The daily morning journal and courier., 1900-10-27
Financial.
 THE STOCK MARK EFT.
Higher Level of Prices Result of
 Day's Trading,

Higher Level of Prices as Result of
 Days Trading
 New York. Oct. 26.-The stock mar
 ket underwent many mutations of sen
 timent to-day, but on the whole came
 through the days ordeal very well and
 the average level of prices was higher
 as result of the days trading. The
 market was very irregular from the opening and during the course of the | session the reactionary tendency fair 1 ly got the upper hand, carrying prices 1 to we'll below last nights level. The 1 extreme range in the most active stocks 1 was from l to over 3 points, but the | final rally reduced net changes in nearly all cases to small fractions. The weakness which overcame the market was clearly enough an incident of the digestion of profits. The force of the
 final rally showed that professional opertaors ventured to sell shorts pretty
 freely also. Wall street had it's daily report this morning of sIupendous new combinations in the railroad world,
 this time relating to Southern Pacific.
 The Vanderbilt interests, 1t was said, had secured control and all problems of competition and rate cutting were forthwith to be settled Chicago and Alton and Kansas City Southern, 1t was also confidently alleged, had be- come consolidated The securities of these two companies responded with brisk advances. But in Southern Pa cific enormous blocks of long stocks came out, succeeding primary sale of 10000 shares at quotations IA point apart. The opening quotation was the highest of the day and the stock fell away 1 3-S during the active selling movement Brooklyn Transit was very actively dealt in and was pushed up 1 5-S before any marked signs of weakness began to develop. These points of strength served to sustain the market somewhat but realizing con- tinued on an active scale The coalers broke sharply on report that the Reading company would mine to it's full capacity. A number of the iron and steel stocks declined from 1 to 1 1-2 points. They were affected somewhat by the reports of the deep cut in prices of steel rails made by British manu- facturers, following a cut earlier in the week by German producers. The late rally was led by Missouri Pacific, which was rushed up points above the low est, without any news to account for the rise. The fall In the call money rate to per cent. and the manifest re- taxation in the pressure to realize en- couraged the advance. Preliminary es- inmates of the weeks cash changes by the banks promise a large decline in cash reserves. Operations with the sub- treasury offered the greatest interest Deposits of cash for transfer to the in- ter1or have been much smaller this week than last. On the other hand, there have been payments of drafts on account of gold deposited at Pacific coast points and the portion of the gold imports which came as bars have been paid for at the assay office. Neverthe- less, the sub-treasury has absorbed from the banks during the week no less a sum than $2,310,00O. The shipments Of currency by express to the interior are believed to be less than a million dollars. But the decline in cash re- serves seems certainly to have reached a total or $3000, 900. The action of the | call money market relieved apprehen- sion and suggested the inference that the banks must have further contract 1 ed their loans so as to reduce the re- serve requirements during the week.
 Only about $4,0O0,000 of gold of the S11, 100000 engaged for import was re- ceived in time to figure in the state ment, the balance being in transit.
 The bond market continued active | and showed points of weakness in svm- pathy with stocks. Total sales, par value, $3,750,O00.
 United States refunding twos when issued, the new and old fours and the | lives advanced IA per cent. on the last oall
 NEW FORK STOCK M4RKEy. 1pening, Highest, Lowest Quotations )n the New York Stock Exchange, reported
 by Prince X Whitely, Brokers 15 cantor