Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-29
CHANGE IN BROKER
OFFICE ANNOUNCED
Harriss & Co. viii Take
Over Stock Business of
HarrisS &VoSe.
BY EDWARD C. STONE.


Harriss & vose, members of the New
York Stock and Cotton Exchanges ano
of other commodity exchanges, an
nounce that Mrs. william w. Bierce
and William Leslie Harriss will retire
from the firm on February l, 1881, a
news dispatch says today.
William Leslie Harriss, with Daniel
F.. Mccarthy, will form partnership
in the name of Harriss & Co. and will
succeed to and continue the stock bust
ness of Harriss & Vose. HarrisS g. Co.
will acquire the branch offices of Har-
riss & Vose at Boston, Providence, Com
modore Hotel New York City; Eliza
beth. Philadelphia, Washington and
Akron.
Harriss & Vose thereafter will devote
their activities solely to commodities,
in which they have always specialized;
On the same date Charles B. Vose and
Richard T. Harriss, jr., sons of the
present partners. will be admitted 10
the firm as general partners.
The Washington office has been To-
Gated in the Southern Building for sew
eral years. under the joint management
of E j. Emerich and McElroy Moss.
The local management will remain I'M
changed under the new arrangement.
Penrsy Cuts Earnings Decrease.
Detailed figures show that the Penn
sylvania Railroad earnings Tor Novem-
Der continued to show a substantial de-
crease from corresponding month OF
1929 as well as the usual seasonal drop
from October, but two interesting tac-
tors stand out as encouraging signs
the percentage of decrease in both gross
and net was smaller than Tor seVeral
months and operating expenses we're
kept well in hand with operating ratio
actually lower than in November, 1929.
Gross revenues in November amounted
to 2,940, 025, which compared with
S54 ,463420 in November, 1929; de-
crease, $11, 523, 1895, or PIP per cent. In
October gross revenues amounted 10
$50.949 539, against S66,125, 434 in Octo-
Der, 1929; decrease Sl5.175,895, or 22.9
per cent. The percentage OF decrease
shown in November was the lowest
since July, when gross was 1919 per cent
below the corresponding month of 1929.
Net operating income in November
amounted to S5,277.T27, which COM
pared with S7,294.408 in November,
1929; decrease, $2,016,68l, or 27.6 per
cent.
Gross revenues for the IL months
ended with November amounted to
$685., 393, $40, against $642,936, 479 IN
corresponding period of 1929; decrease,
Sl07,135,139 or 16.6 per cent, while net
operating income for the period was
S87,250,387, against $129,602,88l; de-
crease, $42, 1852 ,494, or 1927 per cent.
Trade Situation Reviewed.
Today's Guaranty Trust Co. Review
finds little to indicate an early recovery
in trade. However, in looking ahead, the
survey says:
the strength of the credit situation, to-
gether with the certainty that consid-
cradle shortage of goods is accruing, are
facts that support the conclusion reach
ed by many that quickenlng OF gen.
eral business activity may, perhaps, be
expected by late Spring. 1t seems rea-
Sonable to assume that, with the har-
vesting of the 1881 crops and the fur
therance Of trade adjustments, the last
half of next year will show more prog
resS and that 1882 should witness SUBJ
stantisl recovery from the depression.
Economic precedent and business his
tory seem to support such views.
In spite of the disappointment oc-
caSioned by recent reports, business
opinion clings to the view that 1881 VIII
witness marked improvement. Although
definite predictions are unusually
scarce, there seems to be fairly gen.
of recovery somewhere in the first ha!f
of the year. The only point on which
there is a virtual unanimity OF opinion
is that the revival will be slow and r.
regular process, particularly in its early
stages This is in line with past eX-
perience. 1t is only after such irregu-
1arity has persisted for some time that
confidence becomes general and the up
swing proceeds at fairly steady pace"
Traction Touches New Low.
Capital Traction stock touched an
other new low mark for the present
market and for all time on the Wash
ington Stock Exchange today. In a
single sale of 200 shares the stock sold
ex-dividend at 42ia. 1t was the largest
turnover in this issue in several weeks.
Ten shares of American Security g.
Trust Co. stock sold at 345, and small
lot of Lanston Monotype came out at
lO4 The only other stock sale was in
Potomac Electric Power per cent pre-
ferred, which registered l1lla.
In the bond division Washington Gas
IS, Series A, figured in two transactions
at 102 and Washington Gas IS, Series
3, sold at los.
The list OF local stocks now quoted
ex-dividend is the longest it has been
in many months. The last day Of De-
cember and January ] or 2 will see
a great many checks reaching stock
holders. And nearly all of them will
be for the same amount as they were
a year ago, some even being extras.
Financial District Notes.
President George O. Watson Of the
Washington Stock Exchange and the
Liberty National Bank has returned
from holiday trip 10 New York.
The American Security & Trust Co.
is making 1880 a most memorable year
by rapid progress on the new l0-story
addition. The big annex will be ready
for occupancy before 1881 is so very
far advanced
In reversing verdict for $4,000 OBJ
tained by c. Burne Craig against E. A.
Pierce g. Co and dismissing complaint
in suit for S38,3 35 damages, the APP
pellate Court in New York ruled a Gus
toner of brokerage house cannot hold
brokers responsible for loss when he has
told them to use their judgment IN dis
posing of his property
November output OF motor vehicles
totaled 1873 437 units, as compared with
150o44 in October and 217,573 in Mo-
vember, 1929, Commerce Department re-
ports.
Passenger car output in November
was 97.52S, against 1l2 ,209 in october
ard 167 s46 in November, 1929.
The Washington Bond Club will re-
new rs activities early in the new
year. The officers have several able
finaneiers in mind for guest speakers
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