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More Hectic Activity Forecast For Stock Markets In Canada

By GORDON GRANT .Cansdiu Pres Staff Writer

Canadian' stock markets have come through a hectic sh: months. and from what some analysts say there could be more of the same in the re- maining six months of 1964.

in the January-to—June period o' speculative in un ece- dented in North America hit the Toronto Stock Exchange. At the same time industrial stocks climbed to record heights.

The talk now is of a pause and then a new surge.

“I think there will be a mi- nor correction in industrial stocks but not of sufficient size to sell blue chip issues." says ’a’nalyst Paul Henry of R A. Daly and Co.. investment deal-

I feel that prices will go higher from here.

"As for speculative mining is- sues. another strike is needed to set the market going again. but I feel sure the market will go again."

Another analyst said invest— ors would become more selec- tive in their purchases and a short period of correction or consolidation would occur_ ut he felt the top of the market hadn’t been reached yet and said another are find at Tim- mins would “blow the top off

Whatever happens. it's diffi- cult to imagine speculative fe- ver hotter than that in April.

On April 17 a total of m,704,- 000 shares changed hands at Toronto and another 3,512,000 the next trading day, April 20.

ers. “Undoubtedly some good buys

Will show up but on the whole These record-breaking vol-

umes were the climax to a pe- riod in which the market re- verberated with rumors of a huge base metal find in the Timmins area. The rumors were confirmed in April when Texas Gulf Sni- phur Co. of New York an- nounced it had struck copper, silver and zinc in Kidd Town- p.

The so-called “penny dread- fula" skyrocketed. Issues that had lain dormant for months were carried upward by the speculative binge. Along with seaso spewlators, high school students, housewives clutching baby bonus cheques and others without experience in the ways of trading were drawn into the market.

Many brokers described the splurge as madness and tried to warn off would-be Baruchs. Some refused to open new ac-

for purchases.

Faith Is *Rearrrrmea

Lt.-Gen. Howard D. Graham.|

president of the Toronto Stock Exchange, said that new and unsophisticated investors were taking risks in venturing into the speculative market and should be prepared and able to accept losses. SANITY RETURNS

With the realization that many companies with proper- ties in the Timmins area had no guarantee of ore, specula- tors moved to the sidelines. Sanity returned to the market.

Volumes dwindled as people waited for news. They're still waiting.

But while penny mining stocks attraced the most pm) lic notice. one analyst empha- sized it was basically an in- dustrial market and that was where the real money was to be made.

‘nce beginning of the year industrial stocks have been moving ahead and even in the wild trading days they were not completely overlooked. .

Led to a large degree by a

buoyant N w York industriin

e list, blue crhlp stocks pushed the

flirting with record highs. A major factor was investor . _ confidence, an Intangible t often ignore pessimktic opin- ; ions from market analysts. w ' despite cautious utterances y r . many analysts, investors have shown amazing confidence in W00?! (01’) — Nearly ll dclylng the devolopmsd of the the future. m orgmsdlons, ouwened . 0‘ During the six months up to 5' Ron! u June so all industrial indexes sweetie-medal!“ . were up in Toronto and Mont- he" “I 314MB" filth So-

realirnu

in the Commonwealth.

The statement. read by ciety President Lord John Hope, Is timed precede the Corn- u mmwedlii prime ministers km “06' conference here

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Canmonweslth as a family hiterdependent nations. stresses concepts some

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industrials rose 19.14 to 156.63. 2.81 to 132.02, base metals 5.00 to 64.02, Western oils 16.99 to 99.37. The exchange index was up 17.70 to 146.25.

the statement Volume was ,705,658 shares compared with 447,239,529 in the first six months of 1963. Dollar value was $1,548,007.43 com- in pared with $..,210,038,971. In Montreal the industrial in- dex was up 21.3 to 152.5, utili- “MIC ties 14.8 to 137.2, banks .4 to 125.8, composite 17.9 to 147.0

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