The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-12

CANADA REFLECTS
HEMARKET HERE
No Local Features in Stocks
at Montreal During
the Week.
DIVERTED BY POLITICS
Preparation for Next Domin-
ION Loan Also Contributes
to Dull Conditions.
DIVERTED BY POLITICS

Special Correspondence TO the Canodtan
Section Of THE Sun
MONTREAL, Aug. 1.-THE Canadian
stock market during the past week was
mere reflection Of New York. without
any local characteristics of its own. The
country has been absorbed in politics
and in the preparation for the next Do
minion loan. and the very strenuous in
fiuences which proceeded from the bigger
market to the South set up succession
OF waves in which the merely local rip
rle- such. as the wabasso cotton re-
port and dividend Increase were utterly
lost to sight. After the seu,i-panic of
Thursday. which went far beyond rea-
sonable limits. there was a mild rally on
Friday and a decided rally on Saturday
morning, which was surprising in view
of the ordinary deafness OF a Saturday
market in Montreal
Almost the only securities to with
stand the depressing influences were the
long term Victory bonds. which closed
the week much stronger than at any time
except their highest period In early sum-
mer. This fact may have contributed to
some extent to the downward tendency
OF stocks. for wealthy holders seem to
have realized during the past week that
their only chance Of buying exemption
from the income tax for a protracted
period of years now lies in the purchase
Of 1898 and 1887 Victories. The Ameri-
can offerings OF these issues seem to
have been pretty well absorbed during
the week. and It is practically certain
that there will be further rise in them
between now and tbs issue of the new
m m
ment should offer a tempting exchange
proposition in order to draw small hold
ers out Of the exempt issue and into the
new loan has itself stimulated buying OF
the old bonds,> aS such a scheme would
still further reduce the amount of ex-
empt bonds available
Dominion Textile showed great resist
ing power throughout the decline and
closed at ethe best of the week, 11Sh.
Laurentide also made a net gain for the
week. but not enough to recover all the
ground II lost the week before. Steam
ships was the only other important
gamer apparently, because the market
has discovered that the company is doing
an enormous business this summer.
Wabasso held firm at par. though at
times there were no offerings except at
point or more above that figure. The
raising of the dividend to per cent.
and the excellence of the annual report,
showing record earnings of 1874 per
cent. had been discounted earlier. but a
further rise Is practically certain in
view Of the strong position of the COM
pany.
The securities of Consolidated Felt
were withdrawn from the unlisted de-
partment of the Montreal Exchange, on
the announcement OF the directors that IL
was not the intention to apply for def
mite listing. The stock Is subsidiary of
Canadian Consolidated Rubber and has
been very little dealt in. and not much
information is obtainable about 1t.
The financial community was undeni-
ably disappointed at the appointment of
Sir Henry Drayton as Finance Minister
in Sir Robert Borden's Cabinet. Sir
Henry during his Craftsmanship of the
Railway Board has shown very little
sympathy with vested interests. Mr..
Cnrvell. who goes to the Railway Board
| in his place. is an able politician, who
does not believe in public ownership, but
apart from those two facts the appoint
| ment is not notable except as a means OF
relieving the Government from political
embarrassment Mr.. Carvell is former
Liberal who Joined the Borden Govern
ment for conscription purposes and has
| been very restless ever since. There was
] even some expectation that he would
have thrown in his lot with the Liberals
again by attending the Liberal conven-
ton, where, as he is FIRST class fight
| ing man." he would have been made
more welcome than most of his fellow
| Unionists.
The following table gives the total
| sales high low and last prices and net
| changes OF all stocks and bonds traded
in on the Montreal Stock Exchange for
the week ended Aug. 8: