The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-04-19

There was nothing in the Stock Market
this morning to suggest that the bull
movement Is over. or anything like II
Prices advanced sharply. over night in the
best classes OF securities al lover the list
The gains were general, and not in one or
two securities as they have been at times
during the past month The buying was
enthusiastic, and in all except one or two
securities 1t was much stronger than the
realizing and short selling. The early
gains wer4 well held Moreover, while
there was activity nearly everyvyI ere
there was also noticeable a natural and
healthy shift Of interest from Burlington
and Northern Pacific TO the Gould securi-
ties, where the next deal may occur. and
to Union Pacific and St Paul which some
people say viii combine 10 Offset the ef-
feet OF the Burlington deal and to the
AtchisOns and Peuusvlvani, ON account
OF the talk Of Pennsylvania purchases of
the AtchisOns. This transfer Of interest
indicates that there is still z careful lead
eTshIp IN the market and that IL has am
munItlon still in readiness when neces-
saTy for its bull campaign
Such evidences OF strength naturally
confound the bears. They are utterly with
ont precedent There Is, however. 0 nrea-
son 10 withdraw from the conservative
position held by many people that prices in
orally are dangerously high. and that
these securities should be sold by their
holders on all buIges- As has been pointed
out in this column heretofore. such stocks
as the Atchis0ns, the Southern securities,
Union Pacific. the Fries Pennsylvania
Norfolk and Western. and some OF the
Gould group deserve u sell higher These
stocks il Will be noted. are The ones that
are now conspicuous, while Burlington
and Rock Island and Northern Pacific
There seems now to be no further doubt
that the terms Of the Burlington deal are
500 in per cent bonds for one snare Of
stock The large Burlington stockhold-
eEs have accepted these terms from Mr.
Hill. and although the matter is to be
referred formally 70 the stockholders gen
orally il is incunceivabIe that they Will
make any objection This is given out
on the authority of the Burlington Off
GERS themselves. it IS stated further that
}. {. Morgan & Co have agreed 10 under
write S50.61G coo of the bonds at par Ac-
cording to this official statement Il would
be difficult 10 understand why Burlington
has not advanced to 200 before now ex-
cept for one thing Probably it viii squirt
CD 70 that price at some time during the
next few days if only for q short time
u may go higher fer the sake Of the
Northern Pacific bonds. The reason why
Burlington viii not sell permanently At
20 Is that there are IN immense number
OF stockholders that would rather get
aiEthfi's IKE fh1- price than take the
ciithce OF later stampede 10 sell
Union Pacific and St. Paul were among
the strongest features Of the market this
morning. This was due undoubtedly to
the talk Of a likely combination between
these lines As an offset to the Burlington
Northern Pacific deal Union Pacific.
moreover is said by railway financiers
TO be worth more. intrinsicaIly than
Northern Pacific. It's earnings are great
eT and its prospects quite as bright
There are whispers Of = possible advance
IN the dividend rate on Union Pacific but
they should be taken with d grain of salt
Warrington Stock Exchanges.
SaIes-VVashIngton Traction and Eiec-
trio as I009IsS1z. American Security
and Trust Company. 5nZZg5s, 5dZ5G, West
End National Bank. I0GI2JN; Capital