The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-12-29
Dear RAID NOT ONE
BRILLIANT SUCCESS
80 with which steel Rallies shows
4 Jnst How Strong Hands Arc In
Which Stocks Now Rest
THIS LAST DAY OF YEAR
s1cck Exchange VIII Close This Az
3 ternoon and Will Not Reopen Until
Tuesday Morning-CanadAG Gets Fat
War Orders.
BY BROaDAN WALL

New York, Dec. 2S.--Professional
raiders, under circumstances greatly
Ssavoring them, made another raid on
he market today and representative
stocks fell one to six points. The
aid was not vigorous and was I'M
accompanied by additional news leaks
rom Washington officials. The signs
we're in clear view before the market
opened. A new German peace note,
which may contain definite sugges-
ions for ending the war, was dis
'urbing factor. The Mexican situa-
ion and the recall of General Car
-anza's representatives In the United
states, Eliseo Arredondo. added TO
he alarm. The industrials sagged off
srst and later in the day, when IL
,ecame apparent that the railroad
managers and the brotherhood chiefs
lad not reached an agreement re-
Arding a substitute measure for the
AdAmson law, the railroad stocks also
.oid Off
Bear Raid Not Brilliant Success.
The bear raid, however, was not
n brilliant success, The ease with
which Steel rallied on several occa-
Aons made the bears uneasy. There
10 more evidence than ever that
stocks are in strong hands, Tho
bankers and not the stock exchange
autho critics wanted the holiday on
Saturday. The bankers would hardly
have favored a three-day suspension
In trading II they had not felt conf
dent of the strength of the market.
They know that there are many
stocks on the list. inclusive of some
~ the war stocks, which are selling
IN a peace basis.
tact that new war contracts have been
placed in Canada for $500, 100000 TO
500, 900, 600. 1t will be observed
that the placing OF these orders was
not attended by the placing OF SINH
lar orders in the United States This
leads to the conclusion that war or
lders for our industries. except in In
stances where we alone can furnish
the goods the allies want are a thing
Of the past
Canada Can Make Shells Enough.
Canada Is now equipped TO make
shells by the millions and England
would ten times rather give Canada
business than place II here. But
Canada Is not Independent OF the
United States. She needs her steel
and her copper and she needs also
her ready money. New financing will
be required for the new war orders.
The money Will be raised 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 unquesttonably
be beneficiary and so will the cop
per companies. other steel compa
MES which can furnish alloy steel.
o1x III
Carbon Steel should profit by the sale
o. their output at high prices.
That the express companies are do
ing well Is evidenced by the declara-
ton OF an extra dividend of s3333
a share by Wells Fargo and Company.
This dividend will he paid out OF ac-
cumulated income from the company's
$34. 600. 900 investment.
Business Year Ends Today.
No great show OF strength can be
expected tomorrow. the last day of
= memorable Stock Exchange year.
There will he many who will desire
to close out their accounts rather than
await the international developments
over the holidays. Plans for extern
sive campaigns in stocks have been
laid out for January, however. and
= new bull market will probably break
loose Just as soon as the peace situa-
ton has been cleared. The pools will
confine themselves to peace stocks and
will have the support OF the banks
The railroads will hold attention for
months to come.
Anyone who watched today's mar
ket must have been impressed with
the strength of the Marines The An
siders who sold out their stock on
advance knowledge OF Lloyd Georges
plan for Matchmaking British ship
ping are buying back the Marines.
The worst that could be said came
out In the announcement that the
British government would demand IS
per cent of all space on all ships.
The rate which the government will
pay for freight has not been an
nounced, but It will be very hand
some rate