The age-herald., 1902-02-11
STOCK MARKET
 IS FRIGHTENED Heavy Fire Losses Sunday Made a Setback imminent BUSINESS STILL C0NGESTEO Market Showed Some Striking Fea- lures of Strength, But By No Means Took on Full Propor
 tions of Bull Movement
BUSINESS STILL CoNGESTED

New York, February 1o.-There was some apprehension in speculative clrcies that the support accorded the market on Saturday after the bank statement ap- peared would prove but temporary ana that setback was imminent in the price of stocks. The heavy fire losses reported over Sunday, especially that at Paterson' caused additional apprehension peIore the onening. The uneasiness, however nroved to -unfounded There were abundant of buying of stock from the opening, but little liquidation was en- countered. There was indeed proht-tak- ing in many of the stocks which have had a striking advance recently, but the strength was diverted to new points, To- day's market, although some striking features of strength. by no means took on the full proportions of a bull market in either the volume of dealings, the ex- tent of the advances or the breadth or the distribution.
 Tho hulk of the business is still con- vested in comparatively few stocks nota- bly Southern Pacific and the Readings and stocks most nearly allied 10 theHl' There was some indications Of common origin for the active dealings In poth these leaders The buying Of southern Pacific is avowedly based on the rate Of earnings reported for the company ana the possibilities of reduced operating ex- penses and refunding of high interest mortgages. The gain in the price of this stock extended to 2h. The strength or inc coalers was due to the belief that an adjournment of labor disputes was as sured The soft coal carriers shared III the movement Many of the less prom nent stocks were features of the tracing, notably the St. Joe and Grand lslano stocks. The Kansas City southern stochs and the Toledo, St. Louis and Western stocks. Some of this class of stocks which rose last week suffered sharp re- actions. wells
 American Express rose Il and Wels Fargo 5A on the conviction that aeVeiop- ments are pending in the express DUST ness. The industrials generally were m clined to be heavy except those haVlns .o do with iron and steel. Detall ahaysis of Saturdays bank statement shoWs thaU a few large banks are responsible TOT .he changes in Saturdays statement. ol the +otal loan increases of nearly $29, 00OO 900 for banks are seen to be responsible Tor over SEQ. OO0, ,00O. namely the National City, the First National the Hanover National ana the National Bank of Commerce. Ol these it Is also notable that the decrease iu reserves for three of them amounts to considerably more than the total oe- crease for all the banks while the flrst National Bank, at one of the four, shows an increased reserve of nearly S60oo,VoV The large changes thus shown confirm the conviction prevalent that some large financial project is pending. As bearing on the condition of the banks compared With last year it is worthy of notice that' notwithstanding the two weeks increase of about $5O 100000 in loans the net m crease since the first of the year is only ssO. 545. .9OO while the accession to reserves has been $32, ,427, 900. Last year up to rep ruary Is there had been an increase Tn loans of SIS 165,S ,SOO while the reserves have grown but s4O,611,20O The period Hast year covered the preparations for the new Central purchases, the Southern Pa cific purchase and the formation or the United States corporation.
 The bond market was active and broad hut somewhat irregular.
 Total sales par value $4, ,425,0OO. U. 5. bonds were all unchanged last call
 New York Stock Market.
 By Private Wire to Murphy 6 C0.