The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-02
.SAGGING MARKETS
RECOVER STRENGTH
Price Changes Slight in Mon
treal, With Little Public
Participation.
HOLDEN AN EXCEPTION
Both Common and Preferred
Are Pushed Up to New
High Records.
Special Correspondence to the Cdnddtdn
c.ntIn,, Of TILE slim.

Special Correspondence to the Cdnddtdn
Section Of THE SUN.
MONTREAL, Sept. 1.--Cheered by Pres
ldent Wilson's firm attitude on tire SUD
ject Of further demands by labor the
Canadian stock markets abandoned
their sagging tendencies about the mid
die of last week.
They remained extremely narrow,
with little public participation, ana the
price changes were slight, with tie ex-
ception OF few readJustments OF wen
known undervaluations. The chief ex-
ample of this was the Ames Holden
stocks, which were steadily pushed up
tn a new high record, beginning the
week with IS and 93A for the COM
mon and preferred respectively. and
ending 1t with san and 1O1. There ~
35 per cent. owing on the preferred,
which was The more active performer
Of the two, and It has been fairy GER
tain for some time that a beginning OF
settlement of this Indebtedness would
be made by the end of the present year,
although until a week ago the market
had failed to adjust itself to this pros
pect- The rise in the common scarcely
appears justified by anything except
sympathy Riordon afforded another
example of belated recognition II the
lcwness of the market quotation. IT was
pushed from 1891 to 1871 on Wednes-
day and remained firm.
There are a number Of other securi-
ties on the Montreal market that are
generally recognized as being too low.
but that cannot be rectihed so long az
the disparity of the exchange between
London and Montreal continues, be-
cause they sre largely held in England
and a rise here would precipitate Brit
ish selling to take advantage of the ex-
Grange These include Brazilian,
Steamships and Shawinigan, aid any
movement for the betterment OF the ex-
change situation should be the 9ignal
for a considerable rise in these and one
or two other similar stocks.
The paper stocks paid no attention
whatever to the decision of ire
newsprint tribunal calling on tie
companies to refund SO a ton of
the control price of s6s charged dur
ing July, August. September, october
and November OF last year. Nor was
there any reason why they should. The
domestic sales affected by this order
constitute only per cent. of the bust
ness of the Canadian newsprint pro-
ducers, who are concerned about this
Canadian domestic regulation far more
because of the sympathetic effect II
may possibly have upon the legislators
and price fixing bodies of the United
Ste ties than because of the dollars and
cents involved in the Canadian business.
Moreover. the decision cuts both ways,
for by refusing to consider in this case
the elements Of cost peculiar to the
months OF December, January and Feb
ruary the tribunal seems to lay down the
tl,of ha month
are to be considered separately. thus
making a very good case for the manu-
facturers' appeal for a price considera-
bly, higher than the $50 for the winter
months.
That the cut for the FIVE months was
only So was, il anything, a favorable
surprise, for many had expected cut
of SIS a ton.
The admirable report of Spanish River,
showing that the financial operations for
the retirement of the short term debt
and the overdue dividend obligations
were thoroughly justified. did not appear
in time to influence the markets SO far
as the general public was concerned. but
a fairly good idea of its nature had
been abroad for several weeks. 1t makes
both the preferred and common stocks
look fairly cheap at the weeks closing
quotations.
The steel stocks strengthened up
little toward the end of the week. more
on the general market situation than on
any special news concerning their pros
poets, and several other securities recov-
cred a point or two in the same way.
It appears as though a general quieting
of the labor situation would be sufficient
to produce general and extended up
ward movement in the Canadian list.
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 August 20 exchange
closed last Saturday.: