New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-05-02
CYRUS F. JUDSON RESIGNS
LEAVES DIRECTORATE OF INTERNA-
TIONAL POWER-ANOTHER DECLINE
OF SEVENTEEN POINTS.

Compared with its experience on Wednesday
when il suffered a net decline of seventy-eight
points. International Power had an uneVen'iul
dav Yesterday for il lost only seventeen points
additional. 1t opened at 80, fifteen poih's UP
frcm Wednesdays close The next sale was
100 shares at 10. and the subsequent NOV
ments UP to IL o'clock when 1t toucheu ''e
low point of the day, were as follows: +"' sAai
AZ 125 300 at 10 100 at 10, 100 at 1Ol Inc
close was at 1O3 The total sales Tor the uaS
were 1900 shares Cyrus Field Judson' on
whom the blame fer preciptating the collapse
of the Power boom seems to be placed by com
mon consent resigned by request as a I'll
rector of the company. leading interests III
which although processing the utmost COLI
fdence in the stability of their property as an
investment. have asked Pliny FISK OF 'NeS
Fisk * Sons, 10 make an examination Oh the
company's condition.
Joseph II. Hoadley, president OF the inter I'd
tional Power Company. when asked yesterday II
il was true that Mr. Judson had left the board.
said: Mr.. Judson has resigned as director 1
asked him this morning TO resign, and he mas
kindly done So"
What was the cause of his resignation!
We'll this thing was brought on by him. We
have sent to Providence for the books OF the
company, because of statements rejecting on
the company's condition. 1 refer you to Plny
K,
the talking for the company"
why Mr. Fisk?''
Well the International Power Company is
the largest stakeholder of the American Loco
motive Company, which Fisk & Sons financed.
Mr.. Fisk said: The Internat ional Power Com
pany has nothing TO do with the locomotive
company. but among the assets OF the power
company is certain amount OF the STOCK OF
the American Locomotive Company. which 1
aTtYflh Ia
All that l know about Power is that Mr.. Hoad-
ley. on account of his confidence In us, has
asked us to institute a careful investigation into
the condition of the International Power Com
pany. and we nave told him that 1t would give
us a great deal of pleasure to be of any service
could I'm the matter. At his request, We pro-
pose TO have our expert accountant make an
exhaustive examination of the books, in order TO
find out their true condition MI Hoadley Is
anxious 10 have this done in order that the
public may be made acquainted with the true
facts I'm the case. 1t Is proper 10 add. however
that our firm has no interest whatever in the
aiding Mr.. HOadley in carrying out his ideas by
giving the benefit OF our experience in investi-
eating the values of properties. The tnvestiga-
tion would take about two weeks"
II. Herbert. who as the representatives Of
Mr.. Judson gave Wednesday interesting
and Illuminating explanation of the reason
for the sudden drop In Power stock. assembling
the break to somebody's Culpable CarelessnesS
in arranging a wash sale -aid Yesterday:
The situation has been taken out OF our hands
Other parties have stepped In. While. OF course,
l know all about the situation. think they are
the proper parties 10 do the talking"
Then neither you nor Mr.. JudsOn has had
anything to do with the manipulation to-day"
asked.
Mo- We have not had anything TO do with It.
Mr.. Judson has not been down" Mr.. Herbert
added but I have been in communication with
him by wire"
on the curb General Carriage. Of which Mr..
Judson is president. sagged down 70 yester-
day, but closed bid. ~ asked against Ga
bid. : asked, at the close Wednesday. 1t
sold high as 2Ol2 on Tuesday.