The Saint Paul globe., 1902-05-01
Several Causes Unite to In
part a Feverish Tone
to Trading
INTERNATIONAL POWER
It's Extraordinary Movement Is the
Principal UnsettlinE Element in
the Market Profits in
Light Holdings.

NEW YORK. April S0.-A nervous and
feverish tone developed in today's stock
market, principally as the result of the
extraordinary NOV ement in International
Power, with several COntributOFy causes,
including a SLIIeulug in the money rate,
uncertainty incident to preparations for
May disbursements, the outcome of the
anthracite labor conference and renewed
reports Of the need of rain in the South
west. international Power opened at lyI,
a decline of q point from yesterday $
close. 1t recovered and then sIumped by
successive stages Of from to 3 points
to 163 1t then rallied 20 points, jumping
a much . points between sales, and
then fell back again to l6G. Apparently
no bids could then be secured for the
stock, and it was neglected for an hour,
until just before the close, when a sale
was effected at 120.
The days net decline was 78 points
Yesterday the stock sold al 199, which
was the record price. For many days
previous successive records had been es-
tabHShed. In February the stock sold
at Sc. and in March the present move
ecmpanied Of late by many out-givings
of large requirements OF new properties
by the company and by tEe payment Of
Z Zl9 per cent dividend, which was called
quarterly, after providing for the pre-
terred stock requirements.
SLepticism Aroused.
The character Of the movement has
been viewed with skepticism for some
time and has attracted very little out
side following Within a day or two
profits of many points have been taken
on a few light holdings The officers Of
the company could give no ineligible ex-
PLANTATION Of tOday'S happenings beyond
the obvious fact that supporting orders
had been withdrawn. The closing quo
tatton for the stock was 75 bid and 140
asked close to $4,000 shares were trad
Ell IN. This movement necessarily had
some sentimental innuence on the rest Of
the market, which naturally was most
pronounced in Industrial speciaIties es-
peclaIly IN those regarding which little
cIineS, running from So points in the
American Locomotive stocks railway
steel spring, American Grass Twine and
Colorado Fuel NAV be cited as eXampIes
The higher grade industrials were NOT
50 much affected. although the United
states Steel stocks continued heavy
Amalgamated Copper and Sugar were
higher. the latter rising points at one
time Spirited buving of Chicago Great
Western, rise of over 4 points in IIlf-
rois Central and over 2 points each in
St. Paul and Rock Island had a sustain
ing influence in the railroad list for a
time. but prices gave way there in the
unsettled state that developoA
Drop in North-We Western.
The effect Of attempts to market stocks
which were previously manipulated was
seen IN the 6-pCint drop in North West
ern, u in Chicago, St. Paul Minneapolis
& Omaha preferred, and 5L in ke0kuk
& Des Moines. There can be no doubt
that yesterdays action by the clearing
house authorities (that institutions here
atCer admitted to its privileges must
maintain cash reserves commensurate
with those required of the members
themselves). was regarded as an admo-
milton against the rate of credit expan-
sion and the character of some of the
promotions which have been Lurthered
BY some Of the trust companies.
There was some calling of loans follow
sultIng rise in the money rate and the
recovery in sterling exchange at Paris
apparently had the effect of further de-
ferring gold exports.
The bond market was active, and nrices
We're lower, in sympathy with stocks
Total sales, par value, So 500 0GO
United States bonds were all unchanged
on the last call.