The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-08-16
WALL Street ADMITS
REAL BOOM IS ON
Years Rise, and Marine Com
mon Breaks Record.
BULLS IN SUPREME COMMAND
British Loan Based on American Sc
curittes VIII Probably BE An
nounced In Few Days-Think VIII
BE No Strike.
BY BROADAN WALL.

New York, Aug 15.--When Steel
sold today at SO Ia. which Is
the high price touched in the boom
of last year. and when Maxwell Mo-
was sold today at 80 1-2. which Ia
tors rose in spite of the declaration
of 10 per cent dividend all Wall
Street surrendered to the Idea Of a
bull market. The big leaders have
been accommodating stock all summer.
The public has been waiting for higher
prices. apparently not believing that
the reports of earnings was true.
Now the oft-expressed expectation
of bankers that the boom in business
is to continue for years, that the war
In Europe is to go on and on and that
there is to be no railroad strike seems
certain Of fulfillment and the pub
lie is beginning to watch the stock
market. There is Just a fringe OF
outsiders in the market now. The
public Is apparently anxious to buy
Steel at par, Reading at $50 and Ma
rine at 40.
Part of today's strength was due to
expectation that the British loan
would be announced within a few
days and possibly tomorrow. 1t is
believed that the collateral back of
this loan will be mostly American
securities. That will please Wall
Street because there would be no
danger of reputation and a default of
the borrowers would be more salts
factory than payment OF the loan, in
view OF the character of collateral
that would fall into the hands Of the
lenders
Wheat Again Rises.
Wheat had rise OF several cents
Just at the close. The wheat market
is not In the hands of pool operators
as the United States government
seems to suspect 1t Is. In view of the
shutting off from the world OF the
Russian wheat the American market
has acted very conservatiyely so far.
That President Wilson Is determin-
ed TO have no strike was proved to
Wall Streets satisfaction today when
the order was Issued to withhold 25.-
900 troops that had been ordered to
Texas In the event OF a strike these
and more would be needed in addition
TO all that are now in Texas and
Mexico would be left to It's own de-
son uncertainty regarding the strike
has been a depressing influence on
Mexican stocks. Settlement OF the
railroad dispute, therefore, will be
| secondary bull on stocks as we'll as a
direct one. Union Pacific and Read
| ing was among the leaders today.
chiefly because the insiders OF those
companies finally realized there would
be no strike.
| The New York Air Brake Company
10 seriously considering what to do
with it's surplus earnings. One propo-
sition is to pay a big special dividend
and another 10 20 invest the money In
| a special fund to insure present divi-
dends ana ample working capital for
all time
! Marine Common Way Up.
| Marine common sold at 20 IS.
which IL the highest price ever touch
ed. II has not a dollar OF physical
assets back Of It It Is selling on ex-
pectations only. but these expectations
are unusually substantial. II the war
should end suddenly Marine common
would suffer sharply. Every person
buying IT should realize that fact
Coppers were quiet, but as soon as the
British loan is announced IT Is ex-
| pected that heavy purchases will be
made for the allies and then the cop
pers will have their day in the mar