The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-06
STOCK MARKET COMMENT
Dealings for Week Far Surpasses
Any Previous Record.

A Total of I5.GoO.OOO shares Traded
In-Mr Keene Talks for Pubiicn-
ton Regarding the outlook-Busi-
ness Conditions Most Favorable.
NEW YORK. May 5.-The outlook for
the coming week in the stock market Is
probably receiving the earnest eohsleefa-
tion of riure people than ever thought OF
stocks before II is very certain that inc
market is no longer one-sided, ana that
whether its next important movement is
10 be upward or downward there Will be
important fluctuations frequently Tor
some time to come. Such break as that
which occurred on Friday is not to be
forgotten even by the most ardent ana
confident bull Many believe the boom is
not over, and that the coming month VIII
see prices at least as high as those of
last Friday morning. Others believe the
probabilities favor a generally declining
tendency from this time forward. 1t is
probable that a number of the best Sc
curities have not yet reached their best
level il is very certain that many are
now too high. and il would not be sur
prising if these stocks should seek a lower
level Immediately.
week in Wall Street that for its i'm
mense volume of trading has never been
equaled ended yesterday. There appear
to be very good indications that the chilli
ing smash in prices on Friday had, after
ALL been nothing more that gigantic
scoop on the part of the leaders in the
speculation, who had fathered the break
with the view of eliminating weak ac-
counts and thereby putting the market
technically in a much healthier state.
There was a decided relaxation OF the
pressure to sell stocks when the ex-
change opened yesterday. and while a
good many belated selling orders from
timid or weakened spectators were eX-
ecuted all the offerings were absorbed
readily. There was a good deal of fever
ishness about the dealings, but despite
poor showing by the weekly statement
of the associated banks, which reported
a loss In surplus revenues of SS,sT9,6i5, the
market gathered strength, and under tne
lead of St Paul, which rushed up rapl9iS
nearly S points, closed strong an rouhu
There was a great scramble 70 eet
etock 10 cover short contracts on the part
of those spectators who. believing that
the great bull market had eliminated,
sold stocks short on FRIDAY alterlioo"
and early yesterday morning.
Altogether the reported safes OF an
stocks in the two hours OF business on
the stock exchange were 9olizVv shatesc
For th, entire week the total sales OF
stocks as reported by the ticker We're %
Cd so shares. and the total sales of bonds
(par valued 81, l22, coo. The best previous
record, made two weeks ago was Is, ~ =,
bonds In this week of unparalleled ac-
tivity fortunes have been won and lost
in a few hours time.
J. r. Keenc SAID yesterday OF the out
look for the market: The reaction yes
terday was quite logical because excess
siVe speculation 10y the general pupIic
had given a rather topping character 70
Hsrlfe of CT N &
fees The decline has ben a manifest
advantage, because il has made the STU
alton healthier and more secure Inc
liquidation of general accounts places the
market in a position of much greater
strength.
.AlI the conditions either in respect OF
exports. crop news, or Internal business
are most favorable The cancellation OF
railroad securities through purchases oy
the four or five great trunk line systems
of the stocks of weaker roads makes the
available supply OF stocks TOT speculd-
ton scarcer every day.
Il have the strongest belief that the
situation is one of increasing strength anu
that prices have moved up TO meet new
conditions OF better net earnings, whlch
consultations have made not only posi-
Bile, but actually operative TO an extent
far beyond any view which the genera
public has
..The net earnings OF railroads and 9TH
er industrial enterprises, as result OF
these agreements and combinations, nave
been tremendously increased and securl-
ties. which must always be gagged by the
net returns of money, have enormously
improved the value.
Net earnings are telling the story of
Wall Street valuations and Wall Street
speculation Economies due to the ab-
sence Of irrational competition are max
ing for greater net results every day IN
the year Railroads which for years past
have suffered under the blight of excess
give competition are now controlled by
wiser and more conciliatory counsels. AS
a result of this prices have appreciated
and should appreciate in the future
Transactions on the New York Stock
Exchange during the week just ended ag-
gregated 10, 4O3.176 shares. OF this amount