The sun., 1919-07-29
CANADIAN STOCKS
RESIST PRESSURE
Montreal Light Heat and
Power Declares Increase Of
Dividend.
SERENE OVER FUTURE
Favorable Influences Bring
Market Back to q Point Of
Week Before.
OVER FUTURE

1 opcctdt Correspondence 70 cho Cdnddtdn
| Section Of THE SUN.
MONTREAL, July 2S.-The Canadian
stock markets gave evidence during the
last week Of an ability to resist unfavor-
able influences which surprised even
some Of the most cheerful observers The
Paish interview made a great impression
here, for that eminent financial expert
Is well known here and Is regarded with
| a sort OF awestruck reverence.
1t must be remembered that some of
our most influential bankers got their
experience largely in London, in the very
circles where the name of Sir George
Paish is word of conjuration; for in
the days when Canadian supplies of
funds came chiefly from Great Britain
the London Office was the usual stepping
stone to the general managership sr
George himself has several times visited
and spoken In Montreal; and II was
| procurement Of his more than any
| other single factor that started the
process OF curtailment of credits before
the war was in sight. Thus 1t was not
surprising that his latest interview,
| taken in conjunction with the weakness
which It occasioned in New York, caused
the Canadian markets to betray decided
symptoms of nervousness.
On the very day, however, on which
this nervousness made itself apparent
the Montreal Light, Heat and Power
Company. quite contrary to- any expec-
tations entertained until q day or two
| earlier, declared an increase of dividend
from 4 to per cent, accompanied by
| reduction of rates to consumers the lat
| ter being even more surprising than the
dividend. There could have been no
more definite assurance that the biggest
| business men and fihanciers of Montreal.
| hn ittYfa ma IF
pany, have no apprehensions for the
future for the policy of Montreal Power
has always been intensely conservative,
and its directors have never undertaken
any distribution that they were not alb
solutely certain of maintaining.
The effect on Power stock itself was
fractional only, for there had been an
appreciation OF a couple, of points toward
the end Of the preceding week. but the
allied electrical enterprise of Shawinigan
moved up from 121h to 125, and the
| effect on the general market was excel
| lent.
The influence of the Power declaration
| as a bullish factor on local securities is
certainly not exhausted. Power Itself
| on a per cent. basis Is regarded by
| almost everybody as worth par, against
| its week end quotation of about %. But
| It is as o barometer of general business
| conditions of the Province OF Quebec
that the declaration is chiefly valuable,
| The hydroelectrio power industry Is the
key to the whole industrial situation,
and that key Is entirely in the hands
| Of the Power group Of companies. The
power industry cannot expand without
a general expansion and activity In all
other branches of industry, and this IN
| creased distribution, coming after only
| three years OF the 4 per cent rate
| equivalent to IL per cent. on the old
stock. and preceded in turn by three
| years at 10 per cent. ON the old stock),
| is a positive proof that industrial ac-
| tivity on a rising scale Is definitely as
sured in this part Of Canada.
| Toward the end of the week this and
other favorable influences brought the
| general market back to within point
| or so of the close of the week before,
and allowed several specialties to show
an Improvement. Riordon, the one ex-
| ample of the pulp and paper stocks
which is considered to have shown least
market appreciation in proportion to It's
betterment of values in the last Six
months, established itself at IA and
| showed signs OF going higher. Con-
verters followed the lead of other tex
tile stocks with rise OF nearly points
| to 81. The steamship stocks were very
active and closed fractonally higher.
Both common and preferred are due for
a good movement when market condi-
tons are propitious.
There were four public offerings or
securities during the past week. The
first was S1,750,0oo OF redeemable pre-
ferred stock of Canadian Woollens,
Iimited. an amalgamation of two
worsted mills and a yarn mill in On
tario. The second was 100000 of
per cent. bonds of the Bishop Navigation
Company. being a mortgage on
steamship. The third, an additional
million Of bonds of Allied Packers, In
corporated, owning the Matthews-Black-
well, Limited. packing concern In
Canada and several plants in the United
States. The fourth. an unstated amount
of three year per cent. notes OF Nova
Scotia Tramways and Power Company:
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 Tor
the week ended July 26, 1919:
| salas High. Low Last .Chgs.