The age-herald., 1902-02-03
STOCK MARKET
 IN DOUBTFUL MOOD Enormous Loan Expansion by Banks a DiSquietiog Factor CLOSED DULL AND HEAVY The Strength of a Handful of Special ties From Individual Cause Was
 Too Small to Attract
 Attention.
CLOSED DULL AND HEAVY

New York, February 1.-The strength of a handful of specialties from individ- ual cause on the stock market today were not sufficient to offset the doubtful state of mind in which spectators find them selves regarding the suit against the Northern Securities Company in whlch decision by the Supreme Court may De given on Monday. The declaration of the first quarterly dividend of 1 per cent on the stock of the Northern Securities Com pany and the mailing of checks to stock holders last night without announcement were taken as suggestive of desire to forestall possible legal opposition to such action and increased the disposition or the public to await the judicial decision regarding the status of the capital The enormous loan expansion by the banks was another disqueting factor Increase in loans of nearly $2O O0O,0 GOO in a single week has occurred only few times Tn the history of the New York clearing house and not at all outside the period last spring, when syndicate preparations were making for the great deals which afterwards electrified the financial world. For the week ending February last year the loans of the New York clearing house banks were expanded soV44O'VOV' which was the largest single weeks ex- pansion in their history But the vast expansion of credits, the country over since that time, and the small proportion ate increase in cash reserve for the same period, makes what was bull influence on stocks last year cause of hesitation and doubt this year. What operations are responsible for the past weeks large increase in loans is not known to the public. The bank statement counteracted the influence of the earlier strength or Sugar on revived hopes of reduction or Cuban sugar duties and of the continued speculation in Amalgamated Copper The market closed dull and heavy at mixed net changes.
 The speculative movement in stocks this week was limited almost wholly to special points. It is consistently asserted that Amalgamated copper has sold out It's surplus stocks of metal at the low level, but has entered into extensive tu- ture contracts at the same level. Thls contention, however, has not prevented the sharp advance in Amalgamated cop per shares and an active demand for raw copper has given no indication of mar ket over-sold for future delivery. The collapse in the copper market and Tn Amalgamated copper was an important factor of depression in the stock mar ket But the recovery has had but feeble effect upon stocks. The proposals looking towards peace in South Africa must be regarded as promising an event of worldwide importance to the financial world. It has met with a proportionate response in the stock markets of Europe, but has been quite intellectual in awakening speculation here. So it has been with other influences xvbicb rnight he regarded as important The statement of ten months operations by the United States Steel Corporation and the balance sheet of the company of November 31 have caused interested com ment in financial circles, where there Is general assent to the opinion of the fa- vorable condition indicated both for the trade and for the corporation. The stocks of the corporation, however, have moved barely a point during the week. The de- cision to remove the war taxes Is wei comed as a measure of relief from the drain upon the open market money sup piles caused by the taking up of the surplus revenues, which has been con- tinuing and perplexing problem. The money market has grown easy and al- most plethoric, the rate for call loans dropping to two per cent and the rate for time loans receding to below four per cent.
 There has been an active bond mar ket, especially for junior grades and whose investment standing have been be- low the best with a corresponding ad- vantage in the interest return
 The United States refunding 2s declin- ed A and the 3s and new As advanced A over the closing call of last week.
 New York Stock Market,