The sun., 1902-05-01
INTERNATIONAL POWER DROPS
WAS I99, rs 120, AND TRADING
COMES TO A STANDSTILL.
ManIpulators Forgot to wash q Big sale
With Mig Purchase-This Explana.
tion Onicial Cyrus Field Judson Had
Hand In-Big Profits Also Losses.

tie STOCK EhCnaflRe yesterday from tl8S
20 $40 a share and closed at "s75 bid, $3.50
asked 1t led tumble in the so-callcd
Hoadley stocks and affiliated stocks. An
idea that some of the banks had loaned
heavily on International Power stock
and n rise Of call money TO s per cent. in
anticipation Of May dividend payments
helped unsettle the stock market in general.
For three weeks International Power
has been Wall Street sensation On
April s II sold at se7371I. Under manipu-
lative tactics assisted by flood OF bulletins
sent out through Wall Street news channels,
its price was advanced until 1t touched
si9g on Tuesday. Washing" was resorted
10 TO put tho price up.
The opening sale yesterday was 600 shares
at sl97 The stock touched sl9s on the
next sale. which was 200 shares, and then
began TO sell off rather rapidly, breaking
a point at a time between sales in trans
actions Of 100 shares.
Under 100 the downward movement
became rapid. When the price got to S1o3
supporting orders appeared and there was
rally which had carried the price back to
sls3 by II o'clock.
Then IL began 10 slide down in earnest.
II got 10 slG2 shortly after 1 o'clock. All
support was withdrawn in the final dealings,
and at one time the best bid on tho floor
was reported 70 be $50. Shortly before
the close a solitary sale Of 100 shares was
made at sl20. This was the final sale of
the day. The total sales were only II, 800
shares.
The smash in International Power started
selling of American Locomotive, OF whose
shares the International Power Company
is understood to be large holder. Loco
.a.ll ka1
broke to s3l, but rallied later 10 s34, or ~
points under Tuesdays closing price
locomotive preferred broke from sos. .75
20 s9S, closing at SOS, or 3h points under
Tuesday. In the Broad street curb market
there was sympathetic tumble in the
shares OF the General Carriage Company,
the control of which, IL was announced
q few days ago, had been bought by Joseph
II, Hoadey, President of the International
Power Company, and his friends. The
stock of this company, which Is still in the
hands OF a receiver, touched s2o.50 a
share on Tuesday, as compared with 81
share on April le The department Of
publicity has industriously circulated glad
on the curb have coppered them and have
been going short OF the stock. This has
been taken advantage of by those interests
who were conducting the manipulation
good and hard. Yesterday, however, it
was the traders turn to get even. Tn
fortunately for one small curb firm Of brok-
ers the smash didn't come In time TO help
them out. This firm sold 100 shares OF
tho stock at o. .e2h a share. seller TO- or
with the privilege of delivering any time
within ten days. This time expired on
Monday and the firm had not covered;
Yesterday morning the broker who had
bought from them bought the stock for
their account in the open market and paid
$3.50 for it. The top price OF the day
was $l762L.
began 70 tumble. There was rush down
to si0.76. followed by a rally 10 sl4 and
then another break under heavy dealings
to IS a share. The last sale Of the day was
made at 1880.
This crash unsettled the entire list Of
active curb stocks. Bay State Gas. In which
manipulation for rise began only last
week, when the stock was selling around l..
had touched in the opening dealings, but
u tumbled TO ?.
A number Of reports circulated in Wall
Street as 70 Just what circumstances had
precipitated the collapse in the International
Power manipulation Cyrus Field Judson,
President Of the General Carriage Company,
was credited with having bopr concerned
in the manipulation, and there was a circum-
stantial report that Mr.. Judsons brokers
had asked him 20 take up for cash 8 900 shares
Of International Power stock, that he had
not taken up this stock and that in oonse-
quence the brokers had thrown the stock
on the market.
According TO this report the supportin q
buying orders which had been placed by
the inside pool had been filed by the sale
Of the Judson stock. On the subsequeDt
smash come fresh support was put out
but on the second break In the price all
support by the pool was Withdrawn. The
second break was due partly TO fresh rsiding
by the traders, who suspected Fundamental
weakness In the support IN view OF the
mornings smash and partly 20 the arrival
IN the market 81 selling orders from out of
town and from local Institutions.
A. the office Of Cyrus Yield Judson, lsa
Broadway, young man of sahgline com
pleHlOn and nervous tenn efanenl made
statement IN tie abseuCe OF Mr. Judson
He said that he Wa- " A Herbert, aud that
l" had bu-irsrs Coun0 ton WITH MI Jud'
ron. He denied the truth ~ the report
That tho lattet's brokers lad called ufoi
lin 10 take up sUJ rhHres ~ Internationa
Power aud in default thereof had thrown
tL. stock On the market.
I'll came about said hr hsfbst
'ufoUsh a hluhdaf in orders made this
mufuus ~ no oIHnius oi tho market
hul 900 sslliny order y a. gwen iof Nery
lars - amount ~ the tt0ck hW thri- wAsh
hlN luklnE uIdsf Iut la to lakr care oi o.
'iAsu Mr duison has had chaiE" ~
thr mauip p4ialisn e tlI" sioux in tho mar
.ls. toe certain sitsit
Wa i"n. h's h'ui'dri that caused
'Ns.. tn tslI rhs iruth. con, ,.'ll wi.sil.si
| sts uU ru hIm 80 up tu tiu bfuAoi eh,
I'r..s ."a isriNi Jads.a fs,,l
NaN boot .|HIFr ffHU No. raH tu-hhf
% a.N. i.. iH., iHlisIrd ll''h ! 90
.Hs.s si.H ..s iHunl' Nn', ~ si,.a
.H... I.f eco sIu B. I IH1Hs.H iHf ~
n. FIsi aIid lIifi.l iH ifit htHt
N. H.luI 300 iII ..ina uhi'' 49,
Nr r.. ..I.iIIiH i" "if' ,.if'
90 's. uHt .sN p.'~g ~ as' '"'