The Washington times., 1913-01-29
NEW YORK STOCKS
OPEN STRONG, BUT
GROW WEAK LATER
American Car Common Con-
tinues to Gain, But Preferred
Takes Downward Course.

NEW YORK, Jan. 29.-The New York
stock market looked fairly strong when
1t opened this morning, but prices did
not hold and the list sold off later to
lower levels. Steel was among the few
stocks which opened below closing
prices, and its loss for the morning
amounted to three-quarters of a point.
The efforts which the American Fed
GRAFTON OF Labor is making to unionize
the plants of the steel corporation,
which are beginning to show their re-
suits in the disorder in the Pittsburgh
district and Chicago. portend graver
consequences. Union Pacific opened
strong. and Southern Pacific lower, but
the positions of the stocks changed dur
ing the morning, resulting in show
ing of a loss Of half point for Union
and gain of three-quarters for South
ern Pacific. The Can stocks showed a
reversal of form from yesterday, the
common gaining a point and half and
the preferred losing two and a half.
Harvester continued to rise, advancing
~ points. Canadian, Pacific was two
points on, rejecting the unsettled war
situation. The strength in Southern Pa
cifc followed rumors that the road
would get the advantage in the deal
for the Central Pacific. Former Judge
Eovett said today that while there has
been no disagreement, an agreement in
the dissolution matter has not yet been
reached . ..
1t is understood that the directors of
the Southern Pacific and Union Pacific
companies have practically come to an
agreement SO far as the essential de-
q ~ ralQ nf
luton Of the Hartman merger. There
are a few minor matters, however,
which remain to be worked out. There
viii be no more conferences with the
that the piani will be. submitted to him
In its final form for approval. This,
ii is understood, will be done in the
near future. Central Pacific, according
to the plan. 1t is understood. will be
possible exception Of the line in Cali
fornia- running up to the State OF Ore
gon. There. will be no pro rate distri-
button of the Southern. Pacific stock
now held in the treasury of Union Pa
trail Pacific to the stockholders Of both
Union and Southern Pacific, companies.
Il is suggested that syndicate may now
be in process OF formation to underwrite
this balance of Southern Pacific stock.
II Is impossible to ascertain at this time
the basis OF exchange Of Southern Pa
cific stock now held In the Union Pa
cific treasury for that of the Central
Pacific company now owned by the
Southern Pacific. Well informed in-
terests are inclined to believe that
whatever plan may now be presented to
the Attorney General by the directors
Of the Union Pacific and Southern Pa
cific companies will be approved by
him.
The Illinois Central has placed an
order for loo 9ondoIa cars with the
Pullman Company, and has declared the
regular semi-annual dividend of 81 per
cent The December report shows a
total revenue decrease of 1851. .7il, and
net reevnue Increase of sos 223
Speyer & Co. has engaged $4,000 gold
for shipment to South America, making
its shipment on the present movement
N.0ooe0o. The subtreasury gained 81 1884,
900 from the banks yesterday, and since
Friday has gained A0SS 900