New-York tribune., 1922-12-10
Business Shows
Further Upward
Swing in Canada
Completion of the Harvest
Brings Increased Spend
ing Power in the West;
Building Holds Up Well
e0ec.of r,narcIal conesrondeae,

Spcc.oi Fiaoncial C0TesPondeacs
MONTREAL. Dec. IA further
swing in the business cycle Is being
noted in Canada. The harvesting OF
the crop now being completed and the
financial returns coming In in fair vol
ume is greatly assisting business, in
creasing spending power throughout
the west. More seasonablo weather
winter apparently having set In all
over the country--is another important
factor. while heavy distributions OF
War and Victory bond interest and the
taking up Of the balance Of maturing
1922 Victory loans have made large ad-
ditional funds available for reinveSt-
mcnt and general purposes.
The most important development OF
the week. from the broad Canadian
point Of view, was the address Of Sir
Henry Thornton, new head Of the Ca
madam National Railways, before the
Montreal Board Of Trade The fact
that Sir Henry Is attacking his job
with a full determination 10 carry IL
through to successful conclusion, 70
brook no political or other interfer-
ence and 20 state plainly that nothing
but the fullest cooperation and sports
manship was wanted by him left a
favorable impression. Those who
listened 10 him and met him are great
" impressed with his strong person
ality, his unassuming qualities and his
realization Of the task before him. He
is apparently the man for the position,
and with an American British reputa-
tion for doing things he may succeed
where n Canadian would fail.
The minister at Ottawa in charge Of
Postal Services, Charles Murphy, is
doing great things. The department
was faced with a heavy deficit six
months ago. Mr.. Murphy when he took
over the Office had little reputation as
a business man, but has placed himself
in the front rank Of such men. lie
has turned a deficit into a sieable sur
plus, as will be shown in his annual
report. While this surplus will not
last long. going as II does 20 Offset
deficits in other departments, the
country is thankful that IL has men
like Mr.. Murphy at Ottawa. More Of
his caliber would do much for the gov
eminent departments and the country
as q whole.
Canadian building trades are holding
up unexpectedly we'll, and the amount
Of new contracts being awarded from
day to day is large. There Is no doubt
that these lines during 1923 will be
extremely active. as there Is still a
lot Of new construction work which has
not yet been definitely shaped for work
Bank clearings are beginning TO take
turn for the better, and during the
last week returns from leading Cana
dian cities show heavy increases over
the same week a year ago. This is the
first OCCASION in nearly eighteen months
that bank clearings in this country
have shown a willingness to expand
Taking the situation in industry and
business as a whole, Il is most ress-
suring Just now. The financial mar
kets are also showing general improve
ment after a rather protrscted period
Of easiness. The bond market is inn
proving slowly, but steadily, and new
offerings are once again making their
appearance.
The yield basis has steadied around
$50 per cent for gilt edge securities.
In the stock market there has, appar-
emily. been definite turn for the
better. After waiting a lead from
Wall Street the market here has shown
distinct signs OF a sharp rise before
Aut year tuus AIAVdug aufoheto ~
some issues have extended to nearly
ten points. Signs Of life are indicated
in the pulp and paper issues, the pub
lie utilities. with a number Of utilities
showing an improved undertOne.
Il now seems 10 be the general con-
sensus Of business men and bankers
here that the situation is becoming
altogether healthy. The heaviest part
Of the price adjustment period Is pat
emily over, and already expansion in
one or two lines is being noted. Ger
tainly events have been of nencour-
aging character during the last few
months.