The Current Situation

The comparative steadiness of prices after the unexpected death of President Harding has been all the more remarkable for coming in the midst of an obviously " bear" stock market. This lack of excitement in the financial district over the dangers possible in so swift a succession in the Presidential chair can be mainly attributed to a strong feeling of confidence in President Coolidge, increased by his wise announcement that the late President Harding's policies and Cabinet would not be changed. The only uneasiness which the painful event created in business circles was in connection with the Republican nomination in 1924. Little important change in the wholesale markets occurred, although the downward price movement continued to some extent in cotton and sugar. Merchants and manufacturers continue more optimistic as a class regarding the business prospects of next Fall and Winter than do bankers and security buyers. This, however, is a per- fectly normal condition for the opening of a period of relative depression in industry.