Shares of three Canadian banks continued to fall Monday in New York trading on news that mergers affecting four of the country's six nationwide banks may be rejected.

Paul Martin, Canada's minister of finance, was reported leaning toward rejection of the proposed merger between Royal Bank of Canada and Bank of Montreal and Toronto-Dominion Bank's plan to merge with Canadian Imperial Bank of Commerce.

Shares of CIBC were down $1.0625 in late afternoon trading, to $22; Royal Bank 43.75 cents, to $49.25; and Bank of Montreal 81.25 cents, to $42.1875. Toronto-Dominion's stock price was unchanged at $33.75.

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