The daily morning journal and courier., 1907-11-18
UNDERToNE OF CONFIDENCE.
Affairs in Financial Centers Moving
 Towards Adjustment.

Towards Adjustment.
 New York. Nov. 17.-Affairs in the financial centre itself moved toward adjustment last week and in the stock market itself there was an undertons of confidence on this account, even while the surface of the market was more or less disturbed by after-effects of the recent violent perturbation. As is invariably the case after such an experience, there remains a certain amount of wreckage to be cleared away The mer6 fact that this work has gone on is in itself evidence of the conviction that conditions are more propitious for making it successful Great banking interests and capitalists with near interest in individual prop critics take large offerings of them in the market in times of panic for the purpose of opposing obstacles to the disastrous break in prices. Such pur- chages come back on the market for sale at the first opportunity. Accounts with commission houses also are car lied through times of peril with the understanding that they are to be re- duced as soon as can be done without 1 entire sacrifice. During the late up heaval also it is well known that ac- counts were taken over from embar- rassed houses bodily, in order to save l them from shipwreck, and it is be- lieved that the past week has seen the clearing up of some of this by resale ol securities in the market. with the sub 1 sidence of the price level back to al attractive basis under these operations there has developed again the invest 1 ment demand in small' lots, which is st notable feature of the present sit1a tion in the securities market.
 Transfer agents of all the great cor porations are worked overtime i'll re. cording the holdings of new srockhold. CTS in small lots. This kind of buy ling forms, in the aggregate, a more i'm. Iportant factor of absorption than the much larger trans. actions of the ordinary dealings or margin, which are held with the mere purpose of resale at a profit which art held with borrowed money and whicl are vulnerable, therefore, to any shocl to credit and liable to be forced on : weak market at the most unpropit ious of all times. With the decline il the rates for money on call there ha! been a stirring of activity also in thi
 class of operations; but 1t has beei drowned upon by bankers and none, lenders and by the leading minds ben on the remedial measures from Whicl are hoped the restoration of norma conditions at an early day. The smal investment buying, which is thus en couraged is in itself an important rem edial measure by bringing out sums O money which has been withdrawn iron the channels of banking operations an which are thus restored to do the WorI of rehabilitation. It is the occasion o universal observation in the securitie market that, except during the opera tions of forced liquidation above refer red to, the supply of stocks and bond ) offering in the market has becom scarce and orders to buy are filled on } ly by advancing bids.
 On the side of the general situation | the stock market has had to face som } Icinsequences of the late upheaval 2
 the financial center which conform
 the expectation indicated in the COT
 vulsive readjustment of prices of st
 curities effected earlier. It was earl lforeseen that the dislocation of the ma
 chlnery of the financial and commercij
 exchanges would have the effect
 throwing obstacles in the way of mair taining business activity at it's hie llevel. Reduction of output, euttir ; down of working forces cancellation
 contracts, fall in prices of commod ties and retrenchment in all forms, t gether with restriction or orders for fl ture deliveries which form the bu
 den of incoming reports, occasion l , surprise to speculative sentimen
 which is registered earliest and mo , accurately in the securities markt
 These developments had found the . reflection in the earlier events in tn medium
 ? The present market is inclined to I
 fleet, rather the opinions on the futul , The action of the market may be fai ly interpreted as offering a good pr portion of hopefulness for a short du ation of the, crisis and for an early re , toration of normal conditions and a I
 newed start towards the revival of t
 prosperous activities in which t
 country was previously engaged. . Confidence is felt in the solid ba of that prosperity, and it is believ -' that the experience through whi
 the country is passing contains in '' self the forces of correction of t
 conditions which were placing a lir , on that prosperity. A lower prt
 level for materials is a conspicuo l. example of the line upon which u
 needed readjustment is now workil J; The lower prices of securities also
 having the effect of attracting capf 2' not orly from domestic. but from f,
 eign sources, thus unlocking a force [; replenishment the lack of which |
 come to be the leading factor ); bringing the course of progress to
 standstil
 CLOSING PRICES.