The Washington herald., 1916-12-29
PROFESSIONALS raid
new YORK EXCHANGE
Bears Attempt. However. Not Consid-
4 cred Real Success.

(By the International News Seryice.)
New York, Dec. A-Professional
: traders, under circumstances greatly
favoring them, made another raid on
the market today and representative
stocks from l to . points. The raid
companied by additional news leaks from
Washington officials
2 The signs were IN clear view before the
market opened. A new German peacs
{ note, which may contain definite sugges-
ttons for ending the war, was a distrub-
ing factor. The Mexican situation was
the recall Of Gen Carranza's representa-
tive.
The industrials sagged OF first and
later in the day, when It became ap-
parent that the railroad managers and
the brotherhood chiefs had not reached
an agreement regarding . substitute
measure for the Adamson law, the rail-
road stocks also sold on.
The bear raid, however, was not Q
brilliant success. The ease with which
steel rallied on several OCCASIONS made
the bears uneasy. There Is more evidence
than ever that stocks are In strong
hands The bankers and not the stock
exchange authorities wanted the holiday
on Saturday.
The bankers would hardly have favored
a three-day suspension In trading II they
had not felt confident of the strength
of the market. They know that there
are many stocks on the list, inclusive of
some Of the war stocks, which are sell
ing on q peace basis.
New War Contracts.
A significant development is the fact
that new war contracts have been placed
in Canada for 500, 100000 to s4Oo, ,00o. 900. 1t
will be observed that the placing of these
laH hv MI rfn
Of similar orders in the United States.
This leads to the concluson that war
orders for our industries. except In in
stances where we alone can furnish the
goods the allies want, are thing Of the
past.
Canada is now equipped to make shells
by the millions, and England would rath-
er give Canada business than place It
here She needs her steel and bar copper
! and she needs also her ready money.
New financing will be required for the
new war orders. The money will be rails
ed in New York and a large part of It
will remain on deposit in New York
banks for the purchase in our markets
of raw products. The United States Steel
Corporation will unquestionably be a
benefactor and 50 will the copper COM
panies. other steel companies which can
furnish alloy steel. such as the Bethle-
profit by the sale Of their output at high
prices.
Express Companies Prosper.
That the express companies are doing
we'll is evidenced by the declaration of
an extra dividend OF 1888 a share by
Wells-Fargo & Co. This dividend will be
paid out of accumulated income from the
company's $4,000 600 investment.
No great show Of strength can be ex-
pected tomorrow, the last day of memo
rable stock exchange year. There will
lie many who will desire to close out their
accounts rather than await the develop
ments over the holidays.
The pools will confine themselves to
peace stocks and will have the supportlo
the banks The railroads will hold atten-
tiOn for months to come
Any one who watched today'S market
must have been impressed with the
strength in the marines. The insiders
who sold out their stock on advance
knowledge Of Lloyd Georges plan for ma
tionalizing British shipping are buying
back.
The worst that could be said came out
in the announcement that the British
government would demand s5 per cent OF
all space on British vessels as against
20 per cent heretofore. The rate which
the government will pay for freight has
not been announced, but it will be very
handsome rate.