The State of Trade [excerpt]

     The sad events of the week have naturally been repressing features, even on days when the sense of national bereavement did not seek expression in total or partial suspension of all but the absolutely necessary activities. The reduced figures of sales of products or securities dealt in speculatively and the lessened volume of bank clearings were among the most prompt measures of the repression under which the business world has labored, but the course of prices of nearly all stocks and staples shows that repression and not depression is the word to express the steadiness and confidence with which the commercial and financial world awaited and received the change in executives, though not in government, entailed by the lamentable occurrence of two weeks ago.

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     Strength prevails in the New York stock market, prices having recovered from the decline caused by the late President’s death. Large advances were recorded on last Monday when business was resumed, financial interests here and abroad finding cause for renewed confidence in the announcement that Mr. Roosevelt will maintain his predecessor’s policy and retain the old cabinet. The relief to the money market by heavy Treasury disbursements and the ending of the steel strike also had a good effect.

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     Although business was wholly suspended on one day (Thursday) and partially so on another (Saturday), the total clearings aggregated $1,738,256,384 for the entire week ending Thursday, September 19, a decrease of 15 per cent. from last week, but a gain of 27 per cent. over the week a year ago. Outside of New York clearings are 13 per cent. smaller than last week, but 1 per cent. larger than a year ago.