The Birmingham age-herald., 1908-07-20
SECURITIES SHOW
 MUCH VITALITY Condition Offers Encourage
 ment to Holders REACH HIGHEST LEVELS An Unusual Number of Statements of .I
REACH HIGHEST LEVELS
An Unusual Number of Statements of Hopeful Views and Opinions by Prominent Flnanciers and
 Men of Big Capital.

New York, July 19.-The market for securities last week showed a degree of vitality that offered encouragement to holders and afforded opportunity for marketing holdings on the mod crate scale that was attempted from time to time in consequence of the at- tractive higher level of prices es- abolished.
 That level attained the highest point of the year in the case of a number of the conspicuous stocks and by con sequence the highest touched since the spring of last year. There were sales sufficient to cause an occasional waver- ing of the price movement and an ir- regular market where new advances accompanied the setback in stocks pre- viously advanced. The characteristic feature of the transactions, however, was the comparative paucity of the of ferings for sale and the relative eass, therefore with which operations to ad- vance prices were made effective.
 These operations were admittedly large professional and showed tho manipulative devices usual in the pro- fessional conduct of leadership in spec ulation. For the success which at tended these efforts the strong techni- cal position of the market and the gen eral improvement in speculative senI- ment must be allowed credit.
 This sentiment found expression from many sources in the financial, indus trial and commercial departments of affairs There was an unusual number of statements of hopeful views and opinions on the part of prominent financiers and capitalists in the form oc interviews to the newspapers
 These were the more effective in spring confidence because of tn sir agreement on the main points of the situation on which the expressed hope fulness was based, and which are sui ficiently obvious to the ordinary ob- server to be confirmed in the news of the day. Much attention was attracte ed throughout the week to the question of advances in freight rates by the railroads. Much rerna ins to be settled, both as to the policy in this respect to be followed by the railroads and as to the effect of such policy on the general business prospects.
 Outspoken arguments have comn from railroads in behalf of the in crease, the contention being that the advances have not kept pace with the rise of prices in material and labor 50 that profits on the present basis are not sufficient to establish credit sue as will secure the use of capital for extensions and betterments Much cc the stagnation in demand for industrial 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 alter native to rate increases would be re- duction of wages, and the frank opir- ion goes with the argument that a dis astrous strike would result from suca action.
 The filing of notices with the in terestate 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 question of comprehensive advance in rates, how ever, there is admittedly wide dyer gence of views among railroad of. ficials themselves while representative bodies of manufacturers and shippers are very emphatic in protests agains. a rise in freight rates at a time when industries are depressed and price co- sessions called for to stimulate re- vival of demand
 Money market supplies have con tinued abundant and have afforded re- sources for holding securities whicn protected the market from any pres sure of realization sales and helped U. encourage the taking on of new hold ings.