Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1908-07-20
ADVANCE In STOCKS
Rise in Values Offer Encouragement
for Taking Profits.
FEW SECURITIES ARE OFFERED
Sales Sufficient to Cause Only 0cca-
sional Wsvering.
NEW HIGH LEVEL is REACHED
Prices Of Several Issues Make New
Records for Movement.
NEW HIGH LEVEL IS REACHED
QUESTION OF FREIGHT RATES
Discussion of Availability of Raise
the Principal Topic in FinRn-
ciaL Circles Last
Week.

NE wYoRK. July le.-The market for Sc
curities last week showed a degree of vi
tality hat offered encouragement for mar
ketiug holdings. accumulated from time to
time in consequence OF the attractive higher
level of prices established. At the level
attained, the highest point Of the year in
tho case OF a number Of conspicuous stocks,
and in consequence the highest touched
since the spring Of last year. There were
sales sufficient to cause an occasional wa
vering of the price movement and an ir-
regular market where new advances ac-
companied the setback in stocks previously
advanced. The characteristics feature of the
transactions, however, was the compare
tive paucity of offerings for sale and the
relative ease, therefore, with which opera
tions to advance prices were made effec-
tive. Those operations were admittedly
largely professional and showed the man
ipulative devices usual in the professional
conduct of leadership in speculation. For
the success which attended these efforts
the strong technical position Of the mar
ket and the general Improvement in spec
ulative sentiment must be allowed credit.
This sentiment found expression from
many sources in the financial, Industrial
and commercial departments of affairs.
There was an unusual number of state
ments OF hopeful views and opinions on
the part Of prominent financiers and cap
italists In the form of interviews to the
newspapers. These were the more effective
in inspiring confidence because Of their
agreement on the main points of the stu-
alton in which the expressed hopefulness
were based. and which are safely obvious
to the ordinary observer to be confirmed
in the news of the day
Question of Freight Rates.
Much attention was attracted throughout
the week to the question of advances in
freight rates by the railroads. Much re-
mains to be settled. both as to the policy
in this respect to be followed by the rail-
roads and as to the effect of such policy
on the general business prospects. Out
spoken arguments have come from promi-
nent railroad officials in behalf of an in
crease, the contention being that advances
in freight rates have not kept pace with
the rise in price of materials and labor, so
that profits on the present basis are not
sufficient to establish credit such as will
secure the use OF capital for expenditure in
extensions and betterments. Much OF the
Etagnation In demand for international
output is held by this argument to be
traced to the paralysis of credit under
which the railroads have been suffering.
1t is urged that an alternative to rate in
creases will be reduction of wages. and the
frank opinion goes with the argument that
a disastrous strike would result from such
action. The filing of notices with the In
terstate Commerce commission of proposed
changes in freight rates in representing
advances shows the practical steps taken
towards the adoption OF their policy. On
the question OF comprehensive advance in
rates, however. there is admittedly wide di-
vergence of views among railroad man.
ayers themselves. while representative
bodies of manufacturers and shippers are
very emphatic In protests against rise in
freight rates at time when industries
are depressed and price concessions called
for to stimulate revival OF demand.
Money market supplies have continued
abundant and have afforded resources for
holding securities which protected the mar.
ket from any pressure OF realizing sales
and helped to encourage the taking on OF
new holdings.