose-Wiles (12.30) . Lorillard «F) Co. Lorillard (P) pf (7). Louisiana Ofl. LouG&FA (1%).. 611 L'ville & N'ville (5 dlnm Steal McKeesport T P t5 %4 McKesson & Rob ¢1) McLellan Store: Mack Trucks (3) Macy(RH) & Co(n3) Magma Copper (1).. Man Elev m g Marine Mi4 (1.30). Market §t Ry pf. Mariin-Rockwell Marshall Fleld (214) Mathieson Alkall (2) May Dept Stra (2%) Maytag Co 1st pf (8 Meiville Shoe (2) Mexican Seaboard. .. Miami Copper....... Mid Continent Petm.. Midland Steel (3).. Midland Steel pf (8). Minn Moline Pow. . Minne-Moline P MStP&SSM. Mo Kan & Tex Missourf Pact Missourt Pac of ( Mohawk Carpet Monsanto Ch W (nu Montcomery Morris & Fssex uu Mother Lode. Mnllins Mfe Nat Cash Register A. Nat Dairy (2.60).... at Dist Prod (2 Nat Pow & Lt (1) t Steel (2). At Tea (1).. Neisner Brothers Nevada Conper (1). N Y Central (§) N H & Hart (8). NH&HD (.. Y Ont & Western NY Shipbldg pf (1). N Y Steam pf (6). Noranda Mines. Norf & West (t12).. North Am Aviation Nor Am (b10% stk) 53 North Amer pf (3).. 3014 Northern Pacific () Ohio Ofl. . 31% Oti= Elevator (2%} 3% racific Gas & Bi «2). 4514 Pacific Lighting (3). 6 Pacific Tel & Tel (7) 5% Packard Motor (48¢) 19% Paramount-Pub 23. Parmelee Transport. llxh- Excharge. ... Pathe Exchan; Fatino Mines. .. Pénick & Ford (1)...> Penney (J C) (2.40). Penney (JC) pf A (6) Penn Railroad (3).. Peop Gas Ch (8). hillips Petroleum. . ieree OIl. . o Petroleum Prairie r.\v. L (3). Pressed Steel Car.. Prod & Refiners. . Pub Sy N J (3.40)... Pub 8v N Ipf (5)... Pub 8v N J pf (6).... Puliman Corp (4)... Punta Alegre Sugar.. Pure Oll. .. . Purity Bakeries (3). Hadio Corp. .. Radio Corp pf A (3%) Radio Corp B (5). Radio-Keith-Orph A. RR Sec I C 8tk C (4). Ravbestos Man 2 60. Readin; e (2) Real Silk Hosiery Remington-Rand Reo Motor Car (40¢) Repuhjie Steel. ..... Republic Steel of. . Reynolds Tob B (3) Richfield O1l Rio Grande Oil 43 104 208 @ 308 Safeway Strs pf |1) 1008 St Joseph Lead (1).. St Loyis & San Fran. St L-San Fran pf (§) St L South 4 Sears Roebuck (2 70 TI% 261 89 100 615 881e 13% 891 | 301 0 9% 21% 1R 30% 1% 0 D. C.. MONDAY, PRESSURE ON RAILS HOLDS STOCKS LOW Small Volume Reduces Sig-| nificance of Downward Movement. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, August 10.—The week {in the stock market opened with con- nued pressure on the rallroad shares {today and a siightly lower price level | {for the industrials. but all on such small | volume that nc great significance could ‘N‘ attached to the movement | Selling of the rails, which was in evi- | !dence from the start, appeared to hr; | discouraged liquidation, resulting mostly from the action of the market itself in | |recent sessions. but partly from fears | {of dividend reduction. While the losses were not especially large, they were suf- | ficient t make new low records for the | bear market for such important stocks | |as New York Central and Pennsylva: |nia and a new low for the present cap- | |italization in Canadian Pacific. New | Haven sold at the lowest in some years. | | Atchison and Union Pacific were down | 2 w |3 or & points News over the week end included the sales report of the General | | Motors Corporation, the favorable out- | come of the Prussian plebiscite and the | surprising Government catton report. | It was hard to trace much connection | between these developments and the course of stocks. General Motors was well supported, while the cther stocks were sagging, but there Was no aggres- ve buying. German dollar bonds im- | proved on the news from Berlin. but it | had no effect on the share market. The collapse in cotton might have been re- | sponsible for the heaviness of stocks, but shares directly affected by agricul- % | tural conditions in_the South were no | weaker than the others As a matter of fact, considering the weakness in the railway shares and the implicit faith traders have nowadays that a movement in the rails foreshad- | ows a similar one in the industrials, the | market as a whole held very well. U. 5. | Steel, American Can and General Elec- tric during the morning hours were | never more than fractionally under Sat- | urdays final. There was evidence of cautious buying in Consolidated Gas, | | which is expected to benefit very sub- antially from its inserest in New York steam Minor incidents were the renetal of ! speculaticn for the rise in the low= | | priced gold mining stocks and weakness in General Railway Signals, which was { down 4 points on top of an 8-point loss | | last week Call money renewed at 115 but was in abundant supply in | side market at 1 per cent. | MARYLAND OFFERS BONDS. BALTIMORE, August 10 (Special).— The State of Maryland has asked bids |on an issue of $390.000 bonds bearing | 414 per cent interest on Wednesday. | | Another local offering will | Monday, A gust 17, when Harford | | County has asked tenders on $250.000 | State road construction notes bearing | 31, per cent interest. There has been | | & distinct lull in offerings in Maryland | during recent week~ which has aided | the market. Earlier in the Summer | new issues made their appearance with i extraordinary frequency. per cent, the out- Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and Prompt_Replies to Applicstions JAMES F. SHEA 643 Indiana Ave. N.W. ‘Shrewd Investors’ BUY \? in times like these | LOW bond prices and liberal yields are char- acteristic of the times. Wise investors are taking advan- tage of such opportunities. Those who wait may have to pay more and receive less return on their money. Associated Gas and Electric Company Debenture Bonds now yielding over 6%, have outstanding musmnnt merit as proved by a com- parison with similar bonds of 15 other leading utility companies. This comparison is based on tests used by ex- ert investors in evaluating onds. For a copy telephone BOw Im‘ Green 9-3957 or write for Folder Ncw York City | 61 Broadwa AUGUST 10, 1931 NEW TREASURY BILL ISSUE OFFERED AUG. 13 By the Associated Press. Acting Secretary Mills vesterday in- vited tenders for $60,000,000 in 91-day Treasury bills which will be sold to the highest bidder on August 13. The bills will be dated August 17, and | will mature on November 16, when they | will be redeemed at face value. The money received will be used to retire $50,000,000 in Treasury bills which ma- ture on Aufl\lfl, 17 POTATO xufiu:r CHICAGO. August 10 () ~r‘nuton~ Receipts, 104 cars; on track, tal United States shipments Sl'ul’dly 002 Sunday, 24: about steady: trading fair sacked. per hundredweight, Missour! cobblers, 1.15a1.35; Louisiana triumphs, 1.70a2.00: Idaho triumphs, 2.10a2.20 russets, few sales 2.00; New Jersey, 15 | pound sacked cobblers, 2.60 per sack. ON IMPROVED DISTRICT OF| COLUMBIA REAL ESTATE SECURITY 66th Series of Stock New Open For Subscription James E. Connelly James F. President Secretary Absolute Safety Maximum Return With Guaranty First Mortgage Securities Yielding 6% a Steady Income of Tdeal lnvestmems—non nucm- ating. Sponsored by this col ration and secured by dtrect Mortgage on properties here in the Nation's Capital. Let us send you a list of our current offerings. Denominations as low as $100 Monthly Payments if Destred send" o7 Bookiet, The Success Plan* Service in Keeping With Your Needs HE Metropolitan offers to responsible individuals and firms, modern facilities for the transaction of every type of banking and Fiduciary business. Our officers will be glad to point out to you the full scope of our service. TRAVELERS' CHECKS & LETTERS OF CREDIT National etropolitan BANK Fifteenth Street Opposite U. S. Treasury MORTGAGES INVESTING WITH CONFIDENCE The very nature of the security behind our FIRST MORTGAGES makes them supremely attractive to those who want definite and fixed return - & Third LIBERAL fa There is Century Without a tive apprai and, as in this return. case, nothing more stable and -sound than improved Washington Real Estate, and we make conserva- sement of the property securing each loan. FINANCIAL l First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. to Loan "".‘.'l“.-'.‘.':l. Heldines "arn. LOAN l"LAN wE have adequate funds for loans on improved Real Estate in nearby Montgomery County, Md., and the District " of Columbu for!?e s of 3 $ or 10 ompt deei- Open Daily 9 b l Saturdays Unt . NAtional l.'ll (NATIONAL| (PERMANENT] [ITTL[KI'L SSOCIATIO sions (nen applications. 51 % INTERZST BOSS and PHELPS Realtors N POUNDED 1907 17 K St. N.W. John Hanceck wul rence Co. We Give Property Management Personal Attention HERE are more ways than you realize in which our management of your property will be both a pecuniary benefit, and a relief from annoy- ing worries. Our experience has perfected an organization competent to take complete charge of apartment house, office building, residential or business prop- erties—adjusting expense; taking care of repairs; securing tenants; supervising every de of man- agement—all for a very modest fee. . PROMPT remittance is the: INVARIABLE rule of this office RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CoRRESPONDENT Decatur 1321 Connecticut Ave. T O TR REAL ESTATE LOANS As Mortgage Loan Cor: of the Metropolitan Life Insurance Company we are prepared to assist you. Construction Loans in Any Amount WEAZREROS Washington Building District 9486 Loans made in the District of Columbia and nearby Maryland and Virginia Equitable Co-Operatwe Bldg. Ass'n Organized 1! ’ 51st YEAR COMPLETED JOHN JOY IDSON. Plflfil‘ WALTER S. PRATT, Jr, Secrétary | Subscription for the 101st lssue of Stock Being leuivd See Us If You Wish-a Loan on Real Estate or to Those who desire to berrow money to pur- chase a home, refinance present indebtedness or improve property, should see us. Applications will \ Take Up a réceive prompt and céur- T < teous at}:entign. Fll‘!t Mol’t!lle » Loans Repayable Monthly No Brokerage . . . No Commissions 915 F ST. N.W. May be purchased in amounts from $250 up. F. SAUL CO. National 2100 925 15th St. N.W. 52% Gen Am Tank Carc4) 16% Gen Asphalt (3 17% Gen Baking (2). Gen Hronze CHICAGO DAIIY xu.m CHICAGO, August 10 (). Receipts, 10,862 packages; firm L2 [tmmons Co . Sinelair Consol 01! . Socony-Vacuum 1.60 South Poét Rico Sug. 2 3 t 3 South Cal Bd (2).... . South Pagifie 18). T | el Southern Rwy (m! Southern Rwy pf (5) Spalding (AG) (1).. 8 el- May THERE IS NO SUBSTITUTE FOR SAFETY