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

New York, February 1.-The strength lf handful of specialties from individ- bal cause on the stock market today were bot sufficient to offset the doubtful state If mind in which speculators find them- lelves regarding the suit against the Northern Securities Company in which lecision by the Supreme Court may be kiven on Monday. The declaration or the lrst quarterly dividend of l per cent on Aie stock of the Northern Securities Com hany and the mailing of checks to stock Holders last night without announcement were taken as suggestive of desire to lorestall possible legal opposition to such lction and increased the disposition of he public to await the judicial decision Regarding the status of the capital The lnormous loan expansion by the banks Eas another disquieting factor. Increase h loans of nearly $20, GOO, GOO in single Eeek has occurred only a few times in he history of the New York clearing house and not at all outside the period last spring, when syndicate preparations kere making for the great deals which Afterwards electrified the financial world. For the week ending February last year he loans of the New York clearing house banks were expanded $50, 44OOOO, which was the largest single weeks eX- bansion in their history But the vast lxpansion of credits, the country over lince that time, and the small proportion- lte increase in cash reserve for the same period, makes what was bull Influence ln stocks last year cause of hesitation lnd doubt this year. What operations Ire responsible for the past weeks large Increase in loans is not known to the kublic The bank statement enumerated he influence of the earlier strength or bugar on revived hopes of reduction Of Cuban sugar duties and of the continued kpeculation in Amalgamated Copper. The market closed dull and heavy at mixed bet changes.
 The speculative movement in stocks lhis week was limited almost wholly to bpecial points. It is consistently asserted lhat Amalgamated copper has sold out It's surplus stocks of metal at the low level, but has entered into extensive fu- lure contracts at the same level This sontention, however, has not prevented he sharp advance in Amalgamated cop Der shares and an active demand for raw kopper has given no indication of mar ket over-sold for future delivery. The kollapse in the copper market and In Amalgamated copper was an important
 
 ket But the recovery has had but feeble effect upon stocks The proposals looking towards peace in South Africa hust be regarded promising In event of worldwide importance lo the financial world. It has met With } proportionate response in the stock markets of Europe, but has been quite heffectual in awakening speculation here. So it has been with other influences which might be regarded as important The statement of ten months operations by the United States Steel Corporation Ind 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- korable condition indicated both for the trade and for the corporation. The stocks lf the corporation, however, have moved barely a point during the week The de- kision to remove the war taxes is vel komed as measure of relief from the erain upon the open market money sup plies caused by the taking up of the (urplus revenues, which has been a con- Gnuing and perpleXng problem. The honey market has grown easy and all host plethoric, the rate for call loans dropping to two per cent and the rate lor time loans receding to below four Der cent,
 There has been an active bond mar ket, especially for junior grades and whose investment standing have been be- bw the best with a corresponding ad- bantage in the interest return.
 The United States refunding 2s declin- Id Ii and the 3s and new As advanced r )ver the closing call of last week.
 
 New York Stock Market