The sun., 1919-05-25
NICKEL COMPANY'S
PROFITS DECREASE
International Reports Net as
S5.922,629-Was $10,129,-
988 in Preceding Year.
EARNINGS ALSO DECLINE
President Blames Economic
Conditions and Predicts
Better Situation.

me annual report Of the Interna tionaI
Nickel Company for the year ended on
March 81, 1919, shows n proft, after all
charges, taxes, &C.. OF $5,e22,62e, or
3s.22 a share. earned on the s4l,S34.S0O
outstanding common stock after deduc-
ton Of preferred dividends While those
figures show a drop from s1o,l2s,ssS or
1913 a share, earned In the precedins
year. II was not as long fall as was
anticipated in some quarters.
The earnings OF all OF the Nickel prop
critics, after the deduction Of manufac-
turing and selling costs and ordinary re.
pairs and maintenance, were S11,1S6,3O4
decline OF more than $4,000. 900 from
the .i5.791.iS6 reported a year ago
Other income, after the deduction OF
losses sustained in the sale of Govern
ment securities, totalled s25,2I7, against
sSsO,016 in the last previous same period
and this gross income for the fiscal
year Just ended was but $lr.21l,521,
against S16.lS1,501 In the previous
twelve months.
part OF that difference was made
up by lessor tax charges, the deduction
for expenses, taxes, SC, being $2,sS4.-
sss. against s&.2oo,seo I'm the same
Is17-1sls time. Charges for deprecia-
ton, mine exhaustion. etc. were nearly
100000 higher. making the balance
available for dividends on the two
classes Of stock s5.s22.6as. against $780,
12s,9ss In the corresponding Ief7-1sls
period Preferred dividends were un-
changed at s5s4,75s. but the common
dividends were reduced from S7.53O.22S
in the previous year to s4.1S3,4s0 In the
year covered by the report, making the
net balance transferred to profit and
loss surplus s1,2o4,t1s. against sa,o65,-
oo4.
There are certain important factors
in the consuming markets here and
abroad" said President w. A. Bostwick.
that must be reckoned with that are
temporarily adverse in character, such
al hesitant condition of industry gen.
orally until definite consummation OF
tho peace treaty. presence OF large
stocks Of metal and scrap metal in
Governmental and private possession,
embargoes against imports in foreign
countries. difficulties Of financing and
exchanging In foreign markets and
possibilities of some restrictive measures
as to ornaments or trading freely in
raw materials being Incorporated in the
peace treaty.
On the other hand the company
pants, mines and ore reserves are In
splendid physical condition and there
has been provided a capacity badly
needed by the company tc enable II to
advance the uses of its various speciality
nickel and Monel metal products for
commercial uses. Moreover. with increas-
ing growth in the uses OF alloy steels
an increased consumption in that quarter
can be looked for"
Mt. Bostw!ck says in the FIRST eight
months of the fiscal year up to the sign
ing OF the armistice the company's op-
erations were conducted at full capacity
and under the greatest possible pressure
for maximum production. The compile
ton OF the Port Colborne refinery and
the Copper Cliff smelter permitted the
company's output TO keep pace with the
constant increase in the demand for
nickel from allied Governments. Almost
the entire production was used for Gov
eminent purposes and little was avail
aole Tor ordinary commercial lines
Following the armistice the demand
from the various Governments was
greatly curtailed and required a rapid
adjustment of output At the close of
Inc fiscal year, on March 81. plants were
operating to about a third OF capacity.