The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-10-27

ton of profits. The force Of the final
rally showed that professional opera
tors ventured to sell shorts pretty freely
also. Wall Street had its daily report
this morning of stupendous new combi-
nations in the railroad world this time
relating TO Southern Pacific. The Van
derbilt interests, it was said had Sc
cured control, and all problems of compe-
tition and rate cutting were forthwith 20
be settled. Chicago ard Alton and Kan
sas CRY Southern, it was also confidently
said, had become consolidated. The Sc
curities Of the latter two companies re-
sponded with brisk advances. But IN
Southern Pacific enormous blocks of long
stock came out, succeeding a primary sale
of 10000 shares at quotations Il points
apart The opening quotation was the
highest OF the day and the stock fell away
ia during the active selling movement
Brooklyn Transit was very actively dealt
in and was pushed up rs before any
marked signs Of weakness began to de-
yelop. These points of strength served
to sustain the market somewhat, but
realizing continued on an active scale.
The Coalers broke sharply on report
that the Reading Company would mine
to its full capacity. A number OF iron
and steel stocks declined from ! to IN
points. They were affected somewhat py
the reports of the deep cut in prices OF
steel rails made by British manufactur-
ers, following a cut made earlier III the
week by German producers. The late rally
was led by Missouri Pacific, which was
rushed up points above the lowest,
without any news to account for the
rise. The fall in the call money rate to
2 per cent and the manifest relaxation
in the pressure to realize encouraged the
advance. Preliminary estimates OF the
weeks cash campaigns by the banks
promise a large decline in cash re.
serves. Operations with the Sub-Treas-
ury offered the greatest interest. De-
posts of cash with this institution for
transfer to the interior have been much
smaller this week than last. The por-
ton of the gold imports which came as
bars have been paid for at the assay OF
fee Nevertheless the Sub-Treasury has
absorbed from the banks during the week
no less a sum than $2,310000. The ship
ments of currency by express to the IN
terrier are believed to have been less
than a million dollars, but the decline IN
cash reserves seems certain TO nave
reached a total of 100000. The action
of the call money market relieved appre-
tension and suggested the inference that
the banks must have further contracted
their loans so as to reduce the reserve
requirements during the week. only
about 81, 100000 of gold of the $11 ,o0000O
engaged for import, was received IN
time to figure in the statement, the bal
ance being in transit.
The bond market continued active and
showed points of weakness in sympathy
with stocks. Total sales (par valued
$3.750,Oo
The total sales of stocks today were
GIL 500 shares, including the following
Atchison, 23,S70; Atchison preferred, 49,
sos; Baltimore and Ohio, $500; Chesa-
peake and Ohio, 1880; Manhattan, 1850;
Missouri Pacific, 36675; Northern Pacific,
20, $50; Pennsylvania, S,067; Reading, g.
POS; Southern Pacific, 47,6S5; Union Pa
cifc, 2O,777: Steel and Wire, 6,S45; To-
bacco, Is, 2S0; Brooklyn, 67,199; Continen-
tai Tobacco, 6295: Federal Steel, 1880
Pacific Mail, $40; Peoples Gas, o,525;
Sugar, $685.; Leather, 5,400.