The magnetization of stabilized cobalt colloids in tetrahydrofuran has been studied by a superconducting quantum interference device (SQUID) and magnetic balance measurements in dependence of applied magnetic held and temperature. The colloids are generated by a newly developed electrochemical method which allows one to generate clusters containing about 1000 atoms with a narrow size distribution. The final size distribution of the clusters is examined by high resolution transmission electron microscopy and small angle x-ray scattering. The magnetization curves have been determined with special emphasis on changes at the freezing point of the solution. The curves of-the liquid phase can be reasonably described by the Langevin function and the magnetic moments of isolated cobalt clusters that have been recently measured by Stern-Gerlach experiments. Deviations that appear at the freezing point can be understood in terms of magnetic anisotropy effects. It is shown that the cluster sizes and the susceptibilities of the dispersions are related. Therefore the growth of the clusters during the electrolysis can be directly observed by measuring the susceptibility in dependence of the charge transport in the cell.