The sun., 1919-07-22
CROP FINANCING
AFFECTS MARKET
Paper and Textile Securities
Active Features on Mon
treal Exchange.
CASH RESOURCES TAXED
Bullish Movement Near Limit
Shortage Of Shipping a
Saving Factor.
Spec Correspondence 10 the Canadian
Section Of THE Sun.

| Special Correspondence 10 the Comedian
Section Of THE Sun.
| MONTREAL, July 21.-Paper and textile
securities were the active features of
the weeks stock market. While there is
a general feeling that the present bull
market may be reaching it's limit. espe-
cially in view of the strain that is about
to be put on the cash resources OF the
country by the crop financing, few people
would claim that the best industrial
stocks, with these two classes at their
head. are anywhere near the maximum
of their market possibilities in view OF
the immensely strong position OF the in
dustries in question.
Investors are beginning to realize that
shortage Of Atlantic shipping. high
| freight rates and the diminished export
ing activity of many British industries
are having the effect OF enhancing very
greatly tho degree of protection enjoy ed
by various Canadian industries under
the present tariff and even of making
them independent OF any tariff revision
which is likely to be performed under
the Borden Government.
This lis notably true of the stronger
textile companies, the worsted. and knit
ting industries and other trades that
are affected chiefly by British compe-
tition. The textile group happened to
attract interest during the past week
owing to the announcement of a pro-
jected bond issue by Dominion Textile
which. although not accompanied by any
statement as to date or purpose was
taken as smeaning that the directors
considered the time favorable for eX-
tension OF operations: and other textile
stocks followed its upward movement.
The steels were weak on a cessation
Of merger talk--or merger talk ceased
owing 10 the weakness of the steel
stocks. which is quite as likely. 1t
seems possible that the much mooted
Canada may fall through or at least may
be greatly delayed for the lack OF a
merger manipulation of consummate
ability, such as Baron Beaverbrook, for
merly Sir Max Aitken, whose visit to
mis- country came to an end much TO the
disappointment of the market. without
the announcement OF anything spectacu-
lar in the way of new fnancings or COM
binations Those who are holding any
OF the steel stocks in the hope of
boom in prices, when the merger really
materializes, should resign themselves
TO Il good many ups and downs before
that happy day.
The stronger pulp and paper stocks are
confidently looked to for a further rise In
the near future no matter how stagnant
the rest of the market may become.
l.aurentide, Riordan. Howard Smith and
others are being firmly held at each new
level. and Wtyagamack seems TO be
strong as a result of the betterment In
the kraft situation.
Spanish River common is too much Of
a speculative football, owing to the tx-
treme remoteness of its dividend pros
pecis, but the preferred holds Arm on all
advances and Is still cheap in view of
the amount OF deferred dividends at
tached to ii.
The Canadian paper makers are &C.
lively searching for new markets, and
have in the last month or two been Of
fered business at excellent prices in
France. England. Australia and Japan.
but the difficulty of getting shipping
space presents a serious obstacle. There
seems to be no doubt that with the ship.
yping situation more normal 1t will be pos
sible to market Canadian pulp and paper
all oTer the world.
Further Improvement in the labor sit
uation was denoted by the swift collapse
of the unreasonable and arrogant Ottawa
street railway strike, called by the men
without awaiting the award of con-
Citation board. The strike had very lit
tie sympathy from the public, and the
company was able. after few days, TO
operate a partial service largely manned
by returned soldiers, who will be retained
in employment
The following table gives the total
sales. high. low and last prices and net
changes of all stocks and bonds traded
ha EXCHANGE