The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-01

Dominion. Despite this the Dominion's
cash balance with the banks was about
s2,o00.o 900 higher at s23S,2 900.
The ratio Of loans to total deposits
remains satisfactory, being only slightly
in excess OF 60 per cent.
Reference has already been made In
these dispatches TO the earning results
OF Canadian Pacific Railway Company
for the year 1918. II will be recalled
that while there was a severe shrinkage
In revenues the company earned its 10
per cent. common stock dividend with
small margin TO spare, a very fine
achievement In view of the adverse con-
ditions Affecting all railroad enterprises
on the continent during the year.
The pamphlet report OF the company
now issued strengthens the good impress
sions created by the preliminary figures
While the other railroad companies OF
the country are In a condition OF
muddled finances and so many of your
own companies are confronting financial
problems OF some magnitude. 1t is of inn
portance to note that Canadian Pacific
continues in n position OF great financial
strength. It's balance sheet for the year.
for instance. shows working assets OF
$16,342.S46. against current liabilities OF
only S2S,365,2Ss. Cash alone amounted
TO the substantial sum of $39,54S,t16.
In addition II carries in Investments,
including securities and land. s27S,907,-
S5S as available resources" the list
embracing S13.4S2.3e4 in cash. Added
to the strength of position thus indi-
Gated Is the fact that the company a
couple OF years ago discharged the bal
ance OF the mortgage debt on its main
properties, the only obligations Of this
kind for which It Is responsible being
the underlying securities OF controlled
lines No such thing as a receivership
can ever confront the company because
OF obligations to bondholders.
During the war years the company
AZ a matter OF policy ceased making the
large expenditures OF previous years on
extensions and improvements. with the
dawn Of peace in Europe such activities
are again being resumed, but In a mod
est way. The directors propose to pro-
coed with the construction of 46+ miles
OF branch lines and in addition propose
to expend $4.4S2,00 on other improve
rnents.
The company's total assets have risen
TO 81, 055,273.514, an increase of upward
OF SIS, 100000 a year. 1t controls a to-
tai of 1888 miles OF railroad, of which
1879 represent its own lines and 1853
the lines of other companies which II
operates. Added to this Is It's imposing
investment in steamships on two oceans,
its lake and river vessels. It's hotels, tel
egraph lines and other subsidiary SER
vices.
Important Annual Statements.
Annual statements issued last week by
a number OF important Canadian COM
panies showed a continuance of the IA
vorable results recently reported by
other concerns for their 1918 year.
Canadian Westinghouse Company Ltd,
an offspring of one of your larger cor
porations, reported gross earnings OF
si.622,o49. against s1,567,1se in 1917,
and net OF ss70,71s available for divi-
dends against ss46.275.
Canadian General Electric. while
showing a small contraction in gross
earnings. the total being s2.013.ss6,
against s2.o51.609. reported a surplus
for dividends OF s1,436,4S3. against ST.
1889. That represented. after deduc-
ton Of the preferred stock dividend
earnings at the rate of 1872 per cent. on
the common shares, against 1913 per
cent. In 1917.
The Abitibi Power and Paper Com
pany, Ltd, reports net OF s1,643.653
against s1.s23.oo1. and a surplus for
dividends OF solI.202. against $34l.1a2.
After allowing for the preferred stock
dividend. the balance applicable to the
junior shares was at the rate of S.S2
per cent earned, a good showing for a
company just emerging from the con-
struction stage.
In almost all instances OF annual
statements now coming forward a reas-
suring feature is the excellent financial
position in which the companies arc
passing from the years Of war to the
years of peace business. Dividends have
been on a conservative basis and abnor-
NAL profits have been applied in consid-
cradle part to the paying Off OF debts
and the building OF working capital. the
latter 4 deficiency in many corporations
affairs when war broke out