Evening star., 1902-04-30
Stockso Were Irregular and
Market Weak.
INDUSTRIALS WEAK
BIG SLUMP IN INTERNATIONAL
POWER COMPANY.
Banks Not Disposed to Back Up
Manipulation-Money Went to
8 Per Cent.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. April .3O.-Today's stock
market was a distinct disappointment to
the optimistic element in Wall street. VAL
ues were given more serious consideration
than prices, and the result was not wholly
encouraging to the price movement. The
action was timely, however. and shows
that the banks have determined to with
hold their support from merely manipula-
tive movements
During the first twenty minutes of trad
ing the stock of the recently exploited In
ternaional Power Company declined 35
points from its best level at the opening
Before the end of the first hour 20 points
OF this loss were regained, but the buying
was intended merely to arrest the decline
While the movement was in progress the
general list remained dull and steady with
substantial buying in such stocks as St
Paul and Illinois Central.
rms buying was for unusually round
amounts, lots of $500 to 1900 shares of st.
Paul changing hands single transac-
fion. In spite of this buying the atmos-
phere OF the street indi Gated decided lack
OF confidence. The episode in the industrial
property named was forgotten, but the
unsettled demands of the anthracite miners
served to increase the tension in specula-
tive accounts.
Around the noon hour liquidation by
SoHaIiuSSiOu houses SET In ana the whole
market yielded to the pressure of stock,
although the volume of the selling was not
large. During the early afternoon money
rates began to advance and call loans
were made UP to 8 per cent. This condi-
ton was followed by a general selling
movement, but especially of the industrials.
The banks were said to be discriminating
against the industrial issues, partly be-
cause Of the unwarranted manipula ton in
them and partly because of the admins
tration's attitude toward trust corpora
tions
If the government is opposed to the ex-
listing forms of industrial combination and
is to go into the courts seeking a remedy,
the item of stability is Immediately with
drawn from the securities of the corpora
tions proceeded against Collateral value
Is destroyed to a certain extent by the
mere filing of the suit, irrespective of the
probable outcome. American Locomotive
shares sold down very sharply during the
afternoon because of it's rumored Interest
IN certain plans of the International Power
COMPANY and because of the fear that
the banks. would, not help borrowers offer
ing those, shares as security for loans.
AS to the coal strike prospects, there was
no real news. Up to 2:a0 o'clock none of
the delegates had left the conference room
and rumors of unfavorable news were pure
Inventions. The, strike contest has. appar-
emily dwindled down to demand for de-
creased hours and some slight changes in
the methods of Weighing the product.
There IS every evidence that the ques-
tions involved are, being taken up in a spirit
of mutual fairness, and there is still some
hope of agreement on the serious points
The coal stocks yielded from / to per cent
upon the 5rumors of unfayorable develop
ments, but there was no significant uquida-
ton. While the news items affected the
coal stocks and the industrials, primarily,
the western railroads and the local traction
issues were quite as weak as any stocks In
the market; During the final hour the
market re5apsed into dullness at substan-
tial decliiies from it's best level of the.
morning. liberal offerings Of money by
Messrs j. p. Morgan & Co. forced the rate
back to per cent during this period