The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-18
MOVING TOWARD
AN ADJOURNMENT
Financial Affairs of the Coun-
try Expected to Soon Return
to Normal Condition.
GOOD INVESTMENT DEMAND
LOWER PRICE LEVEL FOR MA
TERlALS.

New York, Nov. 17.-Affairs in the
financial center itself moved toward
adjustment last week and in the stock
market there was an undertone of con-
fidence 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 of 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 evil
dence of the conviction that conditions
are not propitiOus for making it sue
cessful until great banking interests
and capitalists with a near interest in
individual properties take offerings of
them in the market in times of panic
for the purpose of opposing obstacles
10 the disastrous break 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 it can be done with
out entire sacrifice. During the late
upheaVal also il is weH known that ac-
counts were taken over from embar-
raised houses bodily in order TO save
them from shipwreck and it is believed
that the past week has seen the clear
ing up of some of this by resale Of Sc
curities in the market.
Big Investment Demand.
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 a feature of the
present situation in the securities mar
ket. Transfer agents of all the great
corporations are working overtime in
recording the holdings of new stock
holders in small lots. This kind of buy
ing forms in the aggregate a more i'm
pOrtant factor Of absorption and dis
tribution than the much larger trans
actions of the ordinary dealings on
margin which are taken with the mere
purpose of resale at a profit; which
are held with borrowed money and
which are vulnerable therefore; and
are liable TO be forced on weak mar
ket at a most unprOpitious of all times.
Offerings Scarce.
With the decline in the rates Tor mon
ey on call there has been a stirring of
activity also in this class of operations;
but II has been frewned upon by bank
ers and money lenders and by the lead
ing minds bent on the remedial meas
ures from which are hoped to be
evolved the restoration of nor
NAL conditions at an early date.
The small investment buying
which is thus encOurag ed, is in itself
an important remedial measure by
bringing out sums of money which had
been withdrawn from the channels of
banking operations and which are thus
restored to do the work of rehabilita-
ton. 1t is the occasion of universal
observation in the securities market
that except during the operations of
forced liquidation above referred to the
supply of stocks and bonds offering in
the market has become scarce and or
ders to buy are filled only by advanc-
ing bids
Prices to Come Down.
on the side of the general situation
the stock market has had to face some
consequences of the late upheaVal at
the financial centers which conform TO
the expectation indicated in the con-
elusive readjustment of prices of secur-
tiles effected earlier. 1t was early fore
seen that the dislOcatiOn of the ma
chinery of the financial and CONNER
ciai exchanges would have the effect
of throwing obstacles in the way of
maintaining business activity at its
high level. Reduction of output, cut
ting down of working forces, cancella-
ton of contracts, fall in prices of
commodities and retrenchment in all
forms together with restriction of or
ders for future delivery which form the
burden Of incoming reports, occasion
no surprise to speculative sentiment.
which is registered earliest and most
accurately in the securities market.
These developments had found their
reflection in the earlier events in that
medium.
Outlook for the Future.
The present market is inclined TO re
feet rather the opinions of the future
The action Of the market may be fair
" interpreted as offering q good pro-