The age-herald., 1902-02-10
BANK STATEMENT FROzE THE MARKET Came Like a Dash of Cold Wa
 ter on Spectators LOANS GREATLY INCREASED Large Interests Have Made Determ- ined Efforts All Week to Start
 Up Interest, But With
 Little Success.
LOANS GREATLY INCREASED

New York February 8. Ihe "eeNiy bank statement came like dash ol colu water in the face of the market 'o"as and irduoed nrecipitate offerings of stock for Q few minutes The way in which these offerings were taken indicated very strong and determined support "lth large resources at command, and the market rallied strongly, closing frm,wlth some stocks at the top prices of the day onlv once before in the history of the New York clearing house has the loan expansion for a week exceeded that re ported for today of $2S'9743OO For the week ending February F. 1901 loans in- creased S3O 44O,00O This was at the time svndicates were rushing to secure control of the, promised expansion of the coun- Lrv's creCit resources for the carrying out of the vast projects which afterwards electrified the world. There can be no houht that the present loan expansion rept esents in part the transfer of obliga' lions from foreign lenders incurred dur ing the financial activities of last year ol dofn eSt1c lenders.
 The large speculative interests in the market have made determined efforts all week tc start the marko. and have met with measurable success in spite of the checks received from several of the weeks developments. There IS on eNl- dence of a large participation in the mar ket by the general public but it is in- var;ably the rule that the public awaits the initiative of the professionals or in- siders and refrains from speculation, no matter how satisfactory and encouraging the general conditions until prices ad- vance.
 The professional element in the market bas become impressed with the idea that fnuora ola conditions have accumulated to a sufficient extent toward general upward movement, and they have been busy all week with various manipu- latlve devices to move the mar xet upward and thus attack the outside buying. After working success fully for half a day on Monday they were met with the possible postponement by the Supreme Court of the expected decision in the Northern Securities case. The mornings gains melted away in few minutes. On Tuesday the announce ment of heavy engagements of gold TOT export on Thursday had the same effect. These set backs proved to be temporary and the market hardened and gained con siderable activity and strength later in the week. There was a comprehensive up- ward movement also in bonds other than the first grade.
 This movement was calculated to meet an argument often heard that many mortgage securities are selling lower than stocks which make the same or less return. This has been potent argu- ment for the contention that the prices of stock are already too high to war rant a bull movement.
 The feature of the week has been the sensational advance in many of the high grade dividend railroad paying stocks. Very small buying sufficed to influence these advances. The most of the total issue of such stocks is closely held by investors and is not for sale at any price 80 that large advances in the bids bring out but little stock, Much was hoped by the bulls from a decision in the North ern Securities case as the uncertainty on that subject is believed to be the prin. cipal restraining influence on speculative activity.
 Rene wed attention is called to the enormous amount of capital tied up In last years struggle for control of the northwestern railroads and other corpo- rations by the present conditions in the International market and by a study Of the reports in detail of the New York trusts. The present export of gold is clearly for the payment of foreign obli- gationS which are believed to have been Incurred last spring during the Northern Pacific struggle. These have been partly renewed from time to time as the re-
 
 allowed. and have partly been paid off by the gold export movement in the fall. The present ease of the local money mar ket seems to be the inducement for pay Ing them off at this time as they mature But the course of the loan account of the clearing house banks warrants the sup position that loans are being made in the local market to meet the foreign obliga- lions, thus transferring the credits from foreign lenders to domestic.
 The domestic railroad condition seems ko continue highly prosperous, as shown by the continued high level of gross earn lngs reported from week to week. which the net returns for December of corn-car- ryin4 railroads show that the shortage in that traffic has been more than offset by growth in general traffic.
 The demand for all goods of iron and ks products into the second half of the year Is reported in excess of the domestic power of production, and imports are in sont compilation to meet our demands. The improved demand for copper, both do- nestle and foreign. is a relief to appre- hersion in regard to that trade
 There has been large business in bonds and some notable gains in prices United States 2s and the old As advanced k per cent over the closing call of last week.
 AJe,A Xark Stool Martr>A