The Washington times., 1902-05-01
MARKET FEELS THE SECOND BREAK
Decline Accelerated by Furry
in Call Money and Coal
RumOrS.
AMERICAN LOCOMOTIVE HIT
Extraordinary Activity in St. Paul and
Illinois Central-Chicago Great West
ern Fails to Hold Gains-Temporary
Pressure in Railway List.

NEW YORK, April S0.-The over-san-
guine. not to say foolhardy. spectators
who have been engaged in the last two
weeks or SO in running up the price of
International Power more than 100 per
cent, paid today the inevitable penalty of
their recklessness. 1t appears that one
amateur operator, who, according TO all
accounts, has enjoyed the confidence Of
some Of the managers of the Interna-
tional Power Company. found himself in
a position this morning where he was
called upon to take up few thousand
shares of the companys stock, and being
unable to do So his brokers, for their own
protection. proceeded TO close out his
holdings.
Sharp Break Follows.
This operation caused a sharp break of
25 or 80 points in the stock, an occur
renee that naturally uncovered a good
many stop orders that had been placed in
it by spectators who had hoped to Sc
cure phenomenal profits out of possible
further rise in the specially.
At decline from 1873 at the close last
night to 153 in the early dealings this
morning, the stock appeared to find sup
port. and rallied nearly twenty points.
The recovery did not hold, because of re-
newed selling. caused, doubtless, by the
alarm that had been created. When the
stock renewed its downward course it en-
countered very little opposition and closed
at 120. showing a net loss of seventy eight
points. 1t will be noted that the bid
price at the close was rs, and that the
stock was offered at $50.
The first decline in the stock had very
little effect upon the general market, for
the reason that extensive buying move
ments were in progress in ct Paul and in
Illinois Central which caused sharp ad-
vances in those stocks. The entire rail-
way list naturally moved In sympathy
with those important leaders.
Furry in Call Money.
The second decline in International
Power. however, which took place in the
afternoon, was accelerated by a furry in
the call money market by reports that
money lenders were discriminating against
all industrial stocks, and by reports that
conferences between representatives of
the anthracite coal producers and Of the
miners had been futile.
As far as the money market is concern
ed. the activity today is amply explained
by the fact that unusually heavy interest
payments are due tomorrow and the usual
end-of-the- month preparations were made
to meet them. There has been some dis
elimination as to international Power. but
4 &c pns Loaf cd fhaf Vt cd n ut hpr
issues, in nearly all of which there is a
satisfactory market.
The second break in International Power
unsettled the market for American Loco
motive issues because it is known that the
first named is large holder of Locomo-
tive preferred and also because the specu-
lators who have been active in Interna-
tional Power Company extended their
ventures TO Locomotive common. That
stock led the Industrial list in respect TO
activity, and at a recovery of three points
from the lowest price, closed IL per cent
lower than yesterday. The preferred sus-
tained a net loss Of 81 points
Situation Improved.
II will hardly be denied by conserva-
tive and unprejudiced observers of the
market that the situation has been i'm
proved by the swift liquidation in Inter
national Power. The only statement that
officers of the company would make to-
day regarding its affairs was that they
were not responsible for the recent yio-
lent fluctuations in the price OF the stock.
Other industrial stocks that were fea-
lures of the market were Colorado Fuel,
which sustained a net loss of "a points.
Sugar Refining which was exceptionally
strong throughout and on light transac-
tions and closed rs per cent higher than
Yesterday and only a shade below the best
nrice: American Linseed common, which
was higher on favorable reports regard
ing the condition Of the oil and paint in
dustry. and Amalgamated Copper. which.
on moderate transactions, closed a little
higher than last night.
No reasons were advanced for the ex-
,raordinary activity in st. Paul and in
Illinois Central. The transactions in the
6rrt named were in excess of l35, 600
shares. and they resulted in net ad-
vance of 13s per cent. The market for st.
paul scd. in fact. for the majority OF the
list. was only temporarily depressed by
The sharp breaks in international Power.
Al a reaction of IL per cent from the
nes, nrice Illinois Central closed 2B
points higher than yesterday.
Atchison Common Weak.
In the early dealings Chicago Great
Western. which was second only to st.
paui In respect TO activity, advanced
.barpIy but the greater part of the i'm
was subsequently lost. Prac-
,,cal,v the only weak feature in the
railway list was Atchison common. OF
Tho local traction issues, Manhattan Rail-
nav WAS exceptionally firm throughout.
proo,,lyp Rapid Transit wac strong in the
.ar,y dealings. but suffered with the ma
,ority OF the list in the general midday
reaction.
the market for the anthracite coal
.,octs nuctuated in response TO con-
acting and constantly changing rumors
go rdinp the outcome Of the labor con-
,arance AS a matter OF fact, Wall Street
nbtained no news regarding that confer
rnce during business hours and the state
ment made a, adjournment that the entire
subject had been referred TO the National
Civic Federation would seem TO indi-
ate that an agreement had practically
been reached between the two interests.
Enough has been said to indicate that the
market was fairly active. the transactions
being In excess OF 100000 shares, and
hat IL was also decidedly Irregular.
In the Bond Market.
The dealings in bonds were upon about
ne same scale as yesterday, with invest