The Montgomery advertiser., 1907-11-18
REVIEW OF STOCKS
wHECkAGE IS BEING CLEARED
 AFTER EXCITEMENT.
Investment in Small Lots Has Develop ed In Many PIaees--Hopeful For Early Return to The
 Normal


 New York. Nov. 17--Affairs in the financial center moved toward adjust ment last week and in the stock mar ket itself there was an undertone of confidence on this account, even while the surface of the marSet was more or less disturbed by the effects of the recent violent perturbation.
 As invariably Is the case after such an experience there remains a certain amount of wreckage to be cleared away. The mere fact that this work has gone on is in itself evidence of the conviction that conditions are more propitious for making 1t successful. Great banking interests and capitalists with 8 near interest in individual properties take large offerings of them In the market in times of panic for the purpose of opposing obstacles to disastrous breaks in prices. Such purchases come back on the market for sale at the first opportunity. Ac- counts with commission houses also are carried through times of peril with the understanding that they are to be re- duced as soon as can be done without entire sacrifice.
 During the late crisis also 1t Is we'll known that accounts were taken over from embarrassed houses bodily in order to save them from such wrecks and 1t is believed that the past week has seen the clearing up of some of this by resale of securities in the mar ket.
 With the subsistence of the price level back to an attractive basis under these operations, there has developed again the investment demand in small lots. which is so notable feature of the present situation in the security market Transfer agents of all the great corporations are worked over time in recording the holdings of new stockholders fin small lots. This kind of buying forms in the aggregate a more important factor of absorption and distribution than the much larger transaction of the ordinary dealings on margin. which are taken with the mere purpose of resale at profit; which are held with borrowed money and which are vulnerable tharefore. to any shock to credit and liable to be forced on a weak market at the most unpropitious times.
 with the decline in the rates, for money on call there has been stir ring of activity also in this class of operations but it has been frowned upon by bankers and money lenders and by the leading minds bent on the remedial measures from which are hoped the restoration Of normal con ditions at an early date.
 The small investment buying. which Is thus encouraged is in itself an fni- portant remedial measure by bringing out sums of fnony which had been withdrawn from the channels of bank ing and which are thus restored to the work of rehabilitation.
 It Is the occasion of universal obser- vatidn in the securities market that except during the operations of forced liuuidatIon above referred to. the sup ply of stocks and bonds offering in the market has become scarce and orders 10 buy are filled only by advancing bids.
 On the side of the general situation, the stock market has had to face some consequences of the late upheaval at the financial center which conform to the expectation indicated in the con- yuIsive readfustment of prices of se- curities effected earlier.
 It was early foreseen that the dis- location of the machinery of the finan- cial and commercial exchange would