Statistics

The beginning of all financial wisdom lies in correct and timely figures. Because in a bear market investors see their mistakes rudely brought to light, they become more appreciative of the need of statistics. Hence to statistical organizations 1930 brought no dearth of business. Last week when the biggest of these organizations in the world, Standard Statistics Co., Inc., prepared to move into eight floors of a new building in Manhattan, it boasted more than 1,200 employes, a gain of 45% in one year, and was glad that its increase in business was 66% over the increase of a year ago.

President of Standard Statistics Co. is Luther Lee Blake. He was born in Fayetteville, Tenn., started work as a telegraph operator in a Tennessee brokerage house. Later he moved to Manhattan, rose to be manager of the wire department of Laidlaw & Co. One of his duties was to answer questions concerning companies, and for this purpose he kept a scrapbook. In 1906 he thought of having pertinent facts on 100 leading corporations printed on cards which could be revised from time to time. He persuaded a printer to take a chance, used a bellboy at his hotel to distribute the cards. A. M. Kidder & Co. was the first firm to take advantage of his $60-a-year service. Soon J. P. Morgan & Co., Kuhn, Loeb & Co., National City Bank were among the customers. Within two years Blake had 300 subscribers and moved from a small room in Laidlaw & Co.'s office into independent offices. In 1913 the Babson Stock & Bond Card System was acquired, and rapid growth followed. The entire statistical industry was expanding at this time, other leaders including Poor Manual Co. (oldest of all) ; John Moody's Service, pioneer in investment ratings and organized investment counsel; Brookmire Service, oldest economic advisory service ; Roger Ward Babson; Arthur Elliott of National Quotation Bureau.

Standard Statistics now has the largest financial library in the world, information on 43,000 companies with complete facts on over 4,000. It offers 30 different services ranging from $60 to a high of around

$15,000 depending on the number of investments to be analyzed. The majority of its employes are young men, although many a woman holds a big position in the firm. Its library keeps 75 employes busy, while 290 work in the printing shop owned by the firm. Of its 20 printing presses, four run 24 hours a day, seven 16 hours. Daily mailing of services averages around three tons. These may be said to represent Standard Statistics' finished product. The manufacturing process consists of compilation, comparison, classification and publication of the raw figures.

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