Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-02-14

Market Today Developed Some
Reactionary Tendencies.
HOPE FOR REFORM BILL
Washington Advices Lent q Tone to
the Market.
BANKS LOSE I'm OPERATIONS
Little Interest In the Transactions in
the Industrial and Miscel-
laneous Issues.
BANKS LOSE EN- OPERATIONS

Special Dispatch to The Star.
NEW YORK. February A.-After open
ing one-fourth to one point above yester-
days final figures, today's stock market de-
veloped reactionary tendencies. Apart from
the advance In prices earlier in the week,
and the rise seems to have been suffl-
GENTLY extensive al to invite heavy profit
realizing sales. there was no special ex-
PLANTATION Of the course Of the market.
Washington advices were still quite con-
fdent with regard to the prospects for the
enactment of the fiscal and currency re-
form bill. which was reported to the Sem
ate on Tuesday, but on the other hand,
bearishly disposed traders were inclined to
make some capital out of the meager Of
ferings Of the per cent bonds under Mr..
Shaw's proposal Of Monday. There was,
however, nothing in the days money mar
ket conditions to excite, any feelings OF
trepidation as to immediate developments
in that direction. The banks have lost In
their operations with the subtreasury since
last Friday only 900. but after last
weeks extraordinary bank statement Wall
street was indisposed to devote much atten-
ton to the prospects for this weeks ex-
hibit.
London Market Firm.
The London stock market was firm In
all departments, with conspicuous strength
in American shares, and foreign houses
continued to buy here. taking upward of
$4,000 shares on balance. The Bank Of Eng
lands rate Of discount was left unchanged
at per cent. The banks weekly state
ment showed a proportion of reserves to
liabilities Of 1923 per cent against 1895
per cent last week. and 1887 per cent IN
the corresponding week of last year. Sterl-
ing exchange conditions showed little al
teration.
A number Of dividend declarations were
included in the developments of the day
relating to particular stocks. and these
comprised the action taken on Union and
Southern Pacific stocks. The same rates
Of dividends were declared upon both secu-
rifles that were fixed last August, namely.
a 8 per cent semi-annual rate on Union
Pacific and a semi-annual rate OF IN per
cent on Southern Pacific.
Union Pacific Heavy.
1t Is difficult to see why there should have
been the slightest degree of uncertainty or
surprise as to the figure. yet the course of
each stock in the market seemed to suggest
the existence Of some.
Union Pacific was heavy in common with
the general market during the morning, but
upon the announcement OF the dividend
early in the afternoon the stock advanced
whole of this recovery. The course OF
Union Pacific illustrates sufficiently we'll the
highly irregular movements in the market
at large The other more active features Of
the railway list were Atchison. st. Paul.
Reading Northern Pacific and Great North
ern preferred.
There was little Of interest to be elected
from the transactions in the Industrial and
issues, where the general ten
denotes of the trading coincided with those
in the railway list. AS usual, the dealing
there was largest in United States Steel
common. AmaIgamated Copper, American
Smelling and the railway equipment shares.
A particularly extensive DECLINE In National
Lead might have been attributed to the
declaration of nothing beyond the usual
on that stock.
Little was done in the local traction
stocks except in Brooklyn Rapid Transit,
which likewise fuctuated in common with
the general market.