The age-herald., 1902-05-01
FEVERISH TONE
 ID STOCK MARKET international Power Was Lead
 ing Stock in Trading. NET DECLINE OF 78 POINTS The Bond Market Was Active and Prices Were Largely In Sym
 pathy With stocks--TotaI
 Sales Par Value s3,soo,o ,ooo.
NET DECLINE OF 78 POINTS

New York, April 30.-A nervous and fe- verish tone developed in todays stock market. principally as the result of tho extraordinary movement in International Power, with several contributory causes, Including stiffening in the money rate, the uncertainty incident to preparations for May disbursements, the outcome or the anthracite labor conference and re- newed reports of the need of rain in the southwest. International Power opened st 197, a decline of a point from yester- days close. 1t recovered and then slumped by successive stages of from to points to 163. It then rallied 20 points, jumping as much as points be tween sales. and fell back again to S2 Apparently no lids could then be secured for the stock and 1t was neglected for an hour until just before the close, when sale was effected at 12O. The days net decline was 7S points
 Yesterday the stock sol6 at 199, which was the record price. For many days previous successive records had been es- tablished. In February the stock sold at B6 and in March the present movement started below 90. It has been accompanied of latB by mary outgivings of large ac- qulrements of new properties by the com pany and by the payment of 214 per cent dividend, which was called quarterly after providing for the preferred stock requirements. The character of the move ment has been viewed with skepticism for some time and has attracted very Ill., tie outside following. Within day or two profits of many. pomts have been taken on few light holdings. The officers or the company could give no intelligible ex- planaIlon of today's happenings beyond the obvious fact that supporting orders had been withdrawn. The closing quota tion for the stock was 75 bid and 150 asked. This movement necessarily had some sentimental influence on the rest or the market which was naturally most pronounced in industrial speciaitles, ana particularly in those regarding which lt- tie definite information is known. The declines run from to 5h points in the American Locomotive stocks, Railroad Steel Spring. American Grass Irvine and Colorado Fuel The higher grade indus trials were not so much affected, altnousn inc limited States Steel stocks continued heavy. Amalgamated and Sugar were higher, the latter rising points alone.
 inc spirited buying of Chicago dreAe Western rise of over 1 points In III 
 Paul and Rock Island had sustaining influence in the railroad list for time but prices gave way there in the unset tied state that developed. The effect or attempts to market stocks which were previously manipulated was seen in the $ point drop in Northwestern, 13 in Chlca- go, St. Paul. Minneapolis and Omaha and b1s in Keoltuk and DesMoines. There can be no doubt that yesterdays action by the clearing house authorities that insti- tutions hereafter admitted to the privi- ieges must maintain cash reserves com mensurate with those required or the members themselves), was regarded as an admonition against the rate of credit expansion and the character of some Of the promotions which have been further ed by some of the trust companies. There was some calling of loans following the furry in certain stocks. The resulting rise In the money rate and the recovery In sterling exchange at Paris apparently had the effect of further deferring gold exports.
 The bond market was active and prices were larger in sympathy with stocks Total sales, par value, $3,800,000 United States bonds were all unchanged on the last call
 New York Stock Market.
 By Private Wire to Murphy & Cm