The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-09

In the face of an unfavorable bank
statement prices advanced and the. close
was strong, The features were South
western railroad stocks, supposed to be
due to the expectation Of favorable
government report.
What the. Brokers Say
OConnor & Van Bergen's correspond
ents say of stocks:
Watson & Cove have just passed
through another week of advancing prices,
further emphasizing the absolute control
still maintained by those who have had
charge Of speculative affairs since the
market reversed its direction last spring.
The strength of monetary position is one
OF the most powerful weapons in the
hands of those defending prices. Although
we have already spent large amounts OF
cash for crop moving and other iegiti-
mate purposes our reserves can still stand
a considerable drain before affecting mon
ey rates TO any great extent. It IS the
greater part of the floating supply of Sc
curitleS is still strongly held, and 1t Is a
question whether prices have even yet ad-
vanced far enough to prove attractive to
the owners. p 1t certainly does not seem
so. or else the distribution would have
been greater. resulting in more notice.
able decline than we have had.
Van Emburg & Atterbury-Prices held
their own and in some cases advanced
with general strength towards and at the
ment was followed by the now familiar
custom OF bidding prices up. This is due
largely to the fact that actual holders
of securities are not disturbed by the
money outlook and the anxious speculative
sellers in advance of the statement Will
cover IN absence Of the real stocks. The
Southwestern stocks were notably active
and firm on buying End manipulation for
higher prices.
J. G. 'Geraghty & Co.'S correspondents
say of stocks:
Dick Bros.-The market has been quite
strong again. 1t was rather quiet before
the bank statement appeared. but later
became active and the best prices were
made just before the close, though the
bank statement was unfavorable The
features were the Gould shares, Missouri
Pacific, Missouri, Kansas & Texas, Texas
Pacific, etc, all showing great strength.
The marked advance seemed TO be due to
some extent to expectation Of a favorable
government crop report Monday. There
was no important news. Sentiment was
much encouraged by the strong closing.
Mcintyre & Co.-The action of the stock
market throughout the past week has
again demonstrated the prevalence Of
bulliSh sentiment and confidence of the
leading bull interests in the correctness
of their position and the future stability
of the market. The extreme violence with
which prices for some stocks have ad-
Vanced TO new high records had a some
what disturbing influence for time, ow-
ing to rumors which were put in cir
culation. 1t has since, however, proved
to have been simply a concentration Of
bullish operations on the stock because
1t had not advanced in proportion to 9TH
ers Of its class and was regarded as cheap
in comparison with May per cent divi-
dend paying stocks for a z per cent divi-
dend payer. We see very little change in
the general situation. The technical posi-
ton of the market may be somewhat I'M
favorable at the moment and some stocks
appear to have been pushed ahead too
rapidly to hold their gain, but the leading
bull interests still appear to be in control
of the market and it does not look as
though the bull movement had reached
the eliminating: point