Evening star., 1902-05-01
FINANCE AND TRADE
Sharp Advance in Louisville
and Nashville.
POWER STOCK RAIDED
SOLD As Low AS 1.o1 AT ONE
g. TIME
Southern Was Strong in Sympathy
With L. and N.-Steel Issues
We're Heavy.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, May 1.-The confusion
which characterized the final dealings in
Yesterdays stock market was not in evil
dence at the opening of business this morn
ing. Conditions were decidedly less fever
Ism and there was no indication of a scare
The international Power episode was re-
garded as a warning. which if needed will
have done the general market a valuable
service.
Unwarranted speculation and particular
ly the egotistic display Of manipulative
ability which has been conspicuous in GER
tain issues Of late should be awed into
spect for the conyentionalities of specula-
tlon now that the discipline in such cases
has been disclosed. The banks Invariably
have the last word, and they may be
lied upon to use 1t in defense Of the inter-
ests of their depositors.
That they have so spoken is evidenced by
the fact that International Power selling
yesterday at 1913, was sold today at 1O1.
Recent buying, which advanced the price
quite as much as has been conceded during
the last twenty-four hours. was done with
borrowed money and at the expense of an
oVer-expanded loan account The banks
wanted the money returned, and that the
desire was urgent and the resources of the
prices
The company has officially declared itself
to be worth its full capitalization in the
stock of the American Locomotive Com
pany, and has asked Messrs. Harry Fisk &
Sons to make examination of it's books
and declare to the public the actual value
of the property. This action is taken to
show the absence of any intrinsic de-
probation Locomotive shares were steady
and were given good support.
The chief event of significance today was
the advance Of l per cent in the regular
dividend rate Of the Pennsylvania railroad,
thus putting the property upon per cent
basis. Last year the company paid ) per
cent regular and l per cent extra, but this
year the management feels warranted in
fixing the rate atH6 per cent. When the
Proverbial conservatism of this manage
ment is considered the sentimental effect of
todays action must be far reaching.
sharp advance and unusual activity in
Panhandle and new buying of Long Island
followed this action in the belief that the
pennsylvania Company will follow a similar
policy toward its controlled lines.
Louisville and Nashville was advanced
per cent under rather confident predictions
of an increase in that company's dividend
rate Southern railway shares were strong
in sympathy
Illinois Central was taken in round
amounts during the morning up to a new
high level, and there was also a sharp ad-
vance in Northwestern. Rock Island was
strong under quiet demand and there ap-
peared to be an unlimited buying order in
ST. Paul around 164 The high-grade stocks
had the advantage of a monopoly of the
new business
The best opinion in financial circles is
that there will be no coal strike. The coal
shares were steady in spite of profit-taking,
and the support in Reading continues to be
commented upon as meaning more than
mere speculative movement
The Steel stocks were decidedly heavy. In
spite of syndicate support. Sugar was
thought to reflect some uneasiness on the
part of the short interest, and similar symp-
toms We're apparent in Copper
Money loaned up to 10 per cent during
the afternoon, partly account of the
May disbursements and party on account
OF the subscriptions to 30 per cent of the
new PENNSYLVANIA railroad 3ls per cent
bonds due today