The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-08
MARKET CLOSES
TOSH0W RESPECT
Little Business Is Done Owing to
Death Of England's
King.
FLucTuATIon IN PRICES
Open Strong, Then Fall Off, but
Close at Best Figures
of Day.
FLucTUATIoN IN PRICES
tspecia, to The Times. Dispatch.

Especial to The Times Dlspatch.1
New York, May 7.--Out OF respect OF
the late King Edward. the New York
sxock Exchange was closed at IN
o'clock this morning and the outside
market did no business at all. Sc
CURLY holders had but a single market
and only one hour of that In which to
record their opinion of the effect OF
the Kings death. Banking interests
took such an aggressive position in
Wall street that the brief session was
of no value in measuring this infu-
ence. Their action. however. gives the
world 10 understand that they do not
propose to let American markets be
interrupted In their upward selling.
At the very opening active stocks,
and particularly international issues.
were very strong. Gains of a point
and more were recorded in the first
minute Of trading, There followed
free selling moyement that in few
minutes wiped out all these advances
and here and there substituted losses.
AT the average level Of Fridays clos
ing. however. another advance was re-
sumed which continued without inter-
ruption until the close OF the market.
Final prices were the best of the Day
with some as much as two points
higher. Tho leader was southern IA
cihc. Union Pacific and United states
Steel were the other strong spots. 1t
may have been mere coincidence that
these three stocks were selected for
leadership, but these are the Only
American stocks In which the late
King Edward was known 10 nave
made very heavy Investments at times.
NO Interruption.
Financiers do not believe that the
negotiations abroad for the sale OF
American bonds will be interrupted oy
the Kings death. Fortunately ior 'he
security markets. there had peer
yo-v drastic house cleaning. The ma
ket is found near the low prices
the year and was prepared to Win
s,.,S almost any shock. Had 'he
Einps death come in the midst OF the
March advance there would have beeI'
a different story to tell
when King Edwards desperate III
ness was announced on Friday morn
ing II checked what had all the ap
pearances of an important advance u
the market On THURSDAY night the
entire list closed buoyant with LONDON
b,rying as freely as American tracer 5
The technical conditions were suSf
that an advance of couple OF poihts
seemed inevitable for Friday. but wher
the report OF the Kings Illness was
confirmed a Tree StliihS 49,
that began in London was carried or
throughout the day In New York. Thi:
was the only reason for the decline
at the close OF the week. Canadian
Pacific. which had ignored all othe1
movements in the stock list. fell II
sympathy. and most OF the gains o
the previous day were wiped out be
fore midday on Friday.
In the late afternoon OF Friday al
attempt was made to check the declin'
on the ground that the worst had beer
discounted King Edwards Illness up
set the market. not on account OF hi
participation in Wall Street trade. blu
because II was feared his successo
might not be as skilful diplomat
American stocks have declined s,
much recently as to discount almos
anything, and no important financia
interest believed that the recovery il
Wall Street could DO checked more
than uomentarily by any calamity Il
England.
Fnvors From Europe.
Although news from Europe brok
the market, Wall Street had to thanl
Europe for whatever favors were re
ceivcd during the week. The first init
nation of the change in condition
was forecast Tuesday morning ii
had found money in Europe to talk
care of the present needs of the rail
roads. This was followed the mex
day by the announcement that a larg
volume of bonds had been placed i
Paris for the st. Paul Railroad, an
late in the week William Rockefelle
admitted that s5O.OO0,000 had been s
placed Unofficial admissions were ais
obtained that the Baltimore and Obi
was placing s+o,ooo,ooo abroad and IN
Missouri. Kansas and Texas 100000
900. while the Big Four and til
Hartman lines undoubtedly placin
issues. making the total about $50
100000 for the week.
These transactions are not clearl
explained. and it is possible that tn
bonds are simply put up In tho HAND
OF European bankers as collateral &c
important loans At any rate. til
railroads have obtained enough none
to go ahead with their plans for buy
Ing new equipment and making ne
extensions.
The heaviest tonnage in the his
tory Of the United States is eXpecte
for the year 1910. A new flood O
orders is going into the steel trust. an
another. boom in the steel business an
in steel stocks is looked for. Stock
of railroad equipment companies ar
also on the rise again.
In this connection 1t is important
note that the New York Central ar
6ttration committee agreed on an ad
vance of Z per cent. for most of it
workmen. This schedule has bee
accepted BY the Delaware and Hudso
and the Lackawanna. Other rail
roads OF the country are expected t
settle on the same basis. This mean
nearly s5o.ooO,ooo increase in the pa
rolls of the railroads The railroad
are. therefore. demanding that thel
increase OF freight rates be permitte
to go through at Washington in orde
to help them maintain their position
as dividend payers.
On the Curb.
Trading on the curb market wa
stopped at II o'clock to-day out {
respect to the English King and bus
mess done in the one hour of tradin
was on light scale. Prices, how
ever. were firm. 4 drive was mad
at Ohio Copper sending 1t down.
It's but it quickly recovered an
I'll De-. u o n.