The Montgomery advertiser., 1902-02-02
WALL STREET REVIEW INTEREST IN NORTHERN SECURITIES CO.'S SUIT. Declaration of Dividend Without Previous Announcement Believed
 to Be for Purpose of Fore
 stalling Litigation.

NeW 1ork, FeD. l.-Ine strength or handful of specialties from individual causes 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 which given on Monday.
 The declaration of the first quarterly dividend of [ per cent on the stock of the Northern Securities Company and the mailing Of checks to stockholders last night without announcement was taken as suggestive of a desire to forestall le- gal opposition to such action and in creased the disposition of the public to await the judicial decision regarding the status of the capital. The enornfous loan expansion by the banks was another dis quieting factor. Increase in loans of nearly go. 100000 in a single week has oc- cured only few times in 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 elec-
 trflied the financial world. For the week
 ending February ? last year the loans
 of the New York clearing house banks
 were expanded 80. .440,000, which was the largest single weeks expansion in their
 history. But the vast expansion of cred it's the country over since that time and the small proportionate 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 Tn loans is not
 known to the public The bank state ment counteracted the influence of the earlier strength of sugar on revived hopes of reduction of Cuban sugar duties gamated 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. These points were differ ent on different days. but the movement never became general beyond the slight sympathetic effect due to the efforts of the professional traders to make the spe-
 clal movements prevail in the general list. number of developments during the week have been important in their
 bearing upon the general financial out look. Such developments at a period of speculative activity like that prevailing at this time last year would have thrown
 the market into a state of excitement
 The indifference of the market to them at this time only serves to define more clearly the determination of the money powers of the country to await the ont come of various weighty problems The nNlng or the legal status of the Northern Securities Company by judicial construc- tion seems to be the most important of tnese problems In the estimation of the street. EHorts were made by profession ais to put prices up last Monday on pro- fess1ons of satisfaction with the char acter or the arguments offered to the supreme Court against the petition for a nearing of suit against the companY but there was no important response fo this invitation. There mas been a very active speculation in Amalgamated Cop per at advancing prices during the week in an urgent demand for raw copper both in this country and in Europe. The financial revival in Germany seems to have had an important influence nr1
 large number of electrical under takings which were under way in that country when it was overcome with financial paralysis. and which it Is hoped will be taken up again with the return of confidence. The renewed demand for copper has an important bearing upon the industrial situation at large, but it's immediate significance to the Amalga- mated Copper Company has been much obscured, perhaps designedlv. by many conflicting claims. It is consistently as- serted that that company has not only sold out its surplus stocks of metal at the low level but has entered into ex- tensiVe future contracts at the same level. This contention has not prevented the sharp advance in Amalgamated Cop per shares, and the active demand for raw copper has given no indication of market oversOld for future delivery. The collapse in the copper market and in Amagamated Copper was an important factor of depression in the stock market But the recovery hes had but a feeble effect upon stocks. The proposals look ing 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 Flu rope but has been quite intellectual in awakening speculation here So it has been with other influences, which might be regarded as important. The statement of tem months operations by the United States Steel Corporation and the balance sheet of the company of November 3l, cal circles. where there Is general as dition indicated both for the trade and for the Corporation. The stocks of the Corporation. however. have moved bare ly a point during the week. The de- cision to remove the war taxes is wei comed as measure of relief from the drain upon the open market money sup plies caused by tho taking up of the surplus revenues which has been a con tinuing and perpleXing problem. The money market has grown easy and al- most pletho"c. the raJc for call loans dropping to ? per cent. and the rat" for time loans reccding to below per cent Railroad gross earnings for the third week m January reflect highly prOsper- ous conditions in the transportation in dustrY. Some of the returns of net earn ings for December show decreases com pared with the preceding December but the explanation is accepted as reasonab blc that storms and floods We're accountable .or holding back of traffic which must