Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-02-21
Somewhat Better Feeling Appreci-
able in Stock Market Today.
BOOM In SOUTHERN PACIFIC
Weakness in Steel Shares Due to
Disgusting Rumors.
GENERAL MARKET REPORTS
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, February 21.-A halt in the
liquidation and a somewhat mixed demand
from commission houses contributed to
slight recovery in todays stock market.
The reduction in the Bank Of England's
minimum rate of discount to per cent and
decline Of y per cent In sterling were
favorable Developments. the former action
helping to rally the London market after
a weak opening. The local condition was
helped by an estimated gain to the banks
on account of subtreasury and Interior op-
erations. The apparent gain thus far In the
week is 81, 5OO, 600.
The calling Of 90 per cent OF the pay
ments the Union Pacific-Southern Pa
citic transaction for the 4th. of March is not
wholly encouraging. since a S20.0O00O0 pay
ment in the present condition of the banks
is likely to find reflection in the interest
rate.
Union Pacific securities were steady to-
day, in spite of heavy profit-taking, now
that both common and preferred shares
are ex-dividend and ex-rights. The rights
sold rather freely from / to IL per cent
premium.
The best buying Of the day was reflected
in Southern issues, the common and pre-
ferred stocks being advanced under a good
demand from conservative sources. luo
movement was accompanied with rumors
of an increased dividend on the preferred
stock, probably at the rate of per cent.
The common stock has been well bought
for months and some favorable development
Is thought to be impending In that issue.
The steel stocks were heavy during the
morning, as the result Of the delay In an
nouncing the consolidation plan. All sorts
Of rumors were circulated in explanation
of the delay, but none was digntfed by an
official confirmation. The political hostil-
ity to the trust idea was much commented
upon, and proper respect Tor pubic opln-
ion was credited with having forced a
change OF plans.
AS a matter Of fact the details have never
been given out. and the rumors have been
put in circulation without regard to the
fact that no original scheme had been dis
closed upon which to predicate the so-called
changes. 1t IS only reasonable to expect
that the legal talent engaged in preparing
ths charter will draft its provisions with
in existing laws. Since the transaction Is
to be made by payments Of securities in
stead of money the sellers may be relied
upon to see that value exists.
A corporation destined to labor troubles,
antitrust attacks and similar drawbacks
would scarcely be acceptable in trade for
the Carnegie plant
The Southwestern group was more buoy
and than at any time during the week. Wa
bash issues coming TO the front under good
demand Missouri Kansas and Texas was
also In better demand, both accounts being
credited with the buying.
The general list sympathetically
strong during the buying Of these special
ties. Burlington was strong under manip
ulative demand from the pool. The Trac-
ton shares failed to continue the late rally
Of yesterday, the new buying, such 1t
was, going into the railroads. The last hour
was given over to an evening up Of con-
tracts, and the net changes. while showing
gains in the main, were not entirely uni
form.