The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-27
Big PUBLIC UTILITY \
CONTINUES GROWTH
Montreal Eight & Power Co.
Raises Gross Earnings to
$1O,929,272.
WATER POWER DOES 1T
Dividends Of Banking Institu-
tons Show Increase Since :
Armistice.
WATER POWER DOES IT
Special Correspondence to rup sur.

| Dsnt' f1eat ana Power Company, Con-
solidated, which stands out as easily ths
largest public utility of its kind In Cam
ada, with a reputation OF being one or
The best managed corporations ON the
| continent maintains with IT'S 1g1S-In1a
| statement long record OF progresziys
| growth. Gross earnings were SIO,92p.-
272, compared with the previous hieht
record OF sl0,s90.6s4 in 1918. The
higher ratio of operating expenses COM
mon TO all like enterprises reduced net
rom operation to s5,5s1,7s0. against
| $s.622,sl5, the high mark reached ne
year before, but the decrease was NOM
inal and left the general position Of the
company undlsturbed.
After setting aside the substantial sum
OF $sts,927 for depreciation, nearly ;
| per cent. of the gross income, meeting
fixed charges and paying the regular 4
per cent dividend on the Ss4,I2sIo0
| capital stock, there was a balance Of
S,o22'SsO to carry forward to surplus
| account.
The financial position OF the corpora
uon is ono OF steadily increasing
strength, Current assets at ss,s3s.sls,
compared with current liabilities of
| S2.6s6.S67. ratio of about B.5 to 1,
leaving the working capital surplus
S6,242.O52, an increase of upward of,
S1,00o,000 In the year Total assets at
x06,S74.277 are UP about S1,300,000 n.
| the year.
Controls Water Power.
The secret OF the compsny's SUCCESS IN
| meeting the problem of high costs OF
Iaoor and MATERIAL problem that has
| forced many of the strongest pubic
| utilities of the continent into the nom
| dividend paying class during the war
| lies In its control of some of the most
valuable water power DEVELOPMENTS In
the province. The Cedar Rapids Com
pany, one of fits subsidiaries is develop
ing on the st Lawrence River In the
neighborhood OF 100, 0o0-horsepower, and
ultimately will generate about 200 Oo0-l
horsepower. Minor DEVELOPMENTS suppIe-
ment the power from this source, and In
| addition the company works in close
association with the Shawinigan Water
and Power Company, whose power devel-
| opment on the ST. Maurice River has con-,
| trlouted so largely to the growth OF
| manufacturing in the Province OF Quebec.
| The wise direction OF the big water
powers owned by Montreal Power,
Shawinsan Power and Laurentide, with
a total output in the neighborhood OF
| 10000 horse-powe and all virtually In
the control OF the same interests, is the
biggest factor in industrial progress in
this part of the country. The centre OF
electrical energy has been in course of
transfer from Niagara to the Shawini-
gan Montreal district until. as President
j. f. Aldred of the Shawinigan com
pany stated recently, there Is now no
longer any doubt that Niagara has lost
Its former position OF preeminence.
| In the war years when the provincial
owned water powers of Ontario. under
the administration of the Hydro Electric
Commission, were unable to meet all the
demands made upon them these privately
owned and privately controlled ooni-
panies OF Quebec never turned away a
| customer Whatever the demands there
was always surplus OF power for sale
and at rates claimed TO be the lowest on
the continent. The Importance OF this
when the manufacture of munitions
assumed such large proportions can
readily be understood The final test Of
the situation came after the United
States entered the war. Because of the
available surplus of power the Wash
ineton authorities promptly awarded to
the Shawinigan company the building of
one Of the largest acetio acid plants In
America 10 round off its programme of
explosives.
Quebec as n province. Is very proud Of
the fine record Of its privately owned in
dustries The public ownership idea which
Quebec considers ia driving Ontario to
all lengths Of recklessness, is not likely
TO take hold here so long the present
record OF good management good SER
u.
Men like Sir Herbert Holt, president of
the Montreal Light, Heat and Power
Company, and J. F. Aldred, president
OF the Shawinigan Water and Power
Company, by their genius for orraniza-
ton and management, have done much
TO keep Quebec out of the thorny paths
Of public ownership, with the result that
Quebec is to-day attracting larger
share Of capital for investment than
any province in Canada.
Too Kind to Alien Radicals.
a few weeks ago. when outhreaks of
serious labor troubles were being re-
ported from many parts Of the world.
your correspondent had occasion 10 men
ton, in one OF his letters, that, all things
considered, Canada was about the most
peaceful and most pleasant place IN the
world
The news from Winnipeg during tho
week would seem 10 call for a revision
OF the opinion then expressed but, al
the same time, there is probab bly, a tend
ency TO attach more importance to the
Winnipeg situation than Il deserves
Despite mutterings from labor leaders in
different parts OF the country. there is no
fear Of widespread disturbance. and IT is
well TO note that rapid enough as has
been the progress Of Winnipeg rs an
Industrial centre, the West is still very
Canada.
The West is inevitably radical: and
radlcalism Of a dangerous sort owes no
small part Of its development to the
work Of an alien enemy population
With that element Canada, in the
opinion Of most authorities, has adopted
an altogether too kindly policy. The
firm attitude OF your authgiues In
dealing with this alien enemy problem
once the United States got into the war.
was warmly commended here from the
start. our own policy was shaped slow
1--WE thought were in for "a short
war and not IA long ouc-and We drifted.
Washington, when It decided on its
course OF action, had had the full bene-
n Of the experience Of other countries
through more than two years of war
one result of the Winnipeg situation
will probably be a much firmer attitude
in wedding out and dcpNFtinE the ulien
enemy troub'e-Inaker. There is growing
realization that German intrigue Is still
capable Of Il great deal Of mischief and
that industrial progress in Canada must
not be ieopardized by a policy OF paternsl
tolerance in dealing with the foreign ele-
mcnt Of the population.
The prosperity OF CanadA's banking
institutions is reflected IN the leugthening
list OF dividend increases since the
armistice. The latest increase is in The
distribution OF the Sterling Bank az
Canada, which is now 10 pay per cent