The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1916-11-26
REVIEW OF PAST Z.
WEEKS ACTIVITIES
Market Shows General Recess
sion Under Heavy Bear
Pressure Of Period.
NEWS IS NOT OPTIMISTIC



ties Buying In Check.
~,
Bear pressure was Aerted durinI
the past week with considerable sue
cess, and, the stock market In gen
eral receded several points below
its previous level, despite some excel
lent Investment buying reported b,
the commission houses in both stocks
and bonds.
At the beginning OF the week the
market was In an overbought state
The supply OF stocks was large and
the willingness to seli was com
mensurate with that supply. The
News Developments were not con
ducive to the making OF heavy com
nitments. and accordingly the buying
power was overcome by the selling
rates, restrictions In loans due to the
oherfngs In numerous foreign fota
lions, such as the accommodations 70
the French municipalities. the $50
100000 Russian credit, the $4,000, 900
Chinese loan and the S25, 00O, 900 bank
loan to Britain for the purchase OF
wheat, and increased margin require
ments, operated to hold securities buy
Ing In check.
Curtsiiment Supplemented.
The employment OF funds in opera.
lions In the commodities markets.
particularly wheat and cotton, sup.
plementcd a curtailment In stock
market activities.
The various phases OF the labor
question constituted the outstanding
feature OF the week, not the least OF
which was a discernlbie trend toward
meeting labor half way In the matter
The United States Steel Corporation
started the ball rolling with an ad:
vance OF 10 per cent In its steel and
iron mills, and the action was quickly
Followed up by several OF the smaller
steel companies.
Announcement OF a wage dividend
plan was made by one company and
increases In wages In the wo lien trade
were also Forthcoming.
n Few OF the railroads made tlmIlar
concessions, and nothwlth Standing the
eonstitutionality OF the .idamson
stght'hour law.
81. Perfuactory Action.
The dociHion OF the Federal court
In Kansas City In the injunction pro.
coodings OF the missouri, Oklahoma
and Gulf railway was a perfunctory
action taken TO facilitate an appeal to
the supreme Court ut Washington.
PRESIDENT Wilson completed his mes.
sage to be read TO Congress when that
BODY reconvenes next month, and 10
n understood that he has incorporated
IN u all that he has promised to tho
roads with respect To relief that may
De required In the operation OF the
,damson law.
Both the railroads and the brother.
'toods are on the alert. anu the latter
uts credited with an organized effort
20 combat the question OF "compul.
oiy investigation" before n strike
Wall street was treated to a variety
az rnmorH dcSignated. IL would appear.
10 aid bear sentiment. Peace talk again
cropped up and reports were widely
current that the entente belligerents
were preparing To cancel some OF their
munitions contracts.
n " undoubtedly true that Great
Eriiain and France have greatly In.
creased their facilities for the manu-.
ihcturo Of war supplies. but IL II
equally true that those countries must
have raw materials In large quantity.
Trades show Trend.
Indeed. the steel and copper trades
are the best indiccS OF what may be
looked for so long az the war lasts.
and there II little indication OF
speedy ending or the conflict II such
irrcconcilablc declarations as have
been expressed by Lord Derby. Wis
count Grey, and Herr Won Bethmann-
liollweE mean anything.
In the opinion OF many, the death |
"f the Emperor Franz Josef and the |
accession of the young archduke will |
serve only To tighten the grip OF Ger
many on Austria Hungary, This view |
seemed To be strengthened by cables |
from Berlin announcing the resigna-
tion OF Foreign Minister Won Jagow, |
ana the report OF that statesmsn's |
"A N no int A. a
that there may be strong German in |
peror.
What Hungary or other disgruntIed
pirs may be tempted to do now that |
the strong personality OF the aged |
Emperor has been removed Is a de. |
veiopment OF the future which Is GER
tain To excite the keenest interest.
Mexico sim n Factor.
The situation with respect to Mex.
leo still looms large.
Mr.. Davison's visit TO the White
House has been variousIy construed In
the absence OF any information what.
ever on the purpose OF the bankers
conference with the President The
latest version Is that the project OF
a loan to Mexico was the subject az
The sale OF British and French short
term notes on this side was said to
have been discussed.
Again, the banker was credited with
pounding out Mr.. Wilson on the Gov,
ernment's attitude toward the much
talked OF copper merger,
At any rate Wall street took in
terest I'm this sort OF speculation, but
has yet to arrive anywhere.
Interesting Questions.
Apropos OF reports OF a consolida.
ton OF copper companies, several in.
teresting questions have come to the
fore.
The purpose OF a combination is said
TO be to systematic the foreign trade
In the metal, and with this end In
view to establish joint selling
agencies abroad,
. 1t L. argued that foreign buyers
would be aided in making purchases
were there q central agency to which
hey could apply instead OF eight or
ten. Such a combination would en-
tail an amendment to the sherman
law.
II Is difficult to understand how
his can be accomplished without lay.
ng open the country to many possible
buses which the sherman law was
designed to obviate.
What mainly concerns Wall Street
lust now, however, is whether or not |