New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-05-01
INTERNATIONAL POWER BREAKS.
SON SAYS A BLUNDER IN AN
ORDER DID 1T.

The break which has for several days been
looked for IN International Power stock occurred
yesterday, a day which will long be remembered
for it's exhibition OF lofty tumbling. For In
ternational Power, opening at 1871 and going in
the next sale to 1875 closed rs points down. at
100 the last sale representing a sheer drop of
AZ points. and at the close the best bid -.
while $50 asked. General Carriage, which
is controlled by the same interests which domi-
nate International Power, had in the curb mar
ket decline proportionately more severe. for 1t
closed at 61a bid. asked after having touched
20la on the preceding day.
H. A. Herbert, at the office of Cyrus Field
Judson, president of the General Carriage Com
pany. yesterday made statement in behalf of
Mr.. Judson. in response to questions concerning
Wall Street report that Mr.. Judson had been
asked to take up 1000 to 5000 shares of stock
Of the International Power Company, and that.
failing to take the stock. his brokers had sold
him out
That is not So Mr.. Herbert declared. The
decline in International Power came about
through blunder In orders made this morning
at the opening Of the market You see a selling
order was given for very large amount of the
stock. but there wasn't any buying order put in
to take care OF It," said Mr.. Herbert.
Then Mr.. Judson has had charge of the
manipulation of the stock in the market"
Yes, to a certain extent"
Was 1t. then. his blunder that caused the
troube?'
We'll, to tell the truth can't tell whether it
was up to him up to the broker who executed
the business l am myself an operator. and
help Mr. Judson. / wish l had had charge of
this from the start to-day. 1t would hardly
have happened then. I took charge after the
blunder. Why. TO show you my opinion of the
stock / myself bought some at $50 to-day. and
intend to buy more"
why didn't you buy some under 1902"
We'll. was attending to other things at that
time. 1 had plenty to do tell you, when the
news got to u.s.
You haven't ticker in the office"
No but the news got to us quick enough
after the bull was made. You see. had to
straighten matters out and raise money. You
know that is the only thing that brokers will
take. Things have been Strengthened out. and
one thing 1 can say is that Mr. Judson is per-
fectly solvent"
Where is Mr. Judson?'
He has been here to-day. 1 don't know
where he Is now"
Asked about reports that there had been
trouble during the day over certain checks
drawn by Mr.. Judson. Mr.. Herbert answered:
II don't know that have to say anything about
that"
was this trouble with the checks connected
with the sale of stocks at the Opening?"
NO it had nothing to do with that. 1t was a
matter OlStlnCt from Ine SAFE Inc Sdle VI lHc
stock was not a forced one in any way 1t was
! simply bull made in orders. Although brok-
| ers say that the value of stock is all you can
get for 1t the Exchange, l believe the stock
! is worth as much at the close to-day as ii has
been worth at any time. II is worth intrinsical-
| y $3.50 a share"
Joseph H. Hoadley. president of the Interna-
| tional Power Company. last night gave out a
statement which. however. supplied no informa-
ton to the cause in the decline in the price
OF the COmpany's shares. Mr. Hoadey said
that he was the largest holder of this stock as
an investment, and that yesterday he had added
| to his holdings by purchases from 1sS to 16I.
! The stock he owns. he added is paid for and is
not for sale. Mr.. Hoadey said further that the
! earnings OF the company such TO insure
at least the continued payment of full dividends
| on the preferred and the present rate of 10 per
| cent the common"
Besides President Hoadley the officers of the
| International Power Company are G.. W. Hoad-
/ ley, vice president and treasurer; George II.
Wilson secretary and Joseph Letter chairman
/ OF the executive committee. The directors in
| clude the officers and Lewis Nixon. A. H Hoad-
! ley, Cyrus Field Judson. James II. Snow. Harry
/ f. knight and Robert T McKnstry.