Stock Exchange [excerpt]

THE death of the President of the United States, for whom the whole of the civilised world has mourned, has caused the partial suspension of business during the past week. The Stock Exchanges, both of this country and of the United States, were closed to business on Saturday and were shut on Thursday. On the whole, however, prices have been very well maintained, as it is recognised that the accession of Mr. Roosevelt to the Presidency is not a disturbing factor, in view of his declarations that he intends to continue the policy of his lamented predecessor. Further, the Secretary of the American Treasury has taken steps to relieve the New York Money market by anticipating the interest on the debt due in October, and any fears of immediate monetary pressure in New York have been removed. Moreover, the New York exchange has moved in favour of the United States, and a shipment of a million dollars in Eagles from Paris has been arranged. It is now anticipated that the New York Money market will be able to meet the demand for currency for the interior with comparative ease, although it may be necessary to import a fair amount of gold from this side, and it is recognised that in view of the abundance of money both in Paris and in London moderate gold shipments to the United States would cause no disturbance in values. Of course, with the prospect that money in London will become dearer in view of the American demand and the usual outflow of gold to the country, to Egypt, and to South America, there is no inducement at the moment to enter into any large operations for an advance in prices, although the moment is opportune for purchases by investors who intend to pay for stock and to hold.