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Show ANNOUNCEMENT OF BRITISH LOAN HELPS STOCK MARKET Steel Common Sells at Highest Price on Record, With the Exception of 1909; Whole List Active. By BROAD AN WALL. By International News Service. NKW YORK, Aug. 16. Official announcement an-nouncement of the British loan was a signal for another demonstration of optimism opti-mism In Wall street today. Steel common com-mon sold at the highest price on record, with the exception of 1909. Two other new high record prices were made, one in Marine common and the other in ; carbureters stock on the curb. The whole list was active and many stocks were dealt in that have not appeared for three weeks. The best sign of the day was the absence of the public transactions, but the receipt of many Inquiries from prospective pros-pective buyers. Stocks were not quite high enough for the public. The feature of the British loan that pleases Wall street so much Is that it is made on a strictly business basis and tlwt American securities to the extent tit $100,000,000 are put up as collateral. The other collateral consists of $100,000,-000 $100,000,-000 of Canadian securities and an equal amount of the securities of neutral countries. coun-tries. Government loans are not considered consid-ered as strictly high-grade Investments, because there is no power that can force a collection. This loan, however, can be collected reyardless of the government making it. Will Pay for Munitions. It is the natural expectation that the $250,000,000 to be raised through this loan will be expended in America for munitions muni-tions of war. Naturally, the Steel corporation cor-poration will share heavily in these, and that was one reason that stock advanced today. Mercantile Marine, being closely allied with the bankers who are financing 1 the allies, will pot most of the traffic. After January 1 equities will pile up rapidly rapid-ly for the common stock, ani it is no j doubt true, as a director of the company j stated today, that the common might well K0 to par in another year of war and is worth fifty now on expectations. Mexican Petroleum had a sharp movement move-ment on small transactions when rumor went a round the street of another big contract for petroleum signed by the company. com-pany. Petroleum shares are all strong and brokers expect them to do much better. bet-ter. All the petroleum companies are months behind on deliveries. Pool in Tobacco. One of the biggest pools ever organized in Tobacco shares is working In the market mar-ket under the management of an old and conservat ive house. No figures are named, but bankers expect a real Impression Im-pression to be made. Buying of Reading by tne htg pool continues. con-tinues. Railway Steel Springs is being 1 absorbed In anticipation of a 6 per cent dividend In the near future. Lackawanna Steel is earning 35 per cent and the stock is being accumulated because a 6 per cent dividend is to be declared. American Can, which has been a laggard lag-gard In the market, but which is earning in the neighborhood of 40 per cent on its stock. Is being held down by main force-Cuban force-Cuban -American Sugar announced a 3 0 per cent cash dividend on the common stock and a 40 per rent stoek bonus- It also distributed 5500,000 cash among its employees. Sugar stocks were strong because of a recovery in the price of raw sugar. |