The times., 1901-05-06
STOCK MARKET COMMENT
Dealings for a Week Far Surpasses
Any Previous Record.

a Total of 15.Goo.OOO shares Traded
In-Mr. Kecne Talks for PuhIica-
tion Regarding the 0utlook-Busi-
ness Conditions Most Favorable.
NEW YORK. May 5.-The outlook for
the coming week in the stock market is
probably receiving the earnest considera-
ton of more people than ever thought OF
stocks before. 1t is very certain that the
market is no longer one-sided, ana lhat
whether its next important movement is
10 be inward or downward there will be
important fluctuations frequently for
some time to come. Such a break as that
which occurred on Friday is not 10 be
forgotten even by the most ardent and
confident bull Many believe the boom is
not over. and that the coming month will
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. II is
probable that a number Of the best Sc
curities have not vet reached their best
level 1t is very certain that many are
now too high and il would not be sur
prising if these stocks should seek lower
level Immediately.
A 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 chill
ing smash in prices on Friday had, after
all. been nothing more that a 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
Il .1,..
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
jshness about the dealings, but despite a
poor showing by the weekly statement
of the associated banks, which reported
a less in. surplus revenues of S5,'i9,6'o, the
market gathered strength, and under the
lead of St Paul, which rushed up rapiaiy
nearly points, closed strong al TouIu-
There was a great scramble TO get
stock TO cover short contracts on the part
of those speculators who. believing Ihat
the great bull market had culmlIlateG,
sold stocks short on frluay dAtSIlio
and early yesterday morning.
Altogether the reported sales OF All
stocks in the two hours oI business on
the stock exchange were 95l4zO SnaFeS.
For the entire week the total sales OF
stocks as reported by the ticker We're To-
Go Sg2 shares. and the total sales OF ponds
- (par Vaiuel Sil, ~, coo Il ne pest previous
record made two weeks ago, was Iublo,-
025 shares Of stocks ana S53,55LVb IN
bonds. In this week of unparalleled ac-
tiVity fortunes have been won ana lost
in a few hours time.
J. r Keenc said yesterday of the out
look for the market: The reaction yes
ferday was quite logical because eNceS-
sive Speculation by the general public
had given rather topping character TO
the accounts OF customers IN brokers Of
fees. The decline has been manifest
advantage because II 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 by
the four or five great trunk line systems
of the stocks Of weaker roads makes the
available supply Of stocks for specula-
ton scarcer every day.
Il have the strongest belief that the
situation is one Of increasing strength and
that prices have moved up to meet new
conditions OF better net earnings, which
consultations have made not only posi-
bic, but actually operative TO an extent
far beyond any view which the gehefai
public has
The net earnings OF railroads and 9TH
er industrial enterprises, as result OF
these agreements and combinations, have
been tremendously increased and securi-
ties, which must always be gauged 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 alb
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 eXces-
sive competition are now controlled by
wiser and more conciliatory counsels. As
q 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 - ,403. .776 shares. OF this amount
9.Sle.eel shares represent the dealings in