The morning journal-courier., 1908-07-20
DEGREE OF VITALITY Shown by the Market for Sc curities During the Past
 Week.
HOLDERS ARE ENCOURAGED
Opportunity Afforded of Marketing Holdings on a Moderate
 Scale.

The market for securities last week showed 0 degree of vitality that of- fered encouragement to holders and afforded opportunity for marketing holdings on the moderate scale that was attempted from time to time in consequence of the attractive higher level of prices established That level attained the highest point of the year in the case of a number of the conspicuous stocks, and, by conse- quence, the highest touched since the spring of last year There were sales sufficient to cause an occasional wav- ering of the price movement and an irregular market where new advances accompanied the setback in stocks previously advanced The character lstic feature of the transactions how ever, was the comparative paucity of the offerings for sale and' the relative ease, therefore, with which operations to advance prices were made effect i've. Those operations were, admit fedly. largely professional and show ed the manipulative devices usual in the professional conduct of leadership In speculation.
 For the success which attended these efforts the strong technical po- sition of the market and the general Improvement In speculative sentiment must be allowed credit, This senti- ment found expression from many sources in the financial. industrial and commercial departments of affairs. There was an unusual number of statements of hopeful views and opln- ions on the part of prominent finan- ciers and capitalists 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 situation on which the expressed hopefulness was based, and which are sufficiently obvious to the ordinary observer to he confirmed in the news of the day
 Much attention was directed throughout the week to the question of advances In freight rates by the railroads. Much remains to be set tied both as 10 the policy in this re- spect to be followed by the railroads and as to the effect of such policy on the general business prospect Out spoken arguments have come from prominent railroad officials in behalf of an increase, 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 cfa1 hitch prnIit ne ,,,fn q t,n use of capital for expenditure in eX- tensions and betterments. Much of the stagnation in demand for indus trial output Is held by thls argument to be traceable to the paralysis of credit under which the railroads have been suffering It Is urged that an alternative to rate increases would be reduction of wages, and the frank opinion goes with the argument that disastrous strike would result from such action The filing of notices with the interstate commerce com mission of proposed changes lr freight rates representing advance, show the practical steps taken toward the adoption of this policy On the question of comprehensive advance in rates, however. there is admittedly wide divergence of views among rail road officials themselves, while repre-. sentative bodies of manufacturers ant shippers are voiclng emphatic pro tests against a rise in freight rates a time when industries are depressed and price concessions called for tC stimulate revival of demand.
 Money market supplies have con tinued abundant and have afforded resources for holding securities whicl protected the market from any pres sure of realizing sales and helped tt encourage the taking on of new hold lngs.