The Montgomery advertiser., 1908-07-20
FINANCIAL REVIEW.
Increased Freight Rates a Subject q,
 Interest. sig

Increased Freight RRtes a Subject of
 Interest. sI5
 New York. July 1s-The market for securities last week showed degree of vitality that offered encourar q .,,art to holders and afforded opportunity for marketing holdings on the moderate scale that was attempted from time [" time in consequence of the attract i've higher level of prices established
 That level attainsd the highest porns of the year in the case of a I inlbAr or the conspicuous stecks and by conse- quence the highest touched since the spring of last year There we're sales sufficient to cause an occasional Wa rar- Ing of the price movement and -an ir- regular market where new advances accompanied the set back in stocks pro- viously advanced The characteristic feature of the transactions. however was the comparative paucity of the et- ferinEs for sale and the relative ease. therefore. with which operations to ad- vance prices were made effeetlve. These operations were admittedly largely professional aridsshowed- the manipula- tive devices usual in the prpfesstonat conduct of leadership in speculation.
 For the success which attended these efforts the strong technical position os the market and the general improve. ment in the speculative movement must be allowed credit. This sentiment found expression from many sources In the financial, industrial and Sonmer ciai departments of affairs.
 There was an unusual number of hopeful views and opinions on tho part of prominent financiers and capitalists in the form of interviews to the llews- papers. These were the more effective inspiring confidence because Of their agreement on the main points of the situation on which the expressed hope fulness was based, and wliich are Suffi- ciently obvious to the ordinary obsery- CT to be confirmed in the news of the day.
 Much attention was attribut d throughout the week to the question of advances in freight rates by the rail roads. Much remains to he settled roth as to the policy in this. respect to be followed by the railroads and os to the effect of such policy on ths general business prospects. 0utspoke1; a'Eu- ments have come. from promlnent rail road ofIieials In behalf of an inereass. the contention being that advances in freight rates have not kept pace with the rise in prices of materials and labor so that profits on the present basis are not sufficient to establish credit such as will secure the use of canttal for extensions and betterments
 Much of the stagnation in demand for Industrial output Is held hy this argument to be traceable to the pa ralysis of credit under which the railroads have been suffering. It is urged that. an alternative to rate in- creases would be reduction Of wages. and the frank opinion goes with the argument that a disastrous strike would result from such action.
 The fIllng of notices with the Inter- state Commerce. Commission of pro posed changes in freight rates repre- Senting advances show the practical steps taken towards the adoption of their policy. On the questionlof a com nrehensiye advance in rates, however. there Is admittedly vida dtvergcncy of views amongst railroad officials themselves while representative bodies of manufacturers and shippers are very emphatic in protests aGainst 2 rtse in freight rates at a tim~ when industries are depressed and price con cessions called for to stimulate reFIvsl or demand. 5.
 Money market supplies have contin- uGd abundant and have afforded re- sources for holding securities which otecfed the market from any pres sure of realization sales and 'elp"d 70 encourage the taking on oF new ho'd.- in&s.