The times. [volume] (Richmond, Va.) 1890-1903, 1900-10-27
PRICES SOuGH
A HIGHER LEVEL
The Market Very Irregular and
Fluctuations Wide.
SHARP RALLY In FINAL HOUR.
The Daily 1;unors OF Great isailroad
Combinations We're Current on
The Street Eo:,d Market
Continued Active.

tlsg Associatea rress.l

NEW YORK. Oct. 26.-Tiic stock mar
Eet underwent many mutations OF sehii-
lneit to-day. but, on the whole, came
through the days ordeal very well, ana
=fie ayera sc level OF prices was higher as
result OF The day, S trading. The market
was very 8TrcSEljfr from tlac opening. ana
during the course Oh the session the reac-
uoRary tendency iairig got the upper
hand. carrying prices 10 well below iaSl
nights level.
9he extreme change in the most active
stocks was from 10 over : points nI !s
an the final rally met changes were small
fractions. The weakness which oNercaIne
sils market was clearly an incident OF me
digestion OF profits. The force OF the Illal
rally showed that professional operators
Ventured 10. sell shortly pretty ireeiy,
also. Wall Street had its daily report TINS
morning OF stupend0us new combinations
in the railroad world. this time relating
10 the Southern Pacific. The vanderbilt
interests. il was said, had secured con-
troll, and all problems OF competition and
Iate-catting were forthwith 10 be settled.
chicago and Alton and Kansas lily
Southern. il was also confidently eX-
planned, had become consolidated. The
securities of the latter Two companies re-
Sponded with brisk advances. t1ut IN
Southern Pacific enormous blocks OF long
stock came out. succeeding Il primary sale
of 10000 shares at quotations y point
apart. The opening quotation was the
highest OF the day, and the stock tel
away 1ss during the active selling move
1uent. BROOKLYN Transit was very active
1y dealt in. and was pushed UP Us before
amy marked signs OF weakness began TO
develop.
These points of strength served 10 sus-
tain the market somewhat. but TeailzinG
continued on active scale me coalers
broke sharply on q report that the read
ing Company would mine to its iull ca
pacity- \ number of iron and steel STOCKS
declined from ] 10 10 points. 1hey We're
affected somewhat by the reports OF the
deep cut in prices OF steel rails made by
British manufacturers following cut
made earlier in the week by German pro-
iucers The late rally was led by Mis-
souri, Pacific. which was rushed up 3
points above the lowest without any news
10 account for the rise. The fan in the
call-money rate TO > per cent and the
manifest relaxation in the pressure 10
realize encouraged the advance.
Preliminary estimates Of the weeks
cash changes by the banks promise a
large decline in cash reserves Operations
with the Sub-Treasury offered the great
,st interest Deposits of cash with TINS
institution for transfer to the interior
have been much smaller this week than
last On the other hand, there nave been
payments OF drafts on account OF Inc
gold deposited ut Pacific coast points, ana
the portions of the gold imports which
came as bars have been pald Tor at the
ASSAY Office Nevertheless, the Sub
Treasury has absorbed from the banks
during the week no less i sum IMAM
S2.3I0.GGo. The shipments OF currency NY
express to the interior are beileNed TO
have been less than 4 million dollars, put
the decline in cash reserves seems Ger
7afnly to have reached Il total of $1,000
coo The action of the call money mar
ket relieved apprehension and suggested
the inference that the banks must nave
1tirther contracted their loans so as 10
reduce the reserve requirements during
the week. ONLY about S4,oeo,poe OF goid
of the S11 .00e0Gh engaged for import was
received in time to figure IN the state
1neut the balance being in transit
The bond market continued active and
showed points of weakness i'll sympathy
with stocks. Total sales, par value,
81, 3l0. coo United States refundins rs,
The new and old as and the IS advanced
il per cent on the last call.
The total sales Of stocks to-day were
6l1,6ne shares.