The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-11-21

IuG WONQ6TIul advance IN the SJOCh
Market continued this morning, and even
made a more startling exhibition than
any heretofore. The entire active list
opened up point or more, and before
eleven O'Clock the gains were an average
Of two points in the fractions. the Pa
cities, and the grangeTs. and important ev-
eFyWhere. The buying was very heavy.
both for the public and for the cIiques,
and many OF the shorts covered. The
news Of the morning was all favorable
and the gossip all optimistic. a reaction
Of Few points is due Every day there
are new bears in a small way expecting
this, but so far they have nearly all COW
cred their losses. The reaction has not
come except in the way of the very small
TeceSsions every day or two The advice
OF conservative brokers and traders is to
take profits on the bulges. but not to 90
short, buying on the small recessions.
This advice, if followed, should provide
amply for the reaction of Importance if
and when, 1t does come, and at the same
time should allow of good profits during
the advance. Pyramiding is especially 10
be avoided after the long advance in
prices The ultimate upward course of
the market during the winter is believed
to be assured, and the level of prices be-
fore the end of the present boom should
De many points higher than it is at pres-
ent, though the level now is the best for
the railway list in E1aHy years. Condi-
tons all seem to warrant the faith of the
big interests and of the general public as
Wei, that the corning year is to witness
wonderful expansion of business.
The interview with Mr.. Keene in which
that gentleman expressed himself yester-
day as beng a believer in much higher
prices was probably the cause of the big
boom this morning. 1t is the public con-
fession of conversion that convinces the
large number of people that have doubted
The stories Of large Keene buying Of
stocks during the past month OF more. 1t
is limited that Mr.. Wormser, the man who
mas been the most prominent bear in this
market for the past three or four weeks
has covered the larger part of his shorts
anu IS now covering the balance as rap
IDLY as possible. J. O. Paine, a follower
of WoFmser in the recent market has
come out with advice to buy stocks. Of
course these facts should not convince
that the market is absolutely certain of a
much greater advance without anv reac
ton Indeed they excite a certain amount
OF suspicion in the minds of the wary.
They may signify that the looked-for re-
action OF three or four points is at hand
Tor the leaders Of the market have been
cunning" for Mr.. Wormser and his less
important followers undoubtedly.
The entirely remarkable boom in the
Northern Pacific securities continued at
the opening this morning. but after the
hrsl few minutes of advances 1t seemed
PROBABLE that there might be 4 Temporary
sait due to heavy realizing Some peo-
pie believe that for the present, at least
these stocks are two good ones to LET
alone The Union Paciffcs were also
buoFant, and Union, common, again went
ahead of Northern, common, fractionaIIv
Half q dozen stories are afioat as ex-
plantations of the boom in the Northern
Pacific. They have all been told il. this
column except the rumor that the North
american Company is to acquire 10th
Northern Pacific and Great Northern as
holding company. This yarn is worthy
OF very little cTedepce. The same may BE-
said of the story that the preferred
Northern Pacific stock is TO be retired
al par. 1t is probable that the boom is