The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-20
Highest Level Reached Since
Panic During Last
Spring.
RAILROADS R. {. / J. '.l: IN BAD WAY
Are Afraid to Reduce Pay OIL Ac
count of Strike and Can't
Advance Rates.

NEW YORK, July 1O.-The market
for securities last week showed u de.
gree OF vitality that offered encourage.
ment to holders and afforded oppor-
tunity for marketing holdings on the
jmoAerate scale that was attempted
from time to time in consequence OF
the attractive higher level Of prices.
That level attained the highest point
of the year In the case OF a number
OF conspicuous stocks. and. by conse-
quence. the highest touched since the
spring Of last year. There were sales
sufiicient to cause an occasional wave
ring OF the price movement and an
irregular market. where new advance,
accompanied ihe setbn'A, in stocks
previously advanced. The character
istlc feature OF the transactions. how
ever, was the comparative paucity3 OF
Inc offerings FOR sale and the relative
ease. therefore, with which operations
to advances. prices were made cffcc.
tive. 80 q
Those operations were. admittedly
largely professional, and showed the
lnantpulative devices unusual In the
professional conduct of leadership In
speculation. For the success which
attended these efforts, the strong tech
MICA position OF the market and the
general improvement In speculative
sentiment must be allowed credit. This
sentiment found expression from many
sources IN the financial, industrial and
commercial departments Of affairs.
There were an unusual number of state.
ments Of hopeful views and opinions
on the part Of prominent nnanciers q nd
capitalists In the form of interviews to
the newspapers.
Railroad situation.
Much attention was directed through
out the week to the question Of adj
vances in freight rates by the rail-
roads. Much Femains to be settled
both Is to the policy in this respect
to be followed by tho railroads and
as to the effect OF such policy on the
general business prospect. Outspoken
arguments have come from prominent
railroad officials in behalf OF an in
crease, the contention being that adj
vances in freight rates have not Kept
pace with the rise In price OF materials
and labor so that profits on the pres
ent basis are not sufficient to establish
credit such as will secure the use Of
capital for. expenditure in extensions
and betterments. Much of the stagna-
ton in. demand forEindustrial output is
held by this argument to be traceable
to the paralysis of credit under which
the railroads have been suffering. It
is urged that an alternative to rate
Increase would be reduction OF wages,
and the frank opinion goes with the
argument that disastrous strike
would result from such action. On
the question OF comprehensive adj
vance in rates there is admittedly wide
divergence ofEyiews amongst railroad
officials themselves, while representa-
tive bodies of manufacturers and ship
pers are No,~-ng emphatic protests
against rise In freight rates 1t. a
time when industries are depressed
and price concessions called for to
stimulate revival Of demand.
Money market supplies have contin-
ued abundant, and have afforded re-
sources for holding securities which
protected the market from any pres
sure of realizing sales and helped to
encourage the taking on of new hold
ings.