The Birmingham age-herald., 1907-11-18
CONSIDERABLE WRECKAGE
 IS BEING CLEARED AWAY
With Subsistence. of Price Level to Att tractive Basis There Has DeVel- oped Strong Investment Demand
 In Small Lots.

I K. financial center moved toward adjust meut last week, and in the stock mar ket itself there was an undertone or con- fidence on this account, even While the surface of the market was more or less disturbed by the effects of the recent vlo- lent perturbation.
 As invariably is the case after such an experience there remains 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 propltious for mak- ing itself successful. Great banking in- terests and capitalists with near inter- est in individual properties take large of- ferings of them in the market in times of panic for the purpose of opposing op- stacles to disastrous break in prices. Such purchases come back on the market Tor sale at the first opportunity.
 Accounts with commission houses also are carried through times of peril with the understanding that they are to be reduced as soon as can be done without entire sacrifice
 During the late crisis also it is well known that accounts were taken over from embarrassed houses bodily In order to save them from such wrecks, and It is believed that the past week has seen the clearing up of some of this by resale of securities in the market. With the subsistence of the price level back to an attractive basis under these operations. there has developed again the investment
 ..zt.s sr. 1f1Ii ir. feature of the present situation in the security market
 Agents Work Overtime.
 Transfer agents of all the great cor porations are worked overtime in record ing the holdings of new stockholders in small lots This kind of buying forms in the aggregate q 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; winch are held with borIswed money and which are NluInerable, therefore, to any shock to credIt and liable to be forced on a weak market at the most unpropi- tious times
 With the decline in the rates for money on call there has been stirring of ac- tivity also in this class of operations, but II mas been IfOWUeu upon Dy DdHheiS anu money lenders and by the leading minds bent on the remedial measures from which are hoped the restoration of normal conditions at an early day. The small investment buying which is thus encour- aged is in itself an important remedial measure by bringing out sums of money which had been withdrawn from the channels of banking. and which are thus restored to the work of rehabilitation. 
 Offerings Are Scarce.
 It is the occasion of universal observa- tion in the securities market that, ex- cept during the operations of forced liquidation above referred to, the supply of stocks and bonds offering in the mar ket has become scarce. and orders to buy are filled only by advancing bids. On the side of the general situation the stock market has had to face some con- sequences of the late unheaval at the financial center which to the expectation indicated in the convulsive readjustment of prices of securities affected earlier.
 It was early foreseen that the disloca- tion of the machinery of the financial and commercial exchange would have the ef- feet of throwing obstacles in the way of maintaining business activity at it's high level Reduction of output, cutting down of working forces. cancellation of contracts, fall in prices of commodities and retrenchment in all forms, together with restriction of orders for future de- livery, which form the burden of onconi- ing reports. occasion no speculative senti- ment which is registered earliest and most accurately in the securities market.
 Crisis Is Short.
 The present market is inclined to reflect tho opinions on the future. The action of the market may be fairly interpreted as offering a good proportion of hopeful ness for a short duration of the crisis and for an early restoration of normal condi- tions and a renewed start towards the revival of the prosperous activities in which the country was previously en- gagged.
 Confidence is felt in the solid basis of that prosperity. and it is believed that the experience through which the corn- try is passing contains in itself the forces of correction of the conditions which were placing limit on that prosperity.
 A lower price level for materials is q conspicuous example of the line upon which this needed readjustment is now working. The lower prices of securities also is having the effect of attracting capital not only from domestic but from foreign sources, thus unlocking a force of repenishment, the lack of which had come ot be the leading factor in bringing 4l, oorrse of nrocress to a standstilI