The St. Louis Republic., 1902-05-01
WALL STREET NERVOUS OVER
INTERNATIONAL POWER DROP,
STOCK SLUMPS FROM 1871 TO
100 IN ONE DAY.
Other Lines Affected, Especially
Those Which Have Been Tn
der Manipulation.

Kew York, April 30.-A nervous and few
erish tone developed in to-days stock
market, principally as the result OF the
extraordinary movement in International
Power with several contributory causes, in
Gliding a stiffening in the money rate, the
Uncertainty incident to preparations for
May disbursements. the outcome of the an
thfacite labor conference and renewed re-
ports of the need of rain in the Southwest
International Power opened at 1877, a de-
cline OF a poiIlt from yesterdays close 1t
recovered and then slumped by successive
stages of from l to 3 points to 163. 1t then
rallied 20 points. jumping as much as D
points between sales. and fell back again
TO 162. Apparently. no bids could then be
secured for the stock and it was neglected
for an hour until just before the close. when
sale was effected at 10, The days net
decline was rs points. Yesterday the stock
sold at 199 which was the record price. For
many days previous successive records had
been established. In February the stock
sold at Sc and in March the present move
n1ent started below 90 1t has been ac-
companied of late by many outgolngs OF
large requirements of new properties by
the company and by the payment of 212
per cent dividend. which was called quarter
ly, after providing for the preferred stock
requirements.
tremendous LOSSES Not Explained.
The character of the movement has been
viewed with skepticism for come time. and
has attracted very little outside following.
Within a day two profits of many points
The officers OF the company could give no
iritelligible explanation of to-days hap
penings beyond the obvious fact that sup
porting orders had been withdrawn.
The closing quotation for the stock was
40 bid and $50 asked. This movement neces-
sarily had some sentimental influence on
the rest of the market, which naturally
was most pronounced in industrial special
ties, especially in those regarding which
little definite Information is known. The
declines running from TO 5ls points in the
American Locomotive stocks. Railway Steel
Spring, American Gas. Twine and Colorado
Fuel may be cited as examples. The high
er grade industrials were not so much af-
fected although the United States Steel
Sugar were higher. the latter rising 2
points at one time. Spirited buying of Chi
cago Great Western. a rise of over points
in Illinois Central and over points each In
ST Paul and Rock Island had sustaining
influence in the railroad list for time, but
prices gave way there in the unsettled state
that developed.
--Afscr-Anects of Manipulation.
The effect of attempts to market stocks
which were previously manipulated was
seen in the 6-point drop in Northwestern, l3
in Chicago. ST. Paul. Minneapolis and Oma-
ha preferred and 5H In Keokuk and Des
terday's action by the clearing house au-
thorities chat institutions admitted to its
privileges must maintain cash reserves
commensurate with those required Of the
members themselves was reg aried an
admonition against the rate OF credit ex-
pansion and the character of some of the
promotions which have been furthe-ed by
some of the trust companies. There was
some calling of loans following the furry
in certain stocks: The resulting rise in the
money rates and the recovery in sterling
exchange at Paris apparently had the ef-
feet OF further deferring gold exports.
The bond market vas active and prices
sales, par value, SO 100000 United States
bonds were all unchanged on the last call.