New-York tribune., 1910-05-08
EXCHANGES CLOSE DOWN
Unprecedented Tribute to Men,
ory of Britain's Dead Ruler.
PRICES In MARKET RISE
Wall Street Firms Prepare to
Float Part of $40, 100000
Issue in Europe

Tributes believed TO be unprecedented IN
tAe case OF the death or the T1ier of a
foreign nation were paid yesterday IA ths
closing OF many OF the principal exchanges
FOR securities and commodities n the
United States
The New York Stock Exchange. following
special meeting OF the governing commit
tee suspended business for the Gay AZ II
O'Clock Instead OF noon. the regular closing
hour on Saturday. and the Consolidated
stock Exchange and the euro market also
closed at Il The New York Cotton Ex-
change held no session its example being
followed by the cotton exchanges Of New
Orleans and other Southern cities.
On the New York Produce Exchange
business went on as usual, but It is under-
stood that the exchange Will be eIesed or
the day OF the Kings funeral. It - also
said TO be probable that the Stock Exss
change, which suspended operations for an
hour on the day OF queen V1ctorta's funerais
will be closed on the day OF the fuBeraI cc
King Edward
Many flags we're at haIfraast in ths
financial district. the Pritish emblem Being
displayed from th4 of1ces OF English in
surance companies and Canadian banks.
Both American and British flags were
shown over the entrance TO - P Morgan e
Co.'S Offices and the building was draped in
black
The following message was sent By r H
Thomas, president OF the New York stock
Exchange, to the chairman OF the London
Stock Exchange:
The members Of the New YORK Stock
Exchange have heard with great sorrovv %
the death or his majesty King Edward
and they tender their earnest sympathy
This exchange has Seen ordered closed for
the day.
similar dispatch was sent by Charles
H. Badeau, president os the Consolidated
Stock Exchange. to the chairman of the
London Stock Exchange Welding Ring,
president OF the Produce Exchange cshled'
as follows to the Liverpool and London
Grain associations.
s'The members of the New York Prodncs
Exchange beg TO express their sincere sym
pathy for the great loss that mas come 20
England and the British Empire in the
death OF your sovereign. King Edward
His loss will be greatly felt the world over
and fnourned by all civilized countries
The New York Chamber Of Commerce
sent this cable message yesterday afternoon
TO Albert Spicer. president of the London
Chamber OF Commerce.
THE New York Chamber OF Commercs
extends 20 you. and through you to the
people OF the British Empire. mourning the
death OF a great King. it's deep sympathy
We shall always remember King Edward 3
lifelong friendship for the United States.
Market Strong, Trading Heavy.
The stock market opened strong yester-
day. at advances IN some instances run
ming 10 more than point over fridays
final prices A recession. due partly TO
profit taking. brought prices to about the
level Of the preceding days close. and later
came a fresh buying movement. last hs-
ures showing net gains. for the most part
fractional hut running 70 a full point n
steel common, Union Pacific. southern Pa
cihc and St. Paul and TO Is points IN
Canadian Pacific The trading was on a
heavy scale total sales for the hour being
in excess of a quarter of a million shares
The London Stock Exchange was. OF
course, closed. but an unlOOked-fo- feature
OF the days market here was extens-ve
buying of stocks for London account. chief
" In United States Steel. the Hartman
issues. Rock Island. Chesapeake < Ohio
and Missouri, Kansas & Texas
Much uneasiness is felt here as 70 the
ket when it reopens this week: but the
test opinion is that the death Of the King
has already been largely discounted. al
though there is general agreement that
that occurrence has given serious if not
anaf check TO the boom IN rubber and oil
snecuIation on the London market II IS
recognized as a possibility that the aeces-
sion OF a new King, OF whose personality
and whose attitude toward other powers
little IS publicly known, may prove an oo-
struction to the negotiations pending Tor
the pIacing of various issues OF American
railway bonds abroad, but. as far as can
he ascertained. those negotiations are sun
making favorable progress.
Announcement was made yesterday thar
Kuhn. Loeb & Co. and Speyer & Co had
concluded negotiations with the BaiJIaore
q Ohio Railroad Company covering
$40. .O0G. 900 three-year Az per cent secured
gold notes. Of which. as stated heretofore. 4
large part will be placed IN Europe Inese
notes are Part Of an issue limited 20
$50. a00. 600. the remaining S100o0,0oe being
reserved to retire the company : one-year
notes due next March L IS officially an
nounccd that this financing covers the COM
panv's requirements for the next three
years
The notes viii be dated Jure I. 1910. ard
mature June 1. 1918, the company reservlns
the right 10 redeem them az par aud n
terest upon any coupon date on sixty days
notice. principal and interest are payable
in New York or at the holders option. n
London at the rate OF 4s65 per pound
sterling. or in Germany az the rate OF 10
marks per dollar. The entire issue OF notes
will be secured by deposit 0f S2S.0oo'eoV
Baltimore & Ohio Chicago Terminal Rai4-
road Company first mortsage per cent
bonds. and the following securities OF TIRE
Beading Company: S6,09900o first preferred
stock. s14.000.06O second preferred and
sic. .Oa0. .00G common stock
The Baltimore & Ohio fled for record
YESTERDAY in Chicago S50, 100000 f-st mort
cage Baltimore & Ohio Chicago Terminal
Railroad Company tifty-year bonds. not 70
exceed AZ per cent. payable April l. 1850,
Il, the Union Trust Company, OF New York.
ana Z. G. Merrill. trustees Bonds % oe
issued presently will include S33.O08.ge6
per cents 70 cover recent purchases q
property and s15.s00. 900 As for betterments.
enlargements. acquisitions and additions
PHILADELPHIA May THE Philadelphia
Stock Exchange closed at II a m to-day
out Of respect TO the memory Of King Ed
ward.
Baltimore. May The session OF the